Senate Bill 2706

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    Florida Senate - 1999        (NP)                      SB 2706

    By Senator Clary





    7-1049-99                                               See HB

  1                      A bill to be entitled

  2         An act relating to Okaloosa County and the

  3         Mid-Bay Bridge Authority; codifying chapter

  4         86-465, Laws of Florida, as amended; providing

  5         additional powers; repealing all prior special

  6         acts relating to the Mid-Bay Bridge Authority;

  7         providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

10

11         Section 1.  Chapter 86-465, Laws of Florida, as amended

12  by chapter 88-542, Laws of Florida, is codified, reenacted,

13  amended, and repealed as herein provided.

14         Section 2.  The Mid-Bay Bridge Authority is re-created

15  and reenacted to read:

16         Section 1.  Purpose.--There is hereby created in

17  Okaloosa County an independent special district for the

18  purpose of planning for, constructing, operating,

19  coordinating, and maintaining one or more bridges or spans

20  traversing Choctawhatchee Bay, and the roads, roadways,

21  traffic exchanges, intersections, methods of ingress and

22  egress thereonto, together with the system as defined herein,

23  the necessary or desirable facilities and equipment relating

24  to the control of traffic thereon, and the necessary or

25  desirable facilities and equipment relating to the

26  administration and management thereof. The governmental body

27  shall be known as the Mid-Bay Bridge Authority, hereinafter

28  referred to as "authority."

29         Section 2.  Definitions.--As used in this act:

30         (1)  "Bond" includes bonds, debentures, notes,

31  certificates of indebtedness, mortgage  certificates, or other

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  obligations or evidences of indebtedness of any type or

  2  character.

  3         (2)  "Revenue bonds" means obligations of the authority

  4  which are payable from revenues derived from sources other

  5  than ad valorem taxes on real or tangible personal property

  6  and which do not pledge the property, credit, or general tax

  7  revenue of the authority.

  8         (3)  "Refunding bonds" means bonds issued to refinance

  9  outstanding bonds of any type and the interest and redemption

10  premium thereon. Refunding bonds shall be issuable and payable

11  in the same manner as the refinanced bonds, except that no

12  approval by the electorate shall be required unless required

13  by the State Constitution.

14         (4)  "Department" means the Florida Department of

15  Transportation.

16         (5)  "System" means the countywide system of integrated

17  streets, roads, roadways, rights-of-way, approaches,

18  connections, improvements, additions, expansions, avenues of

19  access, and all other transportation facilities of whatsoever

20  nature in Okaloosa County, relating in part to the Mid-Bay

21  Bridge and to means of efficiently and safely traversing and

22  traveling around Choctawhatchee Bay.

23         Section 3.  Membership; terms of office; officers;

24  quorum; meetings; removal.--

25         (1)  The authority shall consist of five members.

26         (2)  The Governor shall appoint two members to initial

27  terms of 2 years, one member to an initial term of 1 year, and

28  two members for initial terms of 3 years.

29         (3)  The terms of office for each member shall be 3

30  years. Each term shall expire on June 30 in the year of

31  expiration of the term.

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1         (4)  A chair, vice chair, and secretary/treasurer shall

  2  be chosen by and from the authority membership.  The term of

  3  office for the chair, vice chair, and secretary/treasurer

  4  shall be 1 year, and no member shall hold the same office for

  5  more than two consecutive terms.

  6         (5)  A quorum shall consist of three members, and

  7  action shall be taken by a majority vote.

  8         (6)  A member may be removed by the Governor, but only

  9  for grounds constituting misfeasance, neglect of duty,

10  incompetence, permanent inability to perform his or her

11  official duties, or commission of a felony.  The unexcused

12  failure to attend three consecutive regular meetings of the

13  authority shall be deemed neglect of duty, without limiting

14  the meaning of that term.

15         (7)  Except as otherwise provided, vacancies in office

16  shall be filled by the Governor, as appropriate, for the

17  balance of the term.  In such cases, the appointment shall be

18  made by the appropriate entity not later than 30 days after

19  the office has become vacant.

20         (8)  No person who has transacted business with the

21  authority is eligible for appointment to the authority until 3

22  years after the last transaction.  No person who has served on

23  the authority is eligible to transact business with the

24  authority until 3 years after his or her last date of service.

25  Said transactions include transactions either for oneself or

26  as an employee of, agent for, or consultant to any other

27  person or legal entity.

