Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS/CS/CS/HB 1363, 1st Eng.
                                Barcode 499042                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Floor: WD/2R          .                                
             05/05/2011 04:55 PM       .                                

       Senators Gardiner, Hays, and Simmons moved the following:
    1         Senate Amendment to Amendment (302038) (with title
    2  amendment)
    4         Between lines 1700 and 1701
    5  insert:
    6         Section 32. 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, and actual
   16  construction of the Wekiva Parkway.
   17         (2)(a) Notwithstanding any other provision of law to the
   18  contrary and effective July 1, 2011, through June 30, 2046, the
   19  authority shall annually transfer to the credit of an account of
   20  the department in the State Treasury $50 million from toll
   21  revenues of the Orlando-Orange County Expressway System, or
   22  other funds available to the authority, after payment of the
   23  debt service on all bonds issued by the authority pursuant to
   24  this part on or before July 1, 2011, and such other costs as are
   25  required to be paid under the terms of the bond resolutions
   26  under which the bonds were issued.
   27         (b) Notwithstanding any other provision of law to the
   28  contrary, on and after July 1, 2011, the authority shall not
   29  issue any bonds or other indebtedness secured by a pledge of any
   30  authority revenues that is senior to, or on a parity with, the
   31  authority’s obligation to make the $50 million annual payments
   32  required under this subsection, except that the authority may
   33  issue bonds secured by a senior pledge for the purpose of
   34  refunding any authority bonds issued and outstanding as of July
   35  1, 2011. Refunding bonds authorized by this subsection may not
   36  be issued with a final maturity later than the final maturity of
   37  the bonds refunded, or which provide for higher debt service in
   38  any year than is currently paid on such bonds.
   39         (3) Notwithstanding any other provision of law to the
   40  contrary, on and after July 1, 2011, the authority may not issue
   41  any bonds or other indebtedness that provide any rights against
   42  the department that may be enforced by the holders of such bonds
   43  or debt, and the authority must advise the purchasers of any
   44  authority bonds issued pursuant to this part, or any other
   45  authority debt, that by their purchase and acceptance of such
   46  bonds or debt, are deemed to have expressly and irrevocably
   47  consented, in writing, to the amendment of the lease-purchase
   48  agreement between the authority and the department to,
   49  including, but not limited to, discontinue the obligations of
   50  the department to pay any expenses of the operation or
   51  maintenance of the Orlando-Orange County Expressway System. Upon
   52  the defeasance or payment of all authority bonds issued before
   53  July 1, 2011, the obligations of the department under any lease
   54  purchase agreement with the authority, including any obligation
   55  to pay any cost of operation or maintenance of the Orlando
   56  Orange County Expressway System, shall terminate.
   57         (4) Revenues of the Wekiva Parkway shall be applied by the
   58  Florida Turnpike Enterprise in accordance with the terms of any
   59  revenue bonds issued by the Division of Bond Finance on behalf
   60  of the department to fund construction of the Wekiva Parkway.
   61  Revenues in excess of amounts required to be paid under the
   62  terms of such bonds shall be transferred to the department in an
   63  amount or amounts sufficient to fully reimburse the department
   64  for any portion of each $50 million annual payment required
   65  under the terms of subsection (2) which is not timely paid to
   66  the department by the authority, together with interest thereon
   67  at the rate provided by law, and all amounts advanced or paid by
   68  the department to operate or maintain any portion of the
   69  Orlando-Orange County Expressway System.
   70         (5) After payment of all amounts required under subsection
   71  (4), excess revenues of the Wekiva Parkway shall be shared
   72  equally between the Florida Turnpike Enterprise and the
   73  authority.
   74         (6) The department shall amend its work program as provided
   75  in s. 339.135, to include construction of the Wekiva Parkway
   76  project in the work program beginning in the 2012-2013 fiscal
   77  year. The Florida Turnpike Enterprise’s obligation to construct
   78  the Wekiva Parkway is contingent upon the timely payment by the
   79  authority of the $50 million annual payments required under
   80  subsection (2) and receipt of all required environmental permits
   81  and Federal Government approvals.
   82         (7) If the department has not begun construction on the
   83  Wekiva Parkway by June 30, 2013, the provisions of subsections
   84  (1) through (6) shall not apply, and the responsibility for
   85  construction, operation, maintenance, and any moneys received
   86  from the authority under this section must be returned to the
   87  authority.
   89  ================= T I T L E  A M E N D M E N T ================
   90         And the title is amended as follows:
   91         Delete line 3777
   92  and insert:
   93         transportation authorities; creating s. 348.766, F.S.;
   94         requiring the Florida Turnpike Enterprise to
   95         construct, operate and maintain the Wekiva Parkway;
   96         requiring the Orlando-Orange County Expressway
   97         Authority to provide certain information to the
   98         Department of Transportation; requiring transfer of
   99         funds to the department by dates certain; providing
  100         for the payment of certain bonds; providing conditions
  101         on the authority when issuing certain bonds or other
  102         indebtedness; providing for the application of certain
  103         revenues; providing for the sharing of excess
  104         revenues; requiring the department to amend its work
  105         program to include construction of the Wekiva Parkway
  106         project; providing provisions if construction on the
  107         Wekiva Parkway does not begin by a specified date;
  108         amending s. 349.03, F.S.;