Florida Senate - 2012 CS for CS for SB 354 By the Committees on Community Affairs; and Transportation; and Senator Simmons 578-02585-12 2012354c2 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. 41 42 Be It Enacted by the Legislature of the State of Florida: 43 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 total compensation package for any authority 146 employee may not exceed the total compensation package of the 147 Secretary of Transportation. 148 (8) The authority shall reimburse its members for travel 149 and other necessary expenses incurred in connection with the 150 business of the authority as provided in s. 112.061, Florida 151 Statutes, but the members may not draw salaries or other 152 compensation. 153 Section 4. Powers and duties.— 154 (1)(a) The authority may acquire, hold, construct, improve, 155 maintain, operate, own, and lease, in the capacity of lessor, 156 the Seminole County Expressway System. 157 (b) The authority, in the construction of the Seminole 158 County Expressway System, may construct any extension, addition, 159 or improvement to the system or appurtenant facilities, 160 including all necessary approaches, roads, bridges, and avenues 161 of access, with any change, modification, or revision of the 162 project as deemed necessary. 163 (2) The authority may exercise all powers necessary, 164 appurtenant, convenient, or incidental to the implementation of 165 sections 1-14 of this act, including, but not limited to, the 166 following: 167 (a) To sue and be sued, implead and be impleaded, and 168 complain and defend in all courts; 169 (b) To adopt, use, and alter at will a corporate seal; 170 (c) To acquire, purchase, hold, lease as lessee, and use 171 any franchise or property, real, personal, or mixed, tangible or 172 intangible, or any interest necessary to implement the purposes 173 of sections 1-14 of this act; and to sell, lease as lessor, 174 transfer, and dispose of, at any time, any property or interest 175 acquired by the authority; 176 (d) To enter into and make leases for terms not exceeding 177 40 years, as lessee or lessor, and to implement the right to 178 lease as provided in sections 1-14 of this act; 179 (e) To enter into and make lease-purchase agreements with 180 the department for terms not exceeding 40 years or until any 181 bond secured by a pledge of rental, and any refund, are fully 182 paid, whichever is longer; 183 (f) To fix, alter, charge, establish, and collect rates, 184 fees, rentals, and other charges for the services and facilities 185 of the Seminole County Expressway System, which rates, fees, 186 rentals, and other charges are sufficient to comply with any 187 covenant made with the holders of any bonds issued pursuant to 188 sections 1-14 of this act; however, the authority may assign or 189 delegate to the department any of its rights and powers; 190 (g)1. To borrow money as provided by the State Bond Act. 191 2. To reimburse Seminole County for any sums expended from 192 the gasoline tax funds of Seminole County and any other revenues 193 provided to the authority by Seminole County and used for the 194 payment of the obligations. If the authority deems it 195 practicable, the authority may repay disbursed revenues from 196 Seminole County or gasoline tax funds, together with interest at 197 the highest rate applicable, to any obligations of the authority 198 for which funds or revenues were used to pay debt service. 199 3. To hire and retain independent certified public 200 accountants and auditors to audit the books and records of the 201 authority and the department with respect to the Seminole County 202 Expressway System or any part thereof, so long as any bonds of 203 the authority are outstanding; 204 (h) To make contracts and to execute all instruments 205 necessary to conduct its business; 206 (i) Without limitation of the foregoing, to borrow money 207 and accept grants from, and to enter into contracts, leases, or 208 other transactions with, any federal agency, the state, any 209 agency of the state, Seminole County, or any other public body 210 of the state; 211 (j) To have the power of eminent domain, including the 212 procedural powers granted under chapters 73 and 74, Florida 213 Statutes; 214 (k) To pledge, hypothecate, or otherwise encumber all parts 215 of the revenues, rates, fees, rentals, or other charges or 216 receipts of the authority, including all or any portion of the 217 gasoline tax funds of Seminole County or other revenues received 218 by the authority pursuant to the terms of any lease-purchase 219 agreement between the authority and the department or any other 220 agreement between the authority and Seminole County, as security 221 for any of the