28         (9)  No member, officer, agent, or employee of the

29  authority, either for himself or herself or as agent for

30  anyone else, or as a stockholder or owner in any other legal

31  entity, shall participate or benefit directly or indirectly in

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  or from any sale, purchase, lease, franchise, contract, or

  2  other transaction, entered into by the authority.  The

  3  provisions of this section shall be cumulative to any general

  4  laws of the state which are from time to time applicable to

  5  members, officers, agents, or employees of the authority and

  6  which require the disclosure of, or prohibit, conflicts of

  7  interest.

  8         (10)  At any time during a term that a member shall

  9  become a constitutional officer of his or her respective

10  county, the member shall cease to be a member as of such time,

11  and the Governor shall appoint another member to serve the

12  remaining term of office; and a resignation from such office

13  shall not restore such person to the authority.

14         (11)  The District Engineer of the Florida Department

15  of Transportation shall be an ex officio member of the

16  authority but shall have no voting privileges.

17         Section 4.  Powers.--The authority shall have all power

18  and authority necessary, convenient, or desirable to

19  accomplish the purposes of this act, including, but not

20  limited to, the power to:

21         (1)  Enter into contracts and to sue and be sued in its

22  own name.

23         (2)  Employ necessary personnel, including the

24  appointment of an executive director, whose duties and

25  salaries shall be prescribed by authority.

26         (3)  Adopt a budget annually, and to amend it during

27  the fiscal year.

28         (4)  Adopt rules for the regulation of its affairs and

29  the conduct of its business, and rules for the operation of

30  the system, and to enforce and administer all such rules.

31         (5)  Adopt and alter an official seal.

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1         (6)  Maintain an office within Okaloosa County.

  2         (7)  Plan for and study the feasibility of

  3  constructing, operating, and maintaining a bridge traversing

  4  Choctawhatchee Bay, including studying the environmental and

  5  economic feasibility of such bridge, and such other

  6  transportation facilities that become part of the system.

  7         (8)  Construct, operate, and maintain the system,

  8  including a bridge traversing Choctawhatchee Bay and approach

  9  roads and facilities appurtenant thereto.

10         (9)  Coordinate and encourage public and private

11  development in connection with the system, including a bridge

12  traversing Choctawhatchee Bay.

13         (10)  Construct, acquire, repair, and operate any

14  public development or project covered in this act, or

15  coordinate any of the foregoing among other governmental

16  agencies.

17         (11)  Acquire, construct, reconstruct, equip, improve,

18  maintain, and repair the system or any portion thereof within

19  its area of operation.

20         (12)  Fix, charge, and collect fees, tolls, rents, and

21  charges for the use of the system, any part thereof, and any

22  facilities furnished thereby, and of any property under its

23  control, and pledge such revenue to the payment of revenue

24  bonds issued by the authority.

25         (13)  Accept grants and donations of any type of

26  property, labor, and other things of value from public and

27  private sources, and to expend the funds of the authority for

28  public purposes in its area of operation as a part of and in

29  cooperation with the system or any portion thereof.

30         (14)  Acquire, by purchase, on such terms and

31  conditions and in such manner as it may deem proper, and to

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  own, convey, and otherwise dispose of and to lease as lessor

  2  and lessee, any land and any other property, real or personal,

  3  reasonably necessary in furtherance of its powers under this

  4  act, and to grant and acquire licenses, easements, and options

  5  with respect thereto.

  6         (15)  Exercise the power of eminent domain pursuant to

  7  chapters 73 and 74, Florida Statutes.

  8         (16)  Borrow money and to issue notes for any purpose

  9  or purposes for which bonds may be issued under this act and

10  to refund the same; to issue notes in anticipation of the

11  receipt of the proceeds of the sale of bonds.

12         (17)  Employ or contract for technical experts,

13  consultants, or other staff as may be deemed necessary and to

14  determine their qualifications, duties, and compensation; and

15  may appoint any advisory committee deemed necessary.

16         (18)  Issue revenue bonds or refunding bonds of the

17  authority pursuant to section 8.

18         (19)  Pay operating and debt service costs of the

19  authority.

20         (20)  Enter into and make lease-purchase agreements

21  with the department until any bonds secured by a pledge of

22  rentals hereunder and any refundings thereof are fully paid as

23  to both principal and interest.

24         (21)  Do all acts necessary in order to carry out the

25  purposes of this act.

26         Section 5.  Compensation and travel expenses.--The

27  members of the authority shall receive no salary or other

28  compensation for their services.  The authority shall,

29  however, be authorized to pay reasonable costs and expenses

30  necessarily incurred by the members in performance of their

31

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  duties.  The rate for travel expenses shall not exceed the

  2  rate for state employees.

