Florida Senate - 2013 COMMITTEE AMENDMENT Bill No. PCS (730310) for CS for SB 1132 Barcode 918984 LEGISLATIVE ACTION Senate . House Comm: RCS . 04/25/2013 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Appropriations (Gardiner) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 2388 - 2610 4 and insert: 5 secure bonds; and all other expenditures of the authority 6 incident to and necessary or convenient to carry out its 7 corporate purposes and powers. 8 (2)(a) Bonds issued by an authority pursuant to paragraph 9 (1)(a) or paragraph (1)(b) must be authorized by resolution of 10 the members of the authority and must bear such date or dates; 11 mature at such time or times, not exceeding 30 years after their 12 respective dates; bear interest at such rate or rates, not 13 exceeding the maximum rate fixed by general law for authorities; 14 be in such denominations; be in such form, either coupon or 15 fully registered; carry such registration, exchangeability and 16 interchangeability privileges; be payable in such medium of 17 payment and at such place or places; be subject to such terms of 18 redemption; and be entitled to such priorities of lien on the 19 revenues and other available moneys as such resolution or any 20 resolution subsequent to the bonds’ issuance may provide. The 21 bonds shall be executed either by manual or facsimile signature 22 by such officers as the authority shall determine, provided that 23 such bonds shall bear at least one signature that is manually 24 executed thereon. The coupons attached to such bonds shall bear 25 the facsimile signature or signatures of such officer or 26 officers as designated by the authority. Such bonds shall have 27 the seal of the authority affixed, imprinted, reproduced, or 28 lithographed thereon. 29 (b) Bonds issued pursuant to paragraph (1)(a) or paragraph 30 (1)(b) must be sold at public sale in the same manner provided 31 in the State Bond Act. Pending the preparation of definitive 32 bonds, temporary bonds or interim certificates may be issued to 33 the purchaser or purchasers of such bonds and may contain such 34 terms and conditions as the authority may determine. 35 (3) A resolution that authorizes any bonds may contain 36 provisions that must be part of the contract with the holders of 37 the bonds, as to: 38 (a) The pledging of all or any part of the revenues, 39 available municipal or county funds, or other charges or 40 receipts of the authority derived from the regional system. 41 (b) The construction, reconstruction, improvement, 42 extension, repair, maintenance, and operation of the system, or 43 any part or parts of the system, and the duties and obligations 44 of the authority with reference thereto. 45 (c) Limitations on the purposes to which the proceeds of 46 the bonds, then or thereafter issued, or of any loan or grant by 47 any federal agency or the state or any political subdivision of 48 the state may be applied. 49 (d) The fixing, charging, establishing, revising, 50 increasing, reducing, and collecting of tolls, rates, fees, 51 rentals, or other charges for use of the services and facilities 52 of the system or any part of the system. 53 (e) The setting aside of reserves or of sinking funds and 54 the regulation and disposition of the reserves or sinking funds. 55 (f) Limitations on the issuance of additional bonds. 56 (g) The terms and provisions of any deed of trust or 57 indenture securing the bonds, or under which the bonds may be 58 issued. 59 (h) Any other or additional matters, of like or different 60 character, which in any way affect the security or protection of 61 the bonds. 62 (4) The authority may enter into any deeds of trust, 63 indentures, or other agreements with any bank or trust company 64 within or without the state, as security for such bonds, and 65 may, under such agreements, assign and pledge any of the 66 revenues and other available moneys, including any available 67 municipal or county funds, pursuant to the terms of this 68 chapter. The deed of trust, indenture, or other agreement may 69 contain provisions that are customary in such instruments or 70 that the authority may authorize, including, but without 71 limitation, provisions that: 72 (a) Pledge any part of the revenues or other moneys 73 lawfully available therefor. 74 (b) Apply funds and safeguard funds on hand or on deposit. 75 (c) Provide for the rights and remedies of the trustee and 76 the holders of the bonds. 77 (d) Provide for the terms and provisions of the bonds or 78 for resolutions authorizing the issuance of the bonds. 79 (e) Provide for any other or additional matters, of like or 80 different character, which affect the security or protection of 81 the bonds. 82 (5) Any bonds issued pursuant to this act are negotiable 83 instruments and have all the qualities and incidents of 84 negotiable instruments under the law merchant and the negotiable 85 instruments law of the state. 86 (6) A resolution that authorizes the issuance of authority 87 bonds and pledges the revenues of the system must require that 88 revenues of the system be periodically deposited into 89 appropriate accounts in such sums as are sufficient to pay the 90 costs of operation and maintenance of the system for the current 91 fiscal year as set forth in the annual budget of the authority 92 and to reimburse the department for any unreimbursed costs of 93 operation and maintenance of the system from prior fiscal years 94 before revenues of the system are deposited into accounts for 95 the payment of interest or principal owing or that may become 96 owing on such bonds. 97 (7) State funds may not be used or pledged to pay the 98 principal or interest of any authority bonds, and all such bonds 99 must contain a statement on their face to this effect. 