HB 1289

1
A bill to be entitled
2An act relating to seaport development; amending s.
3320.20, F.S.; prescribing when certain funds will become
4subject to appropriation; revising the distribution of
5license tax moneys deposited in the State Transportation
6Trust Fund for the funding of the Florida Seaport
7Transportation and Economic Development Program and
8certain seaport intermodal access projects; requiring the
9Florida Seaport Transportation and Economic Development
10Council to submit a list of certain strategic
11transportation, economic development, and freight mobility
12projects to the Department of Transportation; requiring
13that the council and the department agree upon the
14projects selected for funding; requiring the department to
15include the selected projects for funding in the tentative
16work program; providing that specified bonds shall be
17issued by the Division of Bond Finance at the request of
18the department; providing for funding the construction or
19rehabilitation of wharves, docks, or similar structures;
20providing for funding certain seaport intermodal access
21projects; requiring matching funds; providing for the
22issuance of bonds for such projects; creating s. 311.23,
23F.S.; creating the Florida Seaport Finance Corporation;
24providing for membership of its board of directors;
25providing its powers and duties; authorizing the issuance
26and validation of bonds; exempting the corporation from
27taxation and assessments; declaring that the corporation
28is not a special district; authorizing interlocal
29agreements; exempting board members and employees of the
30corporation from liability for certain acts; providing
31that this act does not affect the validity of specified
32Florida Ports Financing Commission bonds; providing an
33effective date.
34
35Be It Enacted by the Legislature of the State of Florida:
36
37     Section 1.  Section 320.20, Florida Statutes, is amended to
38read:
39     320.20  Disposition of license tax moneys.--The revenue
40derived from the registration of motor vehicles, including any
41delinquent fees and excluding those revenues collected and
42distributed under the provisions of s. 320.081, must be
43distributed monthly, as collected, as follows:
44     (1)  The first proceeds, to the extent necessary to comply
45with the provisions of s. 18, Art. XII of the State Constitution
46of 1885, as adopted by s. 9(d), Art. XII, 1968 revised
47constitution, and the additional provisions of s. 9(d) and s.
481010.57, must be deposited in the district Capital Outlay and
49Debt Service School Trust Fund.
50     (2)  Twenty-five million dollars per year of such revenues
51must be deposited in the State Transportation Trust Fund, with
52priority use assigned to completion of the interstate highway
53system. However, any excess funds may be utilized for general
54transportation purposes, consistent with the Department of
55Transportation's legislatively approved objectives.
56     (3)  Notwithstanding any other provision of law except
57subsections (1) and (2), on July 1, 1996, and annually
58thereafter, $15 million shall be deposited in the State
59Transportation Trust Fund solely for the purposes of funding the
60Florida Seaport Transportation and Economic Development Program
61as provided for in chapter 311. Upon the issuance of bonds
62pursuant to s. 311.23 which legally defease all outstanding
63Florida Ports Financing Commission Series 1996 Bonds, such
64deposit shall be subject to appropriation. Such revenues shall
65be distributed to any port listed in s. 311.09(1), to be used
66for funding projects as follows:
67     (a)  For any seaport intermodal access projects that are
68identified in the tentative work program of the Department of
69Transportation for the 2008-2009 to 2012-2013 fiscal years, up
70to the amounts needed to offset the funding requirements of this
71section.
72     (b)  For seaport intermodal access projects as described in
73s. 341.053(6) which are identified in the 5-year Florida Seaport
74Mission Plan as provided in s. 311.09(3), funding shall require
75at least a 25-percent match of the funds received pursuant to
76this subsection. Matching funds shall come from any port funds,
77federal funds, local funds, or private funds.
78     (c)  For seaport projects as described in s. 311.07(3)(b),
79funds shall be provided on a 50-50 matching basis.
