1

A bill to be entitled

2

An act relating to transportation; amending s. 320.20,

3

F.S.; prescribing when certain funds will become subject

4

to appropriation; revising the distribution of license tax

5

moneys deposited in the State Transportation Trust Fund

6

for the funding of the Florida Seaport Transportation and

7

Economic Development Program and certain seaport

8

intermodal access projects; requiring the Florida Seaport

9

Transportation and Economic Development Council to submit

10

a list of certain freight mobility projects to the

11

Department of Transportation; requiring that the council

12

and the department agree upon the projects selected for

13

funding; requiring the department to include the selected

14

projects for funding in the tentative work program;

15

providing that specified bonds shall be issued by the

16

Division of Bond Finance at the request of the department;

17

providing for funding the construction of wharves and

18

docks; providing for funding certain seaport intermodal

19

access projects; requiring match; providing for the

20

issuance of bonds for such projects; creating s. 311.23,

21

F.S.; creating the Florida Seaport Finance Corporation;

22

providing for membership of its board of directors;

23

providing its powers and duties; authorizing the issuance

24

and validation of bonds; exempting the corporation from

25

taxation; declaring that the corporation is not a special

26

district; authorizing interlocal agreements; exempting

27

board members and employees of the corporation from

28

liability for certain acts; providing that certain

29

provisions of this act do not affect the validity of

30

specified Florida Ports Financing Commission bonds;

31

providing an effective date.

32

33

Be It Enacted by the Legislature of the State of Florida:

34

35

     Section 1.  Section 320.20, Florida Statutes, is amended to

36

read:

37

     320.20  Disposition of license tax moneys.--The revenue

38

derived from the registration of motor vehicles, including any

39

delinquent fees and excluding those revenues collected and

40

distributed under the provisions of s. 320.081, must be

41

distributed monthly, as collected, as follows:

42

     (1)  The first proceeds, to the extent necessary to comply

43

with the provisions of s. 18, Art. XII of the State Constitution

44

of 1885, as adopted by s. 9(d), Art. XII, 1968 revised

45

constitution, and the additional provisions of s. 9(d) and s.

46

1010.57, must be deposited in the district Capital Outlay and

47

Debt Service School Trust Fund.

48

     (2)  Twenty-five million dollars per year of such revenues

49

must be deposited in the State Transportation Trust Fund, with

50

priority use assigned to completion of the interstate highway

51

system. However, any excess funds may be utilized for general

52

transportation purposes, consistent with the Department of

53

Transportation's legislatively approved objectives.

54

     (3)  Notwithstanding any other provision of law except

55

subsections (1) and (2), on July 1, 1996, and annually

56

thereafter, $15 million shall be deposited in the State

57

Transportation Trust Fund solely for the purposes of funding the

58

Florida Seaport Transportation and Economic Development Program

59

as provided for in chapter 311. Upon the issuance of bonds

60

pursuant to s. 311.23 which legally defease all outstanding

61

Florida Ports Financing Commission Series 1996 Bonds, such

62

deposit shall be subject to appropriation. Such revenues shall be

63

distributed to any port listed in s. 311.09, to be used for

64

funding projects as follows:

65

     (a) For any seaport intermodal access projects that are

66

identified in the tentative work program of the Department of

67

Transportation for the 2008-2009 to 2012-2013 fiscal years, up to

68

the amounts needed to offset the funding requirements of this

69

section.

70

     (b) For seaport intermodal access projects as described in

71

s. 341.053(6) which are identified in the 5-year Florida Seaport

72

Mission Plan as provided in s. 311.09(3), funding shall require

73

at least a 25 percent match of the funds received pursuant to

74

this subsection. Matching funds shall come from any port funds,

75

federal funds, local funds, or private funds.

76

     (c) For seaport projects as described in s. 311.07(3)(b),

77

funds shall be provided on a 50-50 matching basis.

