HB 939

1
A bill to be entitled
2An act relating to the Panama City-Bay County Airport and
3Industrial District, an independent special district in
4Bay County; codifying, amending, reenacting, and repealing
5chapter 98-527, Laws of Florida, relating to the district;
6providing definitions; providing boundaries of the
7district; providing restrictions with respect to certain
8real estate; providing for a board of directors and its
9membership, quorum, travel expenses, and per diem;
10providing purposes of the district; providing powers of
11the board; providing for the issuance of bonds; exempting
12district property from taxation; providing severability;
13repealing chapter 98-527, Laws of Florida; providing an
14effective date.
15
16Be It Enacted by the Legislature of the State of Florida:
17
18     Section 1.  Pursuant to section 189.429, Florida Statutes,
19this act constitutes the codification of chapter 98-527, Laws of
20Florida, relating to the Panama City-Bay County Airport and
21Industrial District. It is the intent of the Legislature in
22enacting this law to provide a single, comprehensive special act
23charter for the district, including all current legislative
24authority granted to the district, any additional authority
25granted by this act, and any authority granted by applicable
26general law.
27     Section 2.  Chapter 98-527, Laws of Florida, is codified,
28reenacted, amended, and repealed as provided in this act.
29     Section 3.  The Panama City-Bay County Airport and
30Industrial District is re-created and the charter for such
31district is re-created and reenacted to read:
32     Section 1.  Airport district established.--There is created
33and established as a political subdivision of the state an
34airport district in Bay County to be known as the "Panama City-
35Bay County Airport and Industrial District," an independent
36special district. The boundaries of the district shall be
37coterminous with the legal boundaries of Bay County. The
38district shall not lease, own, or acquire any real estate except
39in Bay County without the permission of the county or city
40within whose jurisdiction such property is located.
41     Section 2.  Definitions.--As used in this act, the
42following words and terms shall have the following meanings:
43     (1)  "Airport district" or "district" means the Panama
44City-Bay County Airport and Industrial District herein created.
45     (2)  "City" means the City of Panama City.
46     (3)  "County" means the County of Bay.
47     (4)  "County Commissioners" means the Board of County
48Commissioners, the governing body of the County of Bay.
49     (5)  "Aviation facility" means all land, improved or
50unimproved, hangars, buildings, passenger terminals, shops,
51restaurants, hotels, office buildings, and any and all other
52facilities, including property rights, easements, and
53franchises, the district deems necessary and convenient.
54     (6)  "Airport project" or "project" means any one or any
55combination of two or more of the following when undertaken by
56or owned, controlled, or operated by the airport district:
57airports, airport facilities, landing fields, hangars, shops,
58terminals, buildings, oil tanks, pipelines, industrial parks,
59warehouses, and terminal railway facilities, including rolling
60stock, belt line railroad, bridges, causeways, tunnels,
61facilities for the loading, unloading, and handling of
62passengers, mail express, freight and other cargo, hotels,
63office buildings, industrial facilities, and any and all other
64facilities, including all property rights, easements, and
65franchises relating to any such project or projects which, by
66resolution, the district may deem necessary and convenient.
67     (7)  "Improvements" means such replacements, repairs,
68extensions, additions, enlargements, and betterments of and to a
69project as are deemed necessary to place such project in proper
70condition for the safe, efficient, and economic operation
71thereof, when such project shall be undertaken by or owned,
72controlled, or operated by the airport district.
73     (8)  "Cost," as applied to improvements, means the cost of
74acquiring or constructing improvements as hereinabove defined
75and includes the cost of labor and materials, machinery and
76equipment, engineering and legal expense, plans specifications,
77financing charges, and such other expenses as may be necessary
78or incident to such acquisition or construction.
79     (9)  "Cost," as applied to a project acquired, constructed,
80extended, or enlarged, includes the purchase price of any
81project acquired and the cost of such construction, extension,
82or enlargement; improvements; all lands, properties, rights,
83easements, and franchises acquired; all machinery and equipment;
84engineering and legal services; investigations and audits;
85financing charges; and all other expenses necessary or incident
86to determining the practicability or feasibility of such
87acquisition or construction, administrative expense, and such
88other expenses as may be necessary or incident to the financing
89herein authorized and to the construction or acquisition of a
90project and the placing of the same in operation. Any obligation
91or expense incurred by the airport district prior to the
92issuance of bonds or revenue bonds under the provisions of this
93act for engineering studies and for estimates of cost and of
94revenues and for other technical, financial, or legal services
95in connection with the acquisition or construction of any
96project may be regarded as part of the cost of such project.
