CS/HB 251

1	A bill to be entitled
2	An act relating to regional transportation facilities;
3	creating part V of chapter 343, F.S.; creating s. 343.90,
4	F.S.; providing a short title; creating s. 343.91, F.S.;
5	providing definitions; creating s. 343.92, F.S.; creating
6	the Bay Area Regional Transportation Authority, comprising
7	Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas,
8	and Sarasota Counties; providing for organization and
9	membership; providing for reimbursement of travel expenses
10	and per diem; requiring members to comply with specified
11	financial disclosure provisions; providing for employees
12	and advisory committees; creating s. 343.922, F.S.;
13	specifying purposes of the authority; providing for
14	rights, powers, and duties of the authority; authorizing
15	the authority to construct, operate, and maintain certain
16	multimodal transportation systems; authorizing the
17	authority to collect fares and tolls on its transportation
18	facilities; requiring the authority to develop and adopt a
19	regional multimodal transportation master plan by a date
20	certain; providing for content, updates, and use of the
21	plan; authorizing the authority to request funding and
22	technical assistance; authorizing the authority to borrow
23	money, enter into partnerships and other agreements, enter
24	into and make lease-purchase agreements, and make
25	contracts for certain purposes; specifying that the
26	authority does not have power to pledge the credit or
27	taxing power of the state; creating s. 343.94, F.S.;
28	providing legislative approval of bond financing by the
29	authority for its projects; providing for issuance of the
30	bonds by the authority or the Division of Bond Finance;
31	providing for contract with bondholders; authorizing the
32	authority to employ fiscal agents; authorizing the State
33	Board of Administration to act as fiscal agent; creating
34	s. 343.941, F.S.; providing that the authority's bonds are
35	not debts or pledges of faith and credit of the state;
36	creating s. 343.943, F.S.; providing a state covenant with
37	bondholders; creating s. 343.944, F.S.; providing certain
38	rights and remedies for bondholders; creating s. 343.945,
39	F.S.; providing for enforcement by bondholders of pledges
40	to the authority from the department; creating s. 343.946,
41	F.S.; providing for lease-purchase agreements between the
42	authority and the department; creating s. 343.947, F.S.;
43	providing for the department to act as an agent for the
44	authority for the purposes of constructing and completing
45	the authority's projects; creating s. 343.95, F.S.;
46	providing for the authority to purchase property and
47	property rights; creating s. 343.96, F.S.; providing for
48	the authority to enter into cooperative agreements with
49	other entities and persons; creating s. 343.962, F.S.;
50	providing for the authority to enter into certain public-
51	private agreements under certain conditions; providing
52	procedures for proposals for public-private multimodal
53	transportation projects; authorizing the public-private
54	entity to impose certain tolls or fares for use of the
55	systems; providing criteria for the constructed systems;
56	authorizing the authority to use certain powers to
57	facilitate project development, construction, and
58	operation; providing intent relating to governmental
59	entities; authorizing the authority to adopt certain rules
60	and establish an application fee; creating s. 343.97,
61	F.S.; exempting the authority from certain taxation;
62	creating s. 343.973, F.S.; specifying that bonds or other
63	obligations issued by the authority are legal investments
64	constituting securities for certain purposes; creating s.
65	343.975, F.S.; providing for application and effect of
66	specified provisions; providing an effective date.
67
68	Be It Enacted by the Legislature of the State of Florida:
69
70	Section 1.  Part V of chapter 343, Florida Statutes,
71	consisting of sections 343.90, 343.91, 343.92, 343.922, 343.94,
72	343.941, 343.943, 343.944, 343.945, 343.946, 343.947, 343.95,
73	343.96, 343.962, 343.97, 343.973, and 343.975, is created to
74	read:
75	343.90  Short title.--This part may be cited as the "Bay
76	Area Regional Transportation Authority Act."
77	343.91  Definitions.--
78	(1)  The following terms, whenever used or referred to in
79	this part, shall have the following meanings, except in those
80	instances where the context clearly indicates otherwise:
81	(a)  "Authority" means the Bay Area Regional Transportation
82	Authority, the body politic and corporate and agency of the
83	state created by this part, covering the seven-county area
84	comprised of Citrus, Hernando, Hillsborough, Manatee, Pasco,
85	Pinellas, and Sarasota Counties.
86	(b)  "Board" means the governing body of the authority.
87	(c)  "Bonds" means the notes, bonds, refunding bonds, or
88	other evidences of indebtedness or obligations, in either
89	temporary or definitive form, which the authority is authorized
90	to issue under this part.
91	(d)1.  "Bus rapid transit" means a type of limited-stop bus
92	service that relies on technology to help expedite service
93	through priority for transit, rapid and convenient fare
94	collection, and integration with land use to substantially
95	upgrade performance of buses operating on exclusive, high-
96	occupancy-vehicle lanes, expressways, or ordinary streets.
97	2.  "Express bus" means a type of bus service designed to
98	expedite longer trips, especially in major metropolitan areas
99	during heavily patronized peak commuting hours, by operating
100	over long distances without stopping on freeways or partially
101	controlled access roadway facilities.
102	(e)1.  "Commuter rail" means a complete system of tracks,
103	guideways, stations, and rolling stock necessary to effectuate
104	medium-distance to long-distance passenger rail service to,
105	from, or within the municipalities within the authority's
106	designated seven-county region.
107	2.  "Heavy rail transit" means a complete rail system
108	operating on an electric railway with the capacity for a heavy
109	volume of traffic, characterized by high-speed and rapid-
110	acceleration passenger rail cars operating singly or in multicar
111	trains on fixed rails in separate rights-of-way from which all
112	other vehicular and pedestrian traffic are excluded. "Heavy rail
113	transit" includes metro, subway, elevated, rapid transit, and
114	rapid rail systems.
115	3.  "Light rail transit" means a complete system of tracks,
116	overhead catenaries, stations, and platforms with lightweight
117	passenger rail cars operating singly or in short, multicar
118	trains on fixed rails in rights-of-way that are not separated
119	from other traffic for much of the way.
120	(f)  "Consultation" means that one party confers with
121	another identified party in accordance with an established
122	process and, prior to taking action, considers that party's
123	views and periodically informs that party about actions taken.
124	(g)  "Department" means the Department of Transportation.
125	(h)  "Lease-purchase agreement" means a lease-purchase
126	agreement that the authority is authorized under this part to
127	enter into with the department.
128	(i)  "Limited access expressway" or "expressway" means a
129	street or highway especially designed for through traffic and
130	over, from, or to which a person does not have the right of
131	easement, use, or access except in accordance with the rules
132	adopted and established by the authority for the use of such
133	facility.
134	(j)  "Members" means the individuals constituting the
135	governing body of the authority.