80     (d)  For seaport intermodal access projects that involve
81the dredging or deepening of channels, turning basins, or
82harbors, or the construction or rehabilitation of wharves,
83docks, or similar structures, funding shall require at least a
8425-percent match of the funds received pursuant to this
85subsection. Matching funds shall come from any port funds,
86federal funds, local funds, or private funds on a 50-50 matching
87basis to any port listed in s. 311.09(1) to be used for funding
88projects as described in s. 311.07(3)(b).
89
90Such revenues may be assigned, pledged, or set aside as a trust
91for the payment of principal or interest on bonds issued
92pursuant to s. 311.23, tax anticipation certificates, or any
93other form of indebtedness issued by an individual port or
94appropriate local government having jurisdiction thereof, or
95collectively by interlocal agreement among any of the ports, or
96used to purchase credit support to permit such borrowings.
97However, such debt shall not constitute a general obligation of
98the State of Florida. The state does hereby covenant with
99holders of such revenue bonds or other instruments of
100indebtedness issued hereunder that it will not repeal or impair
101or amend in any manner that which will materially and adversely
102affects affect the rights of such holders so long as bonds
103authorized by this section are outstanding. Any revenues which
104are not pledged to the repayment of bonds as authorized by this
105section may be utilized for purposes authorized under the
106Florida Seaport Transportation and Economic Development Program.
107This revenue source is in addition to any amounts provided for
108and appropriated in accordance with s. 311.07. The Florida
109Seaport Transportation and Economic Development Council shall
110submit to the Department of Transportation a list of strategic
111transportation, economic development, and freight mobility
112projects that contribute to the economic growth of the state and
113that approve distribution of funds to ports for projects which
114have been approved pursuant to s. 311.09(5)-(9). The council and
115the Department of Transportation shall mutually agree upon the
116prioritization and selection of projects for funding. The
117Department of Transportation shall include the selected projects
118for funding in the tentative work program developed pursuant to
119s. 339.135. The council and the Department of Transportation are
120authorized to perform such acts as are required to facilitate
121and implement the provisions of this subsection, including the
122funding of approved projects through the use of other state
123funding programs, local contributions from seaports, and the
124creative use of federal funds. To better enable the ports to
125cooperate for to their mutual advantage, the governing body of
126each port may exercise powers provided to municipalities or
127counties in s. 163.01(7)(d) subject to the provisions of chapter
128311 and special acts, if any, pertaining to a port. The use of
129funds provided pursuant to this subsection are limited to
130eligible projects listed in this subsection. Income derived from
131a project completed with the use of program funds, beyond
132operating costs and debt service, shall be restricted to
133furthering further port capital improvements consistent with
134maritime purposes and for no other purpose. Use of such income
135for nonmaritime purposes is prohibited. The provisions of s.
136311.07(4) do not apply to any funds received pursuant to this
137subsection. The Department of Transportation is authorized,
138pursuant to s. 311.23, to request the issuance of bonds pledging
139the revenues provided in this subsection and subsections (4) and
140(5), including bonds issued to refund the Florida Ports
141Financing Commission Series 1996 and Series 1999 Bonds. All
142bonds issued pursuant to this subsection shall mature by June 1,
1432038. The revenues available under this subsection shall not be
144pledged to the payment of any bonds other than the Florida Ports
145Financing Commission Series 1996 and Series 1999 Bonds currently
146outstanding; provided, however, such revenues may be pledged to
147secure payment of refunding bonds to refinance the Florida Ports
148Financing Commission Series 1996 and Series 1999 Bonds. No
149Refunding bonds secured by revenues available under this
150subsection may not be issued with a final maturity later than
151the final maturity of the Florida Ports Financing Commission
152Series 1996 and Series 1999 Bonds or which provide for higher
153debt service in any year than is currently payable on such
154bonds. Any revenue bonds or other indebtedness issued after July
1551, 2000, other than refunding bonds shall be issued by the
156Division of Bond Finance at the request of the Department of
157Transportation pursuant to the State Bond Act.
