Florida Senate - 2014                          SENATOR AMENDMENT
       Bill No. HB 5601
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Floor: WD            .                                
             05/01/2014 11:30 AM       .                                

       Senator Latvala moved the following:
    1         Senate Amendment to Amendment (965938) (with title
    2  amendment)
    4         Between lines 1284 and 1285
    5  insert:
    6         Section 21. Section 345.0001, Florida Statutes, is created
    7  to read:
    8         345.0001 Short title.—This act may be cited as the “West
    9  Florida Regional Economic Infrastructure Development Authority
   10  Act.”
   11         Section 22. Section 345.0002, Florida Statutes, is created
   12  to read:
   13         345.0002 Definitions.—As used in this chapter, the term:
   14         (1)“Agency of the state” means the state and any
   15  department of, or any corporation, agency, or instrumentality
   16  created, designated, or established by, the state.
   17         (2)“Area served” means Escambia County. However, upon a
   18  contiguous county’s consent to inclusion within the area served
   19  by the authority and with the agreement of the authority, the
   20  term shall also include the geographical area of such county
   21  contiguous to Escambia County.
   22         (3)“Authority” means the West Florida Regional Economic
   23  Infrastructure Development Authority, a body politic and
   24  corporate, and an agency of the state, established under this
   25  chapter.
   26         (4)“Bonds” means the notes, bonds, refunding bonds, or
   27  other evidences of indebtedness or obligations, in temporary or
   28  definitive form, which the authority may issue under this
   29  chapter.
   30         (5)“Department” means the Department of Transportation.
   31         (6)“Division” means the Division of Bond Finance of the
   32  State Board of Administration.
   33         (7)“Federal agency” means the United States, the President
   34  of the United States, and any department of, or any bureau,
   35  corporation, agency, or instrumentality created, designated, or
   36  established by, the United States Government.
   37         (8)“Members” means the governing body of the authority,
   38  and the term “member” means one of the individuals constituting
   39  such governing body.
   40         (9)“Regional system” or “system” means, generally, a
   41  modern system of roads, bridges, causeways, tunnels, and mass
   42  transit services within the area of the authority, with access
   43  limited or unlimited as the authority may determine, and the
   44  buildings and structures and appurtenances and facilities
   45  related to the system, including all approaches, streets, roads,
   46  bridges, and avenues of access for the system.
   47         (10)“Revenues” means the tolls, revenues, rates, fees,
   48  charges, receipts, rentals, contributions, and other income
   49  derived from or in connection with the operation or ownership of
   50  a regional system, including the proceeds of any use and
   51  occupancy insurance on any portion of the system, but excluding
   52  state funds available to the authority and any other municipal
   53  or county funds available to the authority under an agreement
   54  with a municipality or county.
   55         Section 23. Section 345.0003, Florida Statutes, is created
   56  to read:
   57         345.0003 Economic infrastructure development authority;
   58  formation; membership.
   59         (1) Escambia County, as well as any other contiguous
   60  county, may form a regional economic infrastructure development
   61  authority for the purposes of constructing, maintaining, and
   62  operating transportation projects in the northwest region of
   63  this state. The authority shall be governed in accordance with
   64  this chapter. An authority may not be created without the
   65  approval of the county commission of each county that will be a
   66  part of the authority.
   67         (2) The governing body of the authority shall consist of a
   68  board of voting members as follows:
   69         (a)The county commission of each county in the area served
   70  by the authority shall appoint two members. Each member must be
   71  a resident of the county from which he or she is appointed and,
   72  if possible, must represent the business and civic interests of
   73  the community.
   74         (b)The Governor shall appoint an equal number of members
   75  to the board as those appointed by each county commission. The
   76  members appointed by the Governor must be residents of the area
   77  served by the authority.
   78         (c)The secretary of the department shall appoint a
   79  district secretary, or his or her designee, for the district
   80  within which the area served by the authority is located.
   81         (3) The term of office of each member shall be for 4 years
   82  or until his or her successor is appointed and qualified.
   83         (4) A member may not hold an elected office during the term
   84  of his or her membership.
   85         (5)A vacancy occurring in the governing body before the
   86  expiration of the member’s term shall be filled for the balance
   87  of the unexpired term by the respective appointing authority in
   88  the same manner as the original appointment.
