HB 619

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29	Laws of Florida, are codified, reenacted, amended, and repealed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

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