Florida Senate - 2012                              CS for SB 354
       By the Committee on Transportation; and Senator Simmons
       596-01759-12                                           2012354c1
    1                        A bill to be entitled                      
    2         An act relating to the Seminole County Expressway
    3         Authority; creating the Seminole County Expressway
    4         Authority Law; providing definitions; creating the
    5         Seminole County Expressway Authority; prohibiting an
    6         entity or body or another authority from exercising
    7         jurisdiction, control, authority, or power over an
    8         expressway system in Seminole County without the
    9         consent of the Seminole County Expressway Authority;
   10         providing for membership and terms of the authority;
   11         authorizing staffing; providing for certain
   12         reimbursement for authority members; providing for the
   13         powers and duties of the authority; providing for the
   14         assumption of duties and responsibilities of the prior
   15         Seminole County Expressway Authority for certain
   16         contracts and agreements; requiring notice of public
   17         hearing and an opportunity for municipal officials and
   18         residents to discuss and advise the authority;
   19         providing for the issuance of bonds; providing for
   20         lease-purchase agreements between the Department of
   21         Transportation and the authority; providing criteria
   22         for the lease-purchase agreements; providing for use
   23         of certain revenues as payments for the lease-purchase
   24         agreements; authorizing the Department of
   25         Transportation to use funds for the operation of the
   26         authority and to generate preparatory information
   27         necessary for an expressway system; providing for an
   28         agent for construction; authorizing the authority to
   29         appoint the department as its agent under certain
   30         circumstances; authorizing the authority to acquire
   31         land and properties; providing for the cooperation of
   32         other entities to further the purposes of the act;
   33         prohibiting the state from changing the terms of the
   34         bonds; exempting the authority from certain taxes;
   35         providing for the bond’s eligibility for investments
   36         and security; providing for the enforcement by
   37         bondholders of any pledge relating to the bonds issued
   38         by the department; providing for the extent of the
   39         powers authorized by the act; providing an effective
   40         date.
   42  Be It Enacted by the Legislature of the State of Florida:
   44         Section 1. Short title.—Sections 1-14 of this act may be
   45  cited as the “Seminole County Expressway Authority Law.”
   46         Section 2. Definitions.—As used in sections 1-14 of this
   47  act, the term:
   48         (1) “Agency of the state” means the state and any
   49  department of, or corporation, agency, or instrumentality
   50  created, designated, or established by, the state.
   51         (2) “Authority” means the Seminole County Expressway
   52  Authority.
   53         (3) “Bond” means a note, bond, refunding bond, or other
   54  evidence of indebtedness or obligation, in temporary or
   55  definitive form, which the authority issues pursuant to this
   56  part.
   57         (4) “County” means Seminole County.
   58         (5) “Department” means the Department of Transportation
   59  existing under chapters 334-339, Florida Statutes.
   60         (6) “Expressway” means the same as limited access
   61  expressway.
   62         (7) “Federal agency” means the United States, the President
   63  of the United States, and any department of, or corporation,
   64  agency, or instrumentality created, designated, or established
   65  by, the United States.
   66         (8) Gasoline tax funds of Seminole County” mean all of the
   67  80 percent surplus gasoline tax funds accruing in each year to
   68  the Department of Transportation for use in Seminole County
   69  under the provisions of s. 9, Article XII of the State
   70  Constitution, or all constitutional gas funds as may otherwise
   71  be provided by the State Constitution or by statute for use in
   72  Seminole County, after deduction of any amount of such gasoline
   73  tax funds pledged by the Department of Transportation or the
   74  county for outstanding obligations.
   75         (9) “Lease-purchase agreement” means an agreement that the
   76  authority may enter into with the Department of Transportation
   77  pursuant to this part.