158     (4)  Notwithstanding any other provision of law except
159subsections (1), (2), and (3), on July 1, 1999, and annually
160thereafter, $10 million shall be deposited annually into in the
161State Transportation Trust Fund solely for the purposes of
162funding the Florida Seaport Transportation and Economic
163Development Program as provided in chapter 311 and for funding
164seaport intermodal access projects of statewide significance as
165provided in s. 341.053. Upon the issuance of bonds pursuant to
166s. 311.23 which legally defease all outstanding Florida Ports
167Financing Commission Series 1999 Bonds, such deposit shall be
168subject to appropriation. Such revenues shall be distributed to
169any port listed in s. 311.09(1), to be used for funding projects
170as follows:
171     (a)  For any seaport intermodal access projects that are
172identified in the 1997-1998 Tentative Work Program of the
173Department of Transportation, up to the amounts needed to offset
174the funding requirements of this section.
175     (b)  For seaport intermodal access projects as described in
176s. 341.053(5) that are identified in the 5-year Florida Seaport
177Mission Plan as provided in s. 311.09(3). Funding for such
178projects shall be on a matching basis as mutually determined by
179the Florida Seaport Transportation and Economic Development
180Council and the Department of Transportation, provided a minimum
181of 25 percent of total project funds comes shall come from any
182port funds, local funds, private funds, or specifically
183earmarked federal funds.
184     (c)  On a 50-50 matching basis for projects as described in
185s. 311.07(3)(b).
186     (d)  For seaport intermodal access projects that involve
187the dredging or deepening of channels, turning basins, or
188harbors; or the construction or rehabilitation of wharves,
189docks, or similar structures. Funding for such projects shall
190require a 25-percent 25 percent match of the funds received
191pursuant to this subsection. Matching funds must shall come from
192any port funds, federal funds, local funds, or private funds.
193
194Such revenues may be assigned, pledged, or set aside as a trust
195for the payment of principal or interest on bonds issued
196pursuant to s. 311.23, tax anticipation certificates, or any
197other form of indebtedness issued by an individual port or
198appropriate local government having jurisdiction thereof, or
199collectively by interlocal agreement among any of the ports, or
200used to purchase credit support to permit such borrowings.
201However, such debt does shall not constitute a general
202obligation of the state. This state does hereby covenant with
203holders of such revenue bonds or other instruments of
204indebtedness issued hereunder that it will not repeal or impair
205or amend this subsection in any manner that which will
206materially and adversely affects affect the rights of holders so
207long as bonds authorized by this subsection are outstanding. Any
208revenues that are not pledged to the repayment of bonds as
209authorized by this section may be used utilized for purposes
210authorized under the Florida Seaport Transportation and Economic
211Development Program. This revenue source is in addition to any
212amounts provided for and appropriated in accordance with s.
213311.07 and subsection (3). The Florida Seaport Transportation
214and Economic Development Council shall submit to the Department
215of Transportation a list of strategic transportation, economic
216development, and freight mobility projects that contribute to
217the economic growth of the state and approve distribution of
218funds to ports for projects that have been approved pursuant to
219s. 311.09(5)-(9), or that have been approved for seaport
220intermodal access projects identified in the 5-year Florida
221Seaport Mission Plan as provided in s. 311.09(3) and mutually
222agreed upon by the FSTED Council and the Department of
223Transportation. The council and the Department of Transportation
224shall mutually agree upon the prioritization and selection of
225projects for funding. The Department of Transportation shall
226include the selected projects for funding in the tentative work
227program developed pursuant to s. 339.135. All contracts for
228actual construction of projects authorized by this subsection
229must include a provision encouraging employment of participants
230in the welfare transition program. The goal for employment of
231participants in the welfare transition program is 25 percent of
232all new employees employed specifically for the project, unless
233the Department of Transportation and the Florida Seaport
234Transportation and Economic Development Council demonstrate that
235such a requirement would severely hamper the successful
236completion of the project. In such an instance, Workforce
237Florida, Inc., shall establish an appropriate percentage of
238employees that must be participants in the welfare transition
239program. The council and the Department of Transportation are
240authorized to perform such acts as are required to facilitate
241and implement the provisions of this subsection, including the
242funding of approved projects through the use of other state
243funding programs, local contributions from seaports, and the
244creative use of federal funds. To better enable the ports to
