Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
CHAMBER ACTION
Senate House
.
.
1 Comm: RCS .
04/24/2007 01:03 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Transportation and Economic Development
12 Appropriations (Fasano) recommended the following amendment:
13
14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
16
17 and insert:
18 Section 1. Subsection (1) of section 311.22, Florida
19 Statutes, is amended to read:
20 311.22 Additional authorization for funding certain
21 dredging projects.--
22 (1) The Florida Seaport Transportation and Economic
23 Development Council shall establish a program to fund dredging
24 projects in counties having a population of fewer than 300,000
25 according to the last official census. Funds made available
26 under this program may be used to fund approved projects for
27 the dredging or deepening of channels, turning basins, or
28 harbors on a 25-percent local 50-50 matching basis with any
29 port authority, as such term is defined in s. 315.02(2), which
30 complies with the permitting requirements in part IV of
31 chapter 373 and the local financial management and reporting
1
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 provisions of part III of chapter 218.
2 Section 2. Section 320.20, Florida Statutes, is
3 amended to read:
4 320.20 Disposition of license tax moneys.--The revenue
5 derived from the registration of motor vehicles, including any
6 delinquent fees and excluding those revenues collected and
7 distributed under the provisions of s. 320.081, must be
8 distributed monthly, as collected, as follows:
9 (1) The first proceeds, to the extent necessary to
10 comply with the provisions of s. 18, Art. XII of the State
11 Constitution of 1885, as adopted by s. 9(d), Art. XII, 1968
12 revised constitution, and the additional provisions of s. 9(d)
13 and s. 1010.57, must be deposited in the district Capital
14 Outlay and Debt Service School Trust Fund.
15 (2) Twenty-five million dollars per year of such
16 revenues must be deposited in the State Transportation Trust
17 Fund, with priority use assigned to completion of the
18 interstate highway system. However, any excess funds may be
19 utilized for general transportation purposes, consistent with
20 the Department of Transportation's legislatively approved
21 objectives.
22 (3) Notwithstanding any other provision of law except
23 subsections (1) and (2), on July 1, 1996, and annually
24 thereafter, $15 million shall be deposited in the State
25 Transportation Trust Fund solely for the purposes of funding
26 the Florida Seaport Transportation and Economic Development
27 Program as provided for in chapter 311. Upon the issuance of
28 bonds pursuant to s. 311.23 which legally defease all
29 outstanding Florida Ports Financing Commission Series 1996 and
30 1999 Bonds, such deposit shall be subject to appropriation.
31 Such revenues shall be distributed to any port listed in s.
2
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 311.09(1), to be used for funding projects as follows:
2 (a) For any seaport intermodal access projects that
3 are identified in the tentative work program of the Department
4 of Transportation for the 2007-2008 to 2011-2012 fiscal years,
5 up to the amounts needed to offset the funding requirements of
6 this section.
7 (b) For seaport intermodal access projects as
8 described in s. 341.053(6) which are identified in the 5-year
9 Florida Seaport Mission Plan as provided in s. 311.09(3),
10 funding shall require at least a 25-percent match of the funds
11 received pursuant to this subsection. Matching funds shall
12 come from any port funds, federal funds, local funds, or
13 private funds.
14 (c) For seaport projects as described in s.
15 311.07(3)(b), funds shall be provided on a 50-50 matching
16 basis.
17 (d) For seaport intermodal access projects that
18 involve the dredging or deepening of channels, turning basins,
19 or harbors, or the construction or rehabilitation of wharves,
20 docks, or similar structures, funding shall require at least a
21 25-percent match of the funds received pursuant to this
22 subsection. Matching funds shall come from any port funds,
23 federal funds, local funds, or private funds. on a 50-50
24 matching basis to any port listed in s. 311.09(1) to be used
25 for funding projects as described in s. 311.07(3)(b).
26
27 Such revenues may be assigned, pledged, or set aside as a
28 trust for the payment of principal or interest on bonds issued
29 pursuant to s. 311.23, tax anticipation certificates, or any
30 other form of indebtedness issued by an individual port or
31 appropriate local government having jurisdiction thereof, or
3
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 collectively by interlocal agreement among any of the ports,
2 or used to purchase credit support to permit such borrowings.
