Florida Senate - 2020                                    SB 1070
       
       
        
       By Senator Wright
       
       
       
       
       
       14-01260-20                                           20201070__
    1                        A bill to be entitled                      
    2         An act relating to Space Florida; amending s. 331.302,
    3         F.S.; clarifying that Space Florida is subject to a
    4         specified provision of law; amending s. 331.303, F.S.;
    5         revising the definition of the term “bonds”; amending
    6         s. 331.305, F.S.; revising Space Florida’s
    7         authorization to issue bonds; deleting a requirement
    8         for Space Florida to notify the presiding officers of
    9         the Legislature before presenting a bond proposal to
   10         the Governor and Cabinet; amending s. 331.331, F.S.;
   11         revising the revenue sources by which revenue bonds
   12         may be secured or repaid; clarifying that such bonds
   13         may not be secured by the full faith and credit of
   14         Space Florida; amending s. 331.335, F.S.; deleting
   15         assessments as an asset that may be pledged by Space
   16         Florida; amending s. 331.340, F.S.; reducing the term
   17         of years for which Space Florida may issue bonds;
   18         amending s. 331.346, F.S.; authorizing Space Florida
   19         to validate certain bonds; repealing s. 331.334, F.S.,
   20         relating to pledging assessments and other revenues
   21         and properties as additional security on bonds;
   22         repealing s. 331.336, F.S., relating to the issuance
   23         of bond anticipation notes; repealing s. 331.337,
   24         F.S., relating to short-term borrowing; providing an
   25         effective date.
   26          
   27  Be It Enacted by the Legislature of the State of Florida:
   28  
   29         Section 1. Subsection (5) of section 331.302, Florida
   30  Statutes, is amended to read:
   31         331.302 Space Florida; creation; purpose.—
   32         (5) Space Florida is subject to applicable provisions of
   33  chapter 189, including, but not limited to, s. 189.051. To the
   34  extent that any provisions of chapter 189 conflict with this
   35  act, this act shall prevail.
   36         Section 2. Subsection (3) of section 331.303, Florida
   37  Statutes, is amended to read:
   38         331.303 Definitions.—
   39         (3) “Bonds” means revenue bonds, assessment bonds, or other
   40  bonds or any other type of debt, including bank loans,
   41  obligations issued by Space Florida for the purpose of raising
   42  financing for its projects.
   43         Section 3. Subsection (20) of section 331.305, Florida
   44  Statutes, is amended to read:
   45         331.305 Powers of Space Florida.—Space Florida may:
   46         (20) Issue revenue bonds or any other type of debt,
   47  including bank loans, assessment bonds, or any other bonds or
   48  obligations authorized by the provisions of this act or any
   49  other law, or any combination of the foregoing, and pay all or
   50  part of the cost of the acquisition, construction,
   51  reconstruction, extension, repair, improvement, or maintenance
   52  of any project or combination of projects, including payloads
   53  and space flight hardware, and equipment for research,
   54  development, and educational activities, to provide for any
   55  facility, service, or other activity of Space Florida, and
   56  provide for the retirement or refunding of any bonds or
   57  obligations of Space Florida, or for any combination of the
   58  foregoing purposes. Space Florida must provide 14 days’ notice
   59  to the presiding officers and appropriations chairs of both
   60  houses of the Legislature prior to presenting a bond proposal to
   61  the Governor and Cabinet. If either presiding officer or
   62  appropriations chair objects to the bonding proposal within the
   63  14-day-notice period, the bond issuance may be approved only by
   64  a vote of three-fourths of the members of the Governor and
   65  Cabinet.
   66         Section 4. Subsection (2) of section 331.331, Florida
   67  Statutes, is amended to read:
   68         331.331 Revenue bonds.—
   69         (2) The issuance of revenue bonds may be secured by or
   70  payable from the gross or net pledge of the revenues to be
   71  derived from any project or combination of projects, from the
   72  rates, fees, rentals, tolls, fares, assessments, or other
   73  charges to be collected from the users of any project or
   74  projects; from any revenue-producing undertaking or activity of
   75  Space Florida; or from any source of pledged security other than
   76  state appropriations. Such bonds may not be shall not constitute
   77  an indebtedness of Space Florida unless such bonds are
   78  additionally secured by the full faith and credit of Space
   79  Florida. Bonds issued by Space Florida are not secured by the
   80  full faith and credit of the State of Florida and do not
   81  constitute an obligation, either general or special, thereof.
   82         Section 5. Section 331.335, Florida Statutes, is amended to