78

     (d) For seaport intermodal access projects that involve the

79

dredging or deepening of channels, turning basins, or harbors, or

80

the construction or rehabilitation of wharves, docks, or similar

81

structures, funding shall require at least a 25 percent match of

82

the funds received pursuant to this subsection. Matching funds

83

shall come from any port funds, federal funds, local funds, or

84

private funds. Such revenues shall be distributed on a 50-50

85

matching basis to any port listed in s. 311.09(1) to be used for

86

funding projects as described in s. 311.07(3)(b).

87

88

Such revenues may be assigned, pledged, or set aside as a trust

89

for the payment of principal or interest on bonds issued pursuant

90

to s. 311.23, tax anticipation certificates, or any other form of

91

indebtedness issued by an individual port or appropriate local

92

government having jurisdiction thereof, or collectively by

93

interlocal agreement among any of the ports, or used to purchase

94

credit support to permit such borrowings. However, such debt

95

shall not constitute a general obligation of the State of

96

Florida. The state does hereby covenant with holders of such

97

revenue bonds or other instruments of indebtedness issued

98

hereunder that it will not repeal or impair or amend in any

99

manner that which will materially and adversely affects affect

100

the rights of such holders so long as bonds authorized by this

101

section are outstanding. Any revenues that which are not pledged

102

to the repayment of bonds as authorized by this section may be

103

utilized for purposes authorized under the Florida Seaport

104

Transportation and Economic Development Program. This revenue

105

source is in addition to any amounts provided for and

106

appropriated in accordance with s. 311.07. The Florida Seaport

107

Transportation and Economic Development Council shall submit to

108

the Department of Transportation a list of strategic

109

transportation, economic development, and freight mobility

110

projects that contribute to the economic growth of the state and

111

that approve distribution of funds to ports for projects which

112

have been approved pursuant to s. 311.09(5)-(9). The council and

113

the Department of Transportation shall mutually agree upon the

114

prioritization and selection of projects for funding. The

115

Department of Transportation shall include the selected projects

116

for funding in the tentative work program developed pursuant to

117

s. 339.135. The council and the Department of Transportation are

118

authorized to perform such acts as are required to facilitate and

119

implement the provisions of this subsection, including the

120

funding of approved projects through the use of other state

121

funding programs, local contributions from seaports, and the

122

creative use of federal funds. To better enable the ports to

123

cooperate for to their mutual advantage, the governing body of

124

each port may exercise powers provided to municipalities or

125

counties in s. 163.01(7)(d) subject to the provisions of chapter

126

311 and special acts, if any, pertaining to a port. The use of

127

funds provided pursuant to this subsection are limited to

128

eligible projects listed in this subsection. Income derived from

129

a project completed with the use of program funds, beyond

130

operating costs and debt service, shall be restricted to

131

furthering further port capital improvements consistent with

132

maritime purposes and for no other purpose. Use of such income

133

for nonmaritime purposes is prohibited. The provisions of s.

134

311.07(4) do not apply to any funds received pursuant to this

135

subsection. The Department of Transportation is authorized,

136

pursuant to s. 311.23, to request the issuance of bonds pledging

137

the revenues provided in this subsection and subsections (4) and

138

(5), including bonds issued to refund the Florida Ports Financing

139

Commission Series 1996 and Series 1999 Bonds. All bonds issued

140

pursuant to this subsection shall mature by June 1, 2038. The

141

revenues available under this subsection shall not be pledged to

142

the payment of any bonds other than the Florida Ports Financing

143

Commission Series 1996 and Series 1999 Bonds currently

144

outstanding; provided, however, such revenues may be pledged to

145

secure payment of refunding bonds to refinance the Florida Ports

146

Financing Commission Series 1996 and Series 1999 Bonds. No

147

Refunding bonds secured by revenues available under this

148

subsection may not be issued with a final maturity later than the

149

final maturity of the Florida Ports Financing Commission Series

150

1996 and Series 1999 Bonds or which provide for higher debt

151

service in any year than is currently payable on such bonds. Any

152

revenue bonds or other indebtedness issued after July 1, 2000,

153

other than refunding bonds shall be issued by the Division of

154

Bond Finance at the request of the Department of Transportation

155

pursuant to the State Bond Act.