   78         (10) “Limited access expressway” means a street or highway
   79  especially designed for through traffic and over, from, or to
   80  which no person has the right of easement, use, or access except
   81  in accordance with the rules and regulations adopted by the
   82  authority for the use of such facility. The street or highway
   83  may be a parkway from which trucks, buses, and other commercial
   84  vehicles are excluded, or it may be a freeway open to use by all
   85  customary forms of street and highway traffic.
   86         (11) “Members” mean the governing body of the authority,
   87  and the term “member” means one of the individuals constituting
   88  the governing body.
   89         (12) “Seminole County Expressway System” or “system” means
   90  any expressway and appurtenant facilities thereto in Seminole
   91  County, including, but not limited to, all approaches, roads,
   92  bridges, and avenues of access for the expressway.
   93         (13) “State Board of Administration” means the body
   94  corporate existing under s. 9, Article XII of the State
   95  Constitution or any successor thereto.
   96         Section 3. Seminole County Expressway Authority.—
   97         (1) There is created a body politic and corporate, an
   98  agency of the state, to be known as the Seminole County
   99  Expressway Authority and referred to as “authority.”
  100         (2) The authority has exclusive right to exercise all the
  101  powers under sections 1-14 of this act, and no other entity,
  102  body, or authority within or without Seminole County may
  103  directly or indirectly exercise jurisdiction, control,
  104  authority, or power in any manner relating to any expressway
  105  system within Seminole County without the express consent of the
  106  authority or as otherwise provided in sections 1-14 of this act.
  107         (3) The governing body of the authority consists of seven
  108  members. Five members must be members of the Board of County
  109  Commissioners of Seminole County, and the term of each member is
  110  concomitant with his or her term as a county commissioner. Two
  111  members shall be appointed by the board of county commissioners
  112  from among the duly elected municipal officers within the
  113  county, and the municipal members serve 2-year terms unless
  114  reappointed. Each 2-year term runs from the date of appointment
  115  and automatically terminates if the member ceases to be a duly
  116  elected municipal officer. The board of county commissioners
  117  shall fill a municipal membership vacancy within 45 days after
  118  the occurrence of the vacancy, and the board must appoint an
  119  individual who is jointly recommended to the board of county
  120  commissioners by two-thirds of the municipalities in the county
  121  within 30 days after the vacancy.
  122         (4) The authority shall elect one of its members as chair
  123  of the authority. The authority shall elect a secretary and a
  124  treasurer, who need not be members of the authority. The chair,
  125  secretary, and treasurer hold the office at the will of the
  126  authority. Four members of the authority constitute a quorum,
  127  and the affirmative vote of three members is necessary for any
  128  action taken by the authority. A vacancy in the authority does
  129  not impair the right of the quorum to exercise the rights and
  130  perform the duties of the authority.
  131         (5) Each appointed member of the authority shall enter upon
  132  his or her duties upon the effective date of his or her
  133  appointment, or as soon thereafter as practicable.
  134         (6) The authority may employ an executive secretary, an
  135  executive director, and its own counsel and legal staff,
  136  technical experts, engineers, and other employees, permanent or
  137  temporary, as it may require; determine the qualifications and
  138  fix the compensation of the persons, firms, or corporations; and
  139  employ a fiscal agent. However, the authority shall solicit at
  140  least three sealed proposals for the performance of any services
  141  as the fiscal agent. The authority may delegate to one or more
  142  of its agents or employees any of its powers as it deems
  143  necessary to carry out the purposes of sections 1-14 of this
  144  act, subject to the supervision and control of the authority.
  145         (7) The authority shall reimburse its members for travel
  146  and other necessary expenses incurred in connection with the
  147  business of the authority as provided in s. 112.061, Florida
  148  Statutes, but the members may not draw salaries or other
  149  compensation.
  150         Section 4. Powers and duties.—
  151         (1)(a) The authority may acquire, hold, construct, improve,
  152  maintain, operate, own, and lease, in the capacity of lessor,
  153  the Seminole County Expressway System.