136	(k)  "Multimodal transportation system" means a well-
137	connected network of transportation modes reflecting a high
138	level of accessibility between modes and proximity to supportive
139	land use patterns.
140	(l)  "Park-and-ride lot" means a transit station stop or a
141	carpool or vanpool waiting area to which patrons may drive
142	private vehicles for parking before gaining access to transit,
143	commuter rail, or heavy rail systems or taking carpool or
144	vanpool vehicles to their destinations.
145	(m)  "State Board of Administration" means the body
146	corporate existing under the provisions of s. 9, Art. XII of the
147	State Constitution, or any successor thereto.
148	(n)  "Transit-oriented development" means a mixed-use
149	residential or commercial area designed to maximize access to
150	public transportation and often incorporates features to
151	encourage transit ridership. A transit-oriented development
152	neighborhood typically has a center with a train station, tram
153	stop, or bus station surrounded by relatively high-density
154	development with progressively lower density development
155	spreading outward from the center, typically within 1/2 mile of
156	the stop or station.
157	(o)  "Transit station" means a public transportation
158	passenger facility that is accessible either at street level or
159	on above-grade platforms and often surrounded by pedestrian-
160	friendly, higher density development or park-and-ride lots.
161	(2)  Terms importing singular number include the plural
162	number in each case and vice versa, and terms importing persons
163	include firms and corporations.
164	343.92  Bay Area Regional Transportation Authority.--
165	(1)  There is created and established a body politic and
166	corporate, an agency of the state, to be known as the Bay Area
167	Regional Transportation Authority, hereinafter referred to as
168	the authority.
169	(2)  The governing board of the authority shall consist of
170	16 members.
171	(a)  There shall be one nonvoting, ex officio member of the
172	board who shall be appointed by the secretary of the department,
173	but who must be the district secretary for one of the department
174	districts within the seven-county area of the authority, at the
175	discretion of the secretary of the department.
176	(b)  There shall be 15 voting members of the board as
177	follows:
178	1.  The county commissions of Citrus, Hernando,
179	Hillsborough, Manatee, Pasco, Pinellas, and Sarasota Counties
180	shall each appoint one elected official to the board. Members
181	appointed under this subparagraph shall serve 2-year terms with
182	not more than three consecutive terms being served by any
183	person. If a member under this subparagraph leaves elected
184	office, a vacancy exists on the board to be filled as provided
185	in this subparagraph.
186	2.  The West Central Florida M.P.O. Chairs Coordinating
187	Committee shall appoint one member to the board who must be a
188	chair of one of the six metropolitan planning organizations in
189	the region. The member appointed under this subparagraph shall
190	serve a 2-year term with not more than three consecutive terms
191	being served by any person.
192	3.a.  Two members of the board shall be the mayor, or the
193	mayor's designee, of the largest municipality within the service
194	area of each of the following independent transit agencies or
195	their legislatively created successor agencies: Pinellas
196	Suncoast Transit Authority and Hillsborough Area Regional
197	Transit Authority. The largest municipality is that municipality
198	with the largest population as determined by the most recent
199	United States Decennial Census.
200	b.  If a mayor chooses not to serve, his or her designee
201	must be an elected official selected by the mayor from that
202	largest municipality's city council or city commission. A mayor
203	or his or her designee shall serve a 2-year term with not more
204	than three consecutive terms being served by any person.
205	c.  A designee's term ends if the mayor leaves office for
206	any reason. If a designee leaves elected office on the city
207	council or commission, a vacancy exists on the board to be
208	filled by the mayor of that municipality as provided in sub-
209	subparagraph a.
210	d.  A mayor who has served three consecutive terms on the
211	board must designate an elected official from that largest
212	municipality's city council or city commission to serve on the
213	board for at least one term.
214	4.a.  One membership on the board shall rotate every 2
215	years between the mayor, or his or her designee, of the largest
216	municipality within Manatee County and the mayor, or his or her
217	designee, of the largest municipality within Sarasota County.
218	The mayor, or his or her designee, from the largest municipality
219	within Manatee County shall serve the first 2-year term. The
220	largest municipality is that municipality with the largest
221	population as determined by the most recent United States
222	Decennial Census.
223	b.  If a mayor chooses not to serve, his or her designee
224	must be an elected official selected by the mayor from that
225	municipality's city council or city commission.
226	5.  The Governor shall appoint to the board four business
227	representatives who are not elected officials, at least one but
228	not more than two of whom shall represent counties within the
229	federally designated Tampa Bay Transportation Management Area.
230	Members appointed by the Governor shall serve 3-year terms with
231	not more than two consecutive terms being served by any person.
232	(c)  Appointments may be staggered to avoid mass turnover
233	at the end of any 2-year or 4-year period. A vacancy during a
234	term shall be filled by the respective appointing authority
235	within 90 days in the same manner as the original appointment
236	and only for the remainder of the unexpired term.
237	(3)  The members of the board shall serve without
238	compensation but shall be entitled to receive from the authority
239	reimbursement for travel expenses and per diem actually incurred
240	in connection with the business of the authority as provided in
241	s. 112.061.
242	(4)  Members of the board shall comply with the applicable
243	financial disclosure requirements of ss. 112.3145, 112.3148, and
244	112.3149.
245	(5)  The Governor shall appoint the initial chair from
246	among the full membership of the board immediately upon their
247	being appointed by the member governments or organizations named
248	in subsection (2). In no case shall those appointments be made
249	any later than 45 days following the effective date of this act.
250	The initial chair shall hold this position for a minimum term of
251	2 years. During its inaugural meeting, the board shall elect
252	from among its members a vice chair and secretary-treasurer who
253	shall serve a minimum term of 1 year each. During its inaugural
254	meeting, the board shall also establish the duties and powers of
255	the vice chair and secretary-treasurer and establish its rules
256	of conduct and meeting procedures.
257	(6)  At the end of the initial chair's term, the board
258	shall elect a chair from among its members. The chair shall hold
259	office at the will of the board. In that election, the board
260	shall also elect from among its members a vice chair and
261	secretary-treasurer.
262	(7)  The first meeting of the authority shall be held no
263	later than 60 days after the effective date of this act, by
264	which time all of the counties and the West Central Florida
265	M.P.O. Chairs Coordinating Committee must have appointed their
266	appropriate representatives.
267	(8)  Eight members of the board shall constitute a quorum,
268	and the vote of eight members shall be necessary for any action
269	to be taken by the authority. The authority may meet upon the
270	constitution of a quorum. No vacancy shall impair the right of a
271	quorum of the board to exercise all rights and perform all
272	duties of the authority.
273	(9)  The board may establish committees for the following
274	areas:
275	(a)  Planning.