   83  read:
   84         331.335 Lien of pledges.—All pledges of revenues and
   85  assessments made pursuant to the provisions of this act shall be
   86  valid and binding from the time when such pledges are made. All
   87  such revenues and assessments so pledged and thereafter
   88  collected shall immediately be subject to the lien of such
   89  pledges without any physical delivery thereof or further action,
   90  and the lien of such pledges shall be valid and binding as
   91  against all parties having claims of any kind in tort, contract,
   92  or otherwise against Space Florida, irrespective of whether such
   93  parties have notice thereof.
   94         Section 6. Section 331.340, Florida Statutes, is amended to
   95  read:
   96         331.340 Authorization and form of bonds.—Bonds may be
   97  authorized by resolution or resolutions of the board which shall
   98  be adopted by a majority of all of the members thereof then in
   99  office and present at the meeting at which the resolution or
  100  resolutions are adopted and shall be approved as provided in s.
  101  331.305. The resolution or resolutions of the board may be
  102  adopted at the same meeting at which they are introduced, and
  103  shall be published and noticed. The board may by resolution
  104  authorize the issuance of bonds, fix the aggregate amount of
  105  bonds to be issued, the purpose or purposes for which the moneys
  106  derived therefrom shall be expanded, the rate or rates of
  107  interest, the denomination of the bonds, whether or not the
  108  bonds are to be issued in one or more series, the date or dates
  109  thereof, the date or dates of maturity, which shall not exceed
  110  30 40 years from their respective dates of issuance, the medium
  111  of payment, the place or places within or without the state
  112  where payment shall be made, registration privileges, redemption
  113  terms and privileges (whether with or without premium), the
  114  manner of execution, the form of the bonds including any
  115  interest coupons to be attached thereto, the manner of execution
  116  of bonds and coupons, and any and all other terms, covenants,
  117  and conditions thereof, and the establishment of reserve or
  118  other funds. Such authorizing resolution may further provide
  119  that such bonds may be executed manually or by engraved,
  120  lithographed, or facsimile signature, provided that where
  121  signatures are engraved, lithographed, or facsimile no bond
  122  shall be valid unless countersigned by a registrar or other
  123  officer designated by appropriate resolution of the board. The
  124  seal of Space Florida may be affixed, lithographed, engraved, or
  125  otherwise reproduced in facsimile on such bonds. In case any
  126  officer whose signature or a facsimile of whose signature shall
  127  appear on any bonds or coupons shall cease to be such officer
  128  before the delivery of such bonds, such signature or facsimile
  129  shall nevertheless be valid and sufficient for all purposes the
  130  same as if the officer had remained in office until such
  131  delivery.
  132         Section 7. Section 331.346, Florida Statutes, is amended to
  133  read:
  134         331.346 Validity of bonds; validation proceedings.—Any
  135  bonds issued by Space Florida shall be incontestable in the
  136  hands of bona fide purchasers or holders for value and shall not
  137  be invalid because of any irregularity or defect in the
  138  proceedings for the issue and sale thereof. Before Prior to the
  139  issuance of any bonds, Space Florida shall publish a notice at
  140  least once in a newspaper or newspapers published or of general
  141  circulation in the appropriate counties in the state, stating
  142  the date of adoption of the resolution authorizing such
  143  obligations, the amount, maximum rate of interest, and maturity
  144  of such obligations, and the purpose in general terms for which
  145  such obligations are to be issued, and further stating that no
  146  action or proceeding questioning the validity of such
  147  obligations or of the proceedings authorizing the issuance
  148  thereof, or of any covenants made therein, must be instituted
  149  within 20 days after the first publication of such notice, or
  150  the validity of such obligations, proceedings, and covenants
  151  shall not be thereafter questioned in any court whatsoever. If
  152  no such action or proceeding is so instituted within such 20-day
  153  period, then the validity of such obligations, proceedings, and
  154  covenants shall be conclusive, and all persons or parties
  155  whatsoever shall be forever barred from questioning the validity
  156  of such obligations, proceedings, or covenants in any court
  157  whatsoever. Alternatively, Space Florida may validate its bonds
  158  pursuant to chapter 75.
  159         Section 8. Section 331.334, Florida Statutes, is repealed.
  160         Section 9. Section 331.336, Florida Statutes, is repealed.
  161         Section 10. Section 331.337, Florida Statutes, is repealed.
  162         Section 11. This act shall take effect July 1, 2020.