Florida Senate - 2020                      CS for CS for SB 1070
       By the Committees on Appropriations; and Military and Veterans
       Affairs and Space; and Senators Wright and Albritton
       576-04532-20                                          20201070c2
    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.; revising the term
   17         “expanded” to “expended” to clarify the authority of
   18         the governing body of Space Florida; reducing the term
   19         of years for which Space Florida may issue bonds;
   20         amending s. 331.346, F.S.; authorizing Space Florida
   21         to validate certain bonds; repealing s. 331.334, F.S.,
   22         relating to pledging assessments and other revenues
   23         and properties as additional security on bonds;
   24         repealing s. 331.336, F.S., relating to the issuance
   25         of bond anticipation notes; repealing s. 331.337,
   26         F.S., relating to short-term borrowing; providing an
   27         effective date.
   29  Be It Enacted by the Legislature of the State of Florida:
   31         Section 1. Subsection (5) of section 331.302, Florida
   32  Statutes, is amended to read:
   33         331.302 Space Florida; creation; purpose.—
   34         (5) Space Florida is subject to applicable provisions of
   35  chapter 189, including, but not limited to, s. 189.051. To the
   36  extent that any provisions of chapter 189 conflict with this
   37  act, this act shall prevail.
   38         Section 2. Subsection (3) of section 331.303, Florida
   39  Statutes, is amended to read:
   40         331.303 Definitions.—
   41         (3) “Bonds” means revenue bonds, assessment bonds, or other
   42  bonds or any other type of debt, including bank loans,
   43  obligations issued by Space Florida for the purpose of raising
   44  financing for its projects.
   45         Section 3. Subsection (20) of section 331.305, Florida
   46  Statutes, is amended to read:
   47         331.305 Powers of Space Florida.—Space Florida may:
   48         (20) Issue revenue bonds or any other type of debt,
   49  including bank loans, assessment bonds, or any other bonds or
   50  obligations authorized by the provisions of this act or any
   51  other law, or any combination of the foregoing, and pay all or
   52  part of the cost of the acquisition, construction,
   53  reconstruction, extension, repair, improvement, or maintenance
   54  of any project or combination of projects, including
   55  environmental mitigation, payloads and space flight hardware,
   56  and equipment for research, development, and educational
   57  activities, to provide for any facility, service, or other
   58  activity of Space Florida, and provide for the retirement or
   59  refunding of any bonds or obligations of Space Florida, or for
   60  any combination of the foregoing purposes. Space Florida must
   61  provide 14 days’ notice to the presiding officers and
   62  appropriations chairs of both houses of the Legislature prior to
   63  presenting a bond proposal to the Governor and Cabinet. If
   64  either presiding officer or appropriations chair objects to the
   65  bonding proposal within the 14-day-notice period, the bond
   66  issuance may be approved only by a vote of three-fourths of the
   67  members of the Governor and Cabinet.
   68         Section 4. Subsection (2) of section 331.331, Florida
   69  Statutes, is amended to read:
   70         331.331 Revenue bonds.—
   71         (2) The issuance of revenue bonds may be secured by or
   72  payable from the gross or net pledge of the revenues to be
   73  derived from any project or combination of projects, from the
   74  rates, fees, rentals, tolls, fares, assessments, or other
   75  charges to be collected from the users of any project or
   76  projects; from any revenue-producing undertaking or activity of
   77  Space Florida; or from any source of pledged security other than
   78  state appropriations. Such bonds may not be shall not constitute
   79  an indebtedness of Space Florida unless such bonds are
   80  additionally secured by the full faith and credit of Space
   81  Florida. Bonds issued by Space Florida are not secured by the
   82  full faith and credit of the State of Florida and do not
   83  constitute an obligation, either general or special, thereof.
   84         Section 5. Section 331.335, Florida Statutes, is amended to
   85  read:
   86         331.335 Lien of pledges.—All pledges of revenues and
   87  assessments made pursuant to the provisions of this act shall be
   88  valid and binding from the time when such pledges are made. All
   89  such revenues and assessments so pledged and thereafter
   90  collected shall immediately be subject to the lien of such
   91  pledges without any physical delivery thereof or further action,
   92  and the lien of such pledges shall be valid and binding as
   93  against all parties having claims of any kind in tort, contract,
   94  or otherwise against Space Florida, irrespective of whether such
   95  parties have notice thereof.