97     (10)  "Bonds" means revenue bonds, refunding bonds, or
98other evidence of indebtedness or obligations in either
99temporary or definitive form which the district is authorized to
100issue pursuant to this act.
101     (11)  "Revenue bonds" means revenue certificates or other
102obligations and the interest thereon which are payable from
103revenues derived from the operation of the facilities of the
104airport district or from other sources than ad valorem taxes.
105     (12)  "Facility" or "facilities" means and includes all
106projects and improvements of the airport district.
107     Section 3.  Governing board.--The Board of Directors, a
108body corporate and politic, shall be the governing board of the
109Panama City-Bay County Airport and Industrial District.
110     (1)  The board shall consist of five persons who are
111citizens and residents of Bay County. Two of said five members
112shall be appointed by the City Commission of the City of Panama
113City, and these seats shall be denominated seats 1 and 2. Two of
114said five members shall be appointed by the Board of County
115Commissioners of Bay County, and these seats shall be
116denominated seats 3 and 4. Said four members so appointed shall
117select the fifth member, whose seat shall be denominated seat 5.
118Except as provided herein, upon the expiration of the several
119terms of the members as herein provided, the Board of County
120Commissioners of Bay County and the City Commission of the City
121of Panama City shall appoint successors for the members whose
122terms are expiring, each to hold office for a term of 4 years.
123Initially, seat 1 shall be appointed by the City Commission for
124the City of Panama City for a term beginning on July 1, 2005,
125and seat 3 shall be appointed by the Board of County
126Commissioners for Bay County for a term beginning on July 1,
1272005. By July 31, 2005, the board shall hold a drawing to
128determine the initial terms for seats 1 and 3, one of which
129shall be a 2-year term and one a 3-year term. Seat 2 shall be
130appointed by the City Commission for the City of Panama City for
131a term beginning on July 1, 2006, and seat 4 shall be appointed
132by the Board of County Commissioners for Bay County for a term
133beginning on July 1, 2006. Seat 5 shall be appointed by the
134other board members for an initial term beginning on July 1,
1352005. The terms of board members shall begin on July 1 and
136expire on June 30. Board members shall be limited to serving two
137terms on the board.
138     (2)  Three members of the board shall constitute a quorum.
139The vote of three members shall be necessary for any action
140taken by the board involving the incurring of any indebtedness
141or expenditures of district funds or moneys.
142     (3)  The members of the board shall not receive
143compensation for their services, but shall be reimbursed for
144travel and per diem as public officials pursuant to chapter 112,
145Florida Statutes; however, members of the board must submit a
146signed statement requesting the allowable expenses within 6
147months after the date of incurring such expenses.
148     Section 4.  Purposes of airport district.--The airport
149district is created for the purpose of acquiring, constructing,
150improving, financing, operating, and maintaining airport
151projects and any other development of land owned or leased by
152the district and necessary to the economic welfare of the
153inhabitants of the district and which will promote the economic,
154commercial, and industrial development of the district. The
155exercise by the district of the powers conferred by this act
156shall be deemed to be and shall constitute a public purpose.
157     Section 5.  Powers of the Board of Directors.--The Board of
158Directors shall have all of the power necessary and proper to
159carry out the purposes and intent of this act, including the
160power to sue and be sued, under the name of the "Panama City-Bay
161County Airport and Industrial District"; to contract and be
162contracted with; to adopt and use a common seal and to alter
163same; to acquire, purchase, hold, lease, mortgage, and convey
164such real and personal property as the board may deem proper or
165expedient to carry out the purposes of this act; to employ such
166persons and agents as the board may deem advisable and to fix
167the compensation thereof and to remove any appointees or
168employees, agents, or servants; to insure the improvements,
169fixtures, and equipment against loss by fire, windstorm, or
170other coverage in such amounts as may be determined reasonable
171and proper; and to borrow and issue evidence of indebtedness of
172the district to carry out the provisions of this act in the
173manner herein provided. The board shall also have the right and
174power:
175     (1)  To acquire, by purchase, condemnation through power of
176eminent domain, gift, grant, franchise, or lease, property,
177either real or personal; however, the power of eminent domain
178shall be exercised only for the purpose of providing for
179aviation facilities.