   89         (6)Before entering upon his or her official duties, each
   90  member must take and subscribe to an oath before an official
   91  authorized by law to administer oaths that he or she will
   92  honestly, faithfully, and impartially perform the duties of his
   93  or her office as a member of the governing body of the authority
   94  and that he or she will not neglect any duties imposed upon him
   95  or her by this chapter.
   96         (7) The Governor may remove from office a member for
   97  misconduct, malfeasance, misfeasance, or nonfeasance in office.
   98         (8)The members of the authority shall designate a chair
   99  from among the membership.
  100         (9)The members shall serve without compensation, but are
  101  entitled to reimbursement for per diem and other expenses in
  102  accordance with s. 112.061 while in performance of their duties.
  103         (10)A majority of the members shall constitute a quorum,
  104  and resolutions enacted or adopted by a vote of a majority of
  105  the members present and voting at any meeting are effective
  106  without publication, posting, or any further action of the
  107  authority.
  108         Section 24. Section 345.0004, Florida Statutes, is created
  109  to read:
  110         345.0004 Powers and duties.
  111         (1)The authority shall plan, develop, finance, construct,
  112  reconstruct, improve, own, operate, and maintain a regional
  113  system in the area served by the authority. The authority may
  114  not exercise these powers with respect to an existing system for
  115  transporting people and goods by any means that is owned by
  116  another entity without the consent of that entity. If the
  117  authority acquires, purchases, or inherits an existing entity,
  118  the authority shall inherit and assume all rights, assets,
  119  appropriations, privileges, and obligations of the existing
  120  entity.
  121         (2)The authority may exercise all powers necessary,
  122  appurtenant, convenient, or incidental to the carrying out of
  123  the purposes of this section, including, but not limited to, the
  124  following rights and powers:
  125         (a)To sue and be sued, implead and be impleaded, and
  126  complain and defend in all courts in its own name.
  127         (b)To adopt and use a corporate seal.
  128         (c)To have the power of eminent domain, including the
  129  procedural powers granted under chapters 73 and 74.
  130         (d)To acquire, purchase, hold, lease as a lessee, and use
  131  any property, real, personal, or mixed, tangible or intangible,
  132  or any interest therein, necessary or desirable for carrying out
  133  the purposes of the authority.
  134         (e)To sell, convey, exchange, lease, or otherwise dispose
  135  of any real or personal property acquired by the authority,
  136  including air rights.
  137         (f)To fix, alter, charge, establish, and collect rates,
  138  fees, rentals, and other charges for the use of any system owned
  139  or operated by the authority, which rates, fees, rentals, and
  140  other charges must be sufficient to comply with any covenants
  141  made with the holders of any bonds issued under this act;
  142  however, such right and power may be assigned or delegated by
  143  the authority to the department.
  144         (g)To borrow money; make and issue negotiable notes,
  145  bonds, refunding bonds, and other evidences of indebtedness or
  146  obligations, in temporary or definitive form, to finance all or
  147  part of the improvement of the authority’s system and
  148  appurtenant facilities, including the approaches, streets,
  149  roads, bridges, and avenues of access for the system and for any
  150  other purpose authorized by this chapter, the bonds to mature no
  151  more than 30 years after the date of the issuance; to secure the
  152  payment of such bonds or any part thereof by a pledge of its
  153  revenues, rates, fees, rentals, or other charges, including
  154  municipal or county funds received by the authority under an
  155  agreement between the authority and a municipality or county;
  156  and, in general, to provide for the security of the bonds and
  157  the rights and remedies of the holders of the bonds. However,
  158  municipal or county funds may not be pledged for the
  159  construction of a project for which a toll is to be charged
  160  unless the anticipated tolls are reasonably estimated by the
  161  governing board of the municipality or county, on the date of
  162  its resolution pledging the funds, to be sufficient to cover the
  163  principal and interest of such obligations during the period
  164  when the pledge of funds is in effect.
  165         1.The authority shall reimburse a municipality or county
  166  for sums spent from municipal or county funds used for the
  167  payment of the bond obligations.
  168         2.If the authority elects to fund or refund bonds issued
  169  by the authority before the maturity of the bonds, the proceeds
  170  of the funding or refunding bonds shall, pending the prior
  171  redemption of the bonds to be funded or refunded, be invested in
  172  direct obligations of the United States, and the outstanding
  173  bonds may be funded or refunded by the issuance of bonds under
  174  this chapter.