156

     (4)  Notwithstanding any other provision of law except

157

subsections (1), (2), and (3), on July 1, 1999, and annually

158

thereafter, $10 million shall be deposited annually into in the

159

State Transportation Trust Fund solely for the purposes of

160

funding the Florida Seaport Transportation and Economic

161

Development Program as provided in chapter 311 and for funding

162

seaport intermodal access projects of statewide significance as

163

provided in s. 341.053. Upon the issuance of bonds pursuant to s.

164

311.23 which legally defeat all outstanding Florida Ports

165

Financing Commission Series 1999 Bonds, such deposit shall be

166

subject to appropriation. Such revenues shall be distributed to

167

any port listed in s. 311.09(1), to be used for funding projects

168

as follows:

169

     (a)  For any seaport intermodal access projects that are

170

identified in the 1997-1998 Tentative Work Program of the

171

Department of Transportation, up to the amounts needed to offset

172

the funding requirements of this section.

173

     (b)  For seaport intermodal access projects as described in

174

s. 341.053(5) that are identified in the 5-year Florida Seaport

175

Mission Plan as provided in s. 311.09(3). Funding for such

176

projects shall be on a matching basis as mutually determined by

177

the Florida Seaport Transportation and Economic Development

178

Council and the Department of Transportation, provided a minimum

179

of 25 percent of total project funds comes shall come from any

180

port funds, local funds, private funds, or specifically earmarked

181

federal funds.

182

     (c)  On a 50-50 matching basis for projects as described in

183

s. 311.07(3)(b).

184

     (d)  For seaport intermodal access projects that involve the

185

dredging or deepening of channels, turning basins, or harbors,;

186

or the construction or rehabilitation of wharves, docks, or

187

similar structures. Funding for such projects shall require a 25

188

percent match of the funds received pursuant to this subsection.

189

Matching funds must shall come from any port funds, federal

190

funds, local funds, or private funds.

191

192

Such revenues may be assigned, pledged, or set aside as a trust

193

for the payment of principal or interest on bonds issued pursuant

194

to s. 311.23, tax anticipation certificates, or any other form of

195

indebtedness issued by an individual port or appropriate local

196

government having jurisdiction thereof, or collectively by

197

interlocal agreement among any of the ports, or used to purchase

198

credit support to permit such borrowings. However, such debt does

199

shall not constitute a general obligation of the state. This

200

state does hereby covenant with holders of such revenue bonds or

201

other instruments of indebtedness issued hereunder that it will

202

not repeal or impair or amend this subsection in any manner that

203

which will materially and adversely affects affect the rights of

204

holders so long as bonds authorized by this subsection are

205

outstanding. Any revenues that are not pledged to the repayment

206

of bonds as authorized by this section may be used utilized for

207

purposes authorized under the Florida Seaport Transportation and

208

Economic Development Program. This revenue source is in addition

209

to any amounts provided for and appropriated in accordance with

210

s. 311.07 and subsection (3). The Florida Seaport Transportation

211

and Economic Development Council shall submit to the Department

212

of Transportation a list of strategic transportation, economic

213

development, and freight mobility projects that contribute to the

214

economic growth of the state and approve distribution of funds to

215

ports for projects that have been approved pursuant to s.

216

311.09(5)-(9), or that have been approved for seaport intermodal

217

access projects identified in the 5-year Florida Seaport Mission

218

Plan as provided in s. 311.09(3) and mutually agreed upon by the

219

FSTED Council and the Department of Transportation. The council

220

and the Department of Transportation shall mutually agree upon

221

the prioritization and selection of projects for funding. The

222

Department of Transportation shall include the selected projects

223

for funding in the tentative work program developed pursuant to

224

s. 339.135. All contracts for actual construction of projects

225

authorized by this subsection must include a provision

226

encouraging employment of participants in the welfare transition

227

program. The goal for employment of participants in the welfare

228

transition program is 25 percent of all new employees employed

229

specifically for the project, unless the Department of

230

Transportation and the Florida Seaport Transportation and

231

Economic Development Council demonstrate that such a requirement

232

would severely hamper the successful completion of the project.

