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.