  175         (h)To make contracts of every name and nature, including,
  176  but not limited to, partnerships providing for participation in
  177  ownership and revenues, and to execute each instrument necessary
  178  or convenient for the conduct of its business.
  179         (i)Without limitation of the foregoing, to cooperate with,
  180  to borrow money and accept grants from, and to enter into
  181  contracts or other transactions with any federal agency, the
  182  state, or any agency or any other public body of the state.
  183         (j)To employ an executive director, attorney, staff, and
  184  consultants. Upon the request of the authority, the department
  185  shall furnish the services of a department employee to act as
  186  the executive director of the authority.
  187         (k)To enter into joint development agreements.
  188         (l)To accept funds or other property from private
  189  donations.
  190         (m)To act and do things necessary or convenient for the
  191  conduct of its business and the general welfare of the
  192  authority, in order to carry out the powers granted to it by
  193  this act or any other law.
  194         (3)The authority may not pledge the credit or taxing power
  195  of the state or a political subdivision or agency of the state.
  196  Obligations of the authority may not be considered to be
  197  obligations of the state or of any other political subdivision
  198  or agency of the state. Except for the authority, the state or
  199  any political subdivision or agency of the state is not liable
  200  for the payment of the principal of or interest on such
  201  obligations.
  202         (4)The authority may not, other than by consent of the
  203  affected county or an affected municipality, enter into an
  204  agreement that would legally prohibit the construction of a road
  205  by the county or the municipality.
  206         (5)The authority shall comply with the statutory
  207  requirements of general application which relate to the filing
  208  of a report or documentation required by law, including the
  209  requirements of ss. 189.4085, 189.415, 189.417, and 189.418.
  210         Section 25. Section 345.0005, Florida Statutes, is created
  211  to read:
  212         345.0005 Bonds.
  213         (1)Bonds may be issued on behalf of the authority under
  214  the State Bond Act. The authority may also issue bonds in such
  215  principal amount as it deems necessary to provide sufficient
  216  moneys for achieving its corporate purposes, including
  217  construction, reconstruction, improvement, extension, repair,
  218  maintenance, and operation of the system; the cost of
  219  acquisition of all real property; interest on bonds during
  220  construction and for a reasonable period thereafter;
  221  establishment of reserves to secure bonds; and other
  222  expenditures of the authority incident and necessary or
  223  convenient to carry out its corporate purposes and powers.
  224         (2)Bonds issued by the authority under subsection (1)
  225  must:
  226         (a)Be authorized by resolution of the members and bear
  227  such date or dates; mature at such time or times, not exceeding
  228  30 years after their respective dates; bear interest at such
  229  rate or rates, not exceeding the maximum rate fixed by general
  230  law for authorities; be in such denominations; be in such form,
  231  either coupon or fully registered; carry such registration,
  232  exchangeability, and interchangeability privileges; be payable
  233  in such medium of payment and at such place or places; be
  234  subject to such terms of redemption; and be entitled to such
  235  priorities of lien on the revenues and other available moneys as
  236  such resolution or any resolution after the bonds’ issuance
  237  provides.
  238         (b)Be sold at public sale in the same manner provided in
  239  the State Bond Act. Temporary bonds or interim certificates may
  240  be issued to the purchaser or purchasers of such bonds pending
  241  the preparation of definitive bonds and may contain such terms
  242  and conditions as determined by the authority.
  243         (3)A resolution that authorizes bonds may specify
  244  provisions that must be part of the contract with the holders of
  245  the bonds as to:
  246         (a)The pledging of all or any part of the revenues,
  247  available municipal or county funds, or other charges or
  248  receipts of the authority derived from the regional system.
  249         (b)The construction, reconstruction, improvement,
  250  extension, repair, maintenance, and operation of the system, or
  251  any part or parts of the system, and the duties and obligations
  252  of the authority with reference thereto.
  253         (c)Limitations on the purposes to which the proceeds of
  254  the bonds, then or thereafter issued, or of any loan or grant by
  255  any federal agency or the state or any political subdivision of
  256  the state may be applied.
  257         (d)The fixing, charging, establishing, revising,
  258  increasing, reducing, and collecting of tolls, rates, fees,
  259  rentals, or other charges for use of the services and facilities
  260  of the system or any part of the system.
  261         (e)The setting aside of reserves or of sinking funds and
  262  the regulation and disposition of the reserves or sinking funds.