233

In such an instance, Workforce Florida, Inc., shall establish an

234

appropriate percentage of employees that must be participants in

235

the welfare transition program. The council and the Department of

236

Transportation are authorized to perform such acts as are

237

required to facilitate and implement the provisions of this

238

subsection, including the funding of approved projects through

239

the use of other state funding programs, local contributions from

240

seaports, and the creative use of federal funds. To better enable

241

the ports to cooperate for to their mutual advantage, the

242

governing body of each port may exercise powers provided to

243

municipalities or counties in s. 163.01(7)(d) subject to the

244

provisions of chapter 311 and special acts, if any, pertaining to

245

a port. The use of funds provided pursuant to this subsection is

246

limited to eligible projects listed in this subsection. The

247

provisions of s. 311.07(4) do not apply to any funds received

248

pursuant to this subsection. The Department of Transportation is

249

authorized, pursuant to s. 311.23, to request the issuance of

250

bonds pledging the revenues provided in subsections (3) and (5)

251

and this subsection, including bonds issued to refund the Florida

252

Ports Financing Commission Series 1996 and Series 1999 Bonds. All

253

bonds issued pursuant to this subsection shall mature by June 1,

254

2038. The revenues available under this subsection shall not be

255

pledged to the payment of any bonds other than the Florida Ports

256

Financing Commission Series 1996 and Series 1999 Bonds currently

257

outstanding; provided, however, such revenues may be pledged to

258

secure payment of refunding bonds to refinance the Florida Ports

259

Financing Commission Series 1996 and Series 1999 Bonds. No

260

refunding bonds secured by revenues available under this

261

subsection may be issued with a final maturity later than the

262

final maturity of the Florida Ports Financing Commission Series

263

1996 and Series 1999 Bonds or which provide for higher debt

264

service in any year than is currently payable on such bonds. Any

265

revenue bonds or other indebtedness issued after July 1, 2000,

266

other than refunding bonds shall be issued by the Division of

267

Bond Finance at the request of the Department of Transportation

268

pursuant to the State Bond Act.

269

     (5) Notwithstanding any other provision of law except

270

subsections (1), (2), (3), and (4), on July 1, 2009, and annually

271

thereafter, $3 million shall be deposited into the State

272

Transportation Trust Fund solely to fund the Florida Seaport

273

Transportation and Economic Development Program as provided in

274

chapter 311 and to fund seaport intermodal access projects of

275

statewide significance as provided in s. 341.053. Such deposit

276

shall be subject to appropriation. The revenues shall be

277

distributed to any port listed in s. 311.09(1), to be used for

278

funding projects as follows:

279

     (a) For any seaport intermodal access projects that are

280

identified in the tentative work program of the Department of

281

Transportation for the 2008-2009 to 2012-2013 fiscal years, up to

282

the amounts needed to offset the funding requirements of this

283

section.

284

     (b) For seaport intermodal access projects described in s.

285

341.053(6) which are identified in the 5-year Florida Seaport

286

Mission Plan as provided in s. 311.09(3), funding shall require

287

at least a 25 percent match of the funds received pursuant to

288

this subsection. Matching funds must come from any port funds,

289

federal funds, local funds, or private funds.

290

     (c) On a 50-50 matching basis for projects described in s.

291

311.07(3)(b).

292

     (d) For seaport intermodal access projects that involve the

293

dredging or deepening of channels, turning basins, or harbors, or

294

the construction or rehabilitation of wharves, docks, or similar

295

structures, funding shall require at least a 25 percent match of

296

the funds received pursuant to this subsection. Matching funds

297

must come from any port funds, federal funds, local funds, or

298

private funds.