180     (2)  To grant easements of right-of-way over or through any
181lands owned by the airport district.
182     (3)  To construct, acquire, establish, extend, enlarge,
183improve, reconstruct, maintain, equip, repair, and operate any
184project as hereinabove defined.
185     (4)  To borrow money, incur indebtedness, and issue such
186bonds for and on behalf of the airport district as the board may
187from time to time determine; but in no case shall the
188indebtedness of the district for bonds issued be considered a
189debt of the city or the county.
190     (5)  To apply to the proper authorities of the United
191States for the right to establish, operate, and maintain foreign
192and domestic trade zones within the limits of the airport
193district and to establish, operate, and maintain such foreign
194and domestic trade zones.
195     (6)  To fix and revise from time to time and to collect
196rates, fees, rentals, and other charges for the use of or for
197the services of any facility insofar as it may be permissible
198for the board to do so under the State Constitution and the
199Constitution and laws of the United States.
200     (7)  To make rules and regulations for its own government
201and to hold regular meetings at least once a month, said
202meetings to be open to the public.
203     (8)  To operate, manage, and control all projects, as
204hereinabove defined, hereafter acquired or constructed under the
205provisions of this act.
206     (9)  To enter into joint agreements and arrangements with
207steamship lines, railroads, airlines, or other transportation
208lines or any common carrier as the board shall deem to its
209advantage to do so.
210     (10)  To make and enter into all contracts and agreements
211necessary or incidental to the performance of its duties and the
212execution of its powers and to appoint and employ such
213engineers, architects, attorneys, agents, and other employees as
214may be necessary in its judgment and to fix their compensation;
215however, such compensation must be within the amount appointed
216for such purpose in the annual budget of the district.
217     (11)  To exercise such powers as may be reasonably
218necessary to effectively control and regulate facilities on
219property owned or controlled by the airport district.
220     (12)  To appoint a manager of the airport district and to
221determine his or her duties and compensation.
222     (13)  To appoint an airport manager, who shall be a full-
223time employee and shall devote his or her time and attention to
224the discharge of his or her duties. The airport manager shall
225receive such salary as the board may set.
226     (14)  To employ such persons in addition to the airport
227manager as the business of the airport district may require.
228     (15)  To maintain a full-time airport law enforcement staff
229and to determine its duties and compensation.
230     (16)  To receive and accept from any local or state
231government or the Federal Government or any agency thereof
232grants for or in aid of the construction of any project and/or
233operation of the airport and other aviation facilities and
234facilities related thereto.
235     (17)  To make such rules and regulations governing aircraft
236which are on property owned or controlled by the airport
237district.
238     (18)  To make rules and regulations governing the operation
239of the airport and other aviation facilities and facilities
240related thereto.
241     (19)  To impose a franchise or license tax upon businesses
242and occupations carried on or operated under and by virtue of
243any franchises, licenses, or privileges granted by the board
244with respect to such airports, and other aviation facilities and
245facilities related thereto, controlled or operated by the
246airport district and the board.
247     (20)  To advertise the airports of such district in such
248manner as the board deems advisable and to negotiate and
249contract with airlines and other institutions as the board may
250deem necessary for development, expansion, and operation of the
251airport district.
252     (21)  To acquire, own, and control the properties now owned
253and held by the Panama City-Bay County Airport and Industrial
254District and assume all of its indebtedness, obligations, and
255liabilities.
256     (22)  To adopt a budget with which all expenditures shall
257be made in strict accordance with the budget so adopted and
258approved.
259     (23)  To establish an independent airport police department
260with full police powers on property owned or controlled by the
261airport district, or in accordance with mutual aid agreements
262with other law enforcement agencies. Officers engaged in hot
263pursuit of a suspect may continue pursuit beyond property owned
264or controlled by the airport district.
265     (24)  To contract with similar authorities in carrying out
266common projects and the purposes of this act.
