Florida Senate - 2009 COMMITTEE AMENDMENT
Bill No. SB 422
Barcode 742834
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
04/01/2009 .
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The Committee on Transportation (Joyner) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 9 - 10
4 and insert:
5 Section 1. Subsection (3) of section 348.51, Florida
6 Statutes, is amended to read:
7 348.51 Definitions.—The following terms whenever used or
8 referred to in this part shall have the following meanings,
9 except in those instances where the context clearly indicates
10 otherwise:
11 (3) “Bonds” means and includes the notes, bonds, refunding
12 bonds, or other evidences of indebtedness or obligations, in
13 either temporary or definitive form, which of the authority is
14 authorized to issue issued pursuant to this part.
15 Section 2. Subsections (7) and (8) of section 348.54,
16 Florida Statutes, are amended to read:
17 348.54 Powers of the authority.—Except as otherwise limited
18 herein, the authority shall have the power:
19 (7) To borrow money and to make and issue negotiable bonds,
20 notes, refunding bonds, and other evidences of indebtedness or
21 obligations, either in temporary or definitive form, hereinafter
22 in this chapter referred to bonds of the authority, for the
23 purpose of financing all or part of the improvement or extension
24 of the expressway system, and appurtenant facilities, including
25 all approaches, streets, roads, bridges, and avenues of access
26 for the expressway system and for any other purpose authorized
27 by this part and to provide for the rights of the holders
28 thereof.
29 (8) To secure the payment of bonds by a pledge of all or
30 any portion of the revenues or such other moneys legally
31 available therefor and of all or any portion of the Hillsborough
32 County gasoline tax funds in the manner provided by this part;
33 and in general to provide for the security of the bonds and the
34 rights and remedies of the holders thereof. Interest upon the
35 amount of gasoline tax funds to be repaid to the county pursuant
36 to s. 348.60 shall be payable, at the highest rate applicable to
37 any outstanding bonds of the authority, out of revenues and
38 other available moneys not required to meet the authority’s
39 obligations to its bondholders. The authority shall have no
40 power at any time or in any manner to pledge the credit or
41 taxing power of the state or any political subdivision or
42 agency, including the city and the county, nor shall any of the
43 authority’s obligations be deemed to be obligations of the state
44 or of any political subdivision or agency, nor shall the state
45 or any political subdivision or agency, except the authority, be
46 liable for the payment of the principal of or interest on such
47 obligations.
48 Section 3. Section 348.545, Florida Statutes, is amended to
49 read:
50 348.545 Facility improvement; bond financing authority.
51 Pursuant to s. 11(f), Art. VII of the State Constitution, the
52 Legislature hereby approves for bond financing by the Tampa
53 Hillsborough County Expressway Authority improvements to toll
54 collection facilities, interchanges to the legislatively
55 approved expressway system, and any other facility appurtenant,
56 necessary, or incidental to the approved system. Subject to
57 terms and conditions of applicable revenue bond resolutions and
58 covenants, such costs financing may be financed in whole or in
59 part by revenue bonds issued pursuant to s. 348.56 (1)(a) or s.
60 348.56 (1)(b) whether currently issued or issued in the future,
61 or by a combination of such bonds.
62 Section 4. Subsections (1) and (2) of section 348.56,
63 Florida Statutes, are amended to read:
64 348.56 Bonds of the authority.—
65 (1)(a) Bonds may be issued on behalf of the authority
66 pursuant to the State Bond Act.
67 (b) Alternatively, the authority shall have the power and
68 is hereby authorized from time to time to issue bonds in such
69 principal amount as, in the opinion of the authority, shall be
70 necessary to provide sufficient moneys for achieving its
71 corporate purposes, including construction, reconstruction,
72 improvement, extension, repair, maintenance and operation of the
73 expressway system, the cost of acquisition of all real property,
74 interest on bonds during construction and for a reasonable
75 period thereafter, establishment of reserves to secure bonds,
76 and all other expenditures of the authority incident to and
77 necessary or convenient to carry out its corporate purposes and
78 powers.