  263         (f)Limitations on the issuance of additional bonds.
  264         (g)The terms of any deed of trust or indenture securing
  265  the bonds, or under which the bonds may be issued.
  266         (h)Any other or additional matters, of like or different
  267  character, which in any way affect the security or protection of
  268  the bonds.
  269         (4)The authority may enter into deeds of trust,
  270  indentures, or other agreements with banks or trust companies
  271  within or without the state, as security for such bonds, and
  272  may, under such agreements, assign and pledge any of the
  273  revenues and other available moneys, including any available
  274  municipal or county funds, under the terms of this chapter. The
  275  deed of trust, indenture, or other agreement may contain
  276  provisions that are customary in such instruments or that the
  277  authority may authorize, including, but without limitation,
  278  provisions that:
  279         (a)Pledge any part of the revenues or other moneys
  280  lawfully available.
  281         (b)Apply funds and safeguard funds on hand or on deposit.
  282         (c)Provide for the rights and remedies of the trustee and
  283  the holders of the bonds.
  284         (d)Provide for the terms of the bonds or for resolutions
  285  authorizing the issuance of the bonds.
  286         (e)Provide for any other or additional matters, of like or
  287  different character, which affect the security or protection of
  288  the bonds.
  289         (5)Bonds issued under this act are negotiable instruments
  290  and have the qualities and incidents of negotiable instruments
  291  under the law merchant and the negotiable instruments law of the
  292  state.
  293         (6) A resolution that authorizes the issuance of authority
  294  bonds and pledges the revenues of the system must require that
  295  revenues of the system be periodically deposited into
  296  appropriate accounts in sufficient sums to pay the costs of
  297  operation and maintenance of the system for the current fiscal
  298  year as set forth in the annual budget of the authority and to
  299  reimburse the department for any unreimbursed costs of operation
  300  and maintenance of the system from prior fiscal years before
  301  revenues of the system are deposited into accounts for the
  302  payment of interest or principal owing or that may become owing
  303  on such bonds.
  304         (7) State funds may not be used or pledged to pay the
  305  principal or interest of any authority bonds, and all such bonds
  306  must contain a statement on their face to this effect.
  307         Section 26. Section 345.0006, Florida Statutes, is created
  308  to read:
  309         345.0006 Remedies of bondholders.
  310         (1)The rights and the remedies granted to authority
  311  bondholders under this chapter are in addition to and not in
  312  limitation of any rights and remedies lawfully granted to such
  313  bondholders by the resolution or indenture providing for the
  314  issuance of bonds, or by any deed of trust, indenture, or other
  315  agreement under which the bonds may be issued or secured. If the
  316  authority defaults in the payment of the principal or interest
  317  on the bonds issued under this chapter after such principal or
  318  interest becomes due, whether at maturity or upon call for
  319  redemption, as provided in the resolution or indenture, and such
  320  default continues for 30 days, or if the authority fails or
  321  refuses to comply with this chapter or any agreement made with,
  322  or for the benefit of, the holders of the bonds, the holders of
  323  25 percent in aggregate principal amount of the bonds then
  324  outstanding are entitled as of right to the appointment of a
  325  trustee to represent such bondholders for the purposes of the
  326  default if the holders of 25 percent in aggregate principal
  327  amount of the bonds then outstanding first gave written notice
  328  to the authority and to the department of their intention to
  329  appoint a trustee.
  330         (2)The trustee and a trustee under a deed of trust,
  331  indenture, or other agreement may, or upon the written request
  332  of the holders of 25 percent or such other percentages specified
  333  in any deed of trust, indenture, or other agreement, in
  334  principal amount of the bonds then outstanding, shall, in any
  335  court of competent jurisdiction, in its own name:
  336         (a)By mandamus or other suit, action, or proceeding at
  337  law, or in equity, enforce all rights of the bondholders,
  338  including the right to require the authority to fix, establish,
  339  maintain, collect, and charge rates, fees, rentals, and other
  340  charges, adequate to carry out any agreement as to, or pledge
  341  of, the revenues, and to require the authority to carry out any
  342  other covenants and agreements with or for the benefit of the
  343  bondholders, and to perform its and their duties under this
  344  chapter.
  345         (b)Bring suit upon the bonds.
  346         (c)By action or suit in equity, require the authority to
  347  account as if it were the trustee of an express trust for the
  348  bondholders.