  3         Section 6.  Budget.--

  4         (1)  Prior to preparation of the annual budget as

  5  provided in subsection (2), the authority shall develop an

  6  annual proposed budget according to the provisions set forth

  7  in this section by May 31 of each year, for a public hearing

  8  before the citizens of Okaloosa County.

  9         (2)  The authority, in each fiscal year, shall prepare

10  an annual budget for operating revenue accounts and operating

11  expense accounts and such other accounts as the authority

12  shall prescribe, for its operations in the ensuing fiscal

13  year. The fiscal year for the authority shall be concurrent

14  with the fiscal year of Okaloosa County.  At the time the

15  authority prepares its annual budget, it shall adopt a

16  resolution determining and finding the estimated amounts to be

17  expended by the obligations of the authority, for acquiring,

18  establishing, constructing, enlarging, operating, and

19  maintaining the system, including the bridge and bridge

20  facilities and other facilities related thereto, or for any

21  other corporate purpose of the authority.

22         (3)  All anticipated revenues to be derived from the

23  operation of the system, including the bridge and bridge

24  facilities shall be included in the budget of the authority.

25  However, any amounts of money, including funds in the

26  authority's budget for the preceding fiscal year, that remain

27  unexpended from the revenue derived under the budget for the

28  preceding fiscal year may, by resolution duly adopted by the

29  authority and approved by the board of county commissioners,

30  be set aside in a separate fund, to be known and described as

31  a "Renewal and Replacement Fund," and accumulated in said fund

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  from year to year for the purpose of purchasing real and

  2  personal property, and building and constructing permanent

  3  improvements, replacements, alterations, buildings, and other

  4  structures, and such funds may be disbursed from time to time

  5  out of the renewal and replacement fund, upon proper

  6  resolution of the authority and approval by the board of

  7  county commissioners, and solely for the payment of the cost

  8  of purchasing real and tangible personal property, and

  9  building and constructing permanent improvements,

10  replacements, alterations, buildings, and other structures.

11         (4)  The authority shall adopt budget procedures to

12  establish the direct and indirect costs of operating and

13  maintaining the bridge authority and the system, as well as

14  the direct income derived therefrom.

15         Section 7.  Notice of meetings.--The  authority shall

16  give reasonable notice of all meetings at least 3 days prior

17  to the meetings, said notice to be published in a newspaper in

18  general circulation in Okaloosa County.  Said notice shall

19  include agenda items whenever said items involve leasing of

20  all or any portion of the system. All meetings of the

21  authority shall be so noticed except emergency meetings which

22  shall only be called when there is an immediate danger to the

23  public health, safety, or welfare.

24         Section 8.  Bonding power.--

25         (1)  The authority is empowered and authorized to issue

26  revenue or refunding bonds. The purpose of the bonds shall be

27  to finance all or part of the cost of acquisition,

28  construction, and equipping of the system or for refunding of

29  bonds for the same purpose. Such bonds may be issued in one or

30  more series and shall bear such date or dates, be payable upon

31  demand or mature at such time or times, be in such

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1  denomination or denominations, be in such form, registered or

  2  not, with or without coupon, carry such conversion or

  3  registration privileges, have such rank or priority, be

  4  executed in such manner, be payable in such medium of payment,

  5  at such place or places, and be subject to terms of

  6  redemption, with or without premium, be secured in such

  7  manner, and have such other characteristics as may be provided

  8  by such resolution or ordinance or trust indenture or mortgage

  9  issued pursuant thereto. Such bonds shall bear interest at

10  such rate or rates allowed by general law.

11         (2)  Bonds issued under this section shall be

12  authorized by resolution of the authority. Any such resolution

13  or resolutions authorizing any bonds hereunder may contain

14  provisions, which shall be part of the contract with the

15  holders of such bonds, as to:

16         (a)  The pledging of all or any part of the revenues,

17  rates, fees, rentals, or other charges or receipts of the

18  authority derived from the system.

19         (b)  The completion, improvement, operation, extension,

20  maintenance, repair, lease, or lease-purchase of such system

21  and with duties of the authority and others, including the

22  department, with reference thereto.

23         (c)  Limitations on the purposes to which the proceeds

24  of the bonds, then or thereafter to be issued, or of any loan

25  or grant by the United States or the state may be applied.

26         (d)  The fixing, charging, establishing, and collecting

27  of rates, fees, rentals, or other charges for use of the

28  services and facilities of the system or any part thereof.

29         (e)  The setting aside of reserves or sinking funds or

30  repair and replacement funds and the regulation and

31  disposition thereof.