276	(b)  Policy.
277	(c)  Finance.
278	(10)  The authority may employ an executive director, an
279	executive secretary, its own legal counsel and legal staff,
280	technical experts, engineers, and such employees, permanent or
281	temporary, as it may require. The authority shall determine the
282	qualifications and fix the compensation of such persons, firms,
283	or corporations and may employ a fiscal agent or agents;
284	however, the authority shall solicit sealed proposals from at
285	least three persons, firms, or corporations for the performance
286	of any services as fiscal agents. The authority may delegate, as
287	it shall deem necessary, its power to one or more of its agents
288	or employees to carry out the purposes of this part, subject
289	always to the supervision and control of the authority.
290	(11)(a)  The authority shall establish a Transit Management
291	Committee comprised of the executive directors or general
292	managers, or their designees, of each of the existing transit
293	providers and Bay Area commuter services.
294	(b)  The authority shall establish a Citizens Advisory
295	Committee comprised of appointed citizen committee members from
296	each county and transit provider in the region, not to exceed 16
297	members.
298	(c)  The authority may establish technical advisory
299	committees to provide guidance and advice on regional
300	transportation issues. The authority shall establish the size,
301	composition, and focus of any technical advisory committee
302	created.
303	(d)  Persons appointed to a committee shall serve without
304	compensation but may be entitled to per diem or travel expenses
305	as provided in s. 112.061.
306	343.922  Powers and duties.--
307	(1)  The express purposes of the authority are to improve
308	mobility and expand multimodal transportation options for
309	passengers and freight throughout the seven-county Bay Area
310	region.
311	(2)(a)  The authority has the right to plan, develop,
312	finance, construct, own, purchase, operate, maintain, relocate,
313	equip, repair, and manage those public transportation projects,
314	such as express bus services; bus rapid transit services; light
315	rail, commuter rail, heavy rail, or other transit services;
316	ferry services; transit stations; park-and-ride lots; transit-
317	oriented development nodes; or feeder roads, reliever roads,
318	connector roads, bypasses, or appurtenant facilities, that are
319	intended to address critical transportation needs or concerns in
320	the Bay Area region as identified by the authority by July 1,
321	2009. These projects may also include all necessary approaches,
322	roads, bridges, and avenues of access that are desirable and
323	proper with the concurrence of the department, as applicable, if
324	the project is to be part of the State Highway System.
325	(b)  Any transportation facilities constructed by the
326	authority may be tolled. Fare payment methods for public
327	transportation projects shall promote seamless integration
328	between regional and local transit systems. Tolling technologies
329	shall be consistent with the systems used by the Florida
330	Turnpike Enterprise for the purpose of allowing the use of a
331	single transponder or a similar electronic tolling device for
332	all facilities of the authority and the Florida Turnpike
333	Enterprise.
334	(c)  The authority shall coordinate and consult with local
335	governments on transit or commuter rail station area plans that
336	provide for compact, mixed-use, transit-oriented development
337	that will support transit investments and provide a variety of
338	workforce housing choices, recognizing the need for housing
339	alternatives for a variety of income ranges.
340	(3)(a)  No later than July 1, 2009, the authority shall
341	develop and adopt a regional transportation master plan that
342	provides a vision for a regionally integrated multimodal
343	transportation system. The goals and objectives of the master
344	plan are to identify areas of the Bay Area region where
345	multimodal mobility, traffic safety, freight mobility, and
346	efficient emergency evacuation alternatives need to be improved;
347	identify areas of the region where multimodal transportation
348	systems would be most beneficial to enhance mobility and
349	economic development; develop methods of building partnerships
350	with local governments, existing transit providers, expressway
351	authorities, seaports, airports, and other local, state, and
352	federal entities; and develop methods of building partnerships
353	with CSX Corporation and CSX Transportation, Inc., to craft
354	mutually beneficial solutions to achieve the authority's
355	objectives, and with other private-sector business community
356	entities that may further the authority's mission, and engage
357	the public in support of regional multimodal transportation
358	improvements. The master plan shall identify and may prioritize
359	projects that will accomplish these goals and objectives,
360	including, without limitation, the creation of express bus and
361	bus rapid transit services, light rail, commuter rail, and heavy
362	rail transit services, ferry services, freight services, and any
363	other multimodal transportation system projects that address
364	critical transportation needs or concerns, pursuant to
365	subsection (2), and shall identify the costs of the proposed
366	projects and revenue sources that could be used to pay those
367	costs. In developing the master plan, the authority shall review
368	and coordinate with the future land use, capital improvements,
369	and traffic circulation elements of its member local
370	governments' comprehensive plans and the plans, programs, and
371	schedules of other units of government with transit or
372	transportation authority within whose jurisdictions the projects
373	or improvements will be located to define and resolve potential
374	inconsistencies between such plans and the authority's
375	developing master plan. By July 1, 2008, the authority, working
376	with its member local governments, shall adopt a mandatory
377	conflict resolution process that addresses consistency conflicts
378	between the authority's regional transportation master plan and
379	local government comprehensive plans.
380	(b)  The authority shall consult with the department to
381	further the goals and objectives of the Strategic Regional
382	Transit Needs Assessment completed by the department.
383	(c)  Prior to the final adoption of the regional
384	transportation master plan, the authority shall hold at least
385	one public meeting in each of the seven counties within the
386	authority's region. At least one public hearing must take place
387	before the authority's board.
388	(d)  After its adoption, the master plan shall be updated
389	every 2 years before July 1.
390	(e)  The authority shall present the original master plan
391	and updates to the governing bodies of the counties within the
392	seven-county region, to the West Central Florida M.P.O. Chairs
393	Coordinating Committee, and to the legislative delegation
394	members representing those counties within 90 days after
395	adoption.
396	(f)  The authority shall coordinate plans and projects with
397	the West Central Florida M.P.O. Chairs Coordinating Committee,
398	to the extent practicable, and participate in the regional
399	M.P.O. planning process to ensure regional comprehension of the
400	authority's mission, goals, and objectives.
401	(4)  The authority may undertake projects or other
402	improvements in the master plan in phases as particular projects
403	or segments become feasible, as determined by the authority. The
404	authority shall coordinate project planning, development, and
405	implementation with the applicable local governments. The
406	authority's projects that are transportation oriented shall be
407	consistent with the adopted local government comprehensive plans
408	at the time they are funded for construction. Authority projects
409	that are not transportation oriented and meet the definition of
410	development pursuant to s. 380.04 shall be consistent with the
411	local comprehensive plans. In carrying out its purposes and
412	powers, the authority may request funding and technical
413	assistance from the department and appropriate federal and local
414	agencies, including, but not limited to, state infrastructure
415	bank loans, advances from the Toll Facilities Revolving Trust
416	Fund, and funding and technical assistance from any other
417	source.