  154         (b) The authority, in the construction of the Seminole
  155  County Expressway System, may construct any extension, addition,
  156  or improvement to the system or appurtenant facilities,
  157  including all necessary approaches, roads, bridges, and avenues
  158  of access, with any change, modification, or revision of the
  159  project as deemed necessary.
  160         (2) The authority may exercise all powers necessary,
  161  appurtenant, convenient, or incidental to the implementation of
  162  sections 1-14 of this act, including, but not limited to, the
  163  following:
  164         (a) To sue and be sued, implead and be impleaded, and
  165  complain and defend in all courts;
  166         (b) To adopt, use, and alter at will a corporate seal;
  167         (c) To acquire, purchase, hold, lease as lessee, and use
  168  any franchise or property, real, personal, or mixed, tangible or
  169  intangible, or any interest necessary to implement the purposes
  170  of sections 1-14 of this act; and to sell, lease as lessor,
  171  transfer, and dispose of, at any time, any property or interest
  172  acquired by the authority;
  173         (d) To enter into and make leases for terms not exceeding
  174  40 years, as lessee or lessor, and to implement the right to
  175  lease as provided in sections 1-14 of this act;
  176         (e) To enter into and make lease-purchase agreements with
  177  the department for terms not exceeding 40 years or until any
  178  bond secured by a pledge of rental, and any refund, are fully
  179  paid, whichever is longer;
  180         (f) To fix, alter, charge, establish, and collect rates,
  181  fees, rentals, and other charges for the services and facilities
  182  of the Seminole County Expressway System, which rates, fees,
  183  rentals, and other charges are sufficient to comply with any
  184  covenant made with the holders of any bonds issued pursuant to
  185  sections 1-14 of this act; however, the authority may assign or
  186  delegate to the department any of its rights and powers;
  187         (g)1. To borrow money as provided by the State Bond Act.
  188         2. To reimburse Seminole County for any sums expended from
  189  the gasoline tax funds of Seminole County and any other revenues
  190  provided to the authority by Seminole County and used for the
  191  payment of the obligations. If the authority deems it
  192  practicable, the authority may repay disbursed revenues from
  193  Seminole County or gasoline tax funds, together with interest at
  194  the highest rate applicable, to any obligations of the authority
  195  for which funds or revenues were used to pay debt service.
  196         3. To hire and retain independent certified public
  197  accountants and auditors to audit the books and records of the
  198  authority and the department with respect to the Seminole County
  199  Expressway System or any part thereof, so long as any bonds of
  200  the authority are outstanding;
  201         (h) To make contracts and to execute all instruments
  202  necessary to conduct its business;
  203         (i) Without limitation of the foregoing, to borrow money
  204  and accept grants from, and to enter into contracts, leases, or
  205  other transactions with, any federal agency, the state, any
  206  agency of the state, Seminole County, or any other public body
  207  of the state;
  208         (j) To have the power of eminent domain, including the
  209  procedural powers granted under chapters 73 and 74, Florida
  210  Statutes;
  211         (k) To pledge, hypothecate, or otherwise encumber all parts
  212  of the revenues, rates, fees, rentals, or other charges or
  213  receipts of the authority, including all or any portion of the
  214  gasoline tax funds of Seminole County or other revenues received
  215  by the authority pursuant to the terms of any lease-purchase
  216  agreement between the authority and the department or any other
  217  agreement between the authority and Seminole County, as security
  218  for any of the obligations of the authority;
  219         (l) To do all acts necessary for the conduct of its
  220  business and the general welfare of the authority in order to
  221  implement the powers granted to it by sections 1-14 of this act
  222  or any other law;
  223         (m) To employ fiscal agents as provided by section 3 of
  224  this act. The State Board of Administration may, upon request of
  225  the authority, act as fiscal agent for the authority in the
  226  issuance of any bonds that may be issued pursuant to section 5
  227  of this act. The State Board of Administration may, upon request
  228  of the authority, take over the management, control,
  229  administration, custody, and payment of any debt service or fund
  230  or asset available for any bond issued pursuant to section 5 of
  231  this act. The authority may enter into a deed of trust, an
  232  indenture, a resolution, or another agreement with its fiscal
  233  agent, a financial institution, an insurance company, or a bank
  234  or trust company within or without the state, as security for
  235  the bonds, and may, under the agreement, sign and pledge any of
  236  the revenues, rates, fees, rentals, or other charges or receipts
  237  of the authority, including any portion of the gasoline tax
  238  funds of Seminole County or other revenues received by the
  239  authority pursuant to the terms of a lease-purchase agreement
  240  between the authority and the department or any other agreement
  241  between the authority and Seminole County. The deed of trust,
  242  indenture, resolution, or other agreement may contain provisions
  243  as are customary in such instruments, or, if the authority
  244  authorizes, may include, without limitation, provisions as to:
  245         1. The completion, improvement, operation, extension,
  246  maintenance, and repair of the Seminole County Expressway
  247  System; the lease of, or lease-purchase agreement for, the
  248  system; and the duties of the authority and others, including
  249  the department.