267     Section 6.  Issuance of bonds; purposes and powers;
268general.--The board is authorized to provide by resolution at
269one time or from time to time for the issuance of bonds of the
270airport district for the purpose of paying all or a part of the
271cost of any project or improvement of the district or any
272combination thereof. The bonds of each issue shall be dated,
273shall bear interest at such fixed or variable rate or rates,
274shall mature at such time or times, not exceeding 40 years from
275their date or dates, as may be determined by the board, and may
276be made redeemable before maturity, at the option of the board,
277at such price or prices and under such terms and conditions as
278may be fixed by the board prior to the issuance of the bonds.
279The board shall determine the form of the bonds, including any
280interest coupons to be attached thereto, and the manner of
281execution of the bonds and coupons and shall fix the
282denomination or denominations of the bonds and coupons, and the
283place or places of payment of principal and interest which may
284be at any bank or trust company within or without the state. In
285the event any officer whose signature or a facsimile of whose
286signature shall appear on any bonds or coupons shall cease to be
287such officer before the delivery of such bonds, such signature
288or such facsimile shall nevertheless be valid and sufficient for
289all purposes the same as if he or she had remained in office
290until such delivery. All bonds issued under the provisions of
291this act shall have and are hereby declared to have all the
292qualities and incidents of negotiable instruments under the laws
293of the state. The bonds may be issued in coupon or in registered
294form or both, as the board may determine, and provisions may be
295made for the registration of any coupon bonds as to principal
296alone and also as to both principal and interest and for the
297reconversion into coupon bonds of any bonds registered as to
298both principal and interest. The issuance of such bonds shall
299not be subject to any limitations or conditions contained in any
300other law and the board may sell such bonds in such manner and
301for such price as it may determine to be for the best interest
302of the district, but no such sale shall be made at a price so
303low as to require the payment of interest on the money received
304therefor at more than the fixed or variable rate or rates
305computed with relation to the absolute maturity of the bonds in
306accordance with standard tables of bond values, excluding,
307however, from such computations the amount of any premium to be
308paid on redemption of any bonds prior to maturity. Prior to the
309preparation of definitive bonds, the board may, under like
310restrictions, issue interim receipts or temporary bonds, with or
311without coupons, exchangeable for definitive bonds when such
312bonds have been executed and are available for delivery. The
313board may also provide for the replacement of any bonds which
314shall be mutilated or be destroyed or lost.
315     (1)  Bonds may be issued under the provisions of this act
316without obtaining the consent of any commission, board, bureau,
317or agency of the state or county and without any other
318proceedings or the happening of any other condition or thing
319than those proceedings, conditions, or things which are
320specifically required by this act. The bonds may be validated in
321accordance with the State Constitution and the laws of Florida.
322     (2)  The proceeds of the bonds shall be used solely for the
323payment of the cost of the project for which such bonds shall
324have been authorized and shall be disbursed in the manner
325provided in the resolution or in the trust agreement authorizing
326the issuance of such bonds. In the event that the actual cost of
327the project exceeds the estimated cost, the board may issue
328additional bonds to cover the deficiency, subject to the same
329restrictions as required for the original issue.
330     Section 7.  Additional authority; bonds.--In addition to
331any other powers which the board may now have, the board is
332hereby granted the following rights and powers, and shall have
333and may exercise all powers necessary, appurtenant, convenient,
334or incidental to the execution of the powers enumerated in this
335act:
336     (1)  To borrow money and to make and issue negotiable
337notes, bonds, certificates, refunding bonds, and other
338obligations, hereinafter called "bonds," of the district, said
339bonds to have a maturity date not exceeding 40 years from the
340date of issue, and to secure the payment of such bonds or any
341part thereof by a pledge of any or all of the district's
342revenues, rates, fees, rentals, or other charges, and any other
343funds legally available therefor; and any other funds it has a
344right to, or may hereafter have the right to, pledge for such
345purposes, including, without limitation, amounts received from
346public agencies pursuant to interlocal agreements under part I,
347chapter 163, Florida Statutes, hereinafter referred to as
348"revenues"; and in general, to provide for the security of said
349bonds and the rights and remedies of the holders thereof. Such
350bonds may be issued to finance or refinance one or more or a
351combination of airport and other aviation facilities and
352facilities related thereto and may, subject to any prior rights
353of bondholders, be pledged for any one or more or any
354combination of airport and other aviation facilities and
355facilities related thereto. Any revenues from the existing
356airport and other aviation facilities and facilities related
357thereto and constructed or acquired prior to this act or
358existing acts, or existing airports and other aviation
359facilities and facilities related thereto constructed or
360acquired by the district from any source, may be pledged for any
361one or more or any combination of airports and other aviation
362facilities or facilities related thereto financed under this
363act, regardless of whether such existing airports and other
364aviation facilities and facilities related thereto are then
365being improved or financed by the proceeds of the bonds to be
366issued to finance the one or more or any combination of airports
367and other aviation facilities and facilities related thereto for
368which such revenues of such existing airports and other aviation
369facilities and facilities related thereto are to be pledged.