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    Florida Senate - 1999        (NP)                      SB 2706
    7-1049-99                                               See HB




  1         (f)  Limitations on the issuance of additional bonds.

  2         (g)  The terms and provisions of any lease-purchase

  3  agreement, deed of trust, or indenture securing the bonds, or

  4  under which the same may be issued.

  5         (h)  Any other or additional agreements with the

  6  holders of the bonds which the authority may deem desirable

  7  and proper.

  8         (3)  The authority may employ fiscal agents as provided

  9  by this part, or the State Board of Administration may, upon

10  request of the authority, act as fiscal agent for the

11  authority in the issuance of any bonds which may be issued

12  pursuant to this act; and the State Board of Administration

13  may, upon request of the authority, take over the management,

14  control, administration, custody, and payment of any or all

15  debt services of funds or assets now or hereafter available

16  for any bonds issued pursuant to this act.  The authority may

17  enter into deeds of trust, indentures, or other agreements

18  within or without the state as security for such bonds and

19  may, under such agreements, sign and pledge all or any of the

20  revenues, rates, fees, rentals, or other charges or receipts

21  of the authority, as provided herein.  Any such deed of trust,

22  indenture, or other agreement may contain such provisions as

23  are customary in such instruments or as the authority may

24  authorize, including, but without limitation, provisions as

25  to:

26         (a)  The completion, improvement, operation, extension,

27  maintenance, repair, and lease of, or lease-purchase agreement

28  relating to the system and the duties of the authority and

29  others, including the department, with reference thereto.

30         (b)  The application of funds and the safeguarding of

31  funds on hand or on deposit.

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    Florida Senate - 1999        (NP)                      SB 2706
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  1         (c)  The rights and remedies of the trustee and the

  2  holders of the bonds.

  3         (d)  The terms and provisions of the bonds or the

  4  resolutions authorizing the issuance of same.

  5         (4)  Any of the bonds issued pursuant to this act are,

  6  and are hereby declared to be, negotiable instruments and

  7  shall have all the qualities and incidents of negotiable

  8  instruments under the law merchant and the Uniform Commercial

  9  Code of the state.

10         (5)  The authority shall determine the terms and manner

11  of sale and distribution or other disposition of any and all

12  bonds it may issue and shall have any and all powers necessary

13  or convenient to such disposition.

14         (6)  The authority may establish and administer such

15  sinking funds as it deems necessary or convenient for the

16  payment, purchase, or redemption of any outstanding bonded

17  indebtedness of the authority.

18         Section 9.  Bonding rights.--The State of Florida does

19  pledge to, and agree with, the Federal Government and any

20  person, or  corporation, subscribing to, or acquiring the

21  bonds to be issued by the authority for the construction,

22  acquisition, extension, improvement, or enlargement of the

23  system, or any part thereof, that the state will not limit or

24  alter the rights hereby vested in the authority and the

25  department until all bonds at any time issued, together with

26  the interest therein, are fully paid and discharged or until

27  provision is made therefor. The State of Florida does further

28  pledge to, and agree with, the Federal Government that in the

29  event that the Federal Government shall construct or

30  contribute any funds for the construction, acquisition,

31  extension, improvement, or enlargement of the system, or any

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    Florida Senate - 1999        (NP)                      SB 2706
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  1  part thereof, the state will not alter or limit the rights and

  2  powers of the authority in any manner which would be

  3  inconsistent with the continued maintenance and operation of

  4  the system, or any part thereof, or the improvement thereof,

  5  or which would be inconsistent with the due performance of any

  6  agreement between the authority and the Federal Government,

  7  and the authority shall continue to have and may exercise all

  8  powers herein granted, so long as the same may be necessary or

  9  desirable for the carrying out of the purposes of this act and

10  the purposes of the Federal Government in the construction, or

11  acquisition or improvement or enlargement of the system, or

12  any part thereof.

13         Section 10.  Powers granted, supplemental.--The powers

14  granted by this act shall be regarded as supplemental and

15  additional to powers conferred by other laws, and, unless

16  inconsistent with such powers, shall not be regarded as in

17  derogation of or as repealing any powers now existing under

18  any other law, whether general, special or local.

19         Section 11.  The Department of Transportation is

20  directed to cooperate with the authority to the maximum extent

21  possible.

22         Section 12.  The financial records of the authority

23  shall be audited by an independent certified public accountant

24  at least once each fiscal year.

