House Bill hb0939er

CODING: Words stricken are deletions; words underlined are additions.


    ENROLLED

    2001 Legislature                                        HB 939



  1

  2         An act relating to Escambia County; providing

  3         for codification of special laws regarding

  4         special districts pursuant to chapter 97-255,

  5         Laws of Florida, relating to the

  6         Pensacola-Escambia Governmental Center

  7         Authority, a special district in Escambia

  8         County; providing legislative intent; amending,

  9         repealing, codifying, and reenacting special

10         acts related to the district; declaring the

11         Authority to be a dependent special district;

12         providing a district charter; providing an

13         effective date.

14

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

16

17         Section 1.  Pursuant to section 189.429, Florida

18  Statutes, this act constitutes the codification of all special

19  acts relating to the Pensacola-Escambia Governmental Center

20  Authority, a special district in Escambia County, Florida. It

21  is the intent of the Legislature in enacting this law to

22  provide a single, comprehensive special act charter for the

23  Authority, including all current legislative authority granted

24  to the Authority by its several legislative enactments.

25         Section 2.  Chapters 69-1049, 70-679, and 71-631, Laws

26  of Florida, relating to the Pensacola-Escambia Governmental

27  Center Authority, are codified, reenacted, amended, and

28  repealed as herein provided.

29         Section 3.  The charter for the Pensacola-Escambia

30  Governmental Center Authority is re-created and reenacted to

31  read:


                                  1

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1         Section 1.  The Pensacola-Escambia Governmental Center

  2  Authority.--There is hereby created and established a body

  3  politic and corporate as an agency of the City of Pensacola

  4  and the County of Escambia, or the successor of either or

  5  both, an authority to be named and known as the

  6  "Pensacola-Escambia Governmental Center Authority,"

  7  hereinafter in this act called the "Authority." The Authority

  8  is hereby declared to be a dependent special district.

  9         Section 2.  Definitions.--The following words and terms

10  when used in this act shall be deemed to have the meaning set

11  forth below:

12         "Area" - The land selected as the site for operation of

13  the complex.

14         "Facilities" - As used herein shall include among other

15  establishments and installations not enumerated, lands,

16  buildings, structures, equipment, machinery, installations,

17  concessions, sewage systems, water systems, fire fighting

18  systems and equipment, power lines and cables, gas systems,

19  and other utilities desirable or convenient for the

20  development and service of the area, and businesses and

21  improvements thereon; streets, roads, alleyways, sidewalks and

22  other public ways, parks, office buildings, store buildings,

23  warehouses, depots, stations, and all other kinds of

24  properties.

25         "Board of County Commissioners" - The Board of County

26  Commissioners of Escambia County, Florida.

27         "City" - The City of Pensacola.

28         "City Council" - The City Council of the City of

29  Pensacola.

30         "Complex" or "City-County Complex" - The area selected

31  by the Authority with the consent of the Board of County


                                  2

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  Commissioners and the City Council for the operation of the

  2  Pensacola-Escambia Governmental Center.

  3         "County" - County of Escambia.

  4         Section 3.  Membership of Authority; appointment;

  5  officers; compensation; headquarters.--

  6         (a)  The Authority shall consist of five members,

  7  to-wit: Two members shall be appointed by the Board of County

  8  Commissioners, two members shall be appointed by the City

  9  Council, and one member shall be appointed by the other four

10  members of the Authority.

11         One member of the Authority shall be appointed by the

12  Board of County Commissioners to serve from July 1, 1969,

13  until July 1, 1971; one member of the Authority shall be

14  appointed by the City Council to serve from July 1, 1969,

15  until July 1, 1971; one member of the Authority shall be

16  appointed by the Board of County Commissioners to serve from

17  July 1, 1969, until July 1, 1973, and one member of the

18  Authority shall be appointed by the City Council to serve from

19  July 1, 1969, until July 1, 1973.

20         At the first meeting of the Authority held on or after

21  July 1, 1969, the newly appointed members of the Authority

22  shall appoint the fifth member to serve from July 1, 1969, to

23  July 1, 1973.

24         Thereafter, not less than 30 and not more than 60 days

25  prior to July 1, 1971, and every 2 years thereafter, one

26  member of the Authority shall be appointed by the Board of

27  County Commissioners to serve for 4 years and one member of

28  the Authority shall be appointed by the City Council to serve

29  for 4 years.