   96         Section 6. Section 331.340, Florida Statutes, is amended to
   97  read:
   98         331.340 Authorization and form of bonds.—Bonds may be
   99  authorized by resolution or resolutions of the board which shall
  100  be adopted by a majority of all of the members thereof then in
  101  office and present at the meeting at which the resolution or
  102  resolutions are adopted and shall be approved as provided in s.
  103  331.305. The resolution or resolutions of the board may be
  104  adopted at the same meeting at which they are introduced, and
  105  shall be published and noticed. The board may by resolution
  106  authorize the issuance of bonds, fix the aggregate amount of
  107  bonds to be issued, the purpose or purposes for which the moneys
  108  derived therefrom shall be expended expanded, the rate or rates
  109  of interest, the denomination of the bonds, whether or not the
  110  bonds are to be issued in one or more series, the date or dates
  111  thereof, the date or dates of maturity, which shall not exceed
  112  30 40 years from their respective dates of issuance, the medium
  113  of payment, the place or places within or without the state
  114  where payment shall be made, registration privileges, redemption
  115  terms and privileges (whether with or without premium), the
  116  manner of execution, the form of the bonds including any
  117  interest coupons to be attached thereto, the manner of execution
  118  of bonds and coupons, and any and all other terms, covenants,
  119  and conditions thereof, and the establishment of reserve or
  120  other funds. Such authorizing resolution may further provide
  121  that such bonds may be executed manually or by engraved,
  122  lithographed, or facsimile signature, provided that where
  123  signatures are engraved, lithographed, or facsimile no bond
  124  shall be valid unless countersigned by a registrar or other
  125  officer designated by appropriate resolution of the board. The
  126  seal of Space Florida may be affixed, lithographed, engraved, or
  127  otherwise reproduced in facsimile on such bonds. In case any
  128  officer whose signature or a facsimile of whose signature shall
  129  appear on any bonds or coupons shall cease to be such officer
  130  before the delivery of such bonds, such signature or facsimile
  131  shall nevertheless be valid and sufficient for all purposes the
  132  same as if the officer had remained in office until such
  133  delivery.
  134         Section 7. Section 331.346, Florida Statutes, is amended to
  135  read:
  136         331.346 Validity of bonds; validation proceedings.—Any
  137  bonds issued by Space Florida shall be incontestable in the
  138  hands of bona fide purchasers or holders for value and shall not
  139  be invalid because of any irregularity or defect in the
  140  proceedings for the issue and sale thereof. Before Prior to the
  141  issuance of any bonds, Space Florida shall publish a notice at
  142  least once in a newspaper or newspapers published or of general
  143  circulation in the appropriate counties in the state, stating
  144  the date of adoption of the resolution authorizing such
  145  obligations, the amount, maximum rate of interest, and maturity
  146  of such obligations, and the purpose in general terms for which
  147  such obligations are to be issued, and further stating that no
  148  action or proceeding questioning the validity of such
  149  obligations or of the proceedings authorizing the issuance
  150  thereof, or of any covenants made therein, must be instituted
  151  within 20 days after the first publication of such notice, or
  152  the validity of such obligations, proceedings, and covenants
  153  shall not be thereafter questioned in any court whatsoever. If
  154  no such action or proceeding is so instituted within such 20-day
  155  period, then the validity of such obligations, proceedings, and
  156  covenants shall be conclusive, and all persons or parties
  157  whatsoever shall be forever barred from questioning the validity
  158  of such obligations, proceedings, or covenants in any court
  159  whatsoever. Alternatively, Space Florida may validate its bonds
  160  pursuant to chapter 75.
  161         Section 8. Section 331.334, Florida Statutes, is repealed.
  162         Section 9. Section 331.336, Florida Statutes, is repealed.
  163         Section 10. Section 331.337, Florida Statutes, is repealed.
  164         Section 11. This act shall take effect July 1, 2020.