Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. SB 2804
                        Barcode 650360
                            CHAMBER ACTION
              Senate                               House
                                   .                    
                                   .                    
 1           Comm: RCS             .                    
       03/22/2007 09:05 AM         .                    
 2                                 .                    
                                   .                    
 3                                 .                    
                                   .                    
 4  ______________________________________________________________
 5  
 6  
 7  
 8  
 9  
10  ______________________________________________________________
11  The Committee on Transportation (Baker) recommended the
12  following amendment:
13  
14         Senate Amendment (with title amendment) 
15         On page 3 between lines 2 and 3,
16  
17  insert:  
18         Section 1.  Subsection (1) of section 215.615, Florida
19  Statutes, is amended to read:
20         215.615  Fixed-guideway transportation systems
21  funding.--
22         (1)  The issuance of revenue bonds by the Division of
23  Bond Finance, on behalf of the Department of Transportation,
24  pursuant to s. 11, Art. VII of the State Constitution, is
25  authorized, pursuant to the State Bond Act, to finance or
26  refinance fixed capital expenditures for fixed-guideway
27  transportation systems, as defined in s. 341.031, including
28  facilities appurtenant thereto, costs of issuance, and other
29  amounts relating to such financing or refinancing. Such
30  revenue bonds shall be matched on a 50-50 basis with funds
31  from sources other than revenues of the Department of
                                  1
    4:35 PM   03/19/07                              s2804.tr20.bcd

Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. SB 2804 Barcode 650360 1 Transportation, in a manner acceptable to the Department of 2 Transportation. The Division of Bond Finance is authorized to 3 consider innovative financing techniques, technologies which 4 may include, but are not limited to, innovative bidding and 5 structures of potential financings findings that may result in 6 negotiated transactions. The following conditions apply to the 7 issuance of revenue bonds for fixed-guideway transportation 8 systems: 9 (a) The department and any participating commuter rail 10 authority or regional transportation authority established 11 under chapter 343, local governments, or local governments 12 collectively by interlocal agreement having jurisdiction of a 13 fixed-guideway transportation system may enter into an 14 interlocal agreement to promote the efficient and 15 cost-effective financing or refinancing of fixed-guideway 16 transportation system projects by revenue bonds issued 17 pursuant to this subsection. The terms of such interlocal 18 agreements shall include provisions for the Department of 19 Transportation to request the issuance of the bonds on behalf 20 of the parties; shall provide that after reimbursement 21 pursuant to interlocal agreement, the department's share may 22 be up to 50 percent of the eligible project cost, which may 23 include a share of annual each party to the agreement is 24 contractually liable for an equal share of funding an amount 25 equal to the debt service requirements of such bonds; and 26 shall include any other terms, provisions, or covenants 27 necessary to the making of and full performance under such 28 interlocal agreement. Repayments made to the department under 29 any interlocal agreement are not pledged to the repayment of 30 bonds issued hereunder, and failure of the local governmental 31 authority to make such payment shall not affect the obligation 2 4:35 PM 03/19/07 s2804.tr20.bcd
Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. SB 2804 Barcode 650360 1 of the department to pay debt service on the bonds. 2 (b) Revenue bonds issued pursuant to this subsection 3 shall not constitute a general obligation of, or a pledge of 4 the full faith and credit of, the State of Florida. Bonds 5 issued pursuant to this section shall be payable from funds 6 available pursuant to s. 206.46(3), or other funds available 7 to the project, subject to annual appropriation. The amount of 8 revenues available for debt service shall never exceed a 9 maximum of 2 percent of all state revenues deposited into the 10 State Transportation Trust Fund. 11 (c) The projects to be financed or refinanced with the 12 proceeds of the revenue bonds issued hereunder are designated 13 as state fixed capital outlay projects for purposes of s. 14 11(d), Art. VII of the State Constitution, and the specific 15 projects to be financed or refinanced shall be determined by 16 the Department of Transportation in accordance with state law 17 and appropriations from the State Transportation Trust Fund. 18 Each project to be financed with the proceeds of the bonds 19 issued pursuant to this subsection must first be approved by 20 the Legislature by an act of general law. 21 (d) Any complaint for validation of bonds issued 22 pursuant to this section shall be filed in the circuit court 23 of the county where the seat of state government is situated, 24 the notice required to be published by s. 75.06 shall be 25 published only in the county where the complaint is filed, and 26 the complaint and order of the circuit court shall be served 27 only on the state attorney of the circuit in which the action 28 is pending. 29 (e) The state does hereby covenant with holders of 30 such revenue bonds or other instruments of indebtedness issued 31 hereunder, that it will not repeal or impair or amend these 3 4:35 PM 03/19/07 s2804.tr20.bcd
Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. SB 2804 Barcode 650360 1 provisions in any manner that will materially and adversely 2 affect the rights of such holders as long as bonds authorized 3 by this subsection are outstanding. 4 (f) This subsection supersedes any inconsistent 5 provisions in existing law. 6 7 Notwithstanding this subsection, the lien of revenue bonds 8 issued pursuant to this subsection on moneys deposited into 9 the State Transportation Trust Fund shall be subordinate to 10 the lien on such moneys of bonds issued under ss. 215.605, 11 320.20, and 215.616, and any pledge of such moneys to pay 12 operating and maintenance expenses under s. 206.46(5) and 13 chapter 348, as may be amended. 14 15 (Redesignate subsequent sections.) 16 17 18 ================ T I T L E A M E N D M E N T =============== 19 And the title is amended as follows: 20 On page 1, line 2, after the semicolon 21 22 insert: 23 amending s. 215.615, F.S.; revising the 24 Department of Transportation's requirement to 25 share certain costs of fixed-guideway system 26 projects; revising criteria for an interlocal 27 agreement to establish bond financing for 28 fixed-guideway system projects; revising 29 provisions for sources of funds for the payment 30 of bonds; 31 4 4:35 PM 03/19/07 s2804.tr20.bcd