| 1 | House Joint Resolution |
| 2 | A joint resolution proposing an amendment to Section 11 of |
| 3 | Article VII of the State Constitution to authorize |
| 4 | issuance in the manner provided by general law of general |
| 5 | obligation bonds for state capital projects for |
| 6 | transportation facility improvements. |
| 7 |
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| 8 | Be It Resolved by the Legislature of the State of Florida: |
| 9 |
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| 10 | That the following amendment to Section 11 of Article VII |
| 11 | of the State Constitution is agreed to and shall be submitted to |
| 12 | the electors of this state for approval or rejection at the next |
| 13 | general election or at an earlier special election specifically |
| 14 | authorized by law for that purpose: |
| 15 | ARTICLE VII |
| 16 | FINANCE AND TAXATION |
| 17 | SECTION 11. State bonds; revenue bonds.-- |
| 18 | (a) State bonds pledging the full faith and credit of the |
| 19 | state may be issued only to finance or refinance the cost of |
| 20 | state fixed capital outlay projects authorized by law, and |
| 21 | purposes incidental thereto, upon approval by a vote of the |
| 22 | electors; provided state bonds issued pursuant to this |
| 23 | subsection may be refunded without a vote of the electors at a |
| 24 | lower net average interest cost rate. The total outstanding |
| 25 | principal of state bonds issued pursuant to this subsection |
| 26 | shall never exceed fifty percent of the total tax revenues of |
| 27 | the state for the two preceding fiscal years, excluding any tax |
| 28 | revenues held in trust under the provisions of this |
| 29 | constitution. |
| 30 | (b) Moneys sufficient to pay debt service on state bonds |
| 31 | as the same becomes due shall be appropriated by law. |
| 32 | (c) Any state bonds pledging the full faith and credit of |
| 33 | the state issued under this section or any other section of this |
| 34 | constitution may be combined for the purposes of sale. |
| 35 | (d) Revenue bonds may be issued by the state or its |
| 36 | agencies without a vote of the electors to finance or refinance |
| 37 | the cost of state fixed capital outlay projects authorized by |
| 38 | law, and purposes incidental thereto, and shall be payable |
| 39 | solely from funds derived directly from sources other than state |
| 40 | tax revenues. |
| 41 | (e) Bonds pledging all or part of a dedicated state tax |
| 42 | revenue may be issued by the state in the manner provided by |
| 43 | general law to finance or refinance the acquisition and |
| 44 | improvement of land, water areas, and related property interests |
| 45 | and resources for the purposes of conservation, outdoor |
| 46 | recreation, water resource development, restoration of natural |
| 47 | systems, and historic preservation. |
| 48 | (f) Each project, building, or facility to be financed or |
| 49 | refinanced with revenue bonds issued under this section shall |
| 50 | first be approved by the Legislature by an act relating to |
| 51 | appropriations or by general law. |
| 52 | (g) Bonds pledging the full faith and credit of the state |
| 53 | may be issued by the state in the manner provided by general law |
| 54 | to finance or refinance right-of-way and other real property |
| 55 | acquisitions for highway, rail, public transportation, airport, |
| 56 | and seaport projects and to finance or refinance bridge repair |
| 57 | and replacement projects. Bonds issued under this subsection |
| 58 | shall be secured by a pledge of and shall be payable primarily |
| 59 | from state tax revenues as provided by general law. The total |
| 60 | outstanding principal of state bonds issued pursuant to this |
| 61 | subsection shall not exceed twenty-five percent of the total tax |
| 62 | revenues of the state for the two preceding fiscal years. |
| 63 | BE IT FURTHER RESOLVED that the following statement be |
| 64 | placed on the ballot: |
| 65 | CONSTITUTIONAL AMENDMENT |
| 66 | ARTICLE VII, SECTION 11 |
| 67 | STATE BONDS FOR TRANSPORTATION FUNDING.--Proposing an |
| 68 | amendment to the State Constitution to authorize the Legislature |
| 69 | to provide for the issuance of general obligation bonds by the |
| 70 | State of Florida to finance or refinance right-of-way and other |
| 71 | real property acquisitions for transportation improvements to |
| 72 | highways, rail facilities, public transportation, airports, and |
| 73 | seaports and to finance or refinance bridge repair and |
| 74 | replacement projects; and to provide that the amount of these |
| 75 | bonds, which pledge the full faith and credit of the state, |
| 76 | shall not exceed 25 percent of the state's total tax revenues in |
| 77 | the two preceding fiscal years. |