HB 1115

1	A bill to be entitled
2	An act relating to the South Florida Regional
3	Transportation Authority; amending s. 343.54, F.S.;
4	revising language relating to powers and duties of the
5	authority; deleting the term "commuter rail"; amending s.
6	343.55, F.S.; providing pledge to bondholders that the
7	state will not alter certain rights vested in the
8	authority that affect the rights of bondholders while
9	bonds are outstanding; amending s. 343.58, F.S.; revising
10	provisions for funding of the authority; requiring
11	counties served by the authority to annually transfer
12	certain funds before a certain date; removing provisions
13	for sources of that funding; removing authorization for a
14	vehicle registration tax; providing for certain funding by
15	the state to fund capital and operating and maintenance
16	expenses; revising county funding amounts to fund
17	operations; providing for cessation of specified county
18	funding contributions and providing for certain refunding
19	of the contributions under certain circumstances; revising
20	timeframe for repeal of specified funding provisions under
21	certain circumstances; providing an effective date.
22
23	Be It Enacted by the Legislature of the State of Florida:
24
25	Section 1.  Paragraph (b) of subsection (1) of section
26	343.54, Florida Statutes, is amended to read:
27	343.54  Powers and duties.--
28	(1)
29	(b)  It is the express intention of this part that the
30	authority be authorized to plan, develop, own, purchase, lease,
31	or otherwise acquire, demolish, construct, improve, relocate,
32	equip, repair, maintain, operate, and manage a transit system
33	and transit facilities; to establish and determine the policies
34	necessary for the best interest of the operation and promotion
35	of a transit system; and to adopt rules necessary to govern the
36	operation of a transit commuter rail system and transit commuter
37	rail facilities. It is the intent of the Legislature that the
38	South Florida Regional Transportation Authority shall have
39	overall authority to coordinate, develop, and operate a regional
40	transportation system within the area served.
41	Section 2.  Subsection (4) is added to section 343.55,
42	Florida Statutes, to read:
43	343.55  Issuance of revenue bonds.--
44	(4)  The state pledges to and agrees with any person, firm,
45	corporation, or federal or state agency subscribing to or
46	acquiring the bonds to be issued by the authority for the
47	purposes of the South Florida Regional Transportation Authority
48	Act that the state will not limit or alter the rights vested in
49	the authority under this section until all bonds at any time
50	issued and secured by revenues remitted to the authority
51	pursuant to s. 343.58, together with the interest thereon, are
52	fully paid and discharged, insofar as the same affects the
53	rights of the holders of bonds issued under this section.
54	Section 3.  Section 343.58, Florida Statutes, is amended to
55	read:
56	343.58  County funding for the South Florida Regional
57	Transportation Authority.--
58	(1)  Each county served by the South Florida Regional
59	Transportation Authority must dedicate and transfer not less
60	than $2.67 million to the authority annually. The recurring
61	annual $2.67 million must be dedicated by the governing body of
62	each county prior to October 31 of each fiscal year by August 1,
63	2003. Notwithstanding ss. 206.41 and 206.87, such dedicated
64	funding may come from each county's share of the ninth-cent fuel
65	tax, the local option fuel tax, or any other source of local gas
66	taxes or other nonfederal funds available to the counties. In
67	addition, the Legislature authorizes the levy of an annual
68	license tax in the amount of $2 for the registration or renewal
69	of registration of each vehicle taxed under s. 320.08 and
70	registered in the area served by the South Florida Regional
71	Transportation Authority. The annual license tax shall take
72	effect in any county served by the authority upon approval by
73	the residents in a county served by the authority. The annual
74	license tax shall be levied and the Department of Highway Safety
75	and Motor Vehicles shall remit the proceeds each month from the
76	tax to the South Florida Regional Transportation Authority.
77	(2)  The Legislature shall direct $50 million in recurring
78	funds to the authority. Funds may be used to fund capital and
79	operating and maintenance expenses of the South Florida Regional
80	Transportation Authority.
81	(3)(2)  In addition, each county shall continue to annually
82	fund the operations of the South Florida Regional Transportation
83	Authority in an amount not less than $4.2 $1.565 million.
84	Revenue raised Such funds pursuant to this subsection shall also
85	be considered a dedicated funding source.
86	(4)  The current funding obligations under subsections (1)
87	and (3) shall cease upon commencement of the collection of
88	funding from the funding source under subsection (2). Should the
89	funding under subsection (2) be discontinued for any reason, the
90	funding obligations under subsections (1) and (3) shall resume
91	when collection from the funding source under subsection (2)
92	ceases. Payment by the counties will be on a pro rata basis the
93	first year following cessation of the funding under subsection
94	(2). The authority shall refund a pro rata share of the payments
95	for the current fiscal year made pursuant to the current funding
96	obligations under subsections (1) and (3) as soon as reasonably
97	practicable after it begins to receive funds under subsection
98	(2).
99	(5)  If, by December 31, 2015 2009, the South Florida
100	Regional Transportation Authority has not received federal
101	matching funds based upon the dedication of funds under
102	subsection (1), subsection (1) shall be repealed.
103	Section 4.  This act shall take effect July 1, 2006.

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