obligations of the authority; 222 (l) To do all acts necessary for the conduct of its 223 business and the general welfare of the authority in order to 224 implement the powers granted to it by sections 1-14 of this act 225 or any other law; 226 (m) To employ fiscal agents as provided by section 3 of 227 this act. The State Board of Administration may, upon request of 228 the authority, act as fiscal agent for the authority in the 229 issuance of any bonds that may be issued pursuant to section 5 230 of this act. The State Board of Administration may, upon request 231 of the authority, take over the management, control, 232 administration, custody, and payment of any debt service or fund 233 or asset available for any bond issued pursuant to section 5 of 234 this act. The authority may enter into a deed of trust, an 235 indenture, a resolution, or another agreement with its fiscal 236 agent, a financial institution, an insurance company, or a bank 237 or trust company within or without the state, as security for 238 the bonds, and may, under the agreement, sign and pledge any of 239 the revenues, rates, fees, rentals, or other charges or receipts 240 of the authority, including any portion of the gasoline tax 241 funds of Seminole County or other revenues received by the 242 authority pursuant to the terms of a lease-purchase agreement 243 between the authority and the department or any other agreement 244 between the authority and Seminole County. The deed of trust, 245 indenture, resolution, or other agreement may contain provisions 246 as are customary in such instruments, or, if the authority 247 authorizes, may include, without limitation, provisions as to: 248 1. The completion, improvement, operation, extension, 249 maintenance, and repair of the Seminole County Expressway 250 System; the lease of, or lease-purchase agreement for, the 251 system; and the duties of the authority and others, including 252 the department. 253 2. The availability and application of funds and the 254 safeguarding of funds on hand or on deposit. 255 3. The rights and remedies of the trustee and the holders 256 of the bonds and any institution providing liquidity or credit 257 support for the bonds. 258 4. The terms and provisions of the bonds or the resolutions 259 authorizing the issuance of the bonds. 260 5. The terms and conditions pursuant to which the authority or 261 any trustee for the bonds is entitled to receive any revenues 262 from Seminole County to pay the principal of or interest on the 263 bonds; and 264 (n) To assume and resume all duties and responsibilities of 265 the prior Seminole County Expressway Authority for any contract 266 or agreement that existed on June 30, 2011, and to which the 267 prior Seminole County Expressway Authority was a party. 268 (3) The authority may not pledge the credit or taxing power 269 of the state or any political subdivision or agency of the 270 state, including Seminole County. The obligations of the 271 authority are not deemed obligations of the state, or any 272 political subdivision or agency of the state. The state, or any 273 political subdivision or agency of the state, except the 274 authority, is not liable for the payment of the principal of or 275 interest on the obligations. However, the gasoline tax funds of 276 Seminole County or other revenues may be pledged for the payment 277 of the principal of or interest on the obligations pursuant to 278 the terms of a lease-purchase agreement between the authority 279 and the department or any other agreement between the authority 280 and Seminole County. 281 (4) The consent of a municipality is not necessary for any 282 project of the authority, notwithstanding any provision in 283 sections 1-14 of this act or any other law to the contrary or 284 whether the project lies within the boundaries of any 285 municipality, in whole or in part. However, an official or a 286 resident of a municipality in which a project of the authority 287 is located, in whole or in part, must have reasonable 288 opportunity to discuss the project and advise the authority of 289 his or her position at a duly advertised public hearing. Notice 290 of the public hearing must be advertised in a newspaper 291 published in Seminole County and circulated in the affected 292 municipalities. The notice must be published once at least 2 293 weeks before the public hearing and must contain the time and 294 place of the public hearing and a short description of the 295 subject to be discussed. The public hearing may be adjourned 296 from time to time and set for a time and place certain without 297 necessity of further advertisement. In routing and locating an 298 expressway or its interchange in or through a municipality, the 299 authority must consider the effect of such location on the 300 municipality as a whole and must not unreasonably split or 301 divide an area of the municipality or separate one area of the 302 municipality from another. 