HB 721

1	A bill to be entitled
2	An act relating to the Coastal Barriers Infrastructure
3	Finance Act; providing a directive to the Division of
4	Statutory Revision; creating s. 163.71, F.S.;
5	providing a short title; creating s. 163.72, F.S.;
6	providing legislative intent; creating s. 163.73,
7	F.S.; providing definitions; creating s. 163.74, F.S.;
8	providing a procedure for petitioning for and
9	conducting a referendum on the question of whether to
10	establish an infrastructure-financing district;
11	creating s. 163.75, F.S.; providing the powers of the
12	governing body of a district; creating s. 163.76,
13	F.S.; requiring the establishment of an infrastructure
14	plan within a certain time; creating s. 163.77, F.S.;
15	requiring the establishment of a local trust fund to
16	hold the funds of the district; specifying the source
17	of funding for district projects; creating s. 163.78,
18	F.S.; providing exemptions; creating s. 163.79, F.S.;
19	providing for dissolution of an infrastructure-
20	financing district; providing an effective date.
21
22	Be It Enacted by the Legislature of the State of Florida:
23
24	Section 1.  The Division of Statutory Revision is requested
25	to create part VII of chapter 163, Florida Statutes, consisting
26	of ss. 163.71-163.79, Florida Statutes.
27	Section 2.  Section 163.71, Florida Statutes, is created to
28	read:
29	163.71  Short title.-This part may be cited as the "Coastal
30	Barriers Infrastructure Finance Act."
31	Section 3.  Section 163.72, Florida Statutes, is created to
32	read:
33	163.72  Findings and intent.-
34	(1)  The Legislature recognizes the enormous environmental
35	and economic value of the state's coastal barriers, including
36	barrier islands, beach and dune systems, waterways, biological
37	systems, and related coastal features, which comprise much of
38	the state's coastal zone and serve as a major attraction for
39	both residents and tourists.
40	(2)  The Legislature also recognizes that dependable,
41	secure, and aesthetically attractive infrastructure is a
42	necessary component of sustaining coastal barrier communities
43	and the state's tourist-based economy while protecting the
44	environment.
45	(3)  The Legislature further recognizes that underground
46	utilities provide a delivery system for utility services which
47	is safer and more reliable than overhead facilities during and
48	after severe storm and weather events to which coastal barriers
49	are often exposed.
50	(4)  It is therefore the intent of the Legislature to
51	protect and preserve the state's coastal barrier resources,
52	communities, and economy by providing to local government an
53	alternative mechanism for the financing, installation, and
54	operation of utility systems serving coastal barrier
55	communities.
56	Section 4.  Section 163.73, Florida Statutes, is created to
57	read:
58	163.73  Definitions.-As used in this part, the term:
59	(1)  "Coastal barrier" means a coastal barrier island or
60	other coastal feature consisting of a beach, dunes, and related
61	features located within a coastal building zone as those terms
62	are defined in s. 161.54.
63	(2)  "Debt service millage" means any millage levied
64	pursuant to s. 12, Art. VII of the State Constitution.
65	(3)  "Infrastructure" means the construction,
66	reconstruction, or improvement of electrical, telephone, cable,
67	and other utility services delivered to a community by wire or
68	cable, and any related land acquisition, planning, design,
69	engineering, and administrative costs.
70	(4)  "Infrastructure-financing authority" means the
71	governing body of a county or municipality within which an
72	infrastructure-financing district has been designated.
73	(5)  "Infrastructure-financing district" means a geographic
74	area within a coastal barrier system designated by the governing
75	body of a county or municipality for infrastructure financing
76	and construction.
77	(6)  "Plan" means the infrastructure-financing plan adopted
78	by the governing body of a county or municipality which creates
79	an infrastructure-financing district.
80	(7)  "Taxing authority" means the public body authorized to
81	levy an ad valorem tax on real property that is located within
82	an infrastructure-financing district.
83	Section 5.  Section 163.74, Florida Statutes, is created to
84	read:
85	163.74  Referendum.-
86	(1)  If 10 percent of the registered electors who are
87	residents within a coastal barrier petition the governing body
88	of the county or municipality within which an identified coastal
89	barrier is located requesting the conducting of a referendum on
90	the question of creating an infrastructure-financing district
91	for the purpose of financing and constructing underground
92	utilities, the county or municipality governing board shall make
93	the appropriate arrangements for conducting such referendum,
94	including publishing notice of the election in a newspaper of
95	general circulation in the area proposed for the establishment
96	of the district. The petition must include the legal description
97	and a map of the coastal barrier that is proposed for
98	designation as an infrastructure-financing district.
99	(2)  The referendum must be conducted within 120 days after
100	the governing body verifies that 10 percent of the electors
101	residing within the identified coastal barrier signed the
102	petition. The referendum may be conducted by mail pursuant to s.
103	101.6102. The ballot question for the referendum must be in
104	substantially the following form: "Shall the ...governing board
105	of (...County or Municipality...) create an infrastructure-
106	financing district within the following legally described area
107	for the purpose of providing a tax increment mechanism to
108	finance and construct an underground utility infrastructure?"
109	The statement must be followed by the words "yes" and "no," and
110	must be accompanied by a map of the area that is proposed for
111	designation.
112	(3)  If the question submitted for referendum is approved
113	by a simple majority of the electors voting in the referendum
114	election, the county or municipality governing board shall
115	create a coastal barrier infrastructure-financing district by
116	ordinance.
117	Section 6.  Section 163.75, Florida Statutes, is created to
118	read:
119	163.75  Powers.-Each district shall be governed by a
120	coastal barrier infrastructure-financing authority, which has
121	the power necessary or convenient to carry out the purposes of
122	this part, including, but not limited to:
123	(1)  Making and executing contracts and other instruments
124	necessary and convenient to exercise the powers under this
125	section.
