2019 Florida Statutes
EXPRESSWAY AND BRIDGE AUTHORITIES
“(1) Effective upon this act becoming a law, the governance and control of the Miami-Dade County Expressway Authority is transferred to the Greater Miami Expressway Agency pursuant to the terms of this section. The assets, facilities, tangible and intangible property and any rights in such property, and any other legal rights of the authority, including the expressway system operated by the authority, are transferred to the agency. The agency succeeds to all powers of the authority, and the operations and maintenance of the expressway system shall be under the control of the agency. Revenues collected on the expressway system shall be considered agency revenues but shall be subject to the lien of the trust indentures securing the Miami-Dade County Expressway Authority bonds. The agency also assumes all liability for bonds of the authority pursuant to subsection (2) and the satisfaction of any judgment against the authority that may ultimately become due as a result of litigation commenced before the effective date of this act. The agency shall, in consultation with the Division of Bond Finance, review all other contracts, financial obligations, and contractual relationships and liabilities of the authority, and the agency may assume responsibility for the obligations that are determined to be necessary or desirable for the continued operation of the expressway system. Employees, officers, and members of the authority may not sell, dispose, encumber, transfer, or expend the assets of the authority as existed and reflected in the authority’s financial statements for the fiscal year ended June 30, 2018, other than in the ordinary course of business. For purposes of this section, incurring debt or issuing bonds for projects contained in the 5-year work program approved and adopted by the authority on December 5, 2017, is not considered the ordinary course of business. Notwithstanding the foregoing, nothing contained herein shall prevent the authority from designing, planning, and constructing projects contained in the 5-year work program approved and adopted by the authority on December 5, 2017. The S.R. 836/Dolphin Expressway Southwest Extension to 136th Street, commonly referred to as the Kendall Parkway, shall be a top priority for design, planning, and construction.
“(2) The transfer pursuant to this section is subject to all terms and covenants provided for the protection of the holders of the Miami-Dade County Expressway Authority bonds in the trust indentures or resolutions adopted in connection with the issuance of such bonds. Further, the transfer does not impair the terms of the contract between the authority and the bondholders, does not act to the detriment of the bondholders, and does not diminish the security for the bonds. After the transfer, the agency shall operate and maintain the expressway system and any other facilities of the authority in accordance with the terms, conditions, and covenants contained in the trust indentures or bond resolutions securing such bonds. The agency shall collect toll revenues and apply them to the payment of debt service as provided in the trust indentures or bond resolutions securing such bonds and expressly assumes all obligations relating to the bonds to ensure that the transfer of the authority will have no adverse impact on the security for the bonds of the authority.”
If an additional review is requested, the commission shall conduct its review and transmit its recommendations within 45 days.
Notwithstanding s. 338.165, and except as otherwise prohibited by this part, to the extent revenues of the expressway system exceed amounts required to comply with any covenants made with the holders of bonds issued pursuant to this part, revenues may be used for purposes enumerated in subsection (6), provided the expenditures are consistent with the metropolitan planning organization’s adopted long-range plan.