HB 0619

CS

CHAMBER ACTION

1	The Finance & Tax Committee recommends the following:
2
3	Council/Committee Substitute
4	Remove the entire bill and insert:
5	A bill to be entitled
6	An act relating to the Ocean Highway and Port Authority,
7	Nassau County; codifying, reenacting, amending, and
8	repealing special acts of the Ocean Highway and Port
9	Authority; providing for its membership, terms of office,
10	officers, quorum, and meetings; defining the powers and
11	duties of the authority; providing for compensation of
12	authority members; authorizing the issuance of bonds and
13	other instruments of indebtedness; providing for road and
14	other projects; repealing chapters 21418 (1941), 24733
15	(1947), 26048 (1949), 27763 (1951), 30290 (1955), 67-1737,
16	67-1739, 67-1748, 69-1328, 83-471, 83-474, 84-486, 86-371,
17	87-439, and 91-347, Laws of Florida; providing an
18	effective date.
19
20	Be it Enacted by the Legislature of the State of Florida:
21
22	Section 1.  Pursuant to section 189.429, Florida Statutes,
23	this act constitutes the codification of all special acts
24	relating to the Ocean Highway and Port Authority. It is the
25	intent of the Legislature in enacting this law to provide a
26	single, comprehensive special act charter for the district,
27	including all current legislative authority granted to the
28	district by its several legislative enactments and any
29	additional authority granted by this act.
30	Section 2.  Chapters 21418 (1941), 24733 (1947), 26048
31	(1949), 27763 (1951), 30290 (1955), 67-1737, 67-1739, 67-1748,
32	69-1328, 83-471, 83-474, 84-486, 86-371, 87-439, and 91-347,
33	Laws of Florida, are codified, reenacted, amended, and repealed
34	as herein provided.
35	Section 3.  The Ocean Highway and Port Authority is
36	reenacted, and the charter for the district is re-created and
37	reenacted to read:
38	Section 1.  Popular name; status.--This act may be cited as
39	the Charter of the Ocean Highway and Port Authority.
40	Section 2.  Definitions.--As used in this act:
41	(1)  "Authority" means the Ocean Highway and Port Authority
42	created in section 3 of this act.
43	(2)  "Board" means the board created in section 3 of this
44	act.
45	Section 3.  Authority created; election of board; terms;
46	vacancies; officers.--There is hereby created in the County of
47	Nassau a port authority to be known as "Ocean Highway and Port
48	Authority," an independent special district, to be governed by a
49	board of port commissioners consisting of five members serving
50	staggered terms of 4 years each. There shall be five port
51	commissioners' districts, which shall be numbered one through
52	five, inclusive, and shall be congruent with the Nassau County
53	county commissioners' districts. The port commissioners'
54	districts shall be numbered in such a fashion that port
55	commissioner district one shall include the same geographical
56	area as Nassau County county commissioners' district number one,
57	port commissioner district two shall include the same
58	geographical area as Nassau County county commissioners'
59	district number two, port commissioner district three shall
60	include the same geographical area as Nassau County county
61	commissioners' district number three, port commissioner district
62	four shall include the same geographical area as Nassau County
63	county commissioners' district number four, and port
64	commissioner district five shall include the same geographical
65	area as Nassau County county commissioners' district number
66	five. There shall be one port commissioner for each of such port
67	commissioners' districts, who shall reside in each district and
68	who shall be elected by the qualified electors of Nassau County.
69	At each general election, successors to the members of the board
70	whose terms are about to expire shall be elected for terms of 4
71	years each. Vacancies on the board resulting from resignation,
72	death, removal, or otherwise shall be filled by appointment by
73	the board, the appointee to hold office until the next following
74	general election, when such vacancy shall be filled for the
75	unexpired term by election in the manner herein prescribed. The
76	members of the board shall qualify by taking an oath of office
77	on the second Tuesday following their election in the manner
78	required by county officers. The board shall reorganize by
79	selection of one of its members to act as chair and one of its
80	members to act as vice chair and shall also appoint a secretary
81	and a treasurer, but the same member may be designated to act as
82	secretary and treasurer. The treasurer shall give bond, the
83	amount, terms, and conditions of which shall be fixed and may be
84	revised from time to time by the board.
85	Section 4.  Adoption of rules and bylaws; quorum; funds of
86	authority; withdrawal; investment.--The board may make and adopt
87	such rules, bylaws, and regulations for its own guidance and for
88	the conduct of its affairs as it may deem necessary and
89	expedient. A majority of the members of the board in office
90	shall constitute a quorum and any motion or resolution of the
91	board shall be effective upon approval by a majority vote of the
92	members present at the meeting at which such motion or
93	resolution is presented. The board shall have the exclusive
94	control of the revenues derived from the public works,
95	improvements, and facilities acquired, constructed, or owned and
96	operated by the port authority, and of the expenditure thereof,
97	and shall designate a bank or banks in which such revenues or
98	other funds of the authority shall be deposited and the manner
99	of withdrawing the same by warrants, checks, or vouchers. The
100	board may cause the available funds of the authority to be
101	invested in real estate mortgages and bonds and may sell such
102	investments when deemed advisable.
103	Section 5.  Salaries of commissioners, port director,
104	agents, and employees; retirement plan; health insurance
105	plan.--Each member of the board shall receive a salary not to
106	exceed $24,000 per annum as may be fixed from time to time by
107	the board. The board may employ a port director, who shall be
108	the administrative officer of the port authority and shall
109	perform such duties as the board may determine. The compensation
110	of the port director shall be fixed by the board and shall be
111	paid from the revenues of the port authority. The board may
112	appoint such other agents and employees as may be necessary and
113	fix their compensation, which shall be paid from the revenues of
114	the port authority. The board may institute an actuarially sound
115	retirement plan. The board may also establish a health insurance
116	plan for those members who choose to participate. These plans
117	shall be funded from the revenues of the port authority.