  250         2. The availability and application of funds and the
  251  safeguarding of funds on hand or on deposit.
  252         3. The rights and remedies of the trustee and the holders
  253  of the bonds and any institution providing liquidity or credit
  254  support for the bonds.
  255         4. The terms and provisions of the bonds or the resolutions
  256  authorizing the issuance of the bonds.
  257  5. The terms and conditions pursuant to which the authority or
  258  any trustee for the bonds is entitled to receive any revenues
  259  from Seminole County to pay the principal of or interest on the
  260  bonds; and
  261         (n) To assume and resume all duties and responsibilities of
  262  the prior Seminole County Expressway Authority for any contract
  263  or agreement that existed on June 30, 2011, and to which the
  264  prior Seminole County Expressway Authority was a party.
  265         (3) The authority may not pledge the credit or taxing power
  266  of the state or any political subdivision or agency of the
  267  state, including Seminole County. The obligations of the
  268  authority are not deemed obligations of the state, or any
  269  political subdivision or agency of the state. The state, or any
  270  political subdivision or agency of the state, except the
  271  authority, is not liable for the payment of the principal of or
  272  interest on the obligations. However, the gasoline tax funds of
  273  Seminole County or other revenues may be pledged for the payment
  274  of the principal of or interest on the obligations pursuant to
  275  the terms of a lease-purchase agreement between the authority
  276  and the department or any other agreement between the authority
  277  and Seminole County.
  278         (4) The consent of a municipality is not necessary for any
  279  project of the authority, notwithstanding any provision in
  280  sections 1-14 of this act or any other law to the contrary or
  281  whether the project lies within the boundaries of any
  282  municipality, in whole or in part. However, an official or a
  283  resident of a municipality in which a project of the authority
  284  is located, in whole or in part, must have reasonable
  285  opportunity to discuss the project and advise the authority of
  286  his or her position at a duly advertised public hearing. Notice
  287  of the public hearing must be advertised in a newspaper
  288  published in Seminole County and circulated in the affected
  289  municipalities. The notice must be published once at least 2
  290  weeks before the public hearing and must contain the time and
  291  place of the public hearing and a short description of the
  292  subject to be discussed. The public hearing may be adjourned
  293  from time to time and set for a time and place certain without
  294  necessity of further advertisement. In routing and locating an
  295  expressway or its interchange in or through a municipality, the
  296  authority must consider the effect of such location on the
  297  municipality as a whole and must not unreasonably split or
  298  divide an area of the municipality or separate one area of the
  299  municipality from another.
  300         Section 5. Bonds.—Bonds may be issued on behalf of the
  301  authority as provided by the State Bond Act.