30         At the first meeting of the Authority held on or after

31  July 1, 1973, and every fourth year thereafter, the fifth


                                  3

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  member of the Authority shall be appointed by the four members

  2  previously appointed.

  3         Any vacancies occurring during a term of service on the

  4  Authority shall be filled for the balance of the term in the

  5  same manner as the original appointment.

  6         Nothing in this act shall be construed to prohibit

  7  members of the Board of County Commissioners or the City

  8  Council from serving as members of the Authority.

  9  Notwithstanding the provisions of this act, any member

10  appointed to the Authority who is also a City Council member

11  or a member of the Board of County Commissioners while serving

12  on the Authority shall serve in a representative capacity

13  during his or her term of office as a member of the City

14  Council or Board of County Commissioners.

15         (b)  Members of the Authority shall receive no

16  compensation for their services, but shall be entitled to

17  receive their necessary expenses incurred in the performance

18  of their official duties.

19         (c)  The Authority shall select from its membership a

20  chair, a vice chair, and a secretary-treasurer. In the

21  absence, sickness, or inability of the chair to act, the

22  duties of the chair shall be performed by the vice chair. The

23  Authority shall also be authorized to select an assistant

24  secretary-treasurer. In the absence, sickness, or inability of

25  the secretary-treasurer of the Authority to act, the duties of

26  the secretary-treasurer shall be performed by the assistant

27  secretary-treasurer.

28         (d)  The Authority shall adopt rules for the

29  transaction of its business and shall keep a record of its

30  transactions, findings, and determinations, which record shall

31  be a public record.


                                  4

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1         (e)  The headquarters of the Authority shall be in the

  2  County of Escambia and the Authority shall be furnished

  3  suitable office accommodations in such place as may be jointly

  4  designated by the City Council and the Board of County

  5  Commissioners.

  6         Section 4.  Powers and duties of Authority.--The

  7  general purposes of the Authority shall be to acquire,

  8  construct, improve, operate, maintain, and manage a

  9  governmental center complex consisting of lands and buildings

10  and related facilities thereon for the use and occupancy by

11  the City of Pensacola, the County of Escambia, their agencies

12  and departments, and other governmental agencies and

13  departments.

14         For the accomplishment of such purposes, the Authority

15  shall have the power and authority:

16         (a)  To sue and be sued; to adopt a seal and alter the

17  same at pleasure; to have perpetual succession; to make and

18  execute contracts and other instruments necessary or

19  convenient to the exercise of the powers of the Authority; and

20  to make and from time to time amend and repeal bylaws not

21  inconsistent with this act, to carry into effect the powers

22  and purposes of the Authority.

23         (b)  To make and from time to time amend and repeal

24  rules which shall be effective within the Complex, including,

25  but not limited to, rules designed and intended to promote

26  health, sanitation, and safety generally, the disposal of

27  sewage, garbage, and trash, and the regulation of traffic

28  within the area.

29         (c)  To regulate the character of public and private

30  businesses that may be operated within the Complex.

31


                                  5

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1         (d)  To operate and maintain and to provide for the

  2  maintenance and operation of buildings, structures,

  3  improvements, and parking lots and other facilities within the

  4  Complex.

  5         (e)  To own and acquire property, real and personal,

  6  and any interest therein and any right pertaining thereto by

  7  purchase, lease, donation, gift, or transfer, and to acquire,

  8  construct, reconstruct, improve, repair, maintain, or operate,

  9  sell, convey, lease, and dispose of any such property or

10  facility; provided, however, that no lease shall be granted

11  for a term longer than 40 years.

12         (f)  To enter into contracts with individuals,

13  corporations, the State of Florida, the United States, or any

14  agency or department thereof, and Escambia County and the City

15  of Pensacola or any agent or department of either.