118	Section 6.  Corporate powers; vesting of state lands in
119	authority.--The authority shall constitute a body politic and
120	corporate and a political subdivision of the state having the
121	corporate title of "Ocean Highway and Port Authority"; it may
122	adopt and use a corporate seal and alter the same; it may
123	contract and be contracted with; and it may sue and be sued in
124	its corporate name and may plead and be impleaded in all of the
125	courts of the state and the courts of the United States having
126	jurisdiction over it.
127	Section 7.  Specific powers.--The authority shall have the
128	following powers, in addition to all other powers conferred by
129	this act:
130	(1)  To acquire by grant, purchase, gift, condemnation,
131	exchange, or otherwise all property, real or personal, or any
132	estate, right, or interest therein, which by resolution of its
133	board shall be determined to be necessary for the purposes of
134	the authority, and to improve, maintain, sell, lease, convey,
135	exchange, or otherwise dispose of the same or any part thereof,
136	or any interest or estate therein, upon such terms and
137	conditions as the authority shall by resolution determine. The
138	power of condemnation provided above may be exercised by the
139	authority directly, as an agency of the County of Nassau, or may
140	be exercised by the County of Nassau, for and on behalf of the
141	authority. Such power of condemnation shall be exercised and
142	carried out in the manner provided by the general laws of the
143	state.
144	(2)  To lay out, construct, condemn, purchase, own,
145	acquire, add to, extend, enlarge, maintain, conduct, operate,
146	build, equip, manage, furnish, replace, enlarge, improve, lease,
147	sell, regulate, finance, control, repair, and establish office
148	and administrative buildings to be used and occupied in whole or
149	in part by the authority, wharves, docks, slips, channels,
150	jetties, piers, quays, terminals, sidings, shipyards, marine
151	railways, terminal facilities, harbors, ports, waterways, moles,
152	canals, cold storage plants, terminal icing plants,
153	refrigerating plants, precooling plants, locks, tidal basins,
154	trainways, cableways, anchorage areas, depots, warehouses,
155	industrial parks, industrial and manufacturing plants,
156	commercial, business, residential, mercantile, and other related
157	projects, motels, conveyors, appliances for economical handling,
158	storage, and transportation of freight and the handling of
159	passenger traffic, and all other harbor improvements and
160	facilities which by resolution the board of commissioners may
161	determine to be necessary; and to perform all customary
162	services, including the handling, weighing, measuring,
163	regulation, control, inspection, and reconditioning of all
164	commodities and cargoes received or shipped through any port or
165	harbor within the jurisdiction of the authority.
166	(3)  Subject to the jurisdiction of the United States of
167	America and the state, to improve and develop Fernandina Harbor
168	and all navigable and nonnavigable waters within the County of
169	Nassau; to create and improve for harbor purposes any waterways
170	within or adjacent to the county; to regulate and control all
171	such waters and all natural or artificial waterways within the
172	county; to straighten, widen, deepen, and otherwise improve any
173	and all waters, watercourses, inlets, bays, lakes, or streams,
174	whether navigable or not, located within the county; to
175	construct inlets and turning basins and to dredge and deepen any
176	natural or artificial waterways within the county; to apply for
177	permission from the Government of the United States of America
178	to create, improve, regulate, and control all such waters and
179	natural and artificial waterways within the county and to
180	construct and maintain such canals, slips, turning basins, and
181	channels upon such terms and conditions as may be required by
182	the United States of America; and to enact, adopt, and
183	establish, by resolution, rules and regulations for the complete
184	exercise of jurisdiction and control over all waters and any
185	port within the jurisdiction of the authority.
186	(4)  To make any and all applications required by the
187	Treasury Department and other departments or agencies of the
188	United States Government as a condition precedent to the
189	establishment within the County of Nassau of a free port or area
190	for the reception from foreign countries of articles of commerce
191	and the handling, processing, and delivery thereof into foreign
192	commerce free from the payment of customs duties and to enter
193	into any agreements and payments required by such departments or
194	agencies in connection therewith and to make like applications,
195	agreements, and payments with respect to the establishment
196	within the county of one or more bonded warehouses.
197	(5)  To fix rates of wharfage, dockage, warehousing,
198	storage, and port and terminal charges and rates and charges for
199	the use of all improvements, port, or harbor facilities located
200	within the county and owned or operated by the authority.