245cooperate for to their mutual advantage, the governing body of
246each port may exercise powers provided to municipalities or
247counties in s. 163.01(7)(d) subject to the provisions of chapter
248311 and special acts, if any, pertaining to a port. The use of
249funds provided pursuant to this subsection is limited to
250eligible projects listed in this subsection. The provisions of
251s. 311.07(4) do not apply to any funds received pursuant to this
252subsection. The Department of Transportation is authorized,
253pursuant to s. 311.23, to request the issuance of bonds pledging
254the revenues provided in subsections (3) and (5) and this
255subsection, including bonds issued to refund the Florida Ports
256Financing Commission Series 1996 and Series 1999 Bonds. All
257bonds issued pursuant to this subsection shall mature by June 1,
2582038. The revenues available under this subsection shall not be
259pledged to the payment of any bonds other than the Florida Ports
260Financing Commission Series 1996 and Series 1999 Bonds currently
261outstanding; provided, however, such revenues may be pledged to
262secure payment of refunding bonds to refinance the Florida Ports
263Financing Commission Series 1996 and Series 1999 Bonds. No
264Refunding bonds secured by revenues available under this
265subsection may not be issued with a final maturity later than
266the final maturity of the Florida Ports Financing Commission
267Series 1996 and Series 1999 Bonds or which provide for higher
268debt service in any year than is currently payable on such
269bonds.
270     (5)  Notwithstanding any other provision of law except
271subsections (1)-(4), on July 1, 2009, and annually thereafter,
272$3 million shall be deposited into the State Transportation
273Trust Fund solely to fund the Florida Seaport Transportation and
274Economic Development Program as provided in chapter 311 and to
275fund seaport intermodal access projects of statewide
276significance as provided in s. 341.053. Such deposit shall be
277subject to appropriation. The revenues shall be distributed to
278any port listed in s. 311.09(1), to be used for funding projects
279as follows:
280     (a)  For any seaport intermodal access projects that are
281identified in the tentative work program of the Department of
282Transportation for the 2008-2009 to 2012-2013 fiscal years, up
283to the amounts needed to offset the funding requirements of this
284section.
285     (b)  For seaport intermodal access projects described in s.
286341.053(6) which are identified in the 5-year Florida Seaport
287Mission Plan as provided in s. 311.09(3), funding shall require
288at least a 25-percent match of the funds received pursuant to
289this subsection. Matching funds must come from any port funds,
290federal funds, local funds, or private funds.
291     (c)  On a 50-50 matching basis for projects described in s.
292311.07(3)(b).
293     (d)  For seaport intermodal access projects that involve
294the dredging or deepening of channels, turning basins, or
295harbors, or the construction or rehabilitation of wharves,
296docks, or similar structures, funding shall require at least a
29725-percent match of the funds received pursuant to this
298subsection. Matching funds must come from any port funds,
299federal funds, local funds, or private funds.
300
301Such revenues may be assigned, pledged, or set aside as a trust
302for the payment of principal or interest on bonds issued
303pursuant to s. 311.23. However, such debt does not constitute a
304general obligation of the state. The state covenants with
305holders of such bonds that it will not repeal or impair or amend
306this subsection in any manner that materially and adversely
307affects the rights of holders so long as bonds authorized by
308this subsection are outstanding. Any revenues that are not
309pledged for the repayment of bonds may be used for purposes
310authorized under the Florida Seaport Transportation and Economic
311Development Program. This is in addition to any amounts provided
312for and appropriated in accordance with s. 311.07 and
313subsections (3) and (4). The Florida Seaport Transportation and
314Economic Development Council shall submit to the Department of
315Transportation a list of strategic transportation, economic
316development, and freight mobility projects that contribute to
317the economic growth of the state and that have been approved
318pursuant to s. 311.09(5)-(9) or that have been approved for
319seaport intermodal access projects identified in the 5-year
320Florida Seaport Mission Plan as provided in s. 311.09(3). The
321council and the Department of Transportation shall mutually
322agree upon the prioritization and selection of projects for
323funding. The Department of Transportation shall include the
324selected projects for funding in the tentative work program
325developed pursuant to s. 339.135. The council and the Department
326of Transportation may perform such acts as are required to
327facilitate and implement this subsection, including the funding
328of approved projects through the use of other state funding
329programs, local contributions from seaports, and the creative
330use of federal funds. To better enable the ports to cooperate
331for their mutual advantage, the governing body of each port may
332exercise powers provided to municipalities or counties in s.