3 However, such debt shall not constitute a general obligation
4 of the State of Florida. The state does hereby covenant with
5 holders of such revenue bonds or other instruments of
6 indebtedness issued hereunder that it will not repeal or
7 impair or amend in any manner which will materially and
8 adversely affect the rights of such holders so long as bonds
9 authorized by this section are outstanding. Any revenues
10 which are not pledged to the repayment of bonds as authorized
11 by this section may be utilized for purposes authorized under
12 the Florida Seaport Transportation and Economic Development
13 Program. This revenue source is in addition to any amounts
14 provided for and appropriated in accordance with s. 311.07.
15 The Florida Seaport Transportation and Economic Development
16 Council shall submit to the Department of Transportation a
17 list of strategic transportation, economic development, and
18 freight mobility projects that contribute to the economic
19 growth of the state and that approve distribution of funds to
20 ports for projects which have been approved pursuant to s.
21 311.09(5)-(9). The council and the Department of
22 Transportation shall mutually agree upon the prioritization
23 and selection of projects for funding. The Department of
24 Transportation shall include the selected projects for funding
25 in the tentative work program developed pursuant to s.
26 339.135. The council and the Department of Transportation are
27 authorized to perform such acts as are required to facilitate
28 and implement the provisions of this subsection, including the
29 funding of approved projects by the use of other state funding
30 programs, local contributions from seaports, and the creative
31 use of federal funds. To better enable the ports to cooperate
4
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 to their mutual advantage, the governing body of each port may
2 exercise powers provided to municipalities or counties in s.
3 163.01(7)(d) subject to the provisions of chapter 311 and
4 special acts, if any, pertaining to a port. The use of funds
5 provided pursuant to this subsection are limited to eligible
6 projects listed in this subsection. Income derived from a
7 project completed with the use of program funds, beyond
8 operating costs and debt service, shall be restricted to
9 further port capital improvements consistent with maritime
10 purposes and for no other purpose. Use of such income for
11 nonmaritime purposes is prohibited. The provisions of s.
12 311.07(4) do not apply to any funds received pursuant to this
13 subsection. The revenues available under this subsection shall
14 not be pledged to the payment of any bonds other than the
15 Florida Ports Financing Commission Series 1996 and Series 1999
16 Bonds currently outstanding; provided, however, such revenues
17 may be pledged to secure payment of refunding bonds to
18 refinance the Florida Ports Financing Commission Series 1996
19 and Series 1999 Bonds. The Department of Transportation is
20 authorized, pursuant to s. 311.23, to request the issuance of
21 bonds pledging the revenues provided in this subsection and
22 subsection (4), including bonds issued to refund the Florida
23 Ports Financing Commission Series 1996 and Series 1999 Bonds.
24 All bonds issued pursuant to this subsection shall mature not
25 later than June 1, 2037. No refunding bonds secured by
26 revenues available under this subsection may be issued with a
27 final maturity later than the final maturity of the Florida
28 Ports Financing Commission Series 1996 and Series 1999 Bonds
29 or which provide for higher debt service in any year than is
30 currently payable on such bonds. Any revenue bonds or other
31 indebtedness issued after July 1, 2000, other than refunding
5
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 bonds shall be issued by the Division of Bond Finance at the
2 request of the Department of Transportation pursuant to the
3 State Bond Act.
4 (4) Notwithstanding any other provision of law except
5 subsections (1), (2), and (3), on July 1, 1999, and annually
6 thereafter, $10 million shall be deposited in the State
7 Transportation Trust Fund solely for the purposes of funding
8 the Florida Seaport Transportation and Economic Development
9 Program as provided in chapter 311 and for funding seaport
10 intermodal access projects of statewide significance as
11 provided in s. 341.053. Upon the issuance of bonds pursuant to
12 s. 311.23 which legally defease all outstanding Florida Ports
13 Financing Commission Series 1996 and 1999 Bonds, such deposit
14 shall be subject to appropriation. Such revenues shall be
15 distributed to any port listed in s. 311.09(1), to be used for
16 funding projects as follows:
17 (a) For any seaport intermodal access projects that
18 are identified in the 1997-1998 Tentative Work Program of the
19 Department of Transportation, up to the amounts needed to
20 offset the funding requirements of this section.
21 (b) For seaport intermodal access projects as
22 described in s. 341.053(5) that are identified in the 5-year
23 Florida Seaport Mission Plan as provided in s. 311.09(3).
24 Funding for such projects shall be on a matching basis as
25 mutually determined by the Florida Seaport Transportation and
26 Economic Development Council and the Department of
27 Transportation, provided a minimum of 25 percent of total
28 project funds shall come from any port funds, local funds,
29 private funds, or specifically earmarked federal funds.
