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) 3 4 Delete lines 3356 - 3379 5 and insert: 6 Section 124. Section 348.766, Florida Statutes, is created 7 to read: 8 348.766 Wekiva 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. 93 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