CODING: Words stricken are deletions; words underlined are additions.House Bill 1541
Florida House of Representatives - 1997 HB 1541
By Representative Merchant
1 A bill to be entitled
2 An act relating to the Florida Turnpike System;
3 amending s. 338.227, F.S.; providing for the
4 discontinuance of certain tolls; providing for
5 the disposition of all revenues in excess of
6 revenue pledged to debt service; amending s.
7 338.2275, F.S.; reducing the number of approved
8 turnpike projects; amending s. 338.232, F.S.,
9 to conform to the act; providing an effective
10 date.
11
12 Be It Enacted by the Legislature of the State of Florida:
13
14 Section 1. Subsection (2) of section 338.227, Florida
15 Statutes, is amended to read:
16 338.227 Turnpike revenue bonds.--
17 (2) The proceeds of the bonds of each issue shall be
18 used solely for the payment of the cost of the turnpike
19 projects for which such bonds shall have been issued, except
20 as provided in the State Bond Act. Such proceeds shall be
21 disbursed and used as provided by ss. 338.22-338.244 and in
22 such manner and under such restrictions, if any, as the
23 Division of Bond Finance may provide in the resolution
24 authorizing the issuance of such bonds or in the trust
25 agreement hereinafter mentioned securing the same. All
26 revenues and bond proceeds from the turnpike system received
27 by the department pursuant to ss. 338.22-338.244, the Florida
28 Turnpike Law, shall be used only for the cost of turnpike
29 projects and turnpike improvements and for the administration,
30 operation, maintenance, and financing of the turnpike system.
31 After debt service has been paid on all turnpike projects in
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Florida House of Representatives - 1997 HB 1541
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1 s. 338.2275, tolls are to be discontinued. All revenues in
2 excess of revenue pledged to debt service on approved projects
3 and for operations and maintenance of the turnpike system
4 shall be pledged to reduction of the debt service to expedite
5 repayment of bonds. No revenues or bond proceeds from the
6 turnpike system shall be spent for the operation, maintenance,
7 construction, or financing of any project which is not part of
8 the turnpike system.
9 Section 2. Subsection (3) of section 338.2275, Florida
10 Statutes, is amended to read:
11 338.2275 Approved turnpike projects.--Pursuant to s.
12 11(e), Art. VII of the State Constitution, the Legislature
13 hereby approves:
14 (3) Subject to verification of economic feasibility by
15 the department, determination that such projects are
16 consistent, to the maximum extent feasible, with approved
17 local government comprehensive plans of the local government
18 jurisdiction in which such projects are located, and
19 completion of a statement of environmental feasibility in
20 accordance with s. 338.221(8) and (10), respectively, the
21 following projects are approved:
22 (a) The Polk County Parkway; a 24.8-mile, two-lane and
23 four-lane, limited access expressway in Polk County extending
24 from the intersection of I-4 and Clark Road near the
25 Hillsborough County Line through Lakeland near Drainfield Road
26 eastward to State Road 540 and to U.S. 98 and then east and
27 northward to near Polk City to intersect with I-4 near Mount
28 Olive Road.
29 (b) Branan Field/Chaffee Road Facility; an 11-mile
30 limited access expressway extending north from State Road 21
31 in Clay County to Chaffee Road in western Duval County.
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Florida House of Representatives - 1997 HB 1541
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1 (c) Palmer Expressway; a 6.2-mile, four-lane, limited
2 access expressway in St. Lucie County extending from Glades
3 Cut-off Road to U.S. 1.
4 (b)(d) Seminole County Expressway, Project 1; a
5 four-lane limited access expressway extending 12 miles from
6 State Road 426 near the Orange/Seminole County line in east
7 Orlando to U.S. 17/92.
8 (c)(e) Northwest Hillsborough Expressway; a 14.9-mile,
9 four-lane, limited access toll facility extending north from
10 the Courtney Campbell Causeway near the Tampa International
11 Airport to Dale Mabry Highway (State Road 597) just north of
12 Van Dyke Road.
13 (d)(f) The Southern Connector Extension; a 6.0-mile,
14 four-lane, limited access extension of the Southern Connector
15 toll facility extending southwesterly from a point one mile
16 east of State Road 535 to an interchange with I-4 south of
17 U.S. 192.
18 (e)(g) Seminole County Expressway, Project 2; a
19 5.7-mile, four-lane, limited access highway extending from
20 U.S. 17/92 interchange to an interchange with C.R. 46A and
21 I-4.
22 (f)(h) Suncoast Parkway, Project 1; a 44-mile,
23 four-lane, limited access highway extending north from the
24 Northwest Hillsborough Expressway to S.R. 700 (U.S. 98) in
25 Hernando County.
26 (g)(i) Suncoast Parkway, Project 2; an approximately
27 30-mile, four-lane, limited access highway extending north
28 from State Road 700 (U.S. 98) in Hernando County to a point
29 near the Citrus-Levy County line.