30 (c) On a 50-50 matching basis for projects as
31 described in s. 311.07(3)(b).
6
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 (d) For seaport intermodal access projects that
2 involve the dredging or deepening of channels, turning basins,
3 or harbors,; or the construction or rehabilitation of wharves,
4 docks, or similar structures. Funding for such projects shall
5 require a 25-percent match of the funds received pursuant to
6 this subsection. Matching funds shall come from any port
7 funds, federal funds, local funds, or private funds.
8
9 Such revenues may be assigned, pledged, or set aside as a
10 trust for the payment of principal or interest on bonds issued
11 pursuant to s. 311.23, tax anticipation certificates, or any
12 other form of indebtedness issued by an individual port or
13 appropriate local government having jurisdiction thereof, or
14 collectively by interlocal agreement among any of the ports,
15 or used to purchase credit support to permit such borrowings.
16 However, such debt shall not constitute a general obligation
17 of the state. This state does hereby covenant with holders of
18 such revenue bonds or other instruments of indebtedness issued
19 hereunder that it will not repeal or impair or amend this
20 subsection in any manner which will materially and adversely
21 affect the rights of holders so long as bonds authorized by
22 this subsection are outstanding. Any revenues that are not
23 pledged to the repayment of bonds as authorized by this
24 section may be utilized for purposes authorized under the
25 Florida Seaport Transportation and Economic Development
26 Program. This revenue source is in addition to any amounts
27 provided for and appropriated in accordance with s. 311.07 and
28 subsection (3). The Florida Seaport Transportation and
29 Economic Development Council shall submit to the Department of
30 Transportation a list of strategic transportation, economic
31 development, and freight mobility projects that contribute to
7
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 the economic growth of the state and approve distribution of
2 funds to ports for projects that have been approved pursuant
3 to s. 311.09(5)-(9), or that have been approved for seaport
4 intermodal access projects identified in the 5-year Florida
5 Seaport Mission Plan as provided in s. 311.09(3) and mutually
6 agreed upon by the FSTED Council and the Department of
7 Transportation. The council and the Department of
8 Transportation shall mutually agree upon the prioritization
9 and selection of projects for funding. The Department of
10 Transportation shall include the selected projects for funding
11 in the tentative work program developed pursuant to s.
12 339.135. All contracts for actual construction of projects
13 authorized by this subsection must include a provision
14 encouraging employment of participants in the welfare
15 transition program. The goal for employment of participants in
16 the welfare transition program is 25 percent of all new
17 employees employed specifically for the project, unless the
18 Department of Transportation and the Florida Seaport
19 Transportation and Economic Development Council demonstrate
20 that such a requirement would severely hamper the successful
21 completion of the project. In such an instance, Workforce
22 Florida, Inc., shall establish an appropriate percentage of
23 employees that must be participants in the welfare transition
24 program. The council and the Department of Transportation are
25 authorized to perform such acts as are required to facilitate
26 and implement the provisions of this subsection, including the
27 funding of approved projects by the use of other state funding
28 programs, local contributions from seaports, and the creative
29 use of federal funds. To better enable the ports to cooperate
30 to their mutual advantage, the governing body of each port may
31 exercise powers provided to municipalities or counties in s.
8
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 163.01(7)(d) subject to the provisions of chapter 311 and
2 special acts, if any, pertaining to a port. The use of funds
3 provided pursuant to this subsection is limited to eligible
4 projects listed in this subsection. The provisions of s.