25         Section 13.  Lease-purchase agreement.--

26         (1)  In order to effectuate the purposes of this act

27  and as authorized herein, the authority may enter into a

28  lease-purchase agreement with the department relating to and

29  covering the system of any portion thereof.

30         (2)  The lease-purchase agreement shall provide for the

31  leasing of the system or any portion thereof by the authority,

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    Florida Senate - 1999        (NP)                      SB 2706
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  1  as lessor, to the department, as lessee, and shall prescribe

  2  the terms of such lease and the rentals to be paid thereunder.

  3         (3)  The lease-purchase agreement may include such

  4  other provisions, agreements, and covenants as the authority

  5  and the department deem advisable or required, including, but

  6  not limited to, provisions as to the bonds to be issued under

  7  and for the purposes of this act; the financing, extension,

  8  improvement, operation, and maintenance of the system and the

  9  expenses and costs of operation of the authority; the charging

10  and collection of tolls, rates, fees, rentals, or other

11  charges for the use of the services and facilities thereof;

12  the application of federal or state grants or aid which may be

13  made or given to assist the authority in the financing,

14  completion, extension, improvement, operation, and maintenance

15  of the system, which the authority is authorized to accept and

16  apply to such purposes; the enforcement of payment and

17  collection of tolls, rates, fees, and rentals; and any other

18  terms, provisions, or covenants necessary, incidental, or

19  appurtenant to the making of, and full performance under, such

20  lease-purchase agreement.

21         (4)  The department, as lessee under such

22  lease-purchase agreement, is authorized to pay, as rentals

23  thereunder, any tolls, rates, fees, charges, funds, moneys,

24  receipts, or income accruing to the department from the

25  operation of the system and may also pay, as rentals, from any

26  moneys available to the department, such amounts as the

27  parties agree to accomplish the purposes of this act.

28         (5)  In accordance with the provisions of s. 339.125,

29  Florida Statutes, the department may covenant in any

30  lease-purchase agreement that it will pay all or any part of

31  the operation and maintenance of the system, to the extent the

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  1  proceeds of the bonds issued therefore are insufficient, from

  2  sources other than the revenues derived from the operation of

  3  the system.

  4         (6)  Any lease-purchase agreement between the authority

  5  and the department shall provide for the orderly repayment of

  6  any and all costs incurred by the department in accordance

  7  with terms, conditions, and repayment schedules to be mutually

  8  agreeable to the authority and the department, which costs of

  9  the department result from any covenants to complete or to

10  operate and maintain the systems authorized herein.  The

11  agreement shall provide for a specified source for such

12  repayment which may be, but is not limited to, tolls or other

13  charges imposed for the use of all or a portion of the system

14  or other sources available to the authority not required for

15  the payment or provision for payment of principal, interest,

16  reserves, premium, other required deposits for any bonds or

17  series of bonds of the authority and for any required or

18  necessary or desirable reserves maintained to obtain or

19  maintain any credit rating of the authority.

20         Section 14.  Eligibility for investments and

21  security.--Any bonds or other obligations issued pursuant to

22  this act shall be and constitute legal investments for banks,

23  savings banks, trustees, executors, administrators, and all

24  other fiduciaries, and for all state, municipal, and other

25  public funds, and shall also be and constitute securities

26  eligible for deposit and security for all state, municipal, or

27  other public funds, notwithstanding the provisions of any

28  other law or laws to the contrary.

29         Section 3.  Except as specifically reenacted herein,

30  chapter 86-645, Laws of Florida, and chapter 88-542, Laws of

31  Florida, are repealed.

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    Florida Senate - 1999        (NP)                      SB 2706
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  1         Section 4.  It is intended that the provisions of this

  2  act shall be liberally construed for accomplishing the work

  3  authorized and provided for or intended to be provided for by

  4  this act, and where strict construction would result in the

  5  defeat of the accomplishment of any part of the work

  6  authorized by this act, and a liberal construction would

  7  permit or assist in the accomplishment of any part of the work

  8  authorized by this act, the liberal construction shall be

  9  chosen.

10         Section 5.  If any section, subsection, sentence,

11  clause, or phrase of this act is held to be unconstitutional,

12  such holding shall not affect the validity of the remaining

13  portions of the act, the Legislature hereby declaring that it

14  would have passed this act and each section, subsection,

15  sentence, clause, and phrase thereof, irrespective of any

16  other separate section, subsection, sentence, clause, or

17  phrase thereof, and irrespective of the fact that any one or

18  more other sections, subsections, sentences, clauses, or

19  phrases thereof may be declared constitutional.

20         Section 6.  This act shall take effect upon becoming a

21  law.

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