  349         (d)By action or suit in equity, enjoin any acts or things
  350  that may be unlawful or in violation of the rights of the
  351  bondholders.
  352         (3)A trustee, if appointed under this section or acting
  353  under a deed of trust, indenture, or other agreement, and
  354  regardless of whether all bonds have been declared due and
  355  payable, is entitled to the appointment of a receiver. The
  356  receiver may enter upon and take possession of the system or the
  357  facilities or any part or parts of the system, the revenues, and
  358  other pledged moneys, for and on behalf of and in the name of,
  359  the authority and the bondholders. The receiver may collect and
  360  receive revenues and other pledged moneys in the same manner as
  361  the authority. The receiver shall deposit such revenues and
  362  moneys in a separate account and apply all such revenues and
  363  moneys remaining after allowance for payment of all costs of
  364  operation and maintenance of the system in such manner as the
  365  court directs. In a suit, action, or proceeding by the trustee,
  366  the fees, counsel fees, and expenses of the trustee, and the
  367  receiver, if any, and all costs and disbursements allowed by the
  368  court must be a first charge on any revenues after payment of
  369  the costs of operation and maintenance of the system. The
  370  trustee also has all other powers necessary or appropriate for
  371  the exercise of any functions specifically described in this
  372  section or incident to the representation of the bondholders in
  373  the enforcement and protection of their rights.
  374         (4)A receiver appointed pursuant to this section to
  375  operate and maintain the system or a facility or a part of a
  376  facility may not sell, assign, mortgage, or otherwise dispose of
  377  any of the assets belonging to the authority. The powers of the
  378  receiver are limited to the operation and maintenance of the
  379  system or any facility or part of a facility and to the
  380  collection and application of revenues and other moneys due the
  381  authority, in the name and for and on behalf of the authority
  382  and the bondholders. A holder of bonds or trustee does not have
  383  the right in any suit, action, or proceeding, at law or in
  384  equity, to compel a receiver, or a receiver may not be
  385  authorized or a court may not direct a receiver, to sell,
  386  assign, mortgage, or otherwise dispose of any assets of whatever
  387  kind or character belonging to the authority.
  388         Section 27. Section 345.0007, Florida Statutes, is created
  389  to read:
  390         345.0007 Department to construct, operate, and maintain
  391  facilities.—
  392         (1) The department is the agent of the authority for the
  393  purpose of performing all phases of a project, including, but
  394  not limited to, constructing improvements and extensions to the
  395  system, with the exception of the transit facilities. The
  396  division and the authority shall provide to the department
  397  complete copies of the documents, agreements, resolutions,
  398  contracts, and instruments that relate to the project and shall
  399  request that the department perform the construction work,
  400  including the planning, surveying, design, and actual
  401  construction of the completion of, extensions of, and
  402  improvements to the system. After the issuance of bonds to
  403  finance construction of an improvement or addition to the
  404  system, the division and the authority shall transfer to the
  405  credit of an account of the department in the State Treasury the
  406  necessary funds for construction. The department shall proceed
  407  with construction and use the funds for the purpose authorized
  408  by law for construction of roads and bridges. The authority may
  409  alternatively, with the consent and approval of the department,
  410  elect to appoint a local agency certified by the department to
  411  administer federal aid projects in accordance with federal law
  412  as the authority’s agent for the purpose of performing each
  413  phase of a project.
  414         (2) Notwithstanding subsection (1), the department is the
  415  agent of the authority for the purpose of operating and
  416  maintaining the system, with the exception of transit
  417  facilities. The costs incurred by the department for operation
  418  and maintenance shall be reimbursed from revenues of the system.
  419  The appointment of the department as agent for the authority
  420  does not create an independent obligation on the part of the
  421  department to operate and maintain a system. The authority shall
  422  remain obligated as principal to operate and maintain its
  423  system, and the authority’s bondholders do not have an
  424  independent right to compel the department to operate or
  425  maintain the authority’s system. This appointment does not
  426  preclude the department and the authority from agreeing that
  427  some portions of the system will be operated and maintained by
  428  the authority.
  429         (3)The authority shall fix, alter, charge, establish, and
  430  collect tolls, rates, fees, rentals, and other charges for the
  431  authority’s facilities, as otherwise provided in this chapter.