79 (2)(a) Bonds issued by the authority pursuant to paragraph
80 (1)(a) or paragraph (1)(b) shall be authorized by resolution of
81 the members of the authority and shall bear such date or dates,
82 mature at such time or times, not exceeding 40 years from their
83 respective dates, bear interest at such rate or rates, not
84 exceeding the maximum rate fixed by general law for authorities,
85 be in such denominations, be in such form, either coupon or
86 fully registered, carry such registration, exchangeability and
87 interchangeability privileges, be payable in such medium of
88 payment and at such place or places, be subject to such terms of
89 redemption and be entitled to such priorities of lien on the
90 revenues, other available moneys, and the Hillsborough County
91 gasoline tax funds as such resolution or any resolution
92 subsequent thereto may provide. The bonds shall be executed
93 either by manual or facsimile signature by such officers as the
94 authority shall determine, provided that such bonds shall bear
95 at least one signature which is manually executed thereon. The
96 coupons attached to such bonds shall bear the facsimile
97 signature or signatures of such officer or officers as shall be
98 designated by the authority. Such bonds shall have the seal of
99 the authority affixed, imprinted, reproduced, or lithographed
100 thereon.
101 (b) The bonds issued pursuant to paragraph (1)(a) or
102 paragraph (1)(b) shall be sold at public sale in the same manner
103 provided in the State Bond Act, and the net interest cost to the
104 authority on such bonds shall not exceed the maximum rate fixed
105 by general law for authorities. If all bids received on the
106 public sale are rejected, the authority may then proceed to
107 negotiate for the sale of the bonds at a net interest cost which
108 shall be less than the lowest net interest cost stated in the
109 bids rejected at the public sale. However, if the authority
110 determines, by official action at a public meeting, that a
111 negotiated sale of such bonds is in the best interest of the
112 authority, the authority may negotiate the sale of such bonds
113 with the underwriter or underwriters designated by the authority
114 and the Division of Bond Finance within the State Board of
115 Administration with respect to bonds issued pursuant to
116 paragraph (1)(a) or solely by the authority with respect to
117 bonds issued pursuant to paragraph (1)(b). The authority’s
118 determination to negotiate the sale of such bonds may be based,
119 in part, upon the written advice of the authority’s financial
120 adviser. Pending the preparation of definitive bonds, temporary
121 bonds or interim certificates may be issued to the purchaser or
122 purchasers of such bonds and may contain such terms and
123 conditions as the authority may determine.
124 Section 5. Section 348.565, Florida Statutes, is amended to
125 read:
126 348.565 Revenue bonds for specified projects.—The existing
127 facilities that constitute the Tampa-Hillsborough County
128 Expressway System are hereby approved to be refinanced by the
129 issuance of revenue bonds issued by the Division of Bond Finance
130 of the State Board of Administration pursuant to s. 11(f), Art.
131 VII of the State Constitution and the State Bond Act, or by
132 revenue bonds issued by the authority pursuant to s.
133 348.56(1)(b). In addition, the following projects of the Tampa
134 Hillsborough County Expressway Authority are approved to be
135 financed or refinanced by the issuance of revenue bonds in
136 accordance with this part and pursuant to s. 11(f), Art. VII of
137 the State Constitution:
138 (1) Brandon area feeder roads.
139 (2) Capital improvements to the expressway system,
140 including safety and operational improvements and toll
141 collection equipment.
142 (3) Lee Roy Selmon Crosstown Expressway System widening.
143 (4) The connector highway linking the Lee Roy Selmon
144 Crosstown Expressway to Interstate 4.
145 Section 6. Subsection (1) of section 348.57, Florida
146 Statutes, is amended to read:
147 348.57 Refunding bonds.—
148 (1) Subject to public notice as provided in s. 348.54, the
149 authority is authorized to provide by resolution for the
150 issuance from time to time of bonds pursuant to s. 348.56(1)(b)
151 for the purpose of refunding any bonds then outstanding
152 regardless of whether the bonds being refunded were issued by
153 the authority pursuant to this chapter or on behalf of the
154 authority pursuant to the State Bond Act. The authority is
155 further authorized to provide by resolution for the issuance of
156 bonds for the combined purpose of:
157 (a) Paying the cost of constructing, reconstructing,
158 improving, extending, repairing, maintaining and operating the
159 expressway system.