5 311.07(4) do not apply to any funds received pursuant to this
6 subsection. The revenues available under this subsection shall
7 not be pledged to the payment of any bonds other than the
8 Florida Ports Financing Commission Series 1996 and Series 1999
9 Bonds currently outstanding; provided, however, such revenues
10 may be pledged to secure payment of refunding bonds to
11 refinance the Florida Ports Financing Commission Series 1996
12 and Series 1999 Bonds. The Department of Transportation is
13 authorized, pursuant to s. 311.23, to request the issuance of
14 bonds pledging the revenues provided in subsection (3) and
15 this subsection, including bonds issued to refund the Florida
16 Ports Financing Commission Series 1996 and Series 1999 Bonds.
17 All bonds issued pursuant to this subsection shall mature not
18 later than June 1, 2037. No refunding bonds secured by
19 revenues available under this subsection may be issued with a
20 final maturity later than the final maturity of the Florida
21 Ports Financing Commission Series 1996 and Series 1999 Bonds
22 or which provide for higher debt service in any year than is
23 currently payable on such bonds. Any revenue bonds or other
24 indebtedness issued after July 1, 2000, other than refunding
25 bonds shall be issued by the Division of Bond Finance at the
26 request of the Department of Transportation pursuant to the
27 State Bond Act.
28 (5)(a) Except as provided in paragraph (c), the
29 remainder of such revenues must be deposited in the State
30 Transportation Trust Fund.
31 (b) The Chief Financial Officer each month shall
9
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 deposit in the State Transportation Trust Fund an amount,
2 drawn from other funds in the State Treasury which are not
3 immediately needed or are otherwise in excess of the amount
4 necessary to meet the requirements of the State Treasury,
5 which when added to such remaining revenues each month will
6 equal one-twelfth of the amount of the anticipated annual
7 revenues to be deposited in the State Transportation Trust
8 Fund under paragraph (a) as determined by the Chief Financial
9 Officer after consultation with the revenue estimating
10 conference held pursuant to s. 216.136(3). The transfers
11 required hereunder may be suspended by action of the
12 Legislative Budget Commission in the event of a significant
13 shortfall of state revenues.
14 (c) In any month in which the remaining revenues
15 derived from the registration of motor vehicles exceed
16 one-twelfth of those anticipated annual remaining revenues as
17 determined by the Chief Financial Officer after consultation
18 with the revenue estimating conference, the excess shall be
19 credited to those state funds in the State Treasury from which
20 the amount was originally drawn, up to the amount which was
21 deposited in the State Transportation Trust Fund under
22 paragraph (b). A final adjustment must be made in the last
23 months of a fiscal year so that the total revenue deposited in
24 the State Transportation Trust Fund each year equals the
25 amount derived from the registration of motor vehicles, less
26 the amount distributed under subsection (1). For the purposes
27 of this paragraph and paragraph (b), the term "remaining
28 revenues" means all revenues deposited into the State
29 Transportation Trust Fund under paragraph (a) and subsections
30 (2) and (3). In order that interest earnings continue to
31 accrue to the General Revenue Fund, the Department of
10
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 Transportation may not invest an amount equal to the
2 cumulative amount of funds deposited in the State
3 Transportation Trust Fund under paragraph (b) less funds
4 credited under this paragraph as computed on a monthly basis.
5 The amounts to be credited under this and the preceding
6 paragraph must be calculated and certified to the Chief
7 Financial Officer by the Executive Office of the Governor.
8 Section 3. Section 311.23, Florida Statutes, is
9 created to read:
10 311.23 Florida Seaport Finance Corporation.--
11 (1)(a) There is created a public benefits corporation,
12 which is an instrumentality of the state, to be known as the
13 Florida Seaport Finance Corporation.
14 (b) The corporation shall operate under a five-member
15 board of directors consisting of the Governor or a designee,
16 the Chief Financial Officer or a designee, the Attorney
17 General or a designee, the Director of the Division of Bond
18 Finance of the State Board of Administration, and the
19 Secretary of the Department of Transportation. The Director of
20 the Division of Bond Finance shall be the chief executive
21 officer of the corporation, shall direct and supervise the
22 administrative affairs of the corporation and shall control,
23 direct, and supervise the operation of the corporation. The
24 corporation shall also have such other officers as are
25 determined by the board of directors.
26 (2) The corporation shall have all the powers of a
27 corporate body under the laws of the state, including, but not
28 limited to, chapters 607 and 617, to the extent not
29 inconsistent with or restricted by the provisions of this
30 section, including, but not limited to, the power to:
31 (a) Adopt, amend, and repeal bylaws not inconsistent
11
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 with this section.
2 (b) Sue and be sued.
3 (c) Adopt and use a common seal.
4 (d) Acquire, purchase, hold, lease, and convey such
5 real and personal property as is proper or expedient to carry
6 out the purposes of the corporation and this section, and to
7 sell, lease, or otherwise dispose of such property.
8 (e) Elect or appoint and employ such officers, agents,
9 and employees as the corporation deems advisable to operate
10 and manage the affairs of the corporation, which officers,
11 agents, and employees may be officers or employees of the
12 Department of Transportation and the state agencies
13 represented on the board of directors of the corporation.