333163.01(7)(d), subject to chapter 311 and any special acts
334pertaining to the port. The use of funds provided under this
335subsection is limited to eligible projects listed in this
336subsection. The Department of Transportation is authorized,
337pursuant to s. 311.23, to request the issuance of bonds pledging
338the revenues provided in subsections (3) and (4) and this
339subsection. All bonds secured by revenues under this subsection
340shall mature by July 1, 2038 Any revenue bonds or other
341indebtedness issued after July 1, 2000, other than refunding
342bonds shall be issued by the Division of Bond Finance at the
343request of the Department of Transportation pursuant to the
344State Bond Act.
345     (6)(5)(a)  Except as provided in paragraph (c), the
346remainder of such revenues must be deposited in the State
347Transportation Trust Fund.
348     (b)  Each month the Chief Financial Officer each month
349shall deposit in the State Transportation Trust Fund an amount,
350drawn from other funds in the State Treasury which are not
351immediately needed or are otherwise in excess of the amount
352necessary to meet the requirements of the State Treasury, which
353when added to such remaining revenues each month will equal one-
354twelfth of the amount of the anticipated annual revenues to be
355deposited in the State Transportation Trust Fund under paragraph
356(a) as determined by the Chief Financial Officer after
357consultation with the revenue estimating conference held
358pursuant to s. 216.136(3). The required transfers required
359hereunder may be suspended by action of the Legislative Budget
360Commission in the event of a significant shortfall of state
361revenues.
362     (c)  In any month in which the remaining revenues derived
363from the registration of motor vehicles exceed one-twelfth of
364those anticipated annual remaining revenues as determined by the
365Chief Financial Officer after consultation with the revenue
366estimating conference, the excess shall be credited to those
367state funds in the State Treasury from which the amount was
368originally drawn, up to the amount which was deposited in the
369State Transportation Trust Fund under paragraph (b). A final
370adjustment must be made in the last months of a fiscal year so
371that the total revenue deposited in the State Transportation
372Trust Fund each year equals the amount derived from the
373registration of motor vehicles, less the amount distributed
374under subsection (1). For the purposes of this paragraph and
375paragraph (b), the term "remaining revenues" means all revenues
376deposited into the State Transportation Trust Fund under
377paragraph (a) and subsections (2) and (3). In order for that
378interest earnings to continue to accrue to the General Revenue
379Fund, the Department of Transportation may not invest an amount
380equal to the cumulative amount of funds deposited in the State
381Transportation Trust Fund under paragraph (b) less funds
382credited under this paragraph as computed on a monthly basis.
383The amounts to be credited under this and the preceding
384paragraph must be calculated and certified to the Chief
385Financial Officer by the Executive Office of the Governor.
386     Section 2.  Section 311.23, Florida Statutes, is created to
387read:
388     311.23  Florida Seaport Finance Corporation.--There is
389created a public benefits corporation, which is an
390instrumentality of the state, to be known as the Florida Seaport
391Finance Corporation.
