| 1 | A bill to be entitled |
| 2 | An act relating to Everglades restoration bonds; amending |
| 3 | s. 215.619, F.S.; extending the period during which such |
| 4 | bonds may be issued and increasing amount of bonds that |
| 5 | may be issued each fiscal year; providing an effective |
| 6 | date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Subsection (1) of section 215.619, Florida |
| 11 | Statutes, is amended to read: |
| 12 | 215.619 Bonds for Everglades restoration.-- |
| 13 | (1) The issuance of Everglades restoration bonds to |
| 14 | finance or refinance the cost of acquisition and improvement of |
| 15 | land, water areas, and related property interests and resources |
| 16 | for the purpose of implementing the Comprehensive Everglades |
| 17 | Restoration Plan under s. 373.470, the Lake Okeechobee Watershed |
| 18 | Protection Plan under s. 373.4595, the Caloosahatchee River |
| 19 | Watershed Protection Plan under s. 373.4595, and the St. Lucie |
| 20 | River Watershed Protection Plan under s. 373.4595 is authorized |
| 21 | in accordance with s. 11(e), Art. VII of the State Constitution. |
| 22 | Everglades restoration bonds, except refunding bonds, may be |
| 23 | issued only in fiscal years 2002-2003 through 2019-2020 2009- |
| 24 | 2010 and may not be issued in an amount exceeding $200 $100 |
| 25 | million per fiscal year unless the Department of Environmental |
| 26 | Protection has requested additional amounts in order to achieve |
| 27 | cost savings or accelerate the purchase of land. The duration of |
| 28 | Everglades restoration bonds may not exceed 20 annual |
| 29 | maturities, and those bonds must mature by December 31, 2040 |
| 30 | 2030. Except for refunding bonds, a series of bonds may not be |
| 31 | issued unless an amount equal to the debt service coming due in |
| 32 | the year of issuance has been appropriated by the Legislature. |
| 33 | Section 2. This act shall take effect July 1, 2008. |