14 (f) At the request of the Department of
15 Transportation, issue bonds necessary for the purpose of
16 financing or refinancing fixed capital outlay seaport projects
17 as provided in s. 320.20(3) and (4).
18 (g) Make and execute any and all contracts, trust
19 agreements, and other instruments and agreements necessary or
20 convenient to accomplish the purposes of the corporation and
21 this section.
22 (h) Select, retain, and employ professionals,
23 contractors, or agents, which may include the Division of Bond
24 Finance, as shall be necessary or convenient to enable or
25 assist the corporation in carrying out the purposes of the
26 corporation and this section.
27 (i) Do any act or thing necessary or convenient to
28 carry out the purposes of the corporation and this section and
29 the powers provided in this section.
30 (3) The corporation is authorized to enter into one or
31 more contracts with the Department of Transportation pursuant
12
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 to which the corporation shall finance or refinance fixed
2 capital outlay seaport projects as provided in s. 320.20(3)
3 and (4). The Department of Transportation may enter into one
4 or more such contracts with the corporation and provide for
5 payments under such contracts pursuant s. 320.20(3) and (4),
6 subject to annual appropriation by the Legislature. The
7 proceeds from such contracts may be used for the costs and
8 expenses of administration of the corporation after payments
9 as set forth in subsection (3). In compliance with provisions
10 of s. 287.0641 and other applicable provisions of law, the
11 obligations of the Department of Transportation under such
12 contracts shall not constitute a general obligation of the
13 state or a pledge of the faith and credit or taxing power of
14 the state, nor shall such obligations be construed in any
15 manner as an obligation of the State Board of Administration
16 or the Department of Transportation, except as provided in
17 this section, but shall be payable solely from amounts
18 received pursuant to s. 320.20(3) and (4), subject to annual
19 appropriation by the Legislature. In compliance with this
20 subsection and s. 287.0582, the contract shall expressly
21 include the following statement: "The State of Florida's
22 performance and obligation to pay under this contract is
23 contingent upon an annual appropriation by the Legislature."
24 (4) The corporation may issue bonds payable from and
25 secured by amounts payable to the corporation by the
26 Department of Transportation under a contract entered into
27 pursuant to subsection (3) for the purpose of financing or
28 refinancing fixed capital outlay seaport projects as provided
29 in s. 320.20 (3) and (4). Any such indebtedness of the
30 corporation shall not constitute a debt or obligation of the
31 state or a pledge of the faith and credit or taxing power of
13
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 the state, but shall be payable from and secured by payments
2 made by the Department of Transportation under the contract.
3 Bonds issued pursuant to this section are payable from, and
4 secured by a first lien on, funds available pursuant to s.
5 320.20 (3) and (4), subject to annual appropriation. The bonds
6 shall be subject to the provisions of s. 320.20 (3) and (4).
7 Such funds may be assigned and pledged as security and
8 deposited in trust with the State Board of Administration
9 pursuant to the terms of an agreement entered into among the
10 Department of Transportation, the Division of Bond Finance,
11 and the State Board of Administration.
12 (5) The fulfillment of the purposes of the corporation
13 promotes the health, safety, and general welfare of the people
14 of the state and serves as essential governmental functions
15 and a paramount public purpose.
16 (6) The corporation is exempt from taxation and
17 assessments of any nature whatsoever upon its income and any
18 property, assets, or revenues acquired, received, or used in
19 the furtherance of the purposes provided in this chapter. The
20 bonds of the corporation incurred pursuant to subsection (4)
21 and the interest and income thereon and all security
22 agreements, letters of credit, liquidity facilities, or other
23 obligations or instruments arising out of, entered into in
24 connection therewith, or given to secure payment thereof are
25 exempt from all taxation, provided such exemption does not
26 apply to any tax imposed by chapter 220 on the interest,
27 income, or profits on debt obligations owned by corporations.
28 (7) The corporation may validate bonds issued pursuant
29 to this section and the validity and enforceability of any
30 contracts providing for payments pledged to the payment
31 thereof by proceedings under chapter 75. The validation
14
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 complaint shall be filed only in the Circuit Court for Leon
2 County. The notice required to be published by s. 75.06 shall
3 be published in Leon County, and the complaint and order of
4 the circuit court shall be served only on the State Attorney
5 for the Second Judicial Circuit. Sections 75.04(2) and
6 75.06(2) shall not apply to a complaint for validation filed
7 as authorized in this subsection. The first bonds issued
8 pursuant to this section shall be validated.
