Florida Senate - 2014 COMMITTEE AMENDMENT
Bill No. CS for SB 218
Ì128248>Î128248
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/13/2014 .
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following:
1 Senate Amendment (with title amendment)
2
3 Between lines 123 and 124
4 insert:
5 Section 2. Section 339.041, Florida Statutes, is created to
6 read:
7 339.041 Factoring of revenues from leases for wireless
8 communication facilities.—
9 (1) The Legislature finds that efforts to increase funding
10 for capital expenditures for the transportation system are
11 necessary for the protection of the public safety and general
12 welfare and for the preservation of transportation facilities in
13 this state. It is, therefore, the intent of the Legislature:
14 (a) To create a mechanism for factoring future revenues
15 received by the department from leases for wireless
16 communication facilities on department property on a nonrecourse
17 basis;
18 (b) To fund fixed capital expenditures for the statewide
19 transportation system from proceeds generated through this
20 mechanism; and
21 (c) To maximize revenues from factoring by ensuring that
22 such revenues are exempt from income taxation under federal law
23 in order to increase funds available for capital expenditures.
24 (2) For the purposes of factoring revenues under this
25 section, department property includes real property located
26 within the department’s limited access rights-of-way, property
27 located outside the current operating right-of-way limits which
28 is not needed to support current transportation facilities,
29 other property owned by the Board of Trustees of the Internal
30 Improvement Trust Fund and leased by the department, space on
31 department telecommunications facilities, and space on
32 department structures.
33 (3) The department may solicit investors willing to enter
34 into agreements to purchase the revenue stream from one or more
35 existing department leases for wireless communication facilities
36 on property owned or controlled by the department through the
37 issuance of an invitation to negotiate. Such agreements shall be
38 structured as tax-exempt financings for federal income tax
39 purposes in order to result in the largest possible payout.
40 (4) The department may not pledge the credit, the general
41 revenues, or the taxing power of the state or of any political
42 subdivision of the state. The obligations of the department and
43 investors under the agreement do not constitute a general
44 obligation of the state or a pledge of the full faith and credit
45 or taxing power of the state. The agreement is payable from and
46 secured solely by payments received from department leases for
47 wireless communication facilities on property owned or
48 controlled by the department, and neither the state nor any of
49 its agencies has any liability beyond such payments.
50 (5) The department may make any covenant or representation
51 necessary or desirable in connection with the agreement,
52 including a commitment by the department to take whatever
53 actions are necessary on behalf of investors to enforce the
54 department’s rights to payments on property leased for wireless
55 communications facilities. However, the department may not
56 guarantee that revenues actually received in a future year will
57 be those anticipated in its leases for wireless communication
58 facilities. The department may agree to use its best efforts to
59 ensure that anticipated future-year revenues are protected. Any
60 risk that actual revenues received from department leases for
61 wireless communications facilities will be lower than
62 anticipated shall be borne exclusively by investors.
63 (6) Subject to annual appropriation, the investors shall
64 collect the lease payments on a schedule and in a manner
65 established in the agreements entered into pursuant to this
66 section between the department and the investors. The agreements
67 may provide for lease payments to be made directly to investors
68 by lessees if the lease agreements entered into by the
69 department and the lessees pursuant to s. 365.172(12)(f) allow
70 direct payment.
71 (7) Proceeds received by the department from leases for
72 wireless communication facilities shall be deposited in the
73 State Transportation Trust Fund created under s. 206.46 and used
74 for fixed capital expenditures for the statewide transportation
75 system.
76
77 ================= T I T L E A M E N D M E N T ================
78 And the title is amended as follows:
79 Delete line 9
80 and insert:
81 under certain circumstances; creating s. 339.041,
82 F.S.; providing legislative intent; describing the
83 types of department property eligible for factoring
84 future revenues received by the department from leases
85 for communication facilities on department property;
86 authorizing the department to enter into agreements
87 with investors to purchase the revenue streams from
88 department leases of wireless communication facilities
89 on such property pursuant to an invitation to
90 negotiate; prohibiting the department from pledging
91 state credit; allowing the department to make certain
92 covenants; providing for the appropriation and payment
93 of moneys received from such agreements to investors;
94 requiring the proceeds from such leases to be used for
95 capital expenditures; amending s. 479.16, F.S.;