16         (g)  To construct, develop, improve, manage, and

17  operate and to contract for the development, improvement,

18  operation, management, maintenance, and operation of the

19  Complex and the facilities.

20         (h)  In the event the Authority shall determine that

21  the interests of the Complex so require, to grant leases or

22  rent space to the United States, the State of Florida, or any

23  agency or department thereof, the County, the City, or any

24  corporation or person for such consideration as it deems

25  proper; provided, however, that the granting of any such lease

26  or the renting of any such space shall be subject to the

27  approval of the City Council and Board of County

28  Commissioners. Any such lease may be authorized by resolution

29  of the City Council if the City is to be a party, or by

30  resolution of the Board of County Commissioners if the County

31  is to be a party, without regard to any limitation or


                                  6

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  requirement elsewhere in the laws of Florida. If any such

  2  lease is by its terms so limited that all payments to be made

  3  thereunder by the City or the County are to be paid from

  4  sources other than ad valorem taxes, and if the remedies of

  5  the Authority and its bondholders upon default by the City or

  6  County do not include foreclosure on a mortgage or eviction

  7  from any premises used or required for City or County

  8  purposes, then such lease may be entered into for such period

  9  of time not exceeding 40 years as the parties may agree upon

10  without the necessity of any election. However, if any

11  payments under any such lease are to be made from money

12  derived from ad valorem taxation, or if the Authority or any

13  of its bondholders shall have, as a remedy for default, the

14  right to foreclosure on a mortgage or to evict the City or the

15  County from any premises used or required for City or County

16  purposes, then any such lease entered into by the Authority

17  with the City for a period longer than 1 year shall first be

18  approved by a vote of the electors qualified to vote on ad

19  valorem tax bond issues at an election duly called and held by

20  the City in the manner provided for voting on ad valorem tax

21  bonds, in the Constitution and laws of the State of Florida

22  and any such lease entered into by the Authority with the

23  County for a period longer than 1 year shall first be approved

24  by a vote of the electors qualified to vote on ad valorem tax

25  bond issues at an election duly called and held by the County

26  in the manner provided for voting on ad valorem tax bonds in

27  the Constitution and laws of the state.

28         (i)  To employ adequate personnel, including, but not

29  limited to, professional, technical, clerical, skilled, and

30  unskilled persons, for which funds are available, for the

31  operation of the Authority, the Complex, and the Facilities


                                  7

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  thereon; provided, however, that civil service laws and rules

  2  shall not be applicable to any such personnel.

  3         (j)  To accept advances, donations, and contributions

  4  from public and private sources, and to enter into contracts

  5  with respect thereto.

  6         (k)  To enter into contracts or leases with the

  7  occupants of properties acquired by the Authority, for such

  8  period or periods of time necessary until arrangements can be

  9  made by such occupants to obtain and move to other premises

10  and vacate the properties so acquired by the Authority or

11  until it shall be necessary for the Authority to take

12  possession of such properties for the purposes for which they

13  were acquired, whichever first occurs.

14         Section 5.  Cooperation with other units, boards,

15  agencies, and individuals.--Express authority and power is

16  hereby given the County, City, any drainage district, road or

17  bridge district, school district, or any other political

18  subdivision, board, or commission in the City or County to

19  make and enter into with the Authority, contracts and leases,

20  within the provisions and purposes of this act. The Authority

21  is hereby authorized to make agreements with and enter into

22  any and all contracts with any agency of the state subject to

23  the approval of the City Council and the Board of County

24  Commissioners.

25         The City of Pensacola and the County of Escambia are

26  hereby authorized to make appropriations to and advance funds

27  to the Authority for necessary operating and planning expenses

28  incurred or to be incurred prior to receipt by the Authority

29  of funds from financing or revenues. Annual budgets shall be

30  prepared by the Authority subject to approval by the City and

31  the County.


                                  8

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1         The City and the County are each hereby authorized to

  2  establish by resolution a special fund and to pledge and

  3  dedicate all money in said special fund, or such part thereof

  4  as may be necessary, to the payment of rentals under any lease

  5  between the Authority and said City or County. Said City or

  6  County may pledge as security for rental payments under any

  7  lease with the Authority all or any portion of any money it

  8  may receive from sources other than ad valorem taxes to said

  9  special fund and to the payments to be made therefrom, subject

10  only to obligations made by said City or County prior to the

11  execution of such lease; said sources may include the proceeds

12  of any excise taxes, utility revenues, or funds derived from

13  the state or Federal Government not restricted to other

14  purposes.