418	(5)  The authority is granted and may exercise all powers
419	necessary, appurtenant, convenient, or incidental to the
420	carrying out of the aforesaid purposes, including, but not
421	limited to, the following rights and powers:
422	(a)  To sue and be sued, implead and be impleaded, and
423	complain and defend in all courts in its own name.
424	(b)  To adopt and use a corporate seal.
425	(c)  To have the power of eminent domain, including the
426	procedural powers granted under chapters 73 and 74.
427	(d)  To acquire by donation or otherwise, purchase, hold,
428	construct, maintain, improve, operate, own, lease as a lessee,
429	and use any franchise or property, real, personal, or mixed,
430	tangible or intangible, or any option thereof in its own name or
431	in conjunction with others, or any interest therein, necessary
432	or desirable for carrying out the purposes of the authority.
433	(e)  To sell, convey, exchange, lease as a lessor,
434	transfer, or otherwise dispose of any real or personal property,
435	or interest therein, acquired by the authority, including air
436	rights.
437	(f)  To fix, alter, establish, and collect rates, fares,
438	fees, rentals, tolls, and other charges for the services and use
439	of any light rail, commuter rail, heavy rail, bus rapid transit,
440	or express bus services, ferry services, highways, feeder roads,
441	bridges, or other transportation facilities owned or operated by
442	the authority. These rates, fares, fees, rentals, tolls, and
443	other charges must always be sufficient to comply with any
444	covenants made with the holders of any bonds issued pursuant to
445	this part; however, such right and power may be assigned or
446	delegated by the authority to the department.
447	(g)  To borrow money and to make and issue negotiable
448	notes, bonds, refunding bonds, and other evidences of
449	indebtedness or obligations, either in temporary or definitive
450	form, hereinafter in this chapter sometimes called "revenue
451	bonds" of the authority, for the purpose of financing all or
452	part of the mobility improvements within the Bay Area region, as
453	well as the appurtenant facilities, including all approaches,
454	streets, roads, bridges, and avenues of access authorized by
455	this part, the bonds to mature not exceeding 40 years after the
456	date of the issuance thereof, and to secure the payment of such
457	bonds or any part thereof by a pledge of any or all of its
458	revenues, rates, fees, rentals, or other charges.
459	(h)  To adopt bylaws for the regulation of the affairs and
460	the conduct of the business of the authority. The bylaws shall
461	provide for quorum and voting requirements, maintenance of
462	minutes and other official records, and preparation and adoption
463	of an annual budget.
464	(i)  To lease, rent, or contract for the operation or
465	management of any part of a transportation system facility built
466	by the authority. In awarding any contract, the authority shall
467	consider, but is not limited to, the following:
468	1.  The qualifications of each applicant.
469	2.  The level or quality of service.
470	3.  The efficiency, cost, and anticipated revenue.
471	4.  The construction, operation, and management plan.
472	5.  The financial ability to provide reliable service.
473	6.  The impact on other transportation modes, including the
474	ability to interface with other transportation modes and
475	facilities.
476	(j)  To enforce collection of rates, fees, tolls, and
477	charges and to establish and enforce fines and penalties for
478	violations of any rules.
479	(k)  To advertise, market, and promote regional transit
480	services and facilities, freight mobility plans and projects,
481	and the general activities of the authority.
482	(l)  To cooperate with other governmental entities and to
483	contract with other governmental agencies, including the Federal
484	Government, the department, counties, transit authorities or
485	agencies, municipalities, and expressway and bridge authorities.
486	(m)  To enter into joint development agreements,
487	partnerships, and other agreements with public and private
488	entities respecting ownership and revenue participation in order
489	to facilitate financing and constructing any project or portions
490	thereof.
491	(n)  To accept grants and other funds from other
492	governmental sources and to accept private donations. However,
493	the authority shall not be directly eligible for Transportation
494	Regional Incentive Program funds allocated pursuant to s.
495	339.2819, except through interlocal agreement with an eligible
496	recipient.
497	(o)  To purchase directly from local, national, or
498	international insurance companies liability insurance that the
499	authority is contractually and legally obligated to provide,
500	notwithstanding the requirements of s. 287.022(1).
501	(p)  To enter into and make lease-purchase agreements with
502	the department for terms not exceeding 40 years or until any
503	bonds secured by a pledge of rentals thereunder, and any
504	refundings thereof, are fully paid as to both principal and
505	interest, whichever is longer.
506	(q)  To make contracts of every name and nature, including,
507	but not limited to, partnerships providing for participation in
508	ownership and revenues, and to execute all instruments necessary
509	or convenient for the carrying on of its business.
510	(r)  To do all acts and things necessary or convenient for
511	the conduct of its business and the general welfare of the
512	authority in order to carry out the powers granted to it by this
513	part or any other law.
514	(6)  The authority shall institute procedures to ensure
515	that jobs created as a result of state funding pursuant to this
516	section shall be subject to equal opportunity hiring practices
517	as provided for in s. 110.112.
518	(7)  The authority shall comply with all statutory
519	requirements of general application which relate to the filing
520	of any report or documentation required by law, including the
521	requirements of ss. 189.4085, 189.415, 189.417, and 189.418.
522	(8)  The authority does not have power at any time or in
523	any manner to pledge the credit or taxing power of the state or
524	any political subdivision or agency thereof, nor shall any of
525	the authority's obligations be deemed to be obligations of the
526	state or of any political subdivision or agency thereof, nor
527	shall the state or any political subdivision or agency thereof,
528	except the authority, be liable for the payment of the principal
529	of or interest on such obligations.
530	343.94  Bond financing authority.--
531	(1)  Pursuant to s. 11(f), Art. VII of the State
532	Constitution, the Legislature approves bond financing by the Bay
533	Area Regional Transportation Authority for construction of or
534	improvements to commuter rail systems, transit systems, ferry
535	systems, highways, bridges, toll collection facilities,
536	interchanges to the system, and any other transportation
537	facility appurtenant, necessary, or incidental to the system.
538	Subject to terms and conditions of applicable revenue bond
539	resolutions and covenants, such costs may be financed in whole
540	or in part by revenue bonds issued pursuant to paragraph (2)(a)
541	or paragraph (2)(b), whether currently issued or issued in the
542	future or by a combination of such bonds.
543	(2)(a)  Bonds may be issued on behalf of the authority
544	pursuant to the State Bond Act.
545	(b)  Alternatively, the authority may issue its own bonds
546	pursuant to this part at such times and in such principal amount
547	as, in the opinion of the authority, is necessary to provide
548	sufficient moneys for achieving its purposes; however, such
549	bonds may not pledge the full faith and credit of the state.