30 (h)(j) Western Beltway; a 55.0-mile, four-lane,
31 limited access highway originating at I-4 in the vicinity of
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1 C.R. 46A in Seminole County and extending westerly and
2 southerly through Orange and Osceola Counties to an
3 interchange with I-4 near the Osceola-Polk county line,
4 excluding that portion known as the Northwest Beltway Part A,
5 extending from Florida's Turnpike near Ocoee north to U.S. 441
6 near Apopka.
7 (k) Northern Extension Project; a 49.0-mile,
8 four-lane, limited access highway extending from the northern
9 terminus of the Florida Turnpike in Sumter County to an
10 interchange with U.S. 19 at Lebanon Station in Levy County.
11 (i)(l) Atlantic Boulevard Interchange in Broward
12 County.
13 (j)(m) N.W. 37th Avenue Interchange in Broward County.
14 (k)(n) S.R. 80/Southern Boulevard Interchange in Palm
15 Beach County.
16 (l)(o) Forest Hill Boulevard Interchange in Palm Beach
17 County.
18 (m)(p) N.W. 45th Street Interchange in Palm Beach
19 County.
20 (n)(q) Lake Worth Road Interchange in Palm Beach
21 County.
22 (o)(r) East/West Expressway Interchange in Orange
23 County.
24 (p)(s) Southern Connector Interchange in Orange
25 County.
26 (q)(t) S.R. 50 Interchange in Orange County.
27 (u) Dart Boulevard Interchange in Osceola County.
28 (r)(v) N.W. 74th Street Interchange in Dade County.
29 (s)(w) Allapattah Road Interchange in Dade County.
30 (t)(x) Tallahassee Road Interchange in Dade County.
31 (u)(y) Biscayne Drive Interchange in Dade County.
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1 (v)(z) Campbell Drive Interchange in Dade County.
2
3 A maximum of $1.5 billion of bonds may be issued to fund the
4 projects listed in this subsection. The department is
5 authorized to use turnpike revenues, the State Transportation
6 Trust Fund moneys allocated for turnpike projects pursuant to
7 s. 338.001, federal funds, and bond proceeds for the projects
8 listed in this subsection, and shall use the most
9 cost-efficient combination of such funds in developing a
10 financial plan for funding the projects. Up to 10 percent of
11 the total amount of the approved costs of all of the projects
12 listed in this subsection may be set aside as a contingency
13 amount, from which the department may allocate funds for a
14 project that exceeds its anticipated cost, but in no event
15 shall the funds allocated from this contingency amount exceed
16 15 percent of the project's anticipated cost. The department
17 must submit a report of the estimated cost for each ongoing
18 project and for each planned project to the Legislature 14
19 days before the convening of the regular legislative session.
20 Verification of economic feasibility and statements of
21 environmental feasibility for individual projects must be
22 based on the entire project as approved. Statements of
23 environmental feasibility are not required for those projects
24 listed in this subsection for which the Project Development
25 and Environmental Reports were completed by July 1, 1990. All
26 required environmental permits must be obtained before the
27 department may advertise for bids for contracts for the
28 construction of any turnpike project.
29 Section 3. Section 338.232, Florida Statutes, is
30 amended to read:
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1 338.232 Continuation of tolls upon provision for
2 payment of bondholders and assumption of maintenance by
3 department.--When all revenue bonds issued under the
4 provisions of ss. 338.22-338.244 in connection with the
5 turnpike system and the interest on the bonds have been paid,
6 or an amount sufficient to provide for the payment of all such
7 bonds and the interest on the bonds to the maturity of the
8 bonds, or such earlier date on which the bonds may be called,
9 has been set aside in trust for the benefit of the
10 bondholders, the department may assume the maintenance of the
11 turnpike system as part of the State Highway System, except
12 that the turnpike system shall remain subject to sufficient
13 tolls to pay the cost of the maintenance, repair, improvement,
14 and operation of the system and the construction of turnpike
15 projects. All revenues in excess of revenue pledged to debt
16 service on approved projects and for operations and
17 maintenance of the turnpike system shall be pledged to
18 reduction of the debt service to expedite repayment of bonds.
19 Section 4. This act shall take effect upon becoming a
20 law.
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22 *****************************************
23 HOUSE SUMMARY
24
Revises a provision of law governing Florida turnpike
25 revenue bonds to provide that after debt service has been
paid on all turnpike projects, tolls are to be
26 discontinued and all revenues in excess of revenue
pledged to debt service on approved projects and for
27 operations and maintenance of the turnpike system shall
be pledged to reduction of the debt service and to
28 expedite repayment of the bonds.
29
Revises the provision of law providing for approved
30 turnpike projects to reduce the number of such projects.
31
See bill for details.
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