126	(2)  Undertaking, planning, and carrying out approved
127	coastal barrier infrastructure projects for the benefit of the
128	residents of the designated infrastructure-financing district.
129	The projects include, but are not limited to, the plan, design,
130	engineering, survey, legal, and related administrative services
131	necessary for the construction of safe, reliable, and
132	environmentally sound infrastructure projects as well as the
133	construction of such projects. The projects may also include
134	aesthetic features such as vegetation.
135	(3)  Investing coastal barrier infrastructure finance funds
136	held in reserve, sinking funds, or other such funds not required
137	for immediate disbursement in property or in securities in which
138	savings banks may legally invest funds, subject to the control
139	of the authority, and redeeming such bonds as have been issued
140	pursuant to this part at the redemption price established
141	therein, or purchasing such bonds at less than redemption price.
142	All bonds redeemed or purchased are canceled.
143	(4)  Borrowing money, including, but not limited to,
144	issuing debt obligations, such as bonds, notes, certificates,
145	and similar debt instruments; applying for and accepting
146	advances, loans, grants, contributions, and any other forms of
147	financial assistance from the Federal Government or the state,
148	county, or any other public body or from any source, public or
149	private, for the purposes of this part; giving such security as
150	may be required; entering into and carrying out contracts for
151	financial assistance with the Federal Government for or with
152	respect to a coastal barrier infrastructure project and related
153	activities under the conditions imposed under federal laws which
154	the coastal barrier infrastructure-financing authority consider
155	reasonable and appropriate and which are not inconsistent with
156	the purposes of this part.
157	(5)  Making or having made all surveys and plans necessary
158	to carry out the purposes of this part; contracting with any
159	person, public or private, to make and carry out the plans; and
160	adopting, approving, modifying, or amending any coastal barrier
161	infrastructure finance plan.
162	(6)  Appropriating funds and making expenditures as are
163	necessary to carry out the purposes of this part and to enter
164	into agreements with other public bodies, which agreements may
165	extend over any period consistent with state law and rule.
166	Section 7.  Section 163.76, Florida Statutes, is created to
167	read:
168	163.76  Coastal barrier infrastructure plan.-Each coastal
169	barrier infrastructure-financing authority shall adopt a coastal
170	barrier infrastructure plan within 6 months after the creation
171	of the district. The plan must:
172	(1)  Include an inventory and survey of all utility
173	infrastructure currently located above ground within the
174	designated coastal barrier.
175	(2)  Identify all necessary rights-of-way and property
176	needed for the construction of a system of underground utilities
177	within the designated coastal barrier.
178	(3)  Include the engineering design for a system of
179	underground utility facilities within the coastal barrier.
180	Section 8.  Section 163.77, Florida Statutes, is created to
181	read:
182	163.77  Establishment of local trust fund.-The coastal
183	barrier infrastructure-financing authority shall establish a
184	local trust fund, which shall be administered by the authority.
185	Each local trust fund must continue to be funded for as long as
186	the projects set forth in the coastal barrier infrastructure
187	plan remain to be completed or until any debt incurred to
188	finance or refinance the related projects is no longer
189	outstanding, whichever occurs later. Beginning in the first
190	fiscal year after the creation of the district, each local trust
191	fund shall be funded by the proceeds of an ad valorem tax
192	increment collected within the designated coastal barrier
193	infrastructure-financing district which must, at minimum, be 75
194	percent of the difference between:
195	(1)  The amount of ad valorem tax levied each year by each
196	taxing authority, exclusive of any amount from any debt service
197	millage, on taxable real property under the jurisdiction of the
198	coastal barrier infrastructure-financing authority and within
199	the coastal barrier infrastructure-financing district; and
200	(2)  The amount of ad valorem taxes which would have been
201	produced by the rate upon which the tax is levied each year by
202	or for each taxing authority, exclusive of any debt service
203	millage, upon the total of assessed value of the taxable real
204	property within the infrastructure-financing district as shown
205	on the most recent assessment roll used in connection with the
206	taxation of such property of each taxing authority before the
207	effective date of the ordinance funding the trust fund.
208	Section 9.  Section 163.78, Florida Statutes, is created to
209	read:
210	163.78  Exemptions.-The following public bodies or taxing
211	authorities are exempt from this part:
212	(1)  A special district that levies ad valorem taxes on
213	taxable real property in more than one county.
214	(2)  A special district for which the sole available source
215	of revenue is the authority to levy ad valorem taxes when an
216	ordinance is adopted under this part. However, revenues or aid
217	that may be dispensed or appropriated to a district as defined
218	in s. 388.011 at the discretion of an entity other than such
219	district is not deemed available.
220	(3)  A library district.
221	(4)  A neighborhood improvement district created under the
222	Safe Neighborhoods Act.
223	(5)  A metropolitan transportation authority.
224	(6)  A water management district created under s. 373.069.
225	(7)  A community redevelopment agency.
226	Section 10.  Section 163.79, Florida Statutes, is created
227	to read:
228	163.79  Dissolution.-Upon completion of all coastal barrier
229	infrastructure projects and repayment or defeasance of all debt
230	issued to finance or refinance such projects, an infrastructure-
231	financing district shall be dissolved, and its assets and
232	liabilities transferred to the county or municipality within
233	which the district is located. Any remaining assets of the
234	district shall be used for the maintenance of the coastal
235	barrier infrastructure project or projects created under this
236	part.
237	Section 11.  This act shall take effect July 1, 2012.

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