550	Bonds issued by the authority pursuant to this paragraph or
551	paragraph (a), whether on original issuance or on refunding,
552	shall be authorized by resolution of the members thereof, may be
553	either term or serial bonds, and shall bear such date or dates,
554	mature at such time or times, not exceeding 40 years after their
555	respective dates, bear interest at such rate or rates, be
556	payable semiannually, be in such denominations, be in such form,
557	either coupon or fully registered, carry such registration,
558	exchangeability, and interchangeability privileges, be payable
559	in such medium of payment and at such place or places, be
560	subject to such terms of redemption, and be entitled to such
561	priorities on the revenues, rates, fees, rentals, or other
562	charges or receipts of the authority, including revenues from
563	lease-purchase agreements, as such resolution or any resolution
564	subsequent thereto may provide. The bonds shall be executed
565	either by manual or facsimile signature by such officers as the
566	authority shall determine; however, such bonds shall bear at
567	least one signature that is manually executed thereon, and the
568	coupons attached to such bonds shall bear the facsimile
569	signature or signatures of such officer or officers as shall be
570	designated by the authority and have the seal of the authority
571	affixed, imprinted, reproduced, or lithographed thereon, all as
572	may be prescribed in such resolution or resolutions.
573	(c)  Bonds issued pursuant to paragraph (a) or paragraph
574	(b) shall be sold at public sale in the manner provided by the
575	State Bond Act. However, if the authority, by official action at
576	a public meeting, determines that a negotiated sale of such
577	bonds is in the best interest of the authority, the authority
578	may negotiate the sale of such bonds with the underwriter
579	designated by the authority and the Division of Bond Finance
580	within the State Board of Administration with respect to bonds
581	issued pursuant to paragraph (a) or solely by the authority with
582	respect to bonds issued pursuant to paragraph (b). The
583	authority's determination to negotiate the sale of such bonds
584	may be based, in part, upon the written advice of the
585	authority's financial adviser. Pending the preparation of
586	definitive bonds, interim certificates may be issued to the
587	purchaser or purchasers of such bonds and may contain such terms
588	and conditions as the authority may determine.
589	(d)  The authority may issue bonds pursuant to paragraph
590	(b) to refund any bonds previously issued regardless of whether
591	the bonds being refunded were issued by the authority pursuant
592	to this chapter or on behalf of the authority pursuant to the
593	State Bond Act.
594	(3)  Any such resolution or resolutions authorizing any
595	bonds hereunder may contain provisions that are part of the
596	contract with the holders of such bonds, as to:
597	(a)  The pledging of all or any part of the revenues,
598	fares, rates, fees, rentals, or other charges or receipts of the
599	authority, derived by the authority.
600	(b)  The completion, improvement, operation, extension,
601	maintenance, repair, or lease of, or lease-purchase agreement
602	relating to, the system and the duties of the authority and
603	others, including the department, with reference thereto.
604	(c)  Limitations on the purposes to which the proceeds of
605	the bonds, then or thereafter to be issued, or of any loan or
606	grant by the United States or the state may be applied.
607	(d)  The fixing, charging, establishing, and collecting of
608	rates, fees, rentals, or other charges for use of the services
609	and facilities constructed by the authority.
610	(e)  The setting aside of reserves or sinking funds or
611	repair and replacement funds and the regulation and disposition
612	thereof.
613	(f)  Limitations on the issuance of additional bonds.
614	(g)  The terms and provisions of any lease-purchase
615	agreement, deed of trust, or indenture securing the bonds or
616	under which the same may be issued.
617	(h)  Any other or additional agreements with the holders of
618	the bonds which the authority may deem desirable and proper.
619	(4)  The authority may employ fiscal agents as provided by
620	this part or the State Board of Administration may, upon request
621	of the authority, act as fiscal agent for the authority in the
622	issuance of any bonds that are issued pursuant to this part, and
623	the State Board of Administration may, upon request of the
624	authority, take over the management, control, administration,
625	custody, and payment of any or all debt services or funds or
626	assets now or hereafter available for any bonds issued pursuant
627	to this part. The authority may enter into any deeds of trust,
628	indentures, or other agreements with its fiscal agent, or with
629	any bank or trust company within or without the state, as
630	security for such bonds and may, under such agreements, sign and
631	pledge all or any of the revenues, rates, fees, rentals, or
632	other charges or receipts of the authority. Such deed of trust,
633	indenture, or other agreement may contain such provisions as are
634	customary in such instruments or as the authority authorizes,
635	including, but without limitation, provisions as to:
636	(a)  The completion, improvement, operation, extension,
637	maintenance, repair, and lease of, or lease-purchase agreement
638	relating to, highway, bridge, and related transportation
639	facilities and appurtenances and the duties of the authority and
640	others, including the department, with reference thereto.
641	(b)  The application of funds and the safeguarding of funds
642	on hand or on deposit.
643	(c)  The rights and remedies of the trustee and the holders
644	of the bonds.
645	(d)  The terms and provisions of the bonds or the
646	resolutions authorizing the issuance of the bonds.
647	(5)  Any of the bonds issued pursuant to this part are, and
648	are hereby declared to be, negotiable instruments and have all
649	the qualities and incidents of negotiable instruments under the
650	law merchant and the negotiable instruments law of the state.
651	(6)  Notwithstanding any of the provisions of this part,
652	each project, building, or facility that has been financed by
653	the issuance of bonds or other evidence of indebtedness under
654	this part and any refinancing thereof are hereby approved as
655	provided for in s. 11(f), Art. VII of the State Constitution.
656	343.941  Bonds not debts or pledges of faith and credit of
657	state.--Revenue bonds issued under the provisions of this part
658	are not debts of the state or pledges of the faith and credit of
659	the state. Such bonds are payable exclusively from revenues
660	pledged for their payment. Each such bond shall contain a
661	statement on its face that the state is not obligated to pay the
662	same or the interest thereon, except from the revenues pledged
663	for its payment, and that the faith and credit of the state is
664	not pledged to the payment of the principal or interest of such
665	bond. The issuance of revenue bonds under the provisions of this
666	part does not directly, indirectly, or contingently obligate the
667	state to levy or to pledge any form of taxation whatsoever, or
668	to make any appropriation for their payment. No state funds
669	shall be used to pay the principal or interest of any bonds
670	issued to finance or refinance any portion of the authority's
671	transportation projects, and each such bond shall contain a
672	statement on its face to this effect.