201	(6)  To lay out, construct, condemn, purchase, own,
202	acquire, add to, maintain, conduct, operate, build, equip,
203	manage, replace, enlarge, improve, regulate, control, repair,
204	and establish roads, ferries, either separately or as parts of
205	roads, streets, alleys, parks, boulevards, viaducts, tunnels,
206	causeways, bridges, and other transportation facilities within
207	Nassau County, extending beyond Nassau County, or extending to
208	or into the State of Georgia and may avail of any applicable
209	federal law with respect to any such roads, ferries, streets,
210	alleys, parks, boulevards, viaducts, tunnels, causeways,
211	bridges, and other transportation facilities in the construction
212	and operation thereof and the charging of tolls and fees for the
213	services and facilities thereof; to lay out, construct, condemn,
214	purchase, own, acquire, add to, maintain, conduct, operate,
215	build, equip, manage, replace, enlarge, improve, regulate,
216	control, repair, and establish hotels, radio stations, and any
217	and all recreational facilities, including yacht basins, docks,
218	piers, wharves, fishing piers, public beaches, beach casinos,
219	cabanas, pavilions, entertainment and eating places, swimming
220	pools, bath houses, stadiums, athletic fields, parks, concert
221	halls, auditoriums, golf courses, playgrounds, parking lots,
222	gardens, conservatories, and all necessary or convenient
223	appurtenances to any or all of same; and to lay out, construct,
224	condemn, purchase, own, acquire, add to, maintain, conduct,
225	operate, build, equip, manage, extend, replace, enlarge,
226	improve, regulate, control, repair, and establish any works or
227	property, real or personal, for supplying public utility
228	services, including electricity, gas, water, sewer, and local
229	transportation within and without Nassau County or in Baker
230	County or Duval County, and to use the streets, roads, avenues,
231	and other public places in connection therewith, provided that
232	no such utility properties shall be acquired, constructed,
233	owned, operated, or maintained by such port authority within the
234	limits of any incorporated city or town unless and until the
235	governing body of such city or town shall have by appropriate
236	ordinance consented thereto. The authority is hereby authorized
237	and empowered to establish, charge, and collect necessary and
238	reasonable fees, admissions, tolls, rates, rentals, and charges
239	for any or all of the services or facilities of any works,
240	undertakings, or properties. The authority is authorized to
241	finance the cost of any such project, in whole or in part, from
242	the proceeds of revenue obligations issued pursuant to this act.
243	(7)  The authority shall constitute a "state public body"
244	within the meaning and application of the Housing Cooperation
245	Law, as now contained under chapter 422, Florida Statutes, or as
246	the Housing Cooperation Law may hereafter be amended or revised,
247	and the authority, in its corporate name, is hereby authorized
248	and empowered to perform and carry out all of the duties,
249	functions, and purposes of the Housing Cooperation Law as now
250	provided or as may hereafter be amended.
251	(8)  To exercise such police powers as may be necessary for
252	the effective control, regulation, and protection of the
253	improvements, works, and facilities and for the effective
254	exercise of its jurisdiction over the improvements and
255	facilities. The terms "improvements," "works," "projects,"
256	"undertakings," "services," and "facilities," wherever used in
257	this act, shall be deemed to include any one or more of the
258	objects or purposes concerning which power is granted by this
259	section to the authority.
260	(9)  To borrow money on the anticipated receipt of funds
261	from any source and in evidence thereof issue notes, warrants,
262	or debentures bearing interest at a rate not exceeding the
263	maximum rate authorized by law and maturing not more than 5
264	years from date of issue, subject, however, to any limitation
265	and restrictions on the issuance thereof which may be contained
266	in the proceedings under which any bonds, certificates, or other
267	obligations are authorized to be issued under this act.
268	Section 8.  Purposes.--The purposes for which the authority
269	is by this act created and which it is authorized to carry out
270	are hereby declared to be public purposes of benefit to the
271	citizens of the County of Nassau and the state.
272	Section 9.  Transactions authorized with public entities
273	and agencies.--The authority shall have power to apply for and
274	to accept grants or loans from or to enter into any contracts or
275	agreements deemed advisable with the United States of America or
276	any agency or instrumentality thereof, the State of Florida or
277	any agency or instrumentality thereof, the State of Georgia or
278	any agency or instrumentality thereof, or any other political
279	subdivision, public body, or agency concerning any of the powers
280	conferred in this act and to comply with any conditions or
281	restrictions imposed in connection with such grants or loans or
282	covenants in connection therewith and further to enter into
283	covenants and agreements with the holders of any bonds,
284	certificates, or obligations issued by the authority concerning
285	the use and disposition of any grants or loans received by it
286	from any such parties.
287	Section 10.  Tax exemption.--All revenues and income
288	derived from the services and facilities of the authority shall
289	be exempt from all taxation by the state or by any county,
290	municipality, or political subdivision thereof. Bonds,
291	certificates, or other obligations issued pursuant to this act
292	shall, together with the income thereon, be exempt from all
293	taxation by the state or any county, municipality, or other
294	political subdivision thereof. Notwithstanding the foregoing,
295	the exemption granted by this section shall not be applicable to
296	any tax imposed by chapter 220, Florida Statutes, on interest,
297	income, or profits on debt obligations owned by corporations.
298	Section 11.  Eminent domain.--In order to carry out any of
299	the purposes provided in this act, the authority shall have
300	power to acquire by condemnation any properties necessary
301	therefor either directly, as an agency of the County of Nassau,
302	or through the County of Nassau, acting for and on behalf of the
303	Ocean Highway and Port Authority. All property so acquired by
304	condemnation as provided herein shall be acquired in the manner
305	provided for the exercise of eminent domain by the general laws
306	of the state.
307	Section 12.  Control or jurisdiction over authority.--It
308	shall not be necessary for the authority to obtain any
309	certificate of convenience or necessity, franchise, license,
310	permit, or other authorization thereof from any county,
311	municipality, or political subdivision of the state, and this
312	act shall be full and complete authority for the powers granted
313	in this act. The rates, rentals, tolls, and other revenues and
314	income of the authority and its contracts, agreements, and acts
315	shall not be subject to regulation by the state or any board,
316	body, agency, or political subdivision thereof.
317	Section 13.  Use of state rights-of-way, easements, lands
318	under water, etc.--Subject to the consent of the state or the
319	appropriate political subdivision, the authority shall be
320	authorized to use any right-of-way, easement, lands under water,
321	or other similar property right necessary, convenient, or
322	desirable in connection with the construction, acquisition,
323	improvement, operation, or maintenance of such works or
324	undertakings held by the state or any political subdivision
325	thereof, and the state hereby consents to such use whenever
326	necessary to carry out the powers provided in this act.