  302         Section 6. Lease-purchase agreement.—
  303         (1) The authority may enter into a lease-purchase agreement
  304  with the department relating to and covering the Seminole County
  305  Expressway System.
  306         (2) The lease-purchase agreement shall provide for the
  307  leasing of the Seminole County Expressway System by the
  308  authority, as lessor, to the department, as lessee; shall
  309  prescribe the terms of the agreement and the rentals to be paid;
  310  and shall provide that, upon the completion of the faithful
  311  performance of the agreement and the termination of such lease
  312  purchase agreement, the authority shall transfer to the state
  313  title in fee simple absolute to the Seminole County Expressway
  314  System and the authority shall deliver to the department deeds
  315  and conveyances necessary to vest title in fee simple absolute
  316  in the state.
  317         (3) The lease-purchase agreement may include other
  318  provisions, agreements, and covenants as the authority and the
  319  department deem necessary, including, but not limited to,
  320  provisions as to the bonds to be issued pursuant to this part;
  321  the completion, extension, improvement, operation, and
  322  maintenance of the Seminole County Expressway System and the
  323  expenses and the cost of operation of the authority and the
  324  system; the charging and collection of tolls, rates, fees, and
  325  other charges for the use of the services and facilities; the
  326  application of federal or state grants or aid made or given to
  327  assist the authority in the completion, extension, improvement,
  328  operation, and maintenance of the Seminole County Expressway
  329  System, which the authority may accept and apply to these
  330  purposes; the enforcement of payment and collection of rentals;
  331  and any other terms, provisions, or covenants necessary,
  332  incidental, or appurtenant to the making of, and full
  333  performance under, the lease-purchase agreement.
  334         (4) The department, as lessee under such lease-purchase
  335  agreement, may pay, as rentals under the agreement, any rates,
  336  fees, charges, funds, moneys, receipts, or income accruing to
  337  the department from the operation of the Seminole County
  338  Expressway System and the gasoline tax funds or other revenues
  339  of Seminole County used to pay the principal of or interest on
  340  any obligations issued to finance any portion of the system and
  341  may also pay, as rentals, any appropriations received by the
  342  department pursuant to state law. The lease-purchase agreement
  343  or any holder of bonds issued pursuant to section 5 of this act
  344  may not require the making or continuance of any appropriations.
  345         (5) Gasoline tax funds or other revenues of Seminole County
  346  may not be pledged as rentals under a lease-purchase agreement
  347  or another agreement without the consent of Seminole County,
  348  evidenced by a resolution adopted by the board of county
  349  commissioners of the county at a public hearing held pursuant to
  350  due notice thereof published at least once a week for 3
  351  consecutive weeks before the hearing in a newspaper of general
  352  circulation in the county. The resolution must provide that, for
  353  bonds issued on behalf of the authority, any excess of the
  354  pledged gasoline tax funds and other revenues of Seminole County
  355  which is not required for debt service or for reserves for debt
  356  service shall be distributed to Seminole County as provided by
  357  law. Before making any application for the pledge of gasoline
  358  tax funds, the authority shall present the plan of its proposed
  359  project to the Seminole County Planning and Zoning Commission
  360  for comments and recommendations. The department may covenant in
  361  a lease-purchase agreement that it will pay all or part of the
  362  cost of the system, and any part of the cost of completing the
  363  system to the extent that the proceeds of bonds issued for the
  364  project are insufficient, from sources other than the revenues
  365  derived from the operation of the system and the gasoline tax
  366  funds or any other revenue of Seminole County pledged for such
  367  purpose. The department may agree to make payments from any
  368  moneys available to Seminole County, in connection with the
  369  construction or completion of the system, as deemed by the
  370  department to be fair and proper under any covenant that is
  371  entered into.
  372         (6) The system is a part of the state road system, and the
  373  department may, upon the request of the authority, expend money
  374  out of any funds available for the purpose and use its
  375  engineering and other powers deemed necessary by the department
  376  for the operation of the authority and for traffic surveys,
  377  borings, surveys, preparation of plans and specifications,
  378  estimates of cost, and other preliminary engineering and other
  379  studies. However, the aggregate amount of moneys expended for
  380  this purpose by the department may not exceed the sum of
  381  $500,000.
