Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 2804
Barcode 650360
CHAMBER ACTION
Senate House
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03/22/2007 09:05 AM .
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11 The Committee on Transportation (Baker) recommended the
12 following amendment:
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14 Senate Amendment (with title amendment)
15 On page 3 between lines 2 and 3,
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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
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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
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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
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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.
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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.
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15 (Redesignate subsequent sections.)
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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
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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;
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