370     (2)  To make contracts of every kind and nature and to
371execute all instruments necessary or convenient for the carrying
372on of its business.
373     (3)  To enter into interlocal agreements with any public
374agencies of the state for any of its purposes, including, but
375not limited to, providing additional sources of funds to pay or
376secure bonds of the district or to finance or refinance any
377project or cost of the district.
378     (4)  To enter into and perform its obligations under any
379bond insurance agreements, surety bonds, or interest rate hedge,
380or to swap contracts or other financial instruments, and to
381secure its obligations thereunder from any revenues legally
382available therefor.
383     (5)  Without limitation of the foregoing, to borrow money
384and accept grants, contributions, or loans from, and to enter
385into, and comply with the terms of, contracts, leases, or other
386transactions with, the state government or the Federal
387Government.
388     (6)  To conduct public hearings and advertise the same as
389may be required by federal law in connection with any borrowing.
390     (7)  To refund, refinance, retire, or defease any
391obligations then outstanding.
392     (8)  To pledge, hypothecate, or otherwise encumber all or
393part of the revenues, rates, fees, rentals, or other charges,
394funds, or receipts of the district as security for all or any of
395the obligations issued by the district.
396     (9)  To employ technical experts necessary to assist the
397board in carrying out or exercising any powers granted hereby,
398including, but not limited to, architects, engineers, attorneys,
399fiscal advisors, fiscal agents, investment bankers, and aviation
400consultants.
401     (10)  To exercise all powers of a "local agency" pursuant
402to part II, chapter 159, Florida Statutes, relative to the
403purposes of the district.
404     (11)  To do all acts and things necessary or convenient for
405the promotion of its business and the general welfare of the
406district in order to carry out the powers granted to it by this
407act or any other laws. The board shall have no power at any time
408or in any manner to pledge the taxing power of the state, or any
409political subdivision or agency thereof; nor shall any of the
410obligations issued by the district be deemed obligations of the
411state, or any political subdivision or agency thereof, secured
412by and payable from ad valorem taxes thereof; nor shall the
413state, or any political subdivision or agency thereof, be liable
414for the payment of principal of or interest on such obligations
415except from the special funds provided for in this act or
416pursuant to interlocal agreements entered into with public
417agencies of the state.
418     Section 8.  Purposes and powers; bonds.--The bonds issued
419by the board pursuant to this act shall be authorized by
420resolution of the members thereof and shall bear such date or
421dates, mature at such time or times, not exceeding 40 years from
422the respective dates, bear interest at such fixed or variable
423rate or rates, be payable at such times, be in such
424denominations, be in such form, carry such registration,
425exchangeability, and interchangeability privileges, be payable
426in such medium of payment and at such place, within or without
427the state, be subject to such terms of redemption, and be
428entitled to such priorities on the revenues, rates, fees,
429rentals, or other charges or receipts of the district as such
430resolution or any resolutions subsequent thereto may provide.
431The bonds shall be executed either by manual or facsimile
432signature by such officers as the district shall determine,
433provided that such bonds shall bear at least one signature which
434is manually executed thereon, to the extent required by general
435law, and the bonds shall have the seal of the district affixed,
436imprinted, reproduced, or lithographed thereon, all as may be
437prescribed in such resolution or resolutions. Said bonds may be
438sold either at public or private sale at such price or prices as
439the board shall determine to be in the best interests of the
440district. Pending the preparation of definitive bonds, interim
441certificates or temporary bonds may be issued to the purchaser
442of such bonds and may contain such terms and conditions as the
443board may determine, including, without limitation, provisions
444for registration and book entry registration of bonds.