299

300

Such revenues may be assigned, pledged, or set aside as a trust

301

for the payment of principal or interest on bonds issued pursuant

302

to s. 311.23. However, such debt does not constitute a general

303

obligation of the state. The state covenants with holders of such

304

bonds that it will not repeal or impair or amend this subsection

305

in any manner that materially and adversely affects the rights of

306

holders so long as bonds authorized by this subsection are

307

outstanding. Any revenues that are not pledged for the repayment

308

of bonds may be used for purposes authorized under the Florida

309

Seaport Transportation and Economic Development Program. This is

310

in addition to any amounts provided for and appropriated in

311

accordance with s. 311.07 and subsections (3) and (4). The

312

Florida Seaport Transportation and Economic Development Council

313

shall submit to the Department of Transportation a list of

314

strategic transportation, economic development, and freight

315

mobility projects that contribute to the economic growth of the

316

state and that have been approved pursuant to s. 311.09(5)-(9),

317

or that have been approved for seaport intermodal access projects

318

identified in the 5-year Florida Seaport Mission Plan as provided

319

in s. 311.09(3). The council and the Department of Transportation

320

shall mutually agree upon the prioritization and selection of

321

projects for funding. The Department of Transportation shall

322

include the selected projects for funding in the tentative work

323

program developed pursuant to s. 339.135. The council and the

324

Department of Transportation may perform such acts as are

325

required to facilitate and implement this subsection, including

326

the funding of approved projects through the use of other state

327

funding programs, local contributions from seaports, and the

328

creative use of federal funds. To better enable the ports to

329

cooperate for their mutual advantage, the governing body of each

330

port may exercise powers provided to municipalities or counties

331

in s. 163.01(7)(d), subject to chapter 311 and any special acts

332

pertaining to the port. The use of funds provided under this

333

subsection is limited to eligible projects listed in this

334

subsection. The Department of Transportation is authorized,

335

pursuant to s. 311.23, to request the issuance of bonds pledging

336

the revenues provided in subsections (3), (4), and (5). All bonds

337

secured by revenues under subsection (5) shall mature by July 1,

338

2038.

339

     (6)(5)(a) Except as provided in paragraph (c), the

340

remainder of such revenues must be deposited in the State

341

Transportation Trust Fund.

342

     (b) Each month the Chief Financial Officer each month shall

343

deposit in the State Transportation Trust Fund an amount, drawn

344

from other funds in the State Treasury which are not immediately

345

needed or are otherwise in excess of the amount necessary to meet

346

the requirements of the State Treasury, which when added to such

347

remaining revenues each month will equal one-twelfth of the

348

amount of the anticipated annual revenues to be deposited in the

349

State Transportation Trust Fund under paragraph (a) as determined

350

by the Chief Financial Officer after consultation with the

351

Revenue Estimating Conference held pursuant to s. 216.136(3). The

352

required transfers required hereunder may be suspended by action

353

of the Legislative Budget Commission in the event of a

354

significant shortfall of state revenues.

355

     (c)  In any month in which the remaining revenues derived

356

from the registration of motor vehicles exceed one-twelfth of

357

those anticipated annual remaining revenues as determined by the

358

Chief Financial Officer after consultation with the Revenue

359

Estimating Conference, the excess shall be credited to those

360

state funds in the State Treasury from which the amount was

361

originally drawn, up to the amount which was deposited in the

362

State Transportation Trust Fund under paragraph (b). A final

363

adjustment must be made in the last months of a fiscal year so

364

that the total revenue deposited in the State Transportation

365

Trust Fund each year equals the amount derived from the

366

registration of motor vehicles, less the amount distributed under

367

subsection (1). For the purposes of this paragraph and paragraph

368

(b), the term "remaining revenues" means all revenues deposited

369

into the State Transportation Trust Fund under paragraph (a) and

370

subsections (2) and (3). In order that interest earnings continue

371

to accrue to the General Revenue Fund, the Department of

372

Transportation may not invest an amount equal to the cumulative

373

amount of funds deposited in the State Transportation Trust Fund

374

under paragraph (b) less funds credited under this paragraph as

375

computed on a monthly basis. The amounts to be credited under

376

this and the preceding paragraph must be calculated and certified

377

to the Chief Financial Officer by the Executive Office of the

378

Governor.

379

     Section 2.  Section 311.23, Florida Statutes, is created to

380

read:

381

     311.23 Florida Seaport Finance Corporation.--There is

382

created a public benefits corporation, which is an

383

instrumentality of the state, to be known as the Florida Seaport

384

Finance Corporation.