100 345.0006 Remedies of bondholders.— 101 (1) The rights and the remedies granted to authority 102 bondholders under this chapter are in addition to and not in 103 limitation of any rights and remedies lawfully granted to such 104 bondholders by the resolution or indenture providing for the 105 issuance of bonds, or by any deed of trust, indenture, or other 106 agreement under which the bonds may be issued or secured. If an 107 authority defaults in the payment of the principal of or 108 interest on any of the bonds issued pursuant to this chapter 109 after such principal of or interest on the bonds becomes due, 110 whether at maturity or upon call for redemption, as provided in 111 the resolution or indenture, and such default continues for 30 112 days, or in the event that the authority fails or refuses to 113 comply with the provisions of this chapter or any agreement made 114 with, or for the benefit of, the holders of the bonds, the 115 holders of 25 percent in aggregate principal amount of the bonds 116 then outstanding shall be entitled as of right to the 117 appointment of a trustee to represent such bondholders for the 118 purposes of the default provided that the holders of 25 percent 119 in aggregate principal amount of the bonds then outstanding 120 first gave written notice of their intention to appoint a 121 trustee, to the authority and to the department. 122 (2) The trustee, and any trustee under any deed of trust, 123 indenture, or other agreement, may, and upon written request of 124 the holders of 25 percent, or such other percentages specified 125 in any deed of trust, indenture, or other agreement, in 126 principal amount of the bonds then outstanding, shall, in any 127 court of competent jurisdiction, in his, her, or its own name: 128 (a) By mandamus or other suit, action, or proceeding at 129 law, or in equity, enforce all rights of the bondholders, 130 including the right to require the authority to fix, establish, 131 maintain, collect, and charge rates, fees, rentals, and other 132 charges, adequate to carry out any agreement as to, or pledge 133 of, the revenues, and to require the authority to carry out any 134 other covenants and agreements with or for the benefit of the 135 bondholders, and to perform its and their duties under this 136 chapter. 137 (b) Bring suit upon the bonds. 138 (c) By action or suit in equity, require the authority to 139 account as if it were the trustee of an express trust for the 140 bondholders. 141 (d) By action or suit in equity, enjoin any acts or things 142 that may be unlawful or in violation of the rights of the 143 bondholders. 144 (3) A trustee, if appointed pursuant to this section or 145 acting under a deed of trust, indenture, or other agreement, and 146 whether or not all bonds have been declared due and payable, 147 shall be entitled as of right to the appointment of a receiver. 148 The receiver may enter upon and take possession of the system or 149 the facilities or any part or parts of the system, the revenues 150 and other pledged moneys, for and on behalf of and in the name 151 of, the authority and the bondholders. The receiver may collect 152 and receive all revenues and other pledged moneys in the same 153 manner as the authority might do. The receiver shall deposit all 154 such revenues and moneys in a separate account and apply all 155 such revenues and moneys remaining after allowance for payment 156 of all costs of operation and maintenance of the system in such 157 manner as the court directs. In a suit, action, or proceeding by 158 the trustee, the fees, counsel fees, and expenses of the 159 trustee, and said receiver, if any, and all costs and 160 disbursements allowed by the court must be a first charge on any 161 revenues after payment of the costs of operation and maintenance 162 of the system. The trustee also has all other powers necessary 163 or appropriate for the exercise of any functions specifically 164 set forth in this section or incident to the representation of 165 the bondholders in the enforcement and protection of their 166 rights. 167 (4) This section or any other section of this chapter does 168 not authorize a receiver appointed pursuant to this section for 169 the purpose of operating and maintaining the system or any 170 facilities or parts thereof to sell, assign, mortgage, or 171 otherwise dispose of any of the assets belonging to the 172 authority. The powers of such receiver are limited to the 173 operation and maintenance of the system, or any facility or 174 parts thereof and to the collection and application of revenues 175 and other moneys due the authority, in the name and for and on 176 behalf of the authority and the bondholders. A holder of bonds 177 or any trustee does not have the right in any suit, action, or 178 proceeding, at law or in equity, to compel a receiver, or a 179 receiver may not be authorized or a court may not direct a 180 receiver to, sell, assign, mortgage, or otherwise dispose of any 181 assets of whatever kind or character belonging to the authority. 182 345.0007 Department to construct, operate, and maintain 183 facilities.