327	Section 14.  Acquisition of property in State of
328	Georgia.--The authority shall be authorized to acquire any
329	lands, buildings, or properties, real or personal, located
330	within the State of Georgia as shall be necessary or convenient
331	or desirable in connection with the construction, acquisition,
332	or improvement of any of such works or undertakings located in
333	part within the State of Georgia and to exercise generally such
334	powers and rights with respect to any of such properties, works,
335	or undertakings located within the State of Georgia as shall be
336	agreed upon between the authority and the State of Georgia or
337	the appropriate board, agency, or political subdivision thereof.
338	Section 15.  Acts, contracts, agreements validated.--All
339	contracts and agreements heretofore executed or entered into by
340	the authority, and all proceedings or acts of the authority
341	heretofore taken or had, prior to June 13, 1949 (the effective
342	date of chapter 26048 (1949), Laws of Florida), be and the same
343	are hereby in all respects ratified, confirmed, and validated as
344	valid and legally binding contracts, agreements, proceedings,
345	and acts of the authority.
346	Section 16.  Issuance of bonds or certificates; conditions,
347	terms, procedures.--
348	(1)  The authority is hereby authorized to issue negotiable
349	revenue bonds or negotiable revenue certificates to finance or
350	refinance, in whole or in part, the cost of any of the works,
351	undertakings, improvements, or facilities expressed in this act
352	and to pledge to the payments of the bonds or certificates and
353	the interest thereon all or any part of the revenues of any one
354	or more of such works, undertakings, improvements, or facilities
355	and, if authorized at an election in the manner required by the
356	State Constitution, may mortgage or pledge any of its real
357	estate, personal property, or franchises to secure the payment
358	of the bonds or certificates issued for money borrowed to
359	finance such works, undertakings, improvements, or facilities.
360	The authority shall have power to make all contracts, execute
361	all instruments, and do all things necessary or convenient in
362	the exercise of the powers herein granted, or in the performance
363	of its covenants and duties, or in order to secure the payment
364	of such bonds or certificates, provided no encumbrance,
365	mortgage, or pledge of property of the authority (unless
366	authorized at an election as above provided) or of the County of
367	Nassau or of any municipality or district therein is created
368	hereby, and provided no debt on the credit of the state, of the
369	County of Nassau, or of any municipality is incurred in any
370	manner for any purpose. Such revenue bonds or certificates shall
371	bear interest at such rate or rates, not exceeding the maximum
372	rate authorized by law, payable semiannually, may bear such date
373	or dates, may mature at such time or times, not exceeding 40
374	years from their respective dates, may be payable at such place
375	or places, may contain such registration privileges, may be
376	subject to such terms of redemption, may be executed in such
377	manner, may contain such terms, covenants, and conditions, and
378	may be in such form, either coupon or registered, as the
379	resolution authorizing the issuance thereof may provide.
380	Whenever the authority has issued its revenue bonds or
381	certificates, the rates of fees, admissions, tolls, rentals, or
382	other charges for any or all of the services or facilities of
383	the works, undertakings, or properties shall be continuously
384	fixed and collected so that the revenues therefrom after payment
385	of all costs of maintenance, operation, and replacements will be
386	sufficient to pay the interest on and meet the sinking fund
387	charges and principal payments of such revenue bonds or
388	certificates as the same become due. Such revenue bonds or
389	certificates may be sold, all at one time or in blocks from time
390	to time, at public or private sale, or if refunding revenue
391	bonds or certificates may also be delivered in exchange for the
392	outstanding obligations to be refunded thereby, in such manner
393	as the authority shall determine, and at such price or prices
394	not, however, less than 95 percent of the par value thereof.
395	Such revenue bonds or certificates, or any part thereof, may
396	also be issued in payment for any improvements, works, projects,
397	undertakings, or facilities for the account of which they have
398	been authorized, at the price or prices provided above in this
399	section, and upon such terms and conditions as the authority
400	shall by resolution determine. Pending the preparation and
401	execution of any such revenue bonds or certificates, temporary
402	or interim bonds or certificates may be issued with or without
403	interest coupons as may be provided in the resolution
404	authorizing the issuance thereof. Notwithstanding the form or
405	tenor thereof and in the absence of any express recital on the
406	face thereof that it is nonnegotiable, each such revenue bond
407	and certificate shall be a negotiable instrument within the
408	meaning and application of the laws of Florida.
409	(2)  The cost of any of the improvements, works, projects,
410	undertakings, or facilities provided for in this act shall be
411	deemed to include, without being limited to, engineering,
412	architectural, and legal expenses; interest on bonds or
413	certificates prior to, during, and until 6 months after the
414	completion of the construction of such improvements, works,
415	projects, undertakings, or facilities; the amounts deemed
416	necessary and advisable for the first two principal maturities
417	of bonds or certificates, or part thereof, or as an initial
418	reserve fund for debt services on such bonds or certificates;
419	the fees of fiscal, financial, and legal advisers or other
420	experts which the authority is hereby authorized to employ; a
421	reasonable amount of working funds; and such other costs and
422	expenses as are necessary in connection with the construction
423	and establishment of such improvements, works, projects,
424	undertakings, or facilities and the financing thereof authorized
425	by this act.