673	343.943  Covenant of the state.--The state does hereby
674	pledge to, and agrees with, any person, firm, or corporation or
675	federal or state agency subscribing to or acquiring the bonds to
676	be issued by the authority for the purposes of this part that
677	the state will not limit or alter the rights hereby vested in
678	the authority and the department until all bonds at any time
679	issued, together with the interest thereon, are fully paid and
680	discharged insofar as the same affects the rights of the holders
681	of bonds issued hereunder. The state does further pledge to, and
682	agree with, the United States that, if any federal agency
683	constructs or contributes any funds for the completion,
684	extension, or improvement of the system or any part or portion
685	thereof, the state will not alter or limit the rights and powers
686	of the authority and the department in any manner that would be
687	inconsistent with the continued maintenance and operation of the
688	system or the completion, extension, or improvement thereof or
689	that would be inconsistent with the due performance of any
690	agreements between the authority and any such federal agency.
691	The authority and the department shall continue to have and may
692	exercise all powers herein granted so long as necessary or
693	desirable for the carrying out of the purposes of this part and
694	the purposes of the United States in the completion, extension,
695	or improvement of the system or any part or portion thereof.
696	343.944  Remedies of the bondholders.--
697	(1)  The rights and the remedies in this section conferred
698	upon or granted to the bondholders are in addition to and not in
699	limitation of any rights and remedies lawfully granted to such
700	bondholders by the resolution or resolutions providing for the
701	issuance of bonds or by a lease-purchase agreement, deed of
702	trust, indenture, or other agreement under which the bonds may
703	be issued or secured. If the authority defaults in the payment
704	of the principal of or interest on any of the bonds issued
705	pursuant to the provisions of this part after such principal of
706	or interest on the bonds becomes due, whether at maturity or
707	upon call for redemption, or the department defaults in any
708	payments under, or covenants made in, any lease-purchase
709	agreement between the authority and the department, and such
710	default continues for a period of 30 days, or if the authority
711	or the department fails or refuses to comply with the provisions
712	of this part or any agreement made with, or for the benefit of,
713	the holders of the bonds, the holders of 25 percent in aggregate
714	principal amount of the bonds then outstanding may appoint a
715	trustee to represent such bondholders for the purposes hereof,
716	if such holders of 25 percent in aggregate principal amount of
717	the bonds then outstanding shall first give notice of their
718	intention to appoint a trustee to the authority and to the
719	department. Such notice shall be deemed to have been given if
720	given in writing, deposited in a securely sealed postpaid
721	wrapper, mailed at a regularly maintained United States post
722	office box or station, and addressed, respectively, to the chair
723	of the authority and to the secretary of the department at the
724	principal office of the department.
725	(2)  Such trustee and any trustee under any deed of trust,
726	indenture, or other agreement may and, upon written request of
727	the holders of 25 percent or such other percentages as are
728	specified in any deed of trust, indenture, or other agreement
729	aforesaid in principal amount of the bonds then outstanding,
730	shall, in any court of competent jurisdiction, in his, her, or
731	its own name:
732	(a)  By mandamus or other suit, action, or proceeding at
733	law or in equity, enforce all rights of the bondholders,
734	including the right to require the authority to fix, establish,
735	maintain, collect, and charge rates, fees, rentals, and other
736	charges adequate to carry out any agreement as to or pledge of
737	the revenues or receipts of the authority, to carry out any
738	other covenants and agreements with or for the benefit of the
739	bondholders, and to perform its and their duties under this
740	part.
741	(b)  By mandamus or other suit, action, or proceeding at
742	law or in equity, enforce all rights of the bondholders under or
743	pursuant to any lease-purchase agreement between the authority
744	and the department, including the right to require the
745	department to make all rental payments required to be made by it
746	under the provisions of any such lease-purchase agreement and to
747	require the department to carry out any other covenants and
748	agreements with or for the benefit of the bondholders and to
749	perform its and their duties under this part.
750	(c)  Bring suit upon the bonds.
751	(d)  By action or suit in equity, require the authority or
752	the department to account as if it were the trustee of an
753	express trust for the bondholders.
754	(e)  By action or suit in equity, enjoin any acts or things
755	that may be unlawful or in violation of the rights of the
756	bondholders.
757	(3)  Any trustee, when appointed as aforesaid or acting
758	under a deed of trust, indenture, or other agreement, and
759	regardless of whether all bonds have been declared due and
760	payable, may appoint a receiver who may enter upon and take
761	possession of the system or the facilities or any part or parts
762	thereof, the rates, fees, rentals, or other revenues, charges,
763	or receipts from which are or may be applicable to the payment
764	of the bonds so in default, and, subject to and in compliance
765	with the provisions of any lease-purchase agreement between the
766	authority and the department, operate and maintain the same for
767	and on behalf of and in the name of the authority, the
768	department, and the bondholders, and collect and receive all
769	rates, fees, rentals, and other charges or receipts or revenues
770	arising therefrom in the same manner as the authority or the
771	department might do, and shall deposit all such moneys in a
772	separate account and apply such moneys in such manner as the
773	court shall direct. In any suit, action, or proceeding by the
774	trustee, the fees, counsel fees, and expenses of the trustee and
775	the receiver, if any, and all costs and disbursements allowed by
776	the court shall be a first charge on any rates, fees, rentals,
777	or other charges, revenues, or receipts derived from the system
778	or the facilities or services or any part or parts thereof,
779	including payments under any such lease-purchase agreement as
780	aforesaid, which rates, fees, rentals, or other charges,
781	revenues, or receipts may be applicable to the payment of the
782	bonds so in default. Such trustee, in addition to the foregoing,
783	possesses all of the powers necessary for the exercise of any
784	functions specifically set forth herein or incident to the
785	representation of the bondholders in the enforcement and
786	protection of their rights.
787	(4)  This section or any other section of this part does
788	not authorize any receiver appointed pursuant hereto for the
789	purpose, subject to and in compliance with the provisions of any
790	lease-purchase agreement between the authority and the
791	department, of operating and maintaining the system or any
792	facilities or part or parts thereof to sell, assign, mortgage,
793	or otherwise dispose of any of the assets of whatever kind and
794	character belonging to the authority. It is the intention of
795	this part to limit the powers of such receiver, subject to and
796	in compliance with the provisions of any lease-purchase
797	agreement between the authority and the department, to the
798	operation and maintenance of the system or any facility or part
799	or parts thereof, as the court may direct, in the name of and
800	for and on behalf of the authority, the department, and the
801	bondholders. In any suit, action, or proceeding at law or in
802	equity, a holder of bonds on the authority, a trustee, or any
803	court may not compel or direct a receiver to sell, assign,
804	mortgage, or otherwise dispose of any assets of whatever kind or
805	character belonging to the authority. A receiver also may not be
806	authorized to sell, assign, mortgage, or otherwise dispose of
807	any assets of whatever kind or character belonging to the
808	authority in any suit, action, or proceeding at law or in
809	equity.
