HB 37

1	A bill to be entitled
2	An act relating to transportation funding; amending s.
3	206.46, F.S.; increasing the percentage of state revenues
4	deposited into the State Transportation Trust Fund to be
5	committed by the Department of Transportation for public
6	transportation projects; directing a portion of those
7	revenues to be used for public transit pursuant to
8	specified provisions; providing an effective date.
9
10	Be It Enacted by the Legislature of the State of Florida:
11
12	Section 1.  Section 206.46, Florida Statutes, is amended to
13	read:
14	206.46  State Transportation Trust Fund.-
15	(1)  All moneys in the State Transportation Trust Fund,
16	which is hereby created, shall be used for transportation
17	purposes, as provided by law, under the direction of the
18	Department of Transportation, which department may from time to
19	time make requisition on the Chief Financial Officer for such
20	funds. Moneys from such fund shall be drawn by the Chief
21	Financial Officer by warrant upon the State Treasury pursuant to
22	vouchers and shall be paid in like manner as other state
23	warrants are paid out of the appropriated fund against which the
24	warrants are drawn. All sums of money necessary to provide for
25	the payment of the warrants by the Chief Financial Officer drawn
26	upon such fund are appropriated annually out of the fund for the
27	purpose of making such payments from time to time.
28	(2)  Notwithstanding any other provisions of law, from the
29	revenues deposited into the State Transportation Trust Fund a
30	maximum of 7 percent in each fiscal year shall be transferred
31	into the Right-of-Way Acquisition and Bridge Construction Trust
32	Fund created in s. 215.605, as needed to meet the requirements
33	of the documents authorizing the bonds issued or proposed to be
34	issued under ss. 215.605 and 337.276 or at a minimum amount
35	sufficient to pay for the debt service coverage requirements of
36	outstanding bonds. Notwithstanding the 7 percent annual transfer
37	authorized in this subsection, the annual amount transferred
38	under this subsection shall not exceed an amount necessary to
39	provide the required debt service coverage levels for a maximum
40	debt service not to exceed $275 million. Such transfer shall be
41	payable primarily from the motor and diesel fuel taxes
42	transferred to the State Transportation Trust Fund from the Fuel
43	Tax Collection Trust Fund.
44	(3)(a)  Each fiscal year, a minimum of 25 15 percent of all
45	state revenues deposited into the State Transportation Trust
46	Fund shall be committed annually by the Department of
47	Transportation department for public transportation projects in
48	accordance with chapter 311, ss. 332.003-332.007, chapter 341,
49	and chapter 343.
50	(b)  Each fiscal year, a minimum of 28 percent of all state
51	revenues deposited into the State Transportation Trust Fund
52	pursuant to paragraph (a), which are committed annually by the
53	Department of Transportation for public transportation projects,
54	shall be specifically committed to public transit in accordance
55	with chapter 341.
56	(4)  The Department of Transportation department may
57	authorize the investment of the earnings accrued and collected
58	upon the investment of the minimum balance of funds required to
59	be maintained in the State Transportation Trust Fund pursuant to
60	s. 339.135(6)(b).
61	(5)  Notwithstanding any other provision of law, the
62	Department of Transportation department may covenant to pay all
63	or any part of the costs of operation and maintenance of any
64	existing or future department-owned toll facility or system
65	directly from moneys in the State Transportation Trust Fund
66	which will be reimbursed from turnpike revenues after the
67	payment of debt service and other bond resolution accounts as
68	needed to protect the integrity of the toll facility or system.
69	If such reimbursement is determined to adversely impact the toll
70	facility or system, the reimbursement obligation shall become a
71	debt payable to the State Transportation Trust Fund to be
72	reimbursed over an agreed-upon period of time. The Department of
73	Transportation department shall take into account projections of
74	operation and maintenance reimbursements in the financing of the
75	tentative and adopted work programs. The state does hereby
76	covenant that it will not repeal or impair or amend this section
77	in any manner that will materially and adversely affect the
78	rights of bondholders so long as bonds authorized pursuant to
79	the provisions of this subsection are outstanding.
80	Section 2.  This act shall take effect July 1, 2011.

CODING: Words stricken are deletions; words underlined are additions.