  432         Section 28. Section 345.0008, Florida Statutes, is created
  433  to read:
  434         345.0008 Department contributions to authority projects.—
  435         (1)The department may, at the request of the authority,
  436  provide for or contribute to the payment of costs of financial
  437  or engineering and traffic feasibility studies and the design,
  438  financing, acquisition, or construction of the authority project
  439  or system, subject to appropriation by the Legislature.
  440         (2) The department may use its engineers and other
  441  personnel, including consulting engineers and traffic engineers,
  442  to conduct the feasibility studies authorized under subsection
  443  (1).
  444         (3) The department may participate in authority-funded
  445  projects that, at a minimum:
  446         (a) Serve national, statewide, or regional functions and
  447  function as part of an integrated regional transportation
  448  system.
  449         (b) Are identified in the capital improvements element of a
  450  comprehensive plan that has been determined to be in compliance
  451  with part II of chapter 163. Further, the project shall be in
  452  compliance with local government comprehensive plan policies
  453  relative to corridor management.
  454         (c) Are consistent with the Strategic Intermodal System
  455  Plan developed under s. 339.64.
  456         (d) Have a commitment for local, regional, or private
  457  financial matching funds as a percentage of the overall project
  458  cost.
  459         (4) Before approval, the department must determine that the
  460  proposed project:
  461         (a) Is in the public’s best interest;
  462         (b) Unless it is on or would directly benefit the State
  463  Highway System, does not require the use of state funds;
  464         (c) Has adequate safeguards in place to ensure that no
  465  additional costs will be imposed on or service disruptions will
  466  affect the traveling public and residents of this state if the
  467  department cancels or defaults on the agreement; and
  468         (d) Has adequate safeguards in place to ensure that the
  469  department and the authority have the opportunity to add
  470  capacity to the proposed project and other transportation
  471  facilities serving similar origins and destinations.
  472         (5) An obligation or expense incurred by the department
  473  under this section is a part of the cost of the authority
  474  project for which the obligation or expense was incurred. The
  475  department may require that money contributed by the department
  476  under this section be repaid from tolls of the project on which
  477  the money was spent, other revenue of the authority, or other
  478  sources of funds.
  479         (6)The department shall receive from the authority a share
  480  of the authority’s net revenues equal to the ratio of the
  481  department’s total contributions to the authority under this
  482  section to the sum of: the department’s total contributions
  483  under this section; contributions by any local government to the
  484  cost of revenue-producing authority projects; and the sale
  485  proceeds of authority bonds after payment of costs of issuance.
  486  For the purpose of this subsection, the net revenues of the
  487  authority are determined by deducting from gross revenues the
  488  payment of debt service, administrative expenses, operations and
  489  maintenance expenses, and all reserves required to be
  490  established under any resolution under which authority bonds are
  491  issued.
  492         Section 29. Section 345.0009, Florida Statutes, is created
  493  to read:
  494         345.0009 Acquisition of lands and property.—
  495         (1)For the purposes of this chapter, the authority may
  496  acquire private or public property and property rights,
  497  including rights of access, air, view, and light, by gift,
  498  devise, purchase, condemnation by eminent domain proceedings, or
  499  transfer from another political subdivision of the state, as the
  500  authority may deem necessary for any of the purposes of this
  501  chapter, including, but not limited to, any lands reasonably
  502  necessary for securing applicable permits, areas necessary for
  503  management of access, borrow pits, drainage ditches, water
  504  retention areas, rest areas, replacement access for landowners
  505  whose access is impaired due to the construction of a facility,
  506  and replacement rights-of-way for relocated rail and utility
  507  facilities; for existing, proposed, or anticipated
  508  transportation facilities on the system or in a transportation
  509  corridor designated by the authority; or for the purposes of
  510  screening, relocation, removal, or disposal of junkyards and
  511  scrap metal processing facilities. Each authority shall also
  512  have the power to condemn any material and property necessary
  513  for such purposes.
  514         (2)The authority shall exercise the right of eminent
  515  domain conferred under this section in the manner provided by
  516  law.
  517         (3)An authority that acquires property for a
  518  transportation facility or in a transportation corridor is not
  519  liable under chapter 376 or chapter 403 for preexisting soil or
  520  groundwater contamination due solely to its ownership. This
  521  section does not affect the rights or liabilities of any past or
  522  future owners of the acquired property or the liability of any
  523  governmental entity for the results of its actions which create
  524  or exacerbate a pollution source. The authority and the
  525  Department of Environmental Protection may enter into
  526  interagency agreements for the performance, funding, and
  527  reimbursement of the investigative and remedial acts necessary
  528  for property acquired by the authority.