15         Section 6.  Further powers of Authority.--There is

16  hereby granted to and vested in the Authority the power,

17  right, franchise, and authority:

18         (1)  To take, exclusively occupy, use, and possess

19  rights-of-way for any projects, enterprises, or undertakings

20  of the Authority.

21         (2)(a)  The Authority is hereby authorized and

22  empowered to exercise the power of eminent domain and may

23  condemn for the use of said Authority any and all lands,

24  easements, rights-of-way, riparian rights, property, and

25  property rights of every description required in carrying out

26  the objectives and purposes of this act.

27         (b)  The proceedings for condemnation hereunder may be

28  instituted and conducted in the name of the Authority, and the

29  procedure shall be the same as is prescribed by law.

30         (3)(a)  In order to carry out the objectives and

31  purposes of this act, which are hereby declared to be a public


                                  9

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  purpose, the Authority is authorized to acquire, own,

  2  construct, operate, maintain, improve, and extend public

  3  buildings and facilities within the City and County which are

  4  of the character hereinafter specifically mentioned. All

  5  public buildings and facilities which the Authority is

  6  authorized to own, construct, operate, and maintain must be

  7  such as can ultimately be owned and operated by the City or

  8  County or by an agency, department, board, bureau, or

  9  commission of the City or County. All or any such buildings or

10  facilities may be of a revenue producing character in order

11  that the cost of the same or some part thereof, improvements

12  or extensions thereto may be paid from receipts therefrom

13  including rentals, leases, and sales to both public and

14  nonpublic agencies. The buildings or facilities which said

15  Authority is hereby authorized to acquire, construct, operate,

16  maintain, improve, and extend are public buildings, facilities

17  as defined in this act, and additions and improvements to

18  existing buildings and facilities for ultimate use in

19  connection with any governmental operation. Any property

20  acquired by the Authority under the provisions of this act may

21  ultimately be conveyed to the City or County free and clear of

22  all debt or other encumbrance.

23         (b)  The Authority is hereby authorized to collect

24  reasonable rentals for the use of the public buildings,

25  facilities, or works constructed, acquired, or owned by it and

26  for the products and services of the same exclusively for the

27  purpose of paying the expenses of improving, repairing,

28  maintaining, and operating its facilities and properties and

29  paying the principal and interest on its obligations.

30         (4)(a)  The Authority is hereby authorized and

31  empowered to issue its negotiable bonds, notes, or


                                  10

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  certificates in its own name to effectuate all or any of the

  2  purposes of this act and to pay any expenses incident thereto.

  3  The form, denominations, rate of interest, amount, place of

  4  payment, manner, place, and price of sale, date of retirement

  5  and terms of redemption prior to maturity of said bonds,

  6  notes, or certificates shall be fixed by said Authority. In no

  7  case shall any such bonds, notes, or certificates mature later

  8  than 40 years from date of issue, or bear interest at a rate

  9  greater than 7 percent per annum or be sold at such price that

10  the net interest cost to the Authority shall exceed 7 percent

11  to the respective maturities thereof. The Authority may issue

12  and sell its bonds, notes, or certificates at either public or

13  private sale as it shall, in its discretion, determine.

14         (b)  The bonds, notes, or certificates authorized under

15  this act shall be issued by resolution approved by at least

16  four of the members of the Authority; they shall be executed

17  and signed by its chair or vice chair and attested by its

18  secretary-treasurer or assistant secretary-treasurer, or such

19  other officer as may be designated by resolution of the

20  Authority, under the seal of said Authority and such execution

21  and attestation may be with an engraved, imprinted,

22  lithographed, or otherwise reproduced facsimile signature of

23  such chair or vice chair and secretary-treasurer, or assistant

24  secretary-treasurer, or such other officer as may be

25  designated by resolution of the Authority; provided, however,

26  that at least one signature required to be placed thereon

27  shall be manually subscribed. The bonds, notes, or

28  certificates shall recite that they are issued under authority

29  of this act. The said bonds, notes, or certificates of each

30  separate issue shall be consecutively numbered and shall be

31


                                  11

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  recorded by the secretary-treasurer of the Authority in a book

  2  to be kept for that purpose.