385

     (1) The corporation shall operate under a five-member board

386

of directors consisting of the Governor or a designee, the Chief

387

Financial Officer or a designee, the Attorney General or a

388

designee, the Director of the Division of Bond Finance of the

389

State Board of Administration, and the Secretary of the

390

Department of Transportation. The Director of the Division of

391

Bond Finance shall be the chief executive officer of the

392

corporation, shall direct and supervise the administrative

393

affairs of the corporation and shall control, direct, and

394

supervise the operation of the corporation. The corporation shall

395

also have such other officers as are determined by the board of

396

directors.

397

     (2) The corporation shall have all the powers of a

398

corporate body under the laws of the state, including, but not

399

limited to, chapters 607 and 617, to the extent not inconsistent

400

with or restricted by the provisions of this section, including,

401

but not limited to, the power to:

402

     (a) Adopt, amend, and repeal bylaws not inconsistent with

403

this section.

404

     (b) Sue and be sued.

405

     (c) Adopt and use a common seal.

406

     (d) Acquire, purchase, hold, lease, and convey such real

407

and personal property as is proper or expedient to carry out the

408

purposes of the corporation and this section, and to sell, lease,

409

or otherwise dispose of such property.

410

     (e) Elect or appoint and employ such officers, agents, and

411

employees as the corporation deems advisable to operate and

412

manage the affairs of the corporation, which officers, agents,

413

and employees may be officers or employees of the Department of

414

Transportation and the state agencies represented on the board of

415

directors of the corporation.

416

     (f) At the request of the Department of Transportation,

417

issue bonds for the purpose of financing or refinancing fixed

418

capital outlay seaport projects as provided in s. 320.20(3) and

419

(4).

420

     (g) Make and execute any and all contracts, trust

421

agreements, and other instruments and agreements necessary or

422

convenient to accomplish the purposes of the corporation and this

423

section.

424

     (h) Select, retain, and employ professionals, contractors,

425

or agents, which may include the Division of Bond Finance, as

426

necessary or convenient to enable or assist the corporation in

427

carrying out the purposes of the corporation and this section.

428

     (i) Do any act or thing necessary or convenient to carry

429

out the purposes of the corporation and this section and the

430

powers provided in this section.

431

     (3) The corporation is authorized to enter into one or more

432

contracts with the Department of Transportation pursuant to which

433

the corporation shall finance or refinance fixed capital outlay

434

seaport projects as provided in s. 320.20(3), (4), and (5). The

435

Department of Transportation may enter into one or more such

436

contracts with the corporation and provide for payments under

437

such contracts pursuant s. 320.20(3), (4), and (5) subject to

438

annual appropriation by the Legislature. The proceeds from such

439

contracts may be used for the administrative costs and expenses

440

of the corporation after making payments as provided in

441

subsection (4). In compliance with s. 287.0641 and other

442

applicable provisions of law, the obligations of the Department

443

of Transportation under such contracts do not constitute a

444

general obligation of the state or a pledge of the faith and

445

credit or taxing power of the state, and such obligations are not

446

obligations of the State Board of Administration or the

447

Department of Transportation, except as provided in this section,

448

but shall be payable solely from amounts received pursuant to s.

449

320.20(3), (4), and (5), subject to annual appropriation by the

450

Legislature. In compliance with this subsection and s. 287.0582,

451

the contract must expressly include the following statement: "The

452

State of Florida's performance and obligation to pay under this

453

contract is contingent upon an annual appropriation by the

454

Legislature."

455

     (4) The corporation may issue bonds payable from and

456

secured by amounts payable to the corporation by the Department

457

of Transportation under a contract entered into pursuant to

458

subsection (3) for the purpose of financing or refinancing fixed

459

capital outlay seaport projects as provided in s. 320.20(3), (4),

460

and (5). Any such indebtedness of the corporation does not

461

constitute a debt or obligation of the state or a pledge of the

462

faith and credit or taxing power of the state, but is payable

463

from and secured by payments made by the Department of

464

Transportation under the contract. Bonds issued pursuant to this

465

section are payable from, and secured by a first lien on, funds

466

available pursuant to s. 320.20(3), (4), and (5), subject to

467

annual appropriation. The bonds are subject to the provisions of

468

s. 320.20(3), (4), and (5). Such funds may be assigned and

469

pledged as security and deposited in trust with the State Board

470

of Administration pursuant to the terms of an agreement entered

471

into among the Department of Transportation, the Division of Bond

472

Finance, and the State Board of Administration.