303 Section 5. Bonds.—Bonds may be issued on behalf of the 304 authority as provided by the State Bond Act. 305 Section 6. Lease-purchase agreement.— 306 (1) The authority may enter into a lease-purchase agreement 307 with the department relating to and covering the Seminole County 308 Expressway System. 309 (2) The lease-purchase agreement shall provide for the 310 leasing of the Seminole County Expressway System by the 311 authority, as lessor, to the department, as lessee; shall 312 prescribe the terms of the agreement and the rentals to be paid; 313 and shall provide that, upon the completion of the faithful 314 performance of the agreement and the termination of such lease 315 purchase agreement, the authority shall transfer to the state 316 title in fee simple absolute to the Seminole County Expressway 317 System and the authority shall deliver to the department deeds 318 and conveyances necessary to vest title in fee simple absolute 319 in the state. 320 (3) The lease-purchase agreement may include other 321 provisions, agreements, and covenants as the authority and the 322 department deem necessary, including, but not limited to, 323 provisions as to the bonds to be issued pursuant to this part; 324 the completion, extension, improvement, operation, and 325 maintenance of the Seminole County Expressway System and the 326 expenses and the cost of operation of the authority and the 327 system; the charging and collection of tolls, rates, fees, and 328 other charges for the use of the services and facilities; the 329 application of federal or state grants or aid made or given to 330 assist the authority in the completion, extension, improvement, 331 operation, and maintenance of the Seminole County Expressway 332 System, which the authority may accept and apply to these 333 purposes; the enforcement of payment and collection of rentals; 334 and any other terms, provisions, or covenants necessary, 335 incidental, or appurtenant to the making of, and full 336 performance under, the lease-purchase agreement. 337 (4) The department, as lessee under such lease-purchase 338 agreement, may pay, as rentals under the agreement, any rates, 339 fees, charges, funds, moneys, receipts, or income accruing to 340 the department from the operation of the Seminole County 341 Expressway System and the gasoline tax funds or other revenues 342 of Seminole County used to pay the principal of or interest on 343 any obligations issued to finance any portion of the system and 344 may also pay, as rentals, any appropriations received by the 345 department pursuant to state law. The lease-purchase agreement 346 or any holder of bonds issued pursuant to section 5 of this act 347 may not require the making or continuance of any appropriations. 348 (5) Gasoline tax funds or other revenues of Seminole County 349 may not be pledged as rentals under a lease-purchase agreement 350 or another agreement without the consent of Seminole County, 351 evidenced by a resolution adopted by the board of county 352 commissioners of the county at a public hearing held pursuant to 353 due notice thereof published at least once a week for 3 354 consecutive weeks before the hearing in a newspaper of general 355 circulation in the county. The resolution must provide that, for 356 bonds issued on behalf of the authority, any excess of the 357 pledged gasoline tax funds and other revenues of Seminole County 358 which is not required for debt service or for reserves for debt 359 service shall be distributed to Seminole County as provided by 360 law. Before making any application for the pledge of gasoline 361 tax funds, the authority shall present the plan of its proposed 362 project to the Seminole County Planning and Zoning Commission 363 for comments and recommendations. The department may covenant in 364 a lease-purchase agreement that it will pay all or part of the 365 cost of the system, and any part of the cost of completing the 366 system to the extent that the proceeds of bonds issued for the 367 project are insufficient, from sources other than the revenues 368 derived from the operation of the system and the gasoline tax 369 funds or any other revenue of Seminole County pledged for such 370 purpose. The department may agree to make payments from any 371 moneys available to Seminole County, in connection with the 372 construction or completion of the system, as deemed by the 373 department to be fair and proper under any covenant that is 374 entered into. 375 (6) The system is a part of the state road system, and the 376 department may, upon the request of the authority, expend money 377 out of any funds available for the purpose and use its 378 engineering and other powers deemed necessary by the department 379 for the operation of the authority and for traffic surveys, 380 borings, surveys, preparation of plans and specifications, 381 estimates of cost, and other preliminary engineering and other 382 studies. However, the aggregate amount of moneys expended for 383 this purpose by the department may not exceed the sum of 384 $500,000. 