445     (1)  Any such resolution or resolutions authorizing any
446bonds hereunder may contain provisions which shall be part of
447the contract with the holders of such bonds as to:
448     (a)  The pledging of all or any part of the revenues,
449rates, fees, rentals, or other charges or receipts of the
450district derived by the district from all or any of its airports
451and other aviation, commercial, or industrial facilities and
452facilities related thereto or pursuant to interlocal agreements
453or from other sources legally available for such payments.
454     (b)  The construction, improvement, operation, extension,
455enlargement, maintenance, repair, or lease of such airports, and
456other aviation, commercial, or industrial facilities and
457facilities related thereto, and the duties of the district with
458reference thereto.
459     (c)  Limitations on the purposes to which the proceeds of
460the bonds, then or thereafter to be issued, or any loan or grant
461by the Federal Government or the state government or the county
462or any municipality therein or any limited purpose revenues
463authorized to be collected or received by the district may be
464applied.
465     (d)  The fixing, charging, establishing, and collecting of
466rates, fees, rentals, or other charges for use of the services
467and facilities of the airports, and other aviation facilities
468and facilities related thereto, of the district or any part
469thereof.
470     (e)  The setting aside of reserves or sinking funds or
471repair and replacement funds or other funds and the regulation
472and disposition thereof.
473     (f)  Limitations on the issuance of additional bonds.
474     (g)  The terms and provisions of any deed of trust or
475indenture securing the bonds, or under which the same may be
476issued.
477     (h)  Establishment of permitted investments in which any
478proceeds of the bonds or other funds securing same may be
479invested.
480     (i)  Any other or additional agreements with the holders of
481the bonds as are customary and proper and which in the judgment
482of the board will make said bonds more marketable.
483     (2)  The board may enter into any deeds of trust,
484indentures, or other agreements, with any bank or trust company
485within or without the state, as security for such bonds, and may
486assign and pledge all or any part of the revenue, rates, fees,
487rentals, or other charges or receipts of the district
488thereunder. Such deeds of trust, indentures, or other agreements
489may contain such provisions as may be customary in such
490instruments or as the district may authorize, including, but
491without limitation, provisions as to:
492     (a)  The construction, improvement, operation, extension,
493leasing, maintenance, repair, or lease of such airports, and
494other aviation facilities and facilities related thereto and the
495duties of the district with reference thereto.
496     (b)  The application of funds and the safeguarding of funds
497on hand or on deposit.
498     (c)  The appointment of consulting engineers or architects
499and approval thereof by the holders of the bonds.
500     (d)  The rights and remedies of said trustee and the
501holders of the bonds.
502     (e)  The terms and provisions of the bonds or the
503resolution authorizing the issuance of the same. Any of the
504bonds issued pursuant to this act are, and are hereby declared
505to be, negotiable instruments under the law merchant and
506negotiable instruments law of the state.
507     (f)  Except as otherwise provided in this act, provision by
508the board, by resolution or by trust agreement, for the payment
509of the proceeds of the sale of the revenue bonds and the
510revenues of the facilities to such officer, board, or depository
511as it may determine for the custody thereof and for the method
512of disbursement thereof with such safeguards and restrictions as
513it may determine. All expenses incurred in carrying out such
514trust agreement may be treated as a part of the cost of
515operation of the facilities affected by such trust agreement.
516     (3)  The pledge by the board of its revenues, rates, fees,
517rentals, and other charges, funds, and receipts to the payment
518of the bonds described above, either directly by the terms of a
519resolution of the board or through any deed of trust, indenture,
520or other agreement, shall create a valid and binding lien
521thereon and a prior perfected security interest therein from the
522time the pledge is made, and all moneys and revenues so pledged
523shall immediately become subject to a lien of such pledge
524without any physical delivery thereof or further act, and the
525lien of any such pledge shall be valid and binding against all
526parties having claims of any kind in tort, contract, or
527otherwise against the district, irrespective of whether such
528parties have notice thereof. Neither the resolutions nor the
529deed of trust, indenture, or other agreement by which the pledge
530is created need be filed or recorded, except in the records of
531the board, nor shall notice thereof be required to be given to
532any obligor of any such moneys or revenue, and no filings under
533the Florida Uniform Commercial Code shall be required in order
534to perfect the pledge granted thereby.
