Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS/CS/SB 1150, 2nd Eng.
                                Barcode 697348                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       Senators Gardiner, Hays, and Simmons moved the following:
    1         Senate Amendment to House Amendment (376895) (with title
    2  amendment)
    4         Delete lines 3356 - 3379
    5  and insert:
    6         Section 124. Section 348.766, Florida Statutes, is created
    7  to read:
    8         348.766Wekiva Parkway.—
    9         (1) The Florida Turnpike Enterprise shall construct,
   10  operate, and maintain the Wekiva Parkway, as defined in s.
   11  369.317(1). The authority shall provide the Department of
   12  Transportation with complete copies of all documents,
   13  agreements, resolutions, contracts and instruments relating to
   14  the Wekiva Parkway and the department shall perform all
   15  construction work, including the planning, surveying, designing,
   16  and actual construction of the Wekiva Parkway. The authority
   17  shall transfer title to all properties acquired for the right
   18  of-way for the Wekiva Parkway to the department.
   19         (2)(a) Notwithstanding any other provision of law to the
   20  contrary and effective July 1, 2011, through June 30, 2046, the
   21  authority shall annually transfer to the credit of an account of
   22  the department in the State Treasury $50 million from toll
   23  revenues of the Orlando-Orange County Expressway System, or
   24  other funds available to the authority, after payment of the
   25  debt service on all bonds issued by the authority pursuant to
   26  this part on or before July 1, 2011, and such other costs as are
   27  required to be paid under the terms of the bond resolutions
   28  under which the bonds were issued. The actual acquisition cost
   29  of all properties acquired by the authority and transferred to
   30  the department for right-of-way for the Wekiva Parkway, shall be
   31  credited towards the annual transfer requirement.
   32         (b) Notwithstanding any other provision of law to the
   33  contrary, on and after July 1, 2011, the authority shall not
   34  issue any bonds or other indebtedness secured by a pledge of any
   35  authority revenues that is senior to, or on a parity with, the
   36  authority’s obligation to make the $50 million annual payments
   37  required under this subsection, except that the authority may
   38  issue bonds secured by a senior pledge for the purpose of
   39  refunding any authority bonds issued and outstanding as of July
   40  1, 2011. Refunding bonds authorized by this subsection may not
   41  be issued with a final maturity later than the final maturity of
   42  the bonds refunded, or which provide for higher debt service in
   43  any year than is currently paid on such bonds.
   44         (3) Notwithstanding any other provision of law to the
   45  contrary, on and after July 1, 2011, the authority may not issue
   46  any bonds or other indebtedness that provide any rights against
   47  the department that may be enforced by the holders of such bonds
   48  or debt, and the authority must advise the purchasers of any
   49  authority bonds issued pursuant to this part, or any other
   50  authority debt, that by their purchase and acceptance of such
   51  bonds or debt, are deemed to have expressly and irrevocably
   52  consented, in writing, to the amendment of the lease-purchase
   53  agreement between the authority and the department to,
   54  including, but not limited to, discontinue the obligations of
   55  the department to pay any expenses of the operation or
   56  maintenance of the Orlando-Orange County Expressway System. Upon
   57  the defeasance or payment of all authority bonds issued before
   58  July 1, 2011, the obligations of the department under any lease
   59  purchase agreement with the authority, including any obligation
   60  to pay any cost of operation or maintenance of the Orlando
   61  Orange County Expressway System, shall terminate.
   62         (4) Revenues of the Wekiva Parkway shall be applied by the
   63  Florida Turnpike Enterprise in accordance with the terms of any
   64  revenue bonds issued by the Division of Bond Finance on behalf
   65  of the department to fund construction of the Wekiva Parkway.
   66  Revenues in excess of amounts required to be paid under the
   67  terms of such bonds shall be transferred to the department in an
   68  amount or amounts sufficient to fully reimburse the department
   69  for any portion of each $50 million annual payment required
   70  under the terms of subsection (2) which is not timely paid to
   71  the department by the authority, together with interest thereon
   72  at the rate provided by law, and all amounts advanced or paid by
   73  the department to operate or maintain any portion of the
   74  Orlando-Orange County Expressway System.
   75         (5) After payment of all amounts required under subsection
   76  (4), excess revenues of the Wekiva Parkway shall be shared
   77  equally between the Florida Turnpike Enterprise and the
   78  authority.
   79         (6) The department shall amend its work program as provided
   80  in s. 339.135, to include construction of the Wekiva Parkway
   81  project in the work program beginning in the 2012-2013 fiscal
   82  year. The Florida Turnpike Enterprise’s obligation to construct
   83  the Wekiva Parkway is contingent upon the timely payment by the
   84  authority of the $50 million annual payments required under
   85  subsection (2) and receipt of all required environmental permits
   86  and Federal Government approvals.
   87         (7) If the department has not begun construction on the
   88  Wekiva Parkway by June 30, 2013, the provisions of subsections
   89  (1) through (6) shall not apply, and the responsibility for
   90  construction, operation, maintenance, and any moneys received
   91  from the authority under this section must be returned to the
   92  authority.
   94  ================= T I T L E  A M E N D M E N T ================
   95         And the title is amended as follows:
   96         Delete lines 3685 - 3694
   97  and insert:
   98         affidavit concerning the content of the reports;
   99         creating s. 348.766, F.S.; requiring the Florida
  100         Turnpike Enterprise to construct, operate and maintain
  101         the Wekiva Parkway; requiring the Orlando-Orange
  102         County Expressway Authority to provide certain
  103         information to the Department of Transportation;
  104         requiring transfer of title of certain property to the
  105         department; requiring transfer of funds to the
  106         department by dates certain; providing for the payment
  107         of certain bonds; providing conditions on the
  108         authority when issuing certain bonds or other
  109         indebtedness; providing for the application of certain
  110         revenues; providing for the sharing of excess
  111         revenues; requiring the department to amend its work
  112         program to include construction of the Wekiva Parkway
  113         project; providing provisions if construction on the
  114         Wekiva Parkway does not begin by a specified date;
  115         providing effective