473

     (5) The fulfillment of the purposes of the corporation

474

promotes the health, safety, and general welfare of the people of

475

the state and serves as essential governmental functions and a

476

paramount public purpose.

477

     (6) The corporation is exempt from taxation and assessments

478

of any nature whatsoever upon its income and any property,

479

assets, or revenues acquired, received, or used in the

480

furtherance of the purposes provided in this chapter. The bonds

481

of the corporation incurred pursuant to subsection (4) and the

482

interest and income thereon and all security agreements, letters

483

of credit, liquidity facilities, or other obligations or

484

instruments arising out of, entered into in connection therewith,

485

or given to secure payment thereof are exempt from all taxation,

486

provided such exemption does not apply to any tax imposed by

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chapter 220 on the interest, income, or profits on debt

488

obligations owned by corporations.

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     (7) The corporation may validate bonds issued pursuant to

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this section and the validity and enforceability of any contracts

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providing for payments pledged to the payment thereof by

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proceedings under chapter 75. The validation complaint shall be

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filed only in the Circuit Court for Leon County. The notice

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required to be published by s. 75.06 must be published in Leon

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County, and the complaint and order of the circuit court shall be

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served only on the State Attorney for the Second Judicial

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Circuit. Sections 75.04(2) and 75.06(2) do not apply to a

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complaint for validation filed under this subsection. The first

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bonds issued pursuant to this section shall be validated.

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     (8) The corporation is not a special district for purposes

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of chapter 189 or a unit of local government for purposes of part

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III of chapter 218. The provisions of chapters 120 and 215,

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except the limitation on interest rates provided by s. 215.84

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which applies to obligations of the corporation issued pursuant

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to this section, and part I of chapter 287, except ss. 287.0582

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and 287.0641, do not apply to this section, the corporation, the

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contracts entered into pursuant to this section, or to bonds

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issued by the corporation as contemplated in this section.

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     (9) In no event shall any of the benefits or earnings of

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the corporation inure to the benefit of any private person.

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     (10) Upon dissolution of the corporation, title to all

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property owned by the corporation shall revert to the state.

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     (11) The corporation may contract with the State Board of

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Administration to serve as trustee with respect to bonds issued

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by the corporation as contemplated by this section and to hold,

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administer, and invest proceeds of such bonds and other funds of

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the corporation and to perform other services required by the

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corporation. The State Board of Administration may perform such

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services and may contract with others to provide all or a part of

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such services and to recover its and such other costs and

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expenses thereof.

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     (12) The Department of Transportation and any participating

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port that is governed by a public body, local governments, or

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local governments collectively by interlocal agreement having

525

jurisdiction of a seaport project may enter into an interlocal

526

agreement with the Department of Transportation to promote the

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efficient and cost-effective financing or refinancing of approved

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projects pursuant to this section. The terms of such interlocal

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agreements must include provisions for the Department of

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Transportation to request the issuance by the corporation of the

531

bonds on behalf of the ports or local governments described

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above; may provide that each party to the agreement is

533

contractually liable for a share of funding an amount equal to

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the debt service requirements of such bonds; and must include any

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other terms, provisions, or covenants necessary for full

536

performance under such interlocal agreement. Repayments made to

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the Department of Transportation under any interlocal agreement

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are not pledged to the repayment of bonds issued under this

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section, and failure of the local governmental authority to make

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such payment does not affect the obligation of the Department of

541

Transportation to make payment on any contract with the

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corporation.

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     (13) There is no liability on the part of, and no cause of

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action shall arise against, any board members or employees of the

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corporation for any actions taken by them in the performance of

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their duties under this section.

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     Section 3. The provisions of this act do not affect the

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validity of the Florida Ports Financing Commission Series 1996

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and 1999 Bonds.

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     Section 4.  This act shall take effect July 1, 2008.