535     Section 9.  Revenue bonds.--Revenue bonds of the district
536may be issued under the provisions of this act and shall be
537payable from the revenues derived from the operation of any
538facility or combination of facilities of the district under the
539supervision, operation, and control of the district and from any
540other funds legally available therefor, except ad valorem taxes
541of the district. The issuance of such revenue bonds shall not
542directly, indirectly, or contingently obligate the state, the
543district, the city, or the county to levy any ad valorem taxes
544or to make any appropriations for their payment or for the
545operation and maintenance of the facilities of the district.
546     (1)  The board shall not convey or mortgage any facility or
547any part thereof as security for the payment of the revenue
548bonds.
549(2)  In the discretion of the board, each or any issue of
550such revenue bonds may be secured by a trust agreement by and
551between the board and a corporate trustee, which may be any
552trust company or bank having the powers of a trust company
553within or outside of the state. Such trust agreement may pledge
554or assign the revenues to be received by the district. The
555resolution providing for the issuance of revenue bonds or such
556trust agreement may contain such provisions for protecting and
557enforcing the rights and remedies of the bondholders as may be
558reasonable, proper, and not in violation of law, including
559covenants setting forth the duties of the district in relation
560to the acquisition, construction, improvement, maintenance,
561operation, repair, equipping, and insurance of the facilities
562and the custody, safeguarding, and application of all moneys. It
563shall be lawful for any bank or trust company incorporated under
564the laws of this state to act as such depository and to furnish
565such indemnifying bonds or to pledge such securities as may be
566required by the board. Such resolution or such trust agreement
567may restrict the individual right of action by bondholders as is
568customary in trust agreements securing bonds or debentures of
569corporations. In addition to the foregoing, such resolution or
570such trust agreement may contain such other provisions as the
571board may deem reasonable and proper for the security of
572bondholders. Except as otherwise provided in this act, the board
573may provide, by resolution or by trust agreement, for the
574payment of the proceeds of the sale of the revenue bonds and the
575revenues of the facilities to such officer, board, or depository
576as it may determine for the custody thereof and for the method
577of disbursement thereof with such safeguards and restrictions as
578it may determine. All expenses incurred in carrying out such
579trust agreement may be treated as a part of the cost of
580operation of the facilities affected by such trust agreement.
581(3)  The resolution or trust agreement providing for the
582issuance of the revenue bonds may also contain such limitations
583upon the issuance of additional revenue bonds as the board may
584deem proper, and such additional bonds shall be issued under
585such restrictions or limitations as may be prescribed by such
586resolution or trust agreement.
587Section 10.  Refunding obligations.--The board is
588authorized to provide by resolution for the issuance of
589refunding bonds or refunding revenue bonds of the district for
590the purpose of refunding any bonds or revenue bonds,
591respectively, then outstanding and issued under the provisions
592of this act. The board is further authorized to provide by
593resolution for the issuance of refunding revenue bonds for the
594combined purpose of:
595(1)  Paying the cost of any project of the district.
596(2)  Refunding bonds or revenue bonds of the district which
597shall theretofore have been issued under the provisions of this
598act and shall then be outstanding. The issuance of such bonds,
599the maturities and other details thereof, the rights and
600remedies of the holders thereof, and the rights, powers,
601privileges, duties, and obligations of the district with respect
602to the same shall be governed by the foregoing provisions of
603this act insofar as the same may be applicable.
604Section 11.  Bonds to constitute legal investments.--Any
605bonds issued pursuant to this act shall be and constitute legal
606investments for banks, savings banks, trustees, executors,
607administrators, and all other fiduciaries for all state,
608municipal, and public funds and shall also be and constitute
609securities eligible for deposit as security for all state,
610municipal, or other public funds, notwithstanding the provisions
611of any other law or laws to the contrary.
612Section 12.  Remedies.--Any holder of bonds or other
613obligations issued under the provisions of this act or any of
614the coupons appertaining thereto and the trustee under any trust
615agreement, except to the extent that the rights herein given may
616be restricted by such trust agreement, may either at law or in
617equity, by suit, action, mandamus, or other proceedings, protect
618and enforce any and all rights under the laws of Florida or
619granted hereunder or under such trust agreement or the
620resolution authorizing the issuance of such bonds or other
621obligations and may enforce and compel the performance of all
622duties required by this act or by such trust agreement or
623resolution to be performed by the board or by any officer
624thereof.