385 Section 7. Agent for construction.—The authority may 386 appoint the department as its agent for the construction of and 387 improvements and extensions to the Seminole County Expressway 388 System and for the completion of the system. If the department 389 is appointed, the authority shall provide the department with 390 complete copies of all documents, agreements, resolutions, 391 contracts, and instruments relating to the system; shall request 392 the department to do the construction work, including the 393 planning, surveying, and actual construction of the completion, 394 extension, and improvement to the Seminole County Expressway 395 System; and shall transfer the necessary funds for the 396 construction to the credit of an account of the department in 397 the State Treasury. The department shall proceed with the 398 construction and shall use the funds that are authorized for the 399 construction of roads and bridges. 400 Section 8. Acquisition of lands and property.— 401 (1) The Seminole County Expressway Authority may acquire 402 private or public property and property rights, including rights 403 of access, air, view, and light, by gift, devise, purchase, or 404 condemnation by an eminent domain proceeding, as the authority 405 deems necessary to implement sections 1-14 of this act. The 406 property that the authority may acquire includes, but is not 407 limited to, any land: 408 (a) Reasonably necessary for securing applicable permits, 409 areas necessary for management of access, borrow pits, drainage 410 ditches, water retention areas, rest areas, replacement access 411 for landowners whose access is impaired due to the construction 412 of a facility, and replacement rights-of-way for relocated rail 413 and utility facilities; 414 (b) For existing, proposed, or anticipated transportation 415 facilities on the Seminole County Expressway System or in a 416 transportation corridor designated by the authority; or 417 (c) For the purposes of screening, relocation, removal, or 418 disposal of junkyards and scrap metal processing facilities. 419 420 The authority may condemn any material and property necessary 421 for these purposes. 422 (2) The authority may exercise the right of eminent domain 423 in the manner provided by law. 424 (3) If the authority acquires property for a transportation 425 facility or in a transportation corridor, the authority is not 426 subject to any liability imposed by chapter 376 or chapter 403, 427 Florida Statutes, for preexisting soil or groundwater 428 contamination due solely to its ownership. This section does not 429 affect the rights or liabilities of any past or future owners of 430 the acquired property, nor does it affect the liability of any 431 governmental entity for the results of its actions that create 432 or exacerbate a pollution source. The authority and the 433 Department of Environmental Protection may enter into an 434 interagency agreement for the performance, funding, and 435 reimbursement of the investigative and remedial acts necessary 436 for property acquired by the authority. 437 Section 9. Cooperation with other units, boards, agencies, 438 and individuals.—Any county, municipality, drainage district, 439 road or bridge district, school district, or any other political 440 subdivision, board, commission, or individual in or of the state 441 may make and enter into a contract, lease, conveyance, or other 442 agreement consistent with sections 1-14 of this act with the 443 authority. The authority may make and enter into a contract, 444 lease, conveyance, or other agreement with any political 445 subdivision, agency, or instrumentality of the state, any 446 federal agency, any corporation, or any individual to implement 447 sections 1-14 of this act. 448 Section 10. Covenant of the state.