— 184 (1) The department is the agent of each authority for the 185 purpose of performing all phases of a project, including, but 186 not limited to, constructing improvements and extensions to the 187 system. The authority shall provide to the department complete 188 copies of the documents, agreements, resolutions, contracts, and 189 instruments that relate to the project and shall request that 190 the department perform the construction work, including the 191 planning, surveying, design, and actual construction of the 192 completion, extensions, and improvements to the system. After 193 the issuance of bonds to finance construction of an improvement 194 or addition to the system, the authority shall transfer to the 195 credit of an account of the department in the State Treasury the 196 necessary funds for construction. The department shall proceed 197 with construction and use the funds for the purpose authorized 198 and as otherwise provided by law for construction of roads and 199 bridges. An authority may alternatively, with the consent and 200 approval of the department, elect to appoint a local agency 201 certified by the department to administer federal aid projects 202 in accordance with federal law as the authority’s agent for the 203 purpose of performing each phase of a project. 204 (2) Notwithstanding the provisions of subsection (1), the 205 department is the agent of each authority for the purpose of 206 operating and maintaining the system. The department shall 207 operate and maintain the system, and the costs incurred by the 208 department for operation and maintenance shall be reimbursed 209 from revenues of the system. The appointment of the department 210 as agent for each authority does not create an independent 211 obligation of the department to operate and maintain a system. 212 Each authority shall remain obligated as principal to operate 213 and maintain its system, and an authority’s bondholders do not 214 have an independent right to compel the department to operate or 215 maintain the authority’s system. 216 (3) Each authority shall fix, alter, charge, establish, and 217 collect tolls, rates, fees, rentals, and other charges for the 218 authority’s facilities, as otherwise provided in this chapter. 219 345.0008 Department contributions to authority projects.— 220 (1) The department may agree with an authority to provide 221 for or contribute to the payment of costs of financial or 222 engineering and traffic feasibility studies and the design, 223 financing, acquisition, or construction of an authority project 224 or system included in the 10-year Strategic Intermodal Plan, 225 subject to appropriation by the Legislature. 226 (a) In the manner required by chapter 216, the department 227 shall include any issue or issues in its legislative budget 228 request for funding the payment of costs of financial or 229 engineering and traffic feasibility studies and the design, 230 financing, acquisition, or construction of an authority project 231 or system. The request for funding may be included as part of 232 the 5-year Tentative Work Program; however, it will be decided 233 upon separately as a distinct funding item for consideration by 234 the Legislature. The department must include a financial 235 feasibility test to accompany such legislative budget request 236 for consideration of funding any authority project. 237 (b) As determined by the Legislature in the General 238 Appropriations Act, funding provided for authority projects 239 shall be appropriated in a specific fixed capital outlay 240 appropriation category that clearly identifies the authority 241 project. 242 (c) The department may not request legislative approval of 243 acquisition or construction of a proposed authority project 244 unless the estimated net revenues of the proposed project will 245 be sufficient to pay at least 50 percent of the annual debt 246 service on the bonds associated with the project by the end of 247 the 12th year of operation and to pay at least 100 percent of 248 the debt service on the bonds by the end of the 30th year of 249 operation. 250 (2) The department may use its engineering and other 251 personnel, including consulting engineers and traffic engineers, 252 to conduct feasibility studies under subsection (1). The 253 department may participate in authority-funded projects that, at 254 a minimum: 255 (a) Serve national, statewide, or regional functions and 256 function as part of an integrated regional transportation 257 system. 258 (b) Are identified in the capital improvements element of a 259 comprehensive plan that has been determined to be in compliance 260 with part II of chapter 163. Further, the project shall be in 261 compliance with local government comprehensive plan policies 262 relative to corridor management. 263 (c) Are consistent with the Strategic Intermodal System 264 Plan developed under s. 339.64. 265 (d) Have a commitment for local, regional, or private 266 financial matching funds as a percentage of the overall project 267 cost. 268 (3) Before approval, the department must determine that the 269 proposed project: 270 (a) Is in the public’s best interest; 271 (b) Would not require state funds to be used unless the 272 project is on the State Highway System; 273 (c) Would have adequate safeguards in place to ensure that 274 no additional costs or service disruptions would be realized by 275 the traveling public and residents of the state in the event of 276 default or cancellation of the agreement by the department; and 277 (d) Would have adequate safeguards in place to ensure that the 278 department and the regional transportation finance authority 279 have the opportunity to add capacity to the proposed project and 280 other transportation facilities serving similar origins and 281 destinations. 282 283 ================= T I T L E A M E N D M E N T ================ 284 And the title is amended as follows: 285 Delete lines 267 - 270 286 and insert: 287 10-year Strategic Intermodal Plan, if included in a 288 specific plan and approved by the Legislature; 289 providing for feasibility studies; requiring certain 290 criteria to be met before department approval; 291 providing for payment of