625Section 13.  Exemption of property from taxation.--The
626exercise of the powers by the board conferred in this act
627constitutes the performance of government functions. Facilities
628owned or operated by the district under the provisions of this
629act constitute public property. When such facilities are used
630for governmental purposes, the board shall not be required to
631pay any taxes or assessments upon any such facilities or parts
632thereof.
633Section 14.  Board of Directors accounting practices;
634deposit of moneys of the board.--All moneys of the board,
635whether derived from taxes or levied and collected within the
636airport district or from other sources, shall be paid into the
637treasury of the board. Such moneys shall be used exclusively by
638the board and shall be disbursed by the board with approved
639budgetary practice and accounting methods and only for the
640purposes specified in the budget of the board. No funds or
641moneys shall be withdrawn from the treasury of the board except
642in accordance with the budget and upon the signature of either
643the chair or one of the members of the board and either the
644airport manager or designated staff member as authorized by the
645members of the board. The board may require such officers or
646members of the board or employees thereof to execute fidelity
647bonds in such sums as the board may from time to time determine.
648The premiums on such bonds shall be paid by the district as a
649proper operating expense thereof.
650     Section 15.  Annual audit.--The books and records of the
651board shall be audited annually by a certified public accountant
652and copies of such audit submitted to the board and the City
653Commission of the City of Panama City and the Board of County
654Commissioners of Bay County.
655     Section 16.  Awarding of contracts.--No contract shall be
656let by the district for any construction improvement, repair, or
657building, nor shall any goods, supplies, or materials for
658airport district purposes or uses be purchased when the amount
659to be paid by the district exceeds the amounts specified in
660section 287.057 or section 255.20, Florida Statutes, as amended
661from time to time unless the provisions of those statutes are
662satisfied. However, in the event of an emergency, the district
663may take such action as is necessary to protect airport
664properties. Nothing in this act shall be construed to prohibit
665the airport district from utilizing and complying with other
666applicable laws governing the issuance of contracts for
667construction, goods, supplies, or services by a political
668subdivision, or with the rules and regulations of the Federal
669Government or state government assisting in the financing of
670district facilities, or from awarding contracts for the
671construction of district facilities on a negotiated basis
672utilizing the provisions in section 159.32, Florida Statutes.
673     Section 17.  Purchases by board.--No member of the board or
674other officer or employee shall purchase supplies, goods, or
675materials for use by the airport district from himself or
676herself or from any firm or corporation in which he or she is
677interested, directly or indirectly, or in any manner share in
678the proceeds of such purchase, nor shall the board be obligated
679for the purchase price for such supplies, goods, or materials so
680purchased. No board member or other officer or employee shall
681bid or enter into or be in any manner interested, directly or
682indirectly, in any contract for public work to which the airport
683may be a party. Any person who violates the provisions of this
684section shall be guilty of malfeasance in office. All moneys or
685things of value paid and delivered pursuant to such contract or
686purchase may be recovered by the board and, in the event of its
687refusal, by a taxpayer for the use of the board, including
688costs, expenses, and reasonable attorney's fees incurred in any
689proceeding for the recovery thereof.
690     Section 18.  Conflict of interest.--No board member or
691other officer or employee shall act as a consultant to, be
692employed by, or receive compensation in any manner, directly or
693indirectly, from any vendor, tenant, or concessionaire of the
694airport district, nor shall any board member, other officer, or
695employee conduct other than airport business within the airport
696facility or on airport property. Any person who violates the
697provisions of this section shall be guilty of malfeasance in
698office.
699     Section 19.  Additional general provisions; act complete
700and additional authority.--The powers conferred by this act
701shall be in addition and supplemental to the existing powers of
702the board as herein provided.
703     Section 20.  If any section, clause, or provision of this
704act shall be held unconstitutional or ineffective in whole or in
705part, to the extent that the remainder of the act is not
706unconstitutional or ineffective, it shall be valid and
707effective, and no other section, clause, or provision shall on
708account thereof be deemed invalid or ineffective.
709     Section 4.  Chapter 98-527, Laws of Florida, is repealed.
710     Section 5.  This act shall take effect upon becoming a law.


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