426	Section 17.  Elections authorizing.--Any election required
427	by this act to be held to authorize the borrowing of money or
428	the issuance of bonds or certificates secured in whole or in
429	part by a mortgage, pledge, or other encumbrance of or upon
430	property owned, held, or controlled by the authority shall be
431	called by resolution of the board and the board shall canvass
432	the returns and declare the result. In other respects, such
433	election shall be held and conducted in the manner provided by
434	the general laws of Florida applicable to the holding and
435	conducting of elections under the provisions of Section 12 of
436	Article VII of the State Constitution.
437	Section 18.  Validity of bonds preserved.--Revenue bonds or
438	certificates issued under this act, and the coupons if any
439	attached thereto, executed by the officers in office on the date
440	of execution thereof shall be valid and binding notwithstanding
441	that before the delivery thereof and payment therefor any or all
442	of the persons whose signatures appear thereon shall have ceased
443	to be officers of the authority. The validity of the revenue
444	bonds or certificates shall not be dependent on or affected by
445	the validity or legality of any proceedings relating to the
446	acquisition, establishment, construction, or improvement of any
447	of the works, undertakings, or facilities to finance which such
448	bonds or certificates are issued. The resolution providing for
449	the issuance of the revenue bonds or certificates may provide
450	that they shall contain a recital to the effect that they are
451	issued pursuant to this act, which recital shall be conclusive
452	evidence of their validity. The authority to issue any bonds or
453	certificates under the provisions of this act and the validity
454	thereof may be determined in proceedings in the circuit court
455	for the validation thereof in the manner provided by general
456	law.
457	Section 19.  Covenants and conditions of bonds or
458	certificates.--
459	(1)  Any resolution authorizing the issuance of bonds or
460	certificates under this act, or a separate resolution, may
461	contain covenants as to rates, fees, or charges to be made for
462	the services, facilities, or commodities furnished or produced
463	by any of the projects operated and maintained under the
464	authority of this act; the use and disposition of the revenues
465	thereof; the creation and maintenance of reserves of sinking
466	funds and the regulation, use, and disposition thereof; the
467	purpose or purposes to which the proceeds of the sale of bonds
468	or certificates may be applied and the use and disposition of
469	such proceeds; events constituting default and the rights and
470	liabilities arising thereon and the terms and conditions upon
471	which the holders of bonds or certificates issued under this act
472	may bring any suit or action thereon or on the coupons
473	appurtenant thereto; the issuance of other or additional bonds
474	or certificates payable from or constituting a charge against
475	the revenues of any or all of such projects; the insurance to be
476	carried upon such projects and the use and disposition of
477	insurance moneys; books of account and the inspection and audit
478	thereof; the terms and conditions upon which any and all of the
479	revenue bonds or certificates shall become, or may be declared,
480	due before maturity and as to the terms and conditions upon
481	which any such declaration and its consequences may be waived;
482	the rights, liabilities, powers, and duties arising upon the
483	breach by the authority of any covenants, conditions, or
484	obligations; the vesting in a trustee or trustees the right to
485	enforce any covenant made to secure or to pay the bonds or
486	certificates and relating to the powers and duties of such
487	trustees and the limitations of liabilities thereof and as to
488	the terms and conditions upon which the holders of the bonds or
489	certificates or any specified portion or percentage of them may
490	enforce any covenant made under this act or duties imposed
491	hereby; procedure by which the terms of any resolution
492	authorizing bonds or certificates or any other contract with
493	holders thereof, including an indenture of trust or similar
494	instrument, may be amended or abrogated and, as to the amount of
495	bonds or certificates, the holders of which must consent thereto
496	and the manner in which such consent may be given; the manner of
497	collecting the rates, fees, or charges for the services,
498	facilities, or commodities furnished or produced by any of the
499	projects referred to in this act.
500	(2)  Nothing in this section or in any other section of
501	this act shall be deemed in any way to authorize the authority
502	to do anything in any manner or for any purpose which would
503	result in the creation or incurring of a debt or the issuance of
504	any instrument which would constitute a bond or debt within the
505	meaning of any provision, limitation, or restriction of the
506	State Constitution relating to the creation or incurring of a
507	debt or the issuance of bonds payable from taxes on property,
508	except in the manner authorized by and subject to the provisions
509	of the State Constitution.
510	Section 20.  Security for revenue bonds.--Revenue bonds or
511	certificates issued under this act, unless other provision for
512	the security or payment thereof shall be approved by the
513	qualified electors who are freeholders residing in Nassau County
514	in the manner provided by the State Constitution, shall not be
515	payable from, or charged upon, any funds other than the revenues
516	pledged to the payment thereof, nor shall the County of Nassau
517	or any political subdivision or taxing district therein be
518	subject to any pecuniary liability thereon, and no holder or
519	holders of such bonds or certificates shall ever have the right
520	to compel any exercise of the taxing power of the County of
521	Nassau or of any political subdivision or taxing district
522	therein to pay any such bonds or certificates or the interest
523	thereon or to enforce payment thereof against any property in
524	the county, nor shall any such bond or certificate constitute a
525	charge, lien, or encumbrance, legal or equitable, upon any
526	property in the county. Each such bond or certificate which
527	shall not have been authorized at an election as provided in
528	section 17 shall recite in substance that such bond or
529	certificate, including interest thereon, is payable solely from
530	the revenues pledged to the payment thereof and that the holder
531	of the bond or certificate shall have no recourse to the power
532	of taxation.
533	Section 21.  Rights of bondholders.--
534	(1)  Subject to any contractual limitation binding upon the
535	holders of any issue of bonds or certificates or upon the
536	trustee therefor, any holder of bonds or certificates or trustee
537	therefor shall have the right and power, for the equal benefit
538	and protection of all holders of bonds or certificates similarly
539	situated:
540	(a)  By mandamus or other suit, action, or proceeding at
541	law or in equity to enforce his or her rights against the
542	authority and any of its officers, agents, and employees and to
543	require and compel the authority or such officers, agents, or
544	employees to perform and carry out its and their duties and
545	obligations under this act and its and their covenants and
546	agreements with holders of such bonds or certificates.
547	(b)  By action or suit in equity to require the authority
548	and the board to account as if they were the trustee of an
549	express trust.
550	(c)  By any action or suit in equity to enjoin any acts or
551	things which may be unlawful or in violation of the rights of
552	the holders of the bonds or certificates.