  382         Section 7. Agent for construction.—The authority may
  383  appoint the department as its agent for the construction of and
  384  improvements and extensions to the Seminole County Expressway
  385  System and for the completion of the system. If the department
  386  is appointed, the authority shall provide the department with
  387  complete copies of all documents, agreements, resolutions,
  388  contracts, and instruments relating to the system; shall request
  389  the department to do the construction work, including the
  390  planning, surveying, and actual construction of the completion,
  391  extension, and improvement to the Seminole County Expressway
  392  System; and shall transfer the necessary funds for the
  393  construction to the credit of an account of the department in
  394  the State Treasury. The department shall proceed with the
  395  construction and shall use the funds that are authorized for the
  396  construction of roads and bridges.
  397         Section 8. Acquisition of lands and property.—
  398         (1) The Seminole County Expressway Authority may acquire
  399  private or public property and property rights, including rights
  400  of access, air, view, and light, by gift, devise, purchase, or
  401  condemnation by an eminent domain proceeding, as the authority
  402  deems necessary to implement sections 1-14 of this act. The
  403  property that the authority may acquire includes, but is not
  404  limited to, any land:
  405         (a) Reasonably necessary for securing applicable permits,
  406  areas necessary for management of access, borrow pits, drainage
  407  ditches, water retention areas, rest areas, replacement access
  408  for landowners whose access is impaired due to the construction
  409  of a facility, and replacement rights-of-way for relocated rail
  410  and utility facilities;
  411         (b) For existing, proposed, or anticipated transportation
  412  facilities on the Seminole County Expressway System or in a
  413  transportation corridor designated by the authority; or
  414         (c) For the purposes of screening, relocation, removal, or
  415  disposal of junkyards and scrap metal processing facilities.
  417  The authority may condemn any material and property necessary
  418  for these purposes.
  419         (2) The authority may exercise the right of eminent domain
  420  in the manner provided by law.
  421         (3) If the authority acquires property for a transportation
  422  facility or in a transportation corridor, the authority is not
  423  subject to any liability imposed by chapter 376 or chapter 403,
  424  Florida Statutes, for preexisting soil or groundwater
  425  contamination due solely to its ownership. This section does not
  426  affect the rights or liabilities of any past or future owners of
  427  the acquired property, nor does it affect the liability of any
  428  governmental entity for the results of its actions that create
  429  or exacerbate a pollution source. The authority and the
  430  Department of Environmental Protection may enter into an
  431  interagency agreement for the performance, funding, and
  432  reimbursement of the investigative and remedial acts necessary
  433  for property acquired by the authority.
  434         Section 9. Cooperation with other units, boards, agencies,
  435  and individuals.—Any county, municipality, drainage district,
  436  road or bridge district, school district, or any other political
  437  subdivision, board, commission, or individual in or of the state
  438  may make and enter into a contract, lease, conveyance, or other
  439  agreement consistent with sections 1-14 of this act with the
  440  authority. The authority may make and enter into a contract,
  441  lease, conveyance, or other agreement with any political
  442  subdivision, agency, or instrumentality of the state, any
  443  federal agency, any corporation, or any individual to implement
  444  sections 1-14 of this act.
  445         Section 10. Covenant of the state.—The state pledges to,
  446  and agrees with, any person, firm, corporation, or federal or
  447  state agency subscribing to or acquiring the bonds issued by the
  448  authority pursuant to section 5 of this act that the state will
  449  not limit or alter the rights vested in the authority and the
  450  department until all bonds at any time issued, together with the
  451  interest on the bonds, are fully paid and discharged. The state
  452  pledges to, and agrees with, the United States that, when any
  453  federal agency constructs or contributes any funds for the
  454  completion, extension, or improvement of the Seminole County
  455  Expressway System or any part or portion thereof, the state will
  456  not alter or limit the rights and powers of the authority and
  457  the department in any manner that would be inconsistent with the
  458  continued maintenance and operation of the Seminole County
  459  Expressway System or the completion, extension, or improvement
  460  of the system, or that is inconsistent with the due performance
  461  of the agreement between the authority and the federal agency.