9 (8) The corporation shall not be deemed to be a
10 special district for purposes of chapter 189 or a unit of
11 local government for purposes of part III of chapter 218. The
12 provisions of chapters 120 and 215, except the limitation on
13 interest rates provided by s. 215.84 which applies to
14 obligations of the corporation issued pursuant to this
15 section, and part I of chapter 287, except ss. 287.0582 and
16 287.0641, shall not apply to this section, the corporation
17 created hereby, the contracts entered into pursuant to this
18 section, or to bonds issued by the corporation as contemplated
19 in this section.
20 (9) In no event shall any of the benefits or earnings
21 of the corporation inure to the benefit of any private person.
22 (10) Upon dissolution of the corporation, title to all
23 property owned by the corporation shall revert to the state.
24 (11) The corporation may contract with the State Board
25 of Administration to serve as trustee with respect to bonds
26 issued by the corporation as contemplated by this section and
27 to hold, administer, and invest proceeds of such bonds and
28 other funds of the corporation and to perform other services
29 required by the corporation. The State Board of Administration
30 may perform such services and may contract with others to
31 provide all or a part of such services and to recover its and
15
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 such other costs and expenses thereof.
2 (12) The Department of Transportation and any
3 participating port that is governed by a public body, local
4 governments, or local governments collectively by interlocal
5 agreement having jurisdiction of a seaport project may enter
6 into an interlocal agreement with the Department of
7 Transportation to promote the efficient and cost-effective
8 financing or refinancing of approved projects pursuant to this
9 section. The terms of such interlocal agreements shall include
10 provisions for the Department of Transportation to request the
11 issuance by the corporation of the bonds on behalf of the
12 ports or local governments described above; may provide that
13 each party to the agreement is contractually liable for a
14 share of funding an amount equal to the debt service
15 requirements of such bonds; and shall include any other terms,
16 provisions, or covenants necessary to the making of and full
17 performance under such interlocal agreement. Repayments made
18 to the Department of Transportation under any interlocal
19 agreement are not pledged to the repayment of bonds issued
20 hereunder, and failure of the local governmental authority to
21 make such payment shall not affect the obligation of the
22 Department of Transportation to make payment on any contract
23 with the corporation.
24 (13) There shall be no liability on the part of, and
25 no cause of action shall arise against, any board members or
26 employees of the corporation for any actions taken by them in
27 the performance of their duties under this paragraph.
28 Section 4. This act shall not effect the validity of
29 the Florida Ports Financing Commission Series 1996 and 1999
30 Bonds.
31 Section 5. This act shall take effect July 1, 2007.
16
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 Delete everything before the enacting clause
4
5 and insert:
6 A bill to be entitled
7 An act relating to transportation; amending s.
8 311.22, F.S.; revising funding for certain
9 dredging projects; amending s. 320.20, F.S.;
10 prescribing when certain funds will become
11 subject to appropriation; revising the
12 distribution of license tax moneys deposited in
13 the State Transportation Trust Fund for the
14 funding of the Florida Seaport Transportation
15 and Economic Development Program and certain
16 seaport intermodal access projects; requiring
17 the Florida Seaport Transportation and Economic
18 Development Council to submit a list of certain
19 freight mobility projects to the Department of
20 Transportation; requiring that the council and
21 the department agree upon the projects selected
22 for funding; requiring the department to
23 include the selected projects for funding in
24 the tentative work program; providing that
25 specified bonds shall be issued by the Division
26 of Bond Finance at the request of the
27 department; providing for funding the
28 construction of wharves and docks; creating s.
29 311.23, F.S.; creating the Florida Seaport
30 Finance Corporation; providing for membership
31 of its board of directors; providing its powers
17
1:25 PM 04/23/07 s0432c1d-ta11-b01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 432
Barcode 651134
1 and duties; authorizing the issuance and
2 validation of bonds; exempting the corporation
3 from taxation; declaring that the corporation
4 is not a special district; authorizing
5 interlocal agreements; exempting board members
6 and employees of the corporation from liability
7 for certain acts; providing that this act does
8 not affect the validity of specified Florida
9 Ports Financing Commission bonds; providing an
10 effective date.
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
18
1:25 PM 04/23/07 s0432c1d-ta11-b01