553	(d)  To bring suit upon the bonds or certificates or the
554	interest coupons appurtenant thereto, subject to the provisions
555	of this act.
556	(2)  No right or remedy conferred by this act upon any
557	holder of bonds or certificates, or upon any trustee therefor,
558	is intended to be exclusive of any other right or remedy, but
559	each such right or remedy is cumulative and in addition to every
560	other right or remedy and may be exercised without exhausting
561	and without regard to any other remedy conferred by this act or
562	by any other law.
563	Section 22.  Bonds of authority constitute legal
564	securities.--Notwithstanding any provisions of any other law or
565	laws to the contrary, all bonds, certificates, or other
566	obligations issued pursuant to this act shall constitute legal
567	investments for savings banks, banks, trust companies,
568	executors, administrators, trustees, guardians, and other
569	fiduciaries and for any board, body, or instrumentality of the
570	State of Florida, or of any county, municipality, or other
571	political subdivision thereof, and all bonds, certificates, or
572	other obligations issued pursuant to this act shall be and
573	constitute securities which may be deposited as security for
574	deposits of state and municipal funds.
575	Section 23.  Receivership of authority.--The authority may
576	covenant in the proceedings authorizing any bonds, certificates,
577	or other obligations pursuant to this act that in the event of a
578	default in the payment of the principal of or interest thereon
579	or in the performance of any obligations or duties imposed upon
580	the authority by this act or by any covenant or agreement
581	entered into with the holders of any bonds, certificates, or
582	other obligations that any holder or holders thereof (unless the
583	proceedings authorizing the issuance of such bonds,
584	certificates, or other obligations shall limit the right to the
585	appointment of a receiver to a specified number or percentage of
586	such holders), either acting for himself, herself, or themselves
587	alone or also acting for all other holders of such bonds,
588	certificates, or other obligations, shall be entitled as of
589	right to the appointment of a receiver of the property and
590	facilities of the authority financed by the issuance of such
591	bonds, certificates, or other obligations. Jurisdiction is
592	hereby conferred upon the Circuit Courts of the State of Florida
593	in any action brought for the appointment of a receiver, and
594	such receiver is hereby authorized upon his or her appointment
595	to take over the operation, management, and control of such
596	properties and facilities and to collect the income and revenues
597	therefrom to the same extent and in the same manner as the
598	authority is authorized to do. Such receiver shall so operate,
599	manage, and control such properties or facilities under the
600	supervision and direction of the court, and such operation,
601	management, and control shall be in the name of the authority
602	and shall be so managed, operated, and controlled by such court
603	and its receivers for the joint protection and benefit of such
604	authority and the holders of such bonds, certificates, or other
605	obligations. The fees or other expenses of such receiver and of
606	the person or persons making application for the appointment
607	thereof, subject to court approval, shall be a first lien on the
608	revenues and income of such properties and facilities as long as
609	they are in the control of such receiver, and the remainder of
610	such revenues and income shall be applied in conformity, as
611	nearly as may be, with the provisions of the proceedings
612	authorizing the issuance of such revenue bonds, certificates, or
613	other obligations. When all defaults of the authority shall have
614	been cured and made good, such receivership shall be terminated
615	by the court appointing such receiver.
616	Section 24.  Refunding bonds.--The authority may at any
617	time issue refunding bonds, certificates, or obligations under
618	the provisions of this act to pay, fund, or refund maturing
619	obligations, or obligations redeemable prior to maturity, or
620	obligations not matured when the holders thereof consent to such
621	refunding. All of the applicable provisions of this act shall
622	apply to such refunding bonds, and the authority may further by
623	resolution confer upon the holders of such refunding bonds,
624	certificates, or other obligations all rights, powers, and
625	remedies to which the holders would be entitled if they were the
626	owners and had possession of the original bonds, certificates,
627	or other obligations being refunded, including, but not being
628	limited to, the preservation of the lien of such original bonds,
629	certificates, or other obligations on the properties, revenues,
630	and income of the authority without extinguishment, impairment,
631	or diminution thereof. In the event the authority exercises the
632	powers conferred by this section, each refunding bond,
633	certificate, or other obligation shall contain a recital to the
634	effect that the holder thereof has been granted the additional
635	security provided for in this section and each bond,
636	certificate, or other obligation refinanced by such refunding
637	bonds, certificates, or other obligations shall be kept intact
638	and shall not be canceled or destroyed until such refunding
639	bonds, certificates, or other obligations, and the interest
640	thereon, have been finally paid and discharged, and each shall
641	be stamped with a legend to the effect that such bond,
642	certificate, or other obligation has been refinanced pursuant to
643	this act.
644	Section 25.  State covenants with debtors.--The State of
645	Florida hereby covenants with the holders of any bonds,
646	certificates, or other obligations issued pursuant to this act,
647	and the interest coupons appertaining thereto, that it will not
648	in any manner limit or alter the power and obligation vested by
649	this act in the authority to fix, establish, and collect, in the
650	manner provided in this act, such fees, tolls, rentals, or other
651	charges for the facilities and services of the works and
652	undertakings authorized by this act, as will always be
653	sufficient to pay the expenses of operation, maintenance, and
654	repair of such works or undertakings, the principal of and
655	interest on all bonds, certificates, or other obligations issued
656	to finance such works or undertakings, including reserves
657	therefor, and to comply fully with and fulfill the terms of all
658	agreements and covenants made by the authority with the holders
659	of such bonds, certificates, or other obligations until all such
660	bonds, certificates, or other obligations, together with all
661	interest accrued or to accrue thereon, are fully paid and
662	discharged or adequate provision made for the payment and
663	discharge thereof.