  529         Section 30. Section 345.0010, Florida Statutes, is created
  530  to read:
  531         345.0010 Cooperation with other units, boards, agencies,
  532  and individuals.—A county, municipality, drainage district, road
  533  and bridge district, school district, or any other political
  534  subdivision, board, commission, or individual in, or of, the
  535  state may make and enter into a contract, lease, conveyance,
  536  partnership, or other agreement with the authority within the
  537  provisions of this chapter. The authority may make and enter
  538  into contracts, leases, conveyances, partnerships, and other
  539  agreements with any political subdivision, agency, or
  540  instrumentality of the state and any federal agency,
  541  corporation, or individual to carry out the purposes of this
  542  chapter.
  543         Section 31. Section 345.0011, Florida Statutes, is created
  544  to read:
  545         345.0011 Covenant of the state.The state pledges to, and
  546  agrees with, any person, firm, or corporation, or federal or
  547  state agency subscribing to or acquiring the bonds to be issued
  548  by the authority for the purposes of this chapter that the state
  549  will not limit or alter the rights vested by this chapter in the
  550  authority and the department until all bonds at any time issued,
  551  together with the interest thereon, are fully paid and
  552  discharged insofar as the rights vested in the authority and the
  553  department affect the rights of the holders of bonds issued
  554  under this chapter. The state further pledges to, and agrees
  555  with, the United States that if a federal agency constructs or
  556  contributes any funds for the completion, extension, or
  557  improvement of the system, or any parts of the system, the state
  558  will not alter or limit the rights and powers of the authority
  559  and the department in any manner that is inconsistent with the
  560  continued maintenance and operation of the system or the
  561  completion, extension, or improvement of the system, or that
  562  would be inconsistent with the due performance of any agreements
  563  between the authority and any such federal agency, and the
  564  authority and the department shall continue to have and may
  565  exercise all powers granted in this section, so long as the
  566  powers are necessary or desirable to carry out the purposes of
  567  this chapter and the purposes of the United States in the
  568  completion, extension, or improvement of the system, or any part
  569  of the system.
  570         Section 32. Section 345.0012, Florida Statutes, is created
  571  to read:
  572         345.0012 Exemption from taxation.The authority created
  573  under this chapter is for the benefit of the people of the
  574  state, for the increase of their commerce and prosperity, and
  575  for the improvement of their health and living conditions. The
  576  authority performs essential governmental functions under this
  577  chapter, therefore, the authority is not required to pay any
  578  taxes or assessments of any kind or nature upon any property
  579  acquired or used by it for such purposes, or upon any rates,
  580  fees, rentals, receipts, income, or charges received by it.
  581  Also, the bonds issued by the authority, their transfer and the
  582  income from their issuance, including any profits made on the
  583  sale of the bonds, shall be free from taxation by the state or
  584  by any political subdivision, taxing agency, or instrumentality
  585  of the state. The exemption granted by this section does not
  586  apply to any tax imposed by chapter 220 on interest, income, or
  587  profits on debt obligations owned by corporations.
  588         Section 33. Section 345.0013, Florida Statutes, is created
  589  to read:
  590         345.0013 Eligibility for investments and security.—Bonds or
  591  other obligations issued under this chapter are legal
  592  investments for banks, savings banks, trustees, executors,
  593  administrators, and all other fiduciaries, and for all state,
  594  municipal, and other public funds, and are also securities
  595  eligible for deposit as security for all state, municipal, or
  596  other public funds, notwithstanding any other law to the
  597  contrary.
  598         Section 34. Section 345.0014, Florida Statutes, is created
  599  to read:
  600         345.0014 Applicability.—
  601         (1)The powers conferred by this chapter are in addition to
  602  the powers conferred by other law and do not repeal any other
  603  general or special law or local ordinance, but supplement such
  604  other laws in the exercise of the powers provided in this
  605  chapter, and provide a complete method for the exercise of the
  606  powers granted in this chapter. The extension and improvement of
  607  a system, and the issuance of bonds under this chapter to
  608  finance all or part of the cost of such extension or
  609  improvement, may be accomplished upon compliance with this
  610  chapter without regard to or necessity for compliance with the
  611  provisions, limitations, or restrictions contained in any other
  612  general, special, or local law, including, but not limited to,
  613  s. 215.821, and approval of any bonds issued under this act by
  614  the qualified electors or qualified electors who are freeholders
  615  in the state or in any political subdivision of the state is not
  616  required for the issuance of such bonds under this chapter.