160 (b) Refunding bonds then outstanding. The authorization,
161 sale and issuance of such obligations, the maturities and other
162 details thereof, the rights and remedies of the holders thereof,
163 and the rights, powers, privileges, duties and obligations of
164 the authority with respect to the same shall be governed by the
165 foregoing provisions of this part insofar as the same may be
166 applicable.
167 Section 7. Section 348.70, Florida Statutes, is amended to
168 read:
169 348.70 This part complete and additional authority.—
170 (1) The powers conferred by this part shall be in addition
171 and supplemental to the existing respective powers of the
172 authority, the department, the county and the city, if any, and
173 this part shall not be construed as repealing any of the
174 provisions of any other law, general, special or local, but
175 shall be deemed to supersede such other law or laws in the
176 exercise of the powers provided in this part insofar as such
177 other law or laws are inconsistent with the provisions of this
178 part and to provide a complete method for the exercise of the
179 powers granted herein. The construction, reconstruction,
180 improvement, extension, repair, maintenance and operation of the
181 expressway system, and the issuance of bonds hereunder to
182 finance all or part of the cost thereof, may be accomplished
183 upon compliance with the provisions of this part without regard
184 to or necessity for compliance with the provisions, limitations,
185 or restrictions contained in any other general, special or local
186 law, including, but not limited to, s. 215.821, and no approval
187 of any bonds issued under this part by the qualified electors or
188 qualified electors who are freeholders in the state or in the
189 county or in the city or in any other political subdivision of
190 the state shall be required for the issuance of such bonds.
191 (2) This part does not repeal, rescind, or modify any other
192 law or laws relating to the State Board of Administration, the
193 Department of Transportation, or the Division of Bond Finance of
194 the State Board of Administration, but shall supersede such
195 other law or laws as are inconsistent with the provisions of
196 this part, including, but not limited to, s. 215.821.
197
198 ================= T I T L E A M E N D M E N T ================
199 And the title is amended as follows:
200 Delete everything before the enacting clause
201 and insert:
202 A bill to be entitled
203 An act relating to the Department of Transportation;
204 amending s. 348.51 F.S.; revising the definition of
205 the term “bonds”; amending s. 348.54, F.S.;
206 authorizing the Tampa-Hillsborough County Expressway
207 Authority to make and issue notes, refunding bonds,
208 and other evidences of indebtedness or obligations for
209 specified purposes relating to the expressway system;
210 prohibiting the authority to have power to pledge the
211 credit or taxing power of the state; providing that
212 the authority’s obligations are not obligations of the
213 state, political subdivision, or agency; providing
214 that the state, a political subdivision, or agency is
215 not liable for the payment of principal or interest on
216 the authority’s obligations; amending s. 348.545,
217 F.S.; authorizing costs of authority improvements to
218 be financed by bonds issued on behalf of the authority
219 pursuant to the State Bond Act or bonds issued by the
220 authority pursuant to ch. 348, F.S.; amending s.
221 348.56, F.S.; authorizing bonds to be issued on behalf
222 of the authority pursuant to the State Bond Act or
223 issued by the authority pursuant to ch. 348, F.S.;
224 revising requirements for such bonds; requiring the
225 bonds to be sold at public sale; authorizing the
226 authority to negotiate the sale of bonds with
227 underwriters under certain circumstances; amending s.
228 348.565, F.S.; providing that facilities of the
229 expressway system are approved to be refinanced by the
230 revenue bonds issued by the Division of Bond Finance
231 of the State Board of Administration and the State
232 Bond Act, or by revenue bonds issued by the authority;
233 providing that certain projects of the authority are
234 approved for financing or refinancing by revenue bonds
235 issued according to part IV of ch. 348, F.S., and the
236 State Constitution; amending s. 348.57, F.S.;
237 authorizing the authority to provide for the issuance
238 of certain bonds for the refunding of any bonds then
239 outstanding regardless of whether the bonds being
240 refunded were issued by the authority pursuant to this
241 chapter or on behalf of the authority pursuant to the
242 State Bond Act; amending s. 348.70, F.S.; providing
243 that part IV of ch. 348, F.S., relating to the Tampa
244 Hillsborough County Express Authority, does not
245 repeal, rescind, or modify certain laws; providing an
246 effective date.