664	Section 26.  Paper mill; acquisition and construction.--It
665	is hereby found, determined, and declared that:
666	(1)  The continued development of commerce and industry in
667	economic stability and promotion of the general welfare of
668	Nassau County is a joint responsibility of the state, Nassau
669	County, the authority, and other political subdivisions located
670	within such county.
671	(2)  The acquisition, extension, expansion, enlargement,
672	construction, and equipping by the authority of a pulp and paper
673	mill and related facilities to be leased for operation to a
674	private corporation are in part a discharge of such
675	responsibility and constitute a public purpose for the financing
676	of which revenue obligations of the port authority may be
677	issued.
678	Section 27.  Authorization.--The authority is authorized to
679	acquire, construct, extend, expand, enlarge and equip a pulp and
680	paper mill and related facilities, including, but not limited
681	to, buildings, site improvements, fixtures, machinery and
682	equipment.
683	Section 28.  Authority to lease.--The authority is
684	authorized to lease for operation such pulp and paper mill and
685	related facilities for a term not exceeding 40 years to a
686	private corporation.
687	Section 29.  Issuance of revenue bonds; authorization.--The
688	authority is authorized to provide by resolution at one time or
689	from time to time for the issuance of revenue bonds of the port
690	authority for the purpose of paying all or a part of the cost of
691	such pulp and paper mill and related facilities, as authorized
692	in section 27. The principal of and interest on such bonds shall
693	be payable from the rentals received by the port authority
694	pursuant to lease agreements entered into between the port
695	authority and such private corporation pursuant to the authority
696	granted under section 28 and from such funds legally available
697	for such purpose. The provisions of this act not found in this
698	section, except insofar as the same are inconsistent with
699	provisions of this act, shall apply in all respects to the
700	authorization, issuance, sale, and delivery of the revenue bonds
701	herein authorized.
702	Section 30.  Oil refinery; acquisition and
703	construction.--It is determined and declared that:
704	(1)  The continued development of commerce in economic
705	stability and promotion of the general welfare of Nassau County
706	is a joint responsibility of the state, Nassau County, the
707	authority, and other political subdivisions located within such
708	county.
709	(2)  The acquisition, construction, and equipping by the
710	authority of an oil refinery and related facilities to be leased
711	for operation to a private corporation are in part a discharge
712	of such responsibility and constitute a public purpose for the
713	financing of which revenue obligations of the port authority may
714	be issued.
715	Section 31.  Authorization.--The authority is authorized to
716	acquire, construct, and equip an oil refinery and related
717	facilities, including, but not limited to, buildings, site
718	improvements, fixtures, machinery, and equipment.
719	Section 32.  Lease authorized.--The authority is authorized
720	to lease for operation such oil refinery and related facilities
721	for a term not exceeding 40 years to a private corporation.
722	Section 33.  Issuance of revenue bonds.--The authority is
723	authorized to provide by resolution at one time or from time to
724	time for the issuance of revenue bonds of the authority for the
725	purpose of paying all or a part of the cost of such oil refinery
726	and related facilities, as hereinabove more particularly
727	described. The principal of and interest on such bonds shall be
728	payable from the rentals received by the port authority pursuant
729	to lease agreements entered into between the port authority and
730	such private corporation pursuant to the authority granted under
731	this section and from such other funds legally available for
732	such purpose. The provisions of this act, except insofar as the
733	same are inconsistent with the provisions of this section, shall
734	apply in all respects to the authorization, issuance, sale, and
735	delivery of the revenue bonds herein authorized.
736	Section 34.  Toll road; authority to construct.--The
737	authority shall have power to construct a toll road from a point
738	or points in the City of Fernandina Beach, Nassau County, as the
739	southeastern terminus and from a point or points within 1 mile
740	northerly of the intersection of U.S. Highway Number 17 and
741	State Highway Number 200 at Yulee, Nassau County, as the
742	southwestern terminus, which southwestern terminus shall not
743	cross over, under, or extend westerly of U.S. Highway Number 17,
744	to a point or points in the vicinity of Brunswick, Georgia, as
745	its northerly terminus, or any part or parts thereof.
746	Section 35.  Sale of bonds authorized.--Such toll road
747	referred to in section 34, or any part or parts thereof, may be
748	constructed and financed by the Ocean Highway and Port Authority
749	in the manner provided in this act, and other statutes relating
750	to the authority. It is the express intention of this section
751	that the authority may construct and finance the toll road in
752	its entirety at the general locations referred to in section 34,
753	or any part or parts thereof, either at one time or separately
754	from time to time, and that the exact locations of the routes
755	and termini of the toll road, or any part or parts thereof,
756	shall be determined in the administrative discretion of the
757	authority, and that such determination of such exact routes and
758	termini shall not be required prior to the authorization,
759	validation, or sale of any bonds or other obligations issued by
760	the authority to finance the toll road, or any part or parts
761	thereof.
762	Section 36.  Lease-purchase agreements; generally.--The
763	authority shall have power, in addition to all other powers of
764	the authority under any other law or laws, to construct,
765	acquire, improve, operate, and maintain revenue-producing
766	projects located partly within the State of Florida and partly
767	within the State of Georgia. The term "revenue-producing
768	projects" as used in this article shall mean toll roads, bridges
769	and approaches thereto, ferries, causeways, or any other
770	revenue-producing projects which the authority is authorized by
771	any law or laws, including this act, to construct or acquire,
772	which are located partly within the State of Florida and partly
773	within the State of Georgia. In order to finance the
774	construction, acquisition, or improvement of the revenue-
775	producing projects located partly within the State of Florida
776	and partly within the State of Georgia, the authority shall have
777	power to issue its revenue bonds or other obligations in the
778	manner provided in this act; and any such revenue bonds or other
779	obligations issued for the purposes provided in this act may
780	contain all of the conditions and terms provided for in the
781	statutes referred to or in any other law or laws applicable to
782	the authority.