810	343.945  Pledges enforceable by bondholders.--It is the
811	express intention of this part that any pledge to the authority
812	by the department of rates, fees, revenues, or other funds as
813	rentals, or any covenants or agreements relative thereto, is
814	enforceable in any court of competent jurisdiction against the
815	authority or directly against the department by any holder of
816	bonds issued by the authority.
817	343.946  Lease-purchase agreement.--
818	(1)  In order to effectuate the purposes of this part and
819	as authorized by this part, the authority may enter into a
820	lease-purchase agreement with the department relating to and
821	covering authority projects within the seven-county Bay Area
822	region.
823	(2)  Such lease-purchase agreement shall provide for the
824	leasing of the system by the authority, as lessor, to the
825	department, as lessee, shall prescribe the term of such lease
826	and the rentals to be paid thereunder, and shall provide that,
827	upon the completion of the faithful performance thereunder and
828	the termination of such lease-purchase agreement, title in fee
829	simple absolute to the system as then constituted shall be
830	transferred in accordance with law by the authority to the state
831	and the authority shall deliver to the department such deeds and
832	conveyances as shall be necessary or convenient to vest title in
833	fee simple absolute in the state.
834	(3)  Such lease-purchase agreement may include such other
835	provisions, agreements, and covenants as the authority and the
836	department deem advisable or required, including, but not
837	limited to, provisions as to the bonds to be issued for the
838	purposes of this part, the completion, extension, improvement,
839	operation, and maintenance of the system and the expenses and
840	the cost of operation of the authority, the charging and
841	collection of tolls, rates, fees, and other charges for the use
842	of the services and facilities thereof, and the application of
843	federal or state grants or aid which may be made or given to
844	assist the authority in the completion, extension, improvement,
845	operation, and maintenance of the system.
846	(4)  The department as lessee under such lease-purchase
847	agreement may pay as rentals thereunder any rates, fees,
848	charges, funds, moneys, receipts, or income accruing to the
849	department from the operation of the system and may also pay as
850	rentals any appropriations received by the department pursuant
851	to any act of the Legislature heretofore or hereafter enacted;
852	however, nothing in this section or in such lease-purchase
853	agreement is intended to require, nor shall this part or such
854	lease-purchase agreement require, the making or continuance of
855	such appropriations, nor shall any holder of bonds issued
856	pursuant to this part ever have any right to compel the making
857	or continuance of such appropriations.
858	(5)  The department shall have power to covenant in any
859	lease-purchase agreement that it will pay all or any part of the
860	cost of the operation, maintenance, repair, renewal, and
861	replacement of facilities, and any part of the cost of
862	completing facilities to the extent that the proceeds of bonds
863	issued are insufficient, from sources other than the revenues
864	derived from the operation of the system.
865	343.947  Department may be appointed agent of authority for
866	construction.--The department may be appointed by the authority
867	as its agent for the purpose of constructing and completing
868	transportation projects, and improvements and extensions
869	thereto, in the authority's master plan. In such event, the
870	authority shall provide the department with complete copies of
871	all documents, agreements, resolutions, contracts, and
872	instruments relating thereto; shall request the department to do
873	such construction work, including the planning, surveying, and
874	actual construction of the completion, extensions, and
875	improvements to the system; and shall transfer to the credit of
876	an account of the department in the treasury of the state the
877	necessary funds therefor. The department shall proceed with such
878	construction and use the funds for such purpose in the same
879	manner that it is now authorized to use the funds otherwise
880	provided by law for its use in construction of commuter rail
881	systems, transit systems, ferry systems, roads, bridges, and
882	related transportation facilities.
883	343.95  Acquisition of lands and property.--
884	(1)  For the purposes of this part, the authority may
885	acquire private or public property and property rights,
886	including rights of access, air, view, and light, by gift,
887	devise, purchase, or condemnation by eminent domain proceedings,
888	as the authority may deem necessary for any purpose of this
889	part, including, but not limited to, any lands reasonably
890	necessary for securing applicable permits, areas necessary for
891	management of access, borrow pits, drainage ditches, water
892	retention areas, rest areas, replacement access for landowners
893	whose access is impaired due to the construction of a facility,
894	and replacement rights-of-way for relocated rail and utility
895	facilities; for existing, proposed, or anticipated
896	transportation facilities within the seven-county Bay Area
897	region identified by the authority; or for the purposes of
898	screening, relocation, removal, or disposal of junkyards and
899	scrap metal processing facilities. The authority may condemn any
900	material and property necessary for such purposes.
901	(2)  The right of eminent domain herein conferred shall be
902	exercised by the authority in the manner provided by law.
903	(3)  When the authority acquires property for a
904	transportation facility within the seven-county Bay Area region,
905	the authority is not subject to any liability imposed by chapter
906	376 or chapter 403 for preexisting soil or groundwater
907	contamination due solely to its ownership. This subsection does
908	not affect the rights or liabilities of any past or future
909	owners of the acquired property, nor does it affect the
910	liability of any governmental entity for the results of its
911	actions which create or exacerbate a pollution source. The
912	authority and the Department of Environmental Protection may
913	enter into interagency agreements for the performance, funding,
914	and reimbursement of the investigative and remedial acts
915	necessary for property acquired by the authority.
916	343.96  Cooperation with other units, boards, agencies, and
917	individuals.--Express authority and power is hereby given and
918	granted to any county, municipality, drainage district, road and
919	bridge district, school district, or any other political
920	subdivision, board, commission, or individual in or of the state
921	to make and enter into contracts, leases, conveyances,
922	partnerships, or other agreements with the authority within the
923	provisions and purposes of this part. The authority may make and
924	enter into contracts, leases, conveyances, partnerships, and
925	other agreements with any political subdivision, agency, or
926	instrumentality of the state and any and all federal agencies,
927	corporations, and individuals for the purpose of carrying out
928	the provisions of this part.
929	343.962  Public-private partnerships.--
930	(1)  The authority may receive or solicit proposals and
931	enter into agreements with private entities or consortia thereof
932	for the building, operation, ownership, or financing of
933	multimodal transportation systems, transit-oriented development
934	nodes, transit stations, or related facilities within the
935	jurisdiction of the authority. Before approval, the authority
936	must determine that a proposed project:
937	(a)  Is in the public's best interest.
938	(b)  Would not require state funds to be used unless the
939	project is on or provides increased mobility on the State
940	Highway System.
941	(c)  Would have adequate safeguards to ensure that
942	additional costs or unreasonable service disruptions would not
943	be realized by the traveling public and citizens of the state in
944	the event of default or the cancellation of the agreement by the
945	authority.