392     (1)  The corporation shall operate under a five-member
393board of directors consisting of the Governor or a designee, the
394Chief Financial Officer or a designee, the Attorney General or a
395designee, the director of the Division of Bond Finance of the
396State Board of Administration, and the Secretary of
397Transportation. The director of the Division of Bond Finance
398shall be the chief executive officer of the corporation, shall
399direct and supervise the administrative affairs of the
400corporation, and shall control, direct, and supervise the
401operation of the corporation. The corporation shall also have
402such other officers as are determined by the board of directors.
403     (2)  The corporation shall have all the powers of a
404corporate body under the laws of the state, including, but not
405limited to, chapters 607 and 617, to the extent not inconsistent
406with or restricted by the provisions of this section, including,
407but not limited to, the power to:
408     (a)  Adopt, amend, and repeal bylaws not inconsistent with
409this section.
410     (b)  Sue and be sued.
411     (c)  Adopt and use a common seal.
412     (d)  Acquire, purchase, hold, lease, and convey such real
413and personal property as is proper or expedient to carry out the
414purposes of the corporation and this section, and to sell,
415lease, or otherwise dispose of such property.
416     (e)  Elect or appoint and employ such officers, agents, and
417employees as the board of directors deems advisable to operate
418and manage the affairs of the corporation, which officers,
419agents, and employees may be officers or employees of the
420Department of Transportation and the state agencies represented
421on the board of directors of the corporation.
422     (f)  At the request of the Department of Transportation,
423issue bonds for the purpose of financing or refinancing fixed
424capital outlay seaport projects as provided in s. 320.20(3) and
425(4).
426     (g)  Make and execute any and all contracts, trust
427agreements, and other instruments and agreements necessary or
428convenient to accomplish the purposes of the corporation and
429this section.
430     (h)  Select, retain, and employ professionals, contractors,
431or agents, which may include the Division of Bond Finance, as
432necessary or convenient to enable or assist the corporation in
433carrying out the purposes of the corporation and this section.
434     (i)  Do any act or thing necessary or convenient to carry
435out the purposes of the corporation and this section and the
436powers provided in this section.
437     (3)  The corporation is authorized to enter into one or
438more contracts with the Department of Transportation pursuant to
439which the corporation shall finance or refinance fixed capital
440outlay seaport projects as provided in s. 320.20(3), (4), and
441(5). The Department of Transportation may enter into one or more
442such contracts with the corporation and provide for payments
443under such contracts pursuant s. 320.20(3), (4), and (5),
444subject to annual appropriation by the Legislature. The proceeds
445from such contracts may be used for the administrative costs and
446expenses of the corporation after making payments as provided in
447subsection (4). In compliance with s. 287.0641 and other
448applicable provisions of law, the obligations of the Department
449of Transportation under such contracts do not constitute a
450general obligation of the state or a pledge of the faith and
451credit or taxing power of the state, and such obligations are
452not obligations of the State Board of Administration or the
453Department of Transportation, except as provided in this
454section, but shall be payable solely from amounts received
455pursuant to s. 320.20(3), (4), and (5), subject to annual
456appropriation by the Legislature. In compliance with this
457subsection and s. 287.0582, the contract must expressly include
458the following statement: "The State of Florida's performance and
459obligation to pay under this contract is contingent upon an
460annual appropriation by the Legislature."
461     (4)  The corporation may issue bonds payable from and
462secured by amounts payable to the corporation by the Department
463of Transportation under a contract entered into pursuant to
464subsection (3) for the purpose of financing or refinancing fixed
465capital outlay seaport projects as provided in s. 320.20(3),
466(4), and (5). Any such indebtedness of the corporation does not
467constitute a debt or obligation of the state or a pledge of the
468faith and credit or taxing power of the state but is payable
469from and secured by payments made by the Department of
470Transportation under the contract. Bonds issued pursuant to this
471section are payable from, and secured by a first lien on, funds
472available pursuant to s. 320.20(3), (4), and (5), subject to
473annual appropriation. The bonds are subject to the provisions of
474s. 320.20(3), (4), and (5). Such funds may be assigned and
475pledged as security and deposited in trust with the State Board
476of Administration pursuant to the terms of an agreement entered
477into among the Department of Transportation, the Division of
478Bond Finance, and the State Board of Administration.