  462  The authority and the department have and may exercise all
  463  powers granted in sections 1-14 of this act necessary to
  464  implement the purposes of sections 1-14 of this act and the
  465  purposes of the United States in the completion, extension, or
  466  improvement of the Seminole County Expressway System or any part
  467  or portion of the system.
  468         Section 11. Exemption from taxation.—The authority created
  469  pursuant to sections 1-14 of this act is for the benefit of the
  470  people of the state, for the increase of their commerce and
  471  prosperity, and for the improvement of their health and living
  472  conditions. Because the authority is performing essential
  473  governmental functions in carrying out the purposes of sections
  474  1-14 of this act, the authority is exempt from taxes or
  475  assessments upon any property acquired or used by it for such
  476  purposes, or upon any revenues, rates, fees, rentals, receipts,
  477  income, or charges received by it. The bonds issued by the
  478  authority, their transfer, and the income from the bonds,
  479  including any profits made on the sale of the bonds, are at all
  480  times free from taxation of any kind by the state or any
  481  political subdivision, taxing agency, or instrumentality of the
  482  state. However, the exemption granted by this section is not
  483  applicable to any tax imposed under chapter 220, Florida
  484  Statutes, on interest, income, or profits on debt obligations
  485  owned by corporations. When a property of the authority is
  486  leased, it is exempt from ad valorem taxes if the use by the
  487  lessee qualifies the property for exemption under s. 196.199,
  488  Florida Statutes.
  489         Section 12. Eligibility for investments and security.—Any
  490  bonds or other obligations issued pursuant to sections 1-14 of
  491  this act are legal investments for banks, savings banks,
  492  trustees, executors, administrators, and all other fiduciaries,
  493  and for all state, municipal, and other public funds, and are
  494  securities eligible for deposit as security for all state,
  495  municipal, or other public funds, notwithstanding the provisions
  496  of any law.
  497         Section 13. Pledges enforceable by bondholders.—A pledge by
  498  the department of rates, fees, revenues, gasoline tax funds of
  499  Seminole County, or other funds as rentals to the authority, or
  500  any covenant or agreement relative to the pledge, is enforceable
  501  in any court of competent jurisdiction against the authority or
  502  directly against the department by any holder of bonds issued by
  503  the authority.
  504         Section 14. Complete and additional authority.—
  505         (1) The powers conferred by sections 1-14 of this act are
  506  in addition to the existing powers of the authority and the
  507  department, and sections 1-14 of this act do not repeal any of
  508  the provisions of any other law, general, special, or local. The
  509  extension and improvement of the Seminole County Expressway
  510  System, and the issuance of bonds pursuant to section 5 of this
  511  act to finance all or part of the cost of the system, may be
  512  accomplished upon compliance with the provisions of sections 1
  513  14 of this act without regard to or necessity for compliance
  514  with the provisions, limitations, or restrictions contained in
  515  any other general, special, or local law. Approval of any bonds
  516  issued under this part by qualified electors or qualified
  517  electors who are freeholders in the state, in Seminole County or
  518  in any other political subdivision of the state, is not required
  519  for the issuance of bonds pursuant to section 5 of this act.
  520         (2) Sections 1-14 of this act do not repeal, rescind, or
  521  modify any other law relating to the State Board of
  522  Administration, the Department of Transportation, or the
  523  Division of Bond Finance of the State Board of Administration,
  524  but supersede any law that is inconsistent with the provisions
  525  of sections 1-14 of this act.
  526         Section 15. This act shall take effect July 1, 2012.