  617         (2)This act does not repeal, rescind, or modify any other
  618  law relating to the State Board of Administration, the
  619  Department of Transportation, or the Division of Bond Finance of
  620  the State Board of Administration; however, this chapter
  621  supersedes any other law that is inconsistent with its
  622  provisions, including, but not limited to, s. 215.821.
  624  ================= T I T L E  A M E N D M E N T ================
  625  And the title is amended as follows:
  626         Delete line 1448
  627  and insert:
  628         direct written premiums for bail bonds; creating s.
  629         345.0001, F.S.; creating the West Florida Regional
  630         Economic Infrastructure Development Authority;
  631         providing a short title; creating s. 345.0002, F.S.;
  632         defining terms; creating s. 345.0003, F.S.;
  633         authorizing certain counties to form a regional
  634         economic infrastructure development authority to
  635         construct, maintain, or operate transportation
  636         projects in a given region of the state; providing
  637         governance of the authority; creating s. 345.0004,
  638         F.S.; specifying the powers and duties of a regional
  639         economic infrastructure development authority;
  640         limiting the authority’s power with respect to an
  641         existing system; prohibiting the authority from
  642         pledging the credit or taxing power of the state or
  643         any political subdivision or agency of the state;
  644         prohibiting the authority from entering into an
  645         agreement that would prohibit a county or municipality
  646         from constructing a road without the consent of the
  647         county; requiring that the authority comply with
  648         certain reporting and documentation requirements;
  649         creating s. 345.0005, F.S.; authorizing the authority
  650         to issue bonds that meet certain requirements;
  651         requiring that the resolution that authorizes the
  652         issuance of bonds meet certain requirements;
  653         authorizing the authority to enter into security
  654         agreements for issued bonds with a bank or trust
  655         company; providing that issued bonds are negotiable
  656         instruments and have the qualities and incidents of
  657         certain negotiable instruments under the law;
  658         requiring that a resolution authorizing the issuance
  659         of bonds and pledging of revenues of the system
  660         include certain requirements; prohibiting the use or
  661         pledge of state funds to pay principal or interest of
  662         the authority’s bonds; creating s. 345.0006, F.S.;
  663         providing for the rights and remedies granted to
  664         bondholders; authorizing certain actions a trustee may
  665         take on behalf of the bondholders; authorizing the
  666         appointment of a receiver; establishing and limiting
  667         the authority of the receiver; creating s. 345.0007,
  668         F.S.; designating the department as the agent of the
  669         authority for specified purposes; authorizing the
  670         administration and management of projects by the
  671         department; limiting the powers of the department as
  672         an agent; establishing the fiscal responsibilities of
  673         the authority; creating s. 345.0008, F.S.; authorizing
  674         the department to provide for or commit its resources
  675         for the authority project or system, if approved by
  676         the Legislature; authorizing the payment of expenses
  677         incurred by the department on behalf of the authority;
  678         requiring the department to receive a share of the
  679         revenue from the authority; providing calculations for
  680         disbursement of revenues; creating s. 345.0009, F.S.;
  681         authorizing the authority to acquire private or public
  682         property and property rights for a project or plan;
  683         authorizing the authority to exercise the right of
  684         eminent domain; establishing the rights and
  685         liabilities and remedial actions relating to property
  686         acquired for a transportation project or corridor;
  687         creating s. 345.0010, F.S.; authorizing contracts
  688         between governmental entities and the authority;
  689         creating s. 345.0011, F.S.; providing that the state
  690         will not limit or alter the vested rights of a
  691         bondholder with regard to any issued bonds or other
  692         rights relating to the bonds under certain conditions;
  693         creating s. 345.0012, F.S.; relieving the authority’s
  694         obligation to pay certain taxes or assessments for
  695         property acquired or used for certain public purposes
  696         or on revenues received relating to the issuance of
  697         bonds; providing exceptions; creating s. 345.0013,
  698         F.S.; providing that the bonds or obligations issued
  699         are legal investments of specified entities; creating
  700         s. 345.0014, F.S.; providing applicability; specifying
  701         a