479     (5)  The fulfillment of the purposes of the corporation
480promotes the health, safety, and general welfare of the people
481of the state and serves as essential governmental functions and
482a paramount public purpose.
483     (6)  The corporation is exempt from taxation and
484assessments of any nature whatsoever upon its income and any
485property, assets, or revenues acquired, received, or used in the
486furtherance of the purposes provided in this chapter. The bonds
487of the corporation incurred pursuant to subsection (4) and the
488interest and income thereon and all security agreements, letters
489of credit, liquidity facilities, or other obligations or
490instruments arising out of, entered into in connection
491therewith, or given to secure payment thereof are exempt from
492all taxation, provided such exemption does not apply to any tax
493imposed by chapter 220 on the interest, income, or profits on
494debt obligations owned by corporations.
495     (7)  The corporation may validate bonds issued pursuant to
496this section and the validity and enforceability of any
497contracts providing for payments pledged to the payment thereof
498by proceedings under chapter 75. The validation complaint shall
499be filed only in the Circuit Court of Leon County. The notice
500required to be published by s. 75.06 must be published in Leon
501County, and the complaint and order of the circuit court shall
502be served only on the State Attorney for the Second Judicial
503Circuit. Sections 75.04(2) and 75.06(2) do not apply to a
504complaint for validation filed under this subsection. The first
505bonds issued pursuant to this section shall be validated.
506     (8)  The corporation is not a special district for purposes
507of chapter 189 or a unit of local government for purposes of
508part III of chapter 218. The provisions of chapters 120 and 215,
509except the limitation on interest rates provided by s. 215.84
510which applies to obligations of the corporation issued pursuant
511to this section, and part I of chapter 287, except ss. 287.0582
512and 287.0641, do not apply to this section, the corporation, the
513contracts entered into pursuant to this section, or to bonds
514issued by the corporation as contemplated in this section.
515     (9)  In no event shall any of the benefits or earnings of
516the corporation inure to the benefit of any private person.
517     (10)  Upon dissolution of the corporation, title to all
518property owned by the corporation shall revert to the state.
519     (11)  The corporation may contract with the State Board of
520Administration to serve as trustee with respect to bonds issued
521by the corporation as contemplated by this section and to hold,
522administer, and invest proceeds of such bonds and other funds of
523the corporation and to perform other services required by the
524corporation. The State Board of Administration may perform such
525services and may contract with others to provide all or a part
526of such services and to recover its and such other costs and
527expenses thereof.
528     (12)  The Department of Transportation and any
529participating port that is governed by a public body, local
530governments, or local governments collectively by interlocal
531agreement having jurisdiction of a seaport project may enter
532into an interlocal agreement with the Department of
533Transportation to promote the efficient and cost-effective
534financing or refinancing of approved projects pursuant to this
535section. The terms of such interlocal agreements must include
536provisions for the Department of Transportation to request the
537issuance by the corporation of the bonds on behalf of the ports
538or local governments described in this subsection; may provide
539that each party to the agreement is contractually liable for a
540share of funding an amount equal to the debt service
541requirements of such bonds; and must include any other terms,
542provisions, or covenants necessary for full performance under
543such interlocal agreement. Repayments made to the Department of
544Transportation under any interlocal agreement are not pledged to
545the repayment of bonds issued under this section, and failure of
546the local governmental authority to make such payment does not
547affect the obligation of the Department of Transportation to
548make payment on any contract with the corporation.
549     (13)  There is no liability on the part of, and no cause of
550action shall arise against, any board members or employees of
551the corporation for any actions taken by them in the performance
552of their duties under this section.
553     Section 3.  The provisions of this act do not affect the
554validity of the Florida Ports Financing Commission Series 1996
555and 1999 Bonds.
556     Section 4.  This act shall take effect July 1, 2008.


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