  3         (c)  In case any bond shall be mutilated, destroyed, or

  4  improperly canceled, the Authority may issue a replacement

  5  bond, which shall not be deemed an overissue, in accordance

  6  with the Uniform Commercial Code, chapter 678, Florida

  7  Statutes.

  8         (d)  As part of the security of any bonds the Authority

  9  may covenant that some or all payments to be made to it under

10  any lease shall be paid directly to a trustee and applied by

11  said trustee as directed by the proceedings authorizing the

12  bonds. Such proceedings may further assign to the trustee any

13  or all rights of the Authority under any such lease or leases

14  and may authorize the trustee in its own name or in the name

15  of the Authority to bring such suit on any such lease or take

16  such other action as it deems advisable for the security of

17  the holders of the bonds.

18         (e)  Bonds issued hereunder may be validated in

19  accordance with chapter 75, Florida Statutes. If bonds are

20  payable from amounts to be paid under leases by the City, the

21  County, or any person, firm, or corporation, public or

22  private, or the state, and if the complaint seeking the

23  validation of such bonds shall so request, the order and

24  service required by section 75.05, Florida Statutes, shall

25  show the name or names of the lessee or lessees, the duration

26  of the lease or leases, and that at the time and place fixed

27  for hearing on the validation of said bonds the court shall

28  also hear all questions of law and fact relating to the

29  validation of such lease or leases. Said order shall also

30  require all persons, in general terms and without naming them,

31  the lessees, and the state through its state attorney to


                                  12

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  appear at said time and place and show why the complaint

  2  should not be granted and each such lease validated. A copy of

  3  the complaint and order shall be served on the lessee. If, in

  4  the final judgment entered upon said hearing, the court

  5  declares any such lease to be valid and binding, and if no

  6  appeal is taken within the time prescribed, or if on appeal

  7  such judgment is affirmed, then such lease shall be

  8  conclusively deemed to be valid and binding upon the Authority

  9  and upon the lessee and, if any such lessee be the City, the

10  County, or the State, upon all property owners, taxpayers,

11  citizens, and other persons in interest within the territorial

12  limits of such lessee.

13         (f)  Whenever any bonds of the Authority shall have

14  been authorized under this act and validated, the Authority is

15  authorized to borrow money for the purposes for which such

16  bonds are to be issued in anticipation of the receipt of the

17  proceeds of the sale of such bonds and within the authorized

18  maximum amount of such bond issue. Any such loan shall mature

19  within 3 years after the date on which the issuance of such

20  bonds shall have been authorized. Bond anticipation notes

21  shall be issued for all moneys borrowed under the provisions

22  of this section, and such notes may be renewed from time to

23  time, but all such notes shall mature within the time above

24  limited for the maturity of the original loan, except that if

25  the bonds are offered for public sale at the maximum rate

26  specified in the validation petition and no bids are received,

27  said notes may be renewed for a period ending 6 months from

28  the date of said attempted public sale. Subsequent 6-month

29  renewals may be made after attempted public sales of the bonds

30  until the bonds are sold or other provisions made for payment

31  of the notes. Such notes shall be authorized by resolution of


                                  13

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  the Authority and shall be in such denomination or

  2  denominations, shall bear interest at such rate or rates not

  3  exceeding the maximum rate permitted by the resolution

  4  authorizing the issuance of the bonds, shall be in such form

  5  and shall be executed in such manner, all as the Authority

  6  shall prescribe. Such notes may be sold at either public or

  7  private sale or, if such notes shall be renewal notes, they

  8  may be exchanged for notes then outstanding on such terms as

  9  the Authority shall determine. The Authority may, in its

10  discretion, retire any such notes by means of current rentals,

11  assessments, or other legally available revenues, in lieu of

12  retiring them by means of bonds; provided, however, that

13  before the retirement of such notes by any means other than

14  the issuance of bonds it shall amend or repeal the resolution

15  authorizing the issuance of the bonds in anticipation of the

16  proceeds of the sale of which such notes shall have been

17  issued so as to reduce the authorized amount of the bond issue

18  by the amount of the notes so retired.