946	(2)  The authority shall ensure that all reasonable costs
947	to the state related to transportation facilities that are not
948	part of the State Highway System are borne by the private entity
949	or any partnership created to develop the facilities. The
950	authority shall also ensure that all reasonable costs to the
951	state and substantially affected local governments and utilities
952	related to the private transportation facility are borne by the
953	private entity for transportation facilities that are owned by
954	private entities. For projects on the State Highway System or
955	that provide increased mobility on the State Highway System, the
956	department may use state resources to participate in funding and
957	financing the project as provided for under the department's
958	enabling legislation.
959	(3)  The authority may request proposals and receive
960	unsolicited proposals for public-private multimodal
961	transportation projects, and, upon receipt of any unsolicited
962	proposal or determination to issue a request for proposals, the
963	authority must publish a notice in the Florida Administrative
964	Weekly and a newspaper of general circulation in the county in
965	which the proposed project is located at least once a week for 2
966	weeks requesting proposals or, if an unsolicited proposal was
967	received, stating that it has received the proposal and will
968	accept, for 60 days after the initial date of publication, other
969	proposals for the same project purpose. A copy of the notice
970	must be mailed to each local government in the affected areas.
971	After the public notification period has expired, the authority
972	shall rank the proposals in order of preference. In ranking the
973	proposals, the authority shall consider professional
974	qualifications, general business terms, innovative engineering
975	or cost-reduction terms, finance plans, and the need for state
976	funds to deliver the proposal. If the authority is not satisfied
977	with the results of the negotiations, it may, at its sole
978	discretion, terminate negotiations with the proposer. If these
979	negotiations are unsuccessful, the authority may go to the
980	second and lower ranked firms, in order, using the same
981	procedure. If only one proposal is received, the authority may
982	negotiate in good faith and, if it is not satisfied with the
983	results, it may, at its sole discretion, terminate negotiations
984	with the proposer. Notwithstanding this subsection, the
985	authority may, at its discretion, reject all proposals at any
986	point in the process up to completion of a contract with the
987	proposer.
988	(4)  Agreements entered into pursuant to this section may
989	authorize the public-private entity to impose tolls or fares for
990	the use of the facility. However, the amount and use of toll or
991	fare revenues shall be regulated by the authority to avoid
992	unreasonable costs to users of the facility.
993	(5)  Each public-private transportation facility
994	constructed pursuant to this section shall comply with all
995	requirements of federal, state, and local laws; state, regional,
996	and local comprehensive plans; the authority's rules, policies,
997	procedures, and standards for transportation facilities; and any
998	other conditions that the authority determines to be in the
999	public's best interest.
1000	(6)  The authority may exercise any of its powers,
1001	including eminent domain, to facilitate the development and
1002	construction of multimodal transportation projects pursuant to
1003	this section. The authority may pay all or part of the cost of
1004	operating and maintaining the facility or may provide services
1005	to the private entity, for which services it shall receive full
1006	or partial reimbursement.
1007	(7)  Except as provided in this section, this section is
1008	not intended to amend existing law by granting additional powers
1009	to or imposing further restrictions on the governmental entities
1010	with regard to regulating and entering into cooperative
1011	arrangements with the private sector for the planning,
1012	construction, and operation of transportation facilities.
1013	(8)  The authority may adopt rules pursuant to ss.
1014	120.536(1) and 120.54 to implement this section and shall, by
1015	rule, establish an application fee for the submission of
1016	unsolicited proposals under this section. The fee must be
1017	sufficient to pay the costs of evaluating the proposals.
1018	343.97  Exemption from taxation.--The effectuation of the
1019	authorized purposes of the authority created under this part is
1020	for the benefit of the people of this state, for the increase of
1021	their commerce and prosperity, and for the improvement of their
1022	health and living conditions and, because the authority performs
1023	essential governmental functions in effectuating such purposes,
1024	the authority is not required to pay any taxes or assessments of
1025	any kind or nature whatsoever upon any property acquired or used
1026	by it for such purposes, or upon any rates, fees, rentals,
1027	receipts, income, or charges at any time received by it. The
1028	bonds issued by the authority, their transfer, and the income
1029	therefrom, including any profits made on the sale thereof, shall
1030	at all times be free from taxation of any kind by the state or
1031	by any political subdivision, taxing agency, or instrumentality
1032	thereof. The exemption granted by this section does not apply to
1033	any tax imposed by chapter 220 on interest, income, or profits
1034	on debt obligations owned by corporations.
1035	343.973  Eligibility for investments and security.--Any
1036	bonds or other obligations issued pursuant to this part shall be
1037	and constitute legal investments for banks, savings banks,
1038	trustees, executors, administrators, and all other fiduciaries
1039	and for all state, municipal, and other public funds and shall
1040	also be and constitute securities eligible for deposit as
1041	security for all state, municipal, or other public funds,
1042	notwithstanding the provisions of any other law to the contrary.
1043	343.975  Complete and additional statutory authority.--
1044	(1)  The powers conferred by this part are supplemental to
1045	the existing powers of the board and the department. This part
1046	does not repeal any of the provisions of any other law, general,
1047	special, or local, but supplements such other laws in the
1048	exercise of the powers provided in this part and provides a
1049	complete method for the exercise of the powers granted in this
1050	part. The projects planned and constructed by the Bay Area
1051	Regional Transportation Authority shall comply with all
1052	applicable federal, state, and local laws. The extension and
1053	improvement of the system, and the issuance of bonds hereunder
1054	to finance all or part of the cost thereof, may be accomplished
1055	upon compliance with the provisions of this part without regard
1056	to or necessity for compliance with the provisions, limitations,
1057	or restrictions contained in any other general, special, or
1058	local law, including, but not limited to, s. 215.821. An
1059	approval of any bonds issued under this part by the qualified
1060	electors or qualified electors who are freeholders in the state
1061	or in any other political subdivision of the state is not
1062	required for the issuance of such bonds pursuant to this part.
1063	(2)  This part does not repeal, rescind, or modify any
1064	other law relating to the State Board of Administration, the
1065	Department of Transportation, the Tampa-Hillsborough County
1066	Expressway Authority, or the Division of Bond Finance within the
1067	State Board of Administration; however, this part supersedes
1068	such other laws as are inconsistent with its provisions,
1069	including, but not limited to, s. 215.821.
1070	(3)  This part does not preclude the department from
1071	acquiring, holding, constructing, improving, maintaining,
1072	operating, or owning tolled or nontolled facilities funded and
1073	constructed from nonauthority sources that are part of the State
1074	Highway System within the geographical boundaries of the Bay
1075	Area Regional Transportation Authority.
1076	Section 2.  This act shall take effect July 1, 2007.

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