Florida Senate - 2018 SB 1436
By Senator Broxson
1-00801-18 20181436__
1 A bill to be entitled
2 An act relating to the Garcon Point Bridge; amending
3 s. 338.2275, F.S.; authorizing the Department of
4 Transportation to acquire the Garcon Point Bridge and
5 related assets and purchase specified outstanding
6 bonds under certain circumstances; authorizing the
7 department to enter into any agreement necessary to
8 implement the acquisition and purchase the bonds;
9 authorizing the department to specify the terms and
10 conditions of such agreement; requiring the bridge to
11 become a part of the turnpike system upon acquisition;
12 authorizing the issuance of revenue bonds to finance
13 the department’s acquisition of the bridge; requiring
14 the acquisition price paid by the department to first
15 be used to settle all claims of specified bondholders;
16 prohibiting certain toll rate increases from being
17 imposed; prohibiting the department and the state from
18 incurring financial obligations in excess of
19 forecasted gross revenues from the operation of the
20 bridge; providing for the calculation of the maximum
21 total acquisition price that may be paid by the
22 department; providing for the termination of a certain
23 lease purchase agreement upon the department’s
24 acquisition of the bridge; providing for the repeal of
25 part IV of ch. 348, F.S., relating to the Santa Rosa
26 Bay Bridge Authority, upon the department’s
27 acquisition of the bridge; providing an effective
28 date.
29
30 Be It Enacted by the Legislature of the State of Florida:
31
32 Section 1. Subsection (4) is added to section 338.2275,
33 Florida Statutes, to read:
34 338.2275 Approved turnpike projects.—
35 (4)(a) Subject to a determination of economic feasibility
36 by the department in accordance with s. 338.221(8), the
37 department may acquire the Garcon Point Bridge, including
38 related assets, and, as part of such acquisition, may purchase
39 outstanding Santa Rosa Bay Bridge Authority bonds. The
40 department may enter into any agreement necessary to implement
41 the acquisition, including the purchase of Santa Rosa Bay Bridge
42 Authority bonds, and to specify the terms and conditions of such
43 agreement. Upon its acquisition by the department, the Garcon
44 Point Bridge shall become a part of the turnpike system.
45 Pursuant to s. 11(f), Art. VII of the State Constitution, the
46 issuance of revenue bonds to finance the department’s
47 acquisition of the Garcon Point Bridge is approved.
48 (b) The acquisition price paid by the department must first
49 be used to settle all claims of bondholders of Santa Rosa Bay
50 Bridge Authority Revenue Bonds, Series 1996.
51 (c) The authority, the department, or the trustee for
52 bondholders may not impose a toll rate increase for use of the
53 Garcon Point Bridge in connection with the acquisition of the
54 bridge by the department. Following acquisition of the bridge by
55 the department, no increase in tolls for use of the bridge is
56 permitted except as required by law or as required to comply
57 with the covenants contained in any resolution under which bonds
58 have been issued.
59 (d) Neither the department nor the state shall incur any
60 financial obligation for the acquisition of the Garcon Point
61 Bridge in excess of forecasted gross revenues from the operation
62 of the bridge. Therefore, the total acquisition price paid by
63 the department may not exceed the present value of the gross
64 revenues, calculated without any increase in the toll rate,
65 which are anticipated to be collected from the operation of the
66 bridge between the date of any purchase agreement entered into
67 in accordance with this section and the end of the anticipated
68 remaining useful life of the bridge as determined as of the date
69 of the purchase agreement.
70 (e) Upon the acquisition of the Garcon Point Bridge as
71 authorized by this subsection, the lease purchase agreement
72 dated October 23, 1996, between the authority and the
73 department, as amended, is terminated.
74 Section 2. Upon acquisition of the Garcon Point Bridge by
75 the department as authorized by this act, part IV of chapter
76 348, Florida Statutes, consisting of ss. 348.965-348.9781,
77 Florida Statutes, is repealed.
78 Section 3. This act shall take effect upon becoming a law.