783	Section 37.  Lease-purchase agreements; authorized with
784	States of Florida and Georgia.--The authority is hereby
785	authorized to enter into lease-purchase agreements or other
786	agreements with the Florida Department of Transportation
787	relating to any part or parts of such revenue-producing projects
788	located within the State of Florida, and into lease-purchase
789	agreements or other agreements with the state highway department
790	of Georgia, or any other agency, board, or instrumentality of
791	the State of Georgia, relating to any part or parts of such
792	revenue-producing projects located within the State of Georgia.
793	The lease-purchase agreements or other agreements shall be in
794	such form, shall be for such periods of time, and shall contain
795	such other terms and provisions as shall be agreed upon among
796	the authority, the Florida Department of Transportation, and the
797	state highway department of Georgia, or any other agency, board,
798	or instrumentality of the State of Georgia.
799	Section 38.  Florida Department of Transportation
800	authorized to contract by lease-purchase.--The Florida
801	Department of Transportation is hereby authorized to enter into
802	lease-purchase agreements or other agreements with the authority
803	relating to any part or parts of such revenue-producing projects
804	located within the State of Florida and is further authorized,
805	as part of the consideration (for such lease-purchase agreements
806	or other agreements), to covenant and agree with the authority
807	to pay all the cost of operation, maintenance, and repair of the
808	part or parts of the revenue-producing projects located within
809	the State of Florida, during the term of such lease-purchase
810	agreements or other agreements.
811	Section 39.  Legality of lease-purchase agreements, bonds,
812	and other agreements; received; rights of bondholders.--
813	(1)  Any lease-purchase agreement or other agreement
814	entered into between the authority and the Florida Department of
815	Transportation relating to any part or parts of such revenue-
816	producing projects located within the State of Florida pursuant
817	to this act shall not be subject to the provisions of any other
818	law or laws, general or special, of the State of Florida
819	relating to lease-purchase agreements, and the authority and the
820	Florida Department of Transportation may, in the lease-purchase
821	agreements or other agreements, enter into such terms and
822	conditions relative to the operation, control, and management of
823	such revenue-producing projects located partly within the State
824	of Florida and partly within the State of Georgia as shall be
825	deemed advisable and necessary, including the payment of all
826	rentals or other payments due under such lease-purchase
827	agreements or other agreements to a bank or trust company as
828	trustee. The authority and the Florida Department of
829	Transportation may further enter into covenants and agreements
830	in the lease-purchase agreements or other agreements in order to
831	better secure the holders of any revenue bonds issued by the
832	authority and to obtain greater marketability of the revenue
833	bonds, relating to the following matters:
834	(a)  The deposit with a bank or trust company, as trustee,
835	of the proceeds of bonds issued by the authority to finance the
836	acquisition, construction, or improvement of the revenue-
837	producing projects.
838	(b)  The maintenance of fees, tolls, rentals, or other
839	charges for the use of the services and facilities of the
840	revenue-producing projects.
841	(c)  The pledging to the holders of revenue bonds or other
842	obligations issued pursuant to this act of all or any part of
843	the fees, tolls, rentals, or other charges derived from the
844	operation of the revenue-producing projects.
845	(d)  The deposit with a bank or trust company, as trustee,
846	of all or any part of the fees, tolls, rentals, or other charges
847	derived from the operation of such revenue-producing projects,
848	and the use and application thereof.
849	(e)  The rank and priority between any revenue bonds or
850	other obligations issued by the authority for the construction,
851	acquisition, or improvement of the revenue-producing projects.
852	(f)  The payment of all or any part of the cost of
853	operation, maintenance, and repair of the revenue-producing
854	projects.
855	(g)  Covenants or agreements with the state highway
856	department of the State of Georgia, or any other agency, board,
857	or instrumentality of the State of Georgia, relating to such
858	revenue-producing projects which are authorized by this section
859	or any other law or laws of the State of Florida or the State of
860	Georgia.
861	(h)  The appointment of a receiver for the revenue-
862	producing projects and the manner and terms of appointment
863	thereof and the rights of the holders of revenue bonds or other
864	obligations issued under the provisions of this section relative
865	thereto.
866	(i)  Any other covenants, terms, and conditions which in
867	the opinion of the authority are necessary or advisable.
868	(2)  All such covenants and agreements of the Florida
869	Department of Transportation and the authority shall be and
870	constitute valid and legally binding obligations of the
871	authority and the Florida Department of Transportation and shall
872	be fully enforceable by the holders of any of the revenue bonds
873	or other obligations, or the interest coupons appertaining
874	thereto, in any court of competent jurisdiction in the state.
875	Section 40.  Other projects not to affect undertakings
876	under this act.--The provisions of this act shall not in any
877	manner affect any lease-purchase agreements entered into between
878	the authority and the Florida Department of Transportation
879	relative to any projects which are located wholly within the
880	state, and the general laws of the state or any other special
881	acts applicable thereto shall remain in full force and effect
882	for any such projects located wholly within the state. It is the
883	express intention of this act, however, that no other general or
884	special law of the state relative to lease-purchase agreements
885	shall have any application to revenue-producing projects located
886	partly within the state and partly within the State of Georgia
887	which are financed by the authority under the provisions of this
888	act.
889	Section 4.  Chapters 21418 (1941), 24733 (1947), 26048
890	(1949), 27763 (1951), 30290 (1955), 67-1737, 67-1739, 67-1748,
891	69-1328, 83-471, 83-474, 84-486, 86-371, 87-439, and 91-347,
892	Laws of Florida, are repealed.
893	Section 5.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.