—The state pledges to, 449 and agrees with, any person, firm, corporation, or federal or 450 state agency subscribing to or acquiring the bonds issued by the 451 authority pursuant to section 5 of this act that the state will 452 not limit or alter the rights vested in the authority and the 453 department until all bonds at any time issued, together with the 454 interest on the bonds, are fully paid and discharged. The state 455 pledges to, and agrees with, the United States that, when any 456 federal agency constructs or contributes any funds for the 457 completion, extension, or improvement of the Seminole County 458 Expressway System or any part or portion thereof, the state will 459 not alter or limit the rights and powers of the authority and 460 the department in any manner that would be inconsistent with the 461 continued maintenance and operation of the Seminole County 462 Expressway System or the completion, extension, or improvement 463 of the system, or that is inconsistent with the due performance 464 of the agreement between the authority and the federal agency. 465 The authority and the department have and may exercise all 466 powers granted in sections 1-14 of this act necessary to 467 implement the purposes of sections 1-14 of this act and the 468 purposes of the United States in the completion, extension, or 469 improvement of the Seminole County Expressway System or any part 470 or portion of the system. 471 Section 11. Exemption from taxation.—The authority created 472 pursuant to sections 1-14 of this act is for the benefit of the 473 people of the state, for the increase of their commerce and 474 prosperity, and for the improvement of their health and living 475 conditions. Because the authority is performing essential 476 governmental functions in carrying out the purposes of sections 477 1-14 of this act, the authority is exempt from taxes or 478 assessments upon any property acquired or used by it for such 479 purposes, or upon any revenues, rates, fees, rentals, receipts, 480 income, or charges received by it. The bonds issued by the 481 authority, their transfer, and the income from the bonds, 482 including any profits made on the sale of the bonds, are at all 483 times free from taxation of any kind by the state or any 484 political subdivision, taxing agency, or instrumentality of the 485 state. However, the exemption granted by this section is not 486 applicable to any tax imposed under chapter 220, Florida 487 Statutes, on interest, income, or profits on debt obligations 488 owned by corporations. When a property of the authority is 489 leased, it is exempt from ad valorem taxes if the use by the 490 lessee qualifies the property for exemption under s. 196.199, 491 Florida Statutes. 492 Section 12. Eligibility for investments and security.—Any 493 bonds or other obligations issued pursuant to sections 1-14 of 494 this act are legal investments for banks, savings banks, 495 trustees, executors, administrators, and all other fiduciaries, 496 and for all state, municipal, and other public funds, and are 497 securities eligible for deposit as security for all state, 498 municipal, or other public funds, notwithstanding the provisions 499 of any law. 500 Section 13. Pledges enforceable by bondholders.—A pledge by 501 the department of rates, fees, revenues, gasoline tax funds of 502 Seminole County, or other funds as rentals to the authority, or 503 any covenant or agreement relative to the pledge, is enforceable 504 in any court of competent jurisdiction against the authority or 505 directly against the department by any holder of bonds issued by 506 the authority. 507 Section 14. Complete and additional authority.— 508 (1) The powers conferred by sections 1-14 of this act are 509 in addition to the existing powers of the authority and the 510 department, and sections 1-14 of this act do not repeal any of 511 the provisions of any other law, general, special, or local. The 512 extension and improvement of the Seminole County Expressway 513 System, and the issuance of bonds pursuant to section 5 of this 514 act to finance all or part of the cost of the system, may be 515 accomplished upon compliance with the provisions of sections 1 516 14 of this act without regard to or necessity for compliance 517 with the provisions, limitations, or restrictions contained in 518 any other general, special, or local law. Approval of any bonds 519 issued under this part by qualified electors or qualified 520 electors who are freeholders in the state, in Seminole County or 521 in any other political subdivision of the state, is not required 522 for the issuance of bonds pursuant to section 5 of this act. 523 (2) Sections 1-14 of this act do not repeal, rescind, or 524 modify any other law relating to the State Board of 525 Administration, the Department of Transportation, or the 526 Division of Bond Finance of the State Board of Administration, 527 but supersede any law that is inconsistent with the provisions 528 of sections 1-14 of this act. 529 Section 15. This act shall take effect July 1, 2012.