19         (5)  This act shall, without reference to any other act

20  of the Legislature, be full authority for the issuance and

21  disposition of the bonds, notes, or certificates herein

22  authorized, and all of same shall be investment securities

23  under the Uniform Commercial Code, chapter 678, Florida

24  Statutes. No financing, continuation, or other statements need

25  be filed to perfect or protect the rights and priorities of

26  the holders of such bonds, notes, or certificates. Said bonds,

27  notes, and certificates shall not be invalid for any

28  irregularity or defect in the proceedings for the issue and

29  sale thereof, and shall be incontestable in the hands of bona

30  fide purchasers or holders thereof for value; payment of said

31  bonds, notes, and certificates shall be secured by a pledge of


                                  14

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  the revenues derived from all or any part of the facility or

  2  facilities of the Authority, including rental payments

  3  received by the Authority and any other revenues or funds

  4  received by the Authority. The provisions of this act shall

  5  constitute an irrepealable contract between the Authority and

  6  the holders of any bonds, notes, or certificates issued under

  7  this act. No bond or any other indebtedness created by the

  8  Authority shall be construed as an obligation of the City, the

  9  County, or the State, nor shall the City, the County, or the

10  State under any theory be bound therefor except as herein

11  provided. Said bonds shall be the obligations of the Authority

12  and shall be secured only by such revenues or other funds of

13  the Authority as shall be pledged as security for the payment

14  thereof.

15         (6)  The Authority is hereby authorized and empowered

16  to pledge by resolution or contract the revenues arising from

17  the operation of any project or projects, facility or

18  facilities acquired, constructed, owned, operated, or

19  maintained by the Authority to the payment of the cost of

20  operation, maintenance, repair, improvement, extension and/or

21  enlargement of the project or projects, facility or facilities

22  from the operation of which such revenues are received and for

23  the payment of principal and interest on bonds issued in

24  connection with any such project or projects, facility or

25  facilities, and to combine for financing purposes any two or

26  more projects of facilities constructed or acquired by the

27  Authority under the provisions of this act. In any such case

28  the Authority may adopt separate budgets for the operation of

29  such project or projects, facility or facilities, and it shall

30  not be necessary to include such revenues and the expenditure

31  thereof in the general Authority budget except by reference


                                  15

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  and for accounting purposes only. In every such case such

  2  revenues shall be expended exclusively for the payment of the

  3  costs of operation, maintenance, repair, improvement,

  4  extension, and enlargement of the project or projects,

  5  facility or facilities, from the operation of which such

  6  revenues arise, for the performance of the Authority's

  7  contracts in connection with such project or projects,

  8  facility or facilities, and for the payment of principal and

  9  interest requirements of any bonds issued in connection with

10  the project or projects, facility or facilities. Any surplus

11  of such funds remaining on hand at the end of any year shall

12  be carried forward and may be expended in the succeeding year

13  for the payment of the costs of operation and debt service of

14  any of the Authority's facilities or for the repair,

15  improvement, and/or extension thereof as the Authority may

16  determine, unless and to the extent that such surplus has been

17  pledged for the payment of principal and interest on bonds,

18  notes, or certificates issued pursuant to subsection (4) of

19  this Section.

20         Section 7.  Issuance of bonds, notes, etc., of

21  Authority.--The Authority shall further have power and be

22  authorized, notwithstanding the provisions of any other laws

23  to the contrary, to issue its bonds, notes, or certificates as

24  provided in this act for the purpose of refunding any

25  outstanding bonds, notes, or certificates theretofore issued

26  for any project or projects, facility or facilities, or for

27  the combined purpose of refunding any outstanding bonds,

28  notes, or certificates, and the acquisition or construction of

29  any new improvement of any existing projects or project,

30  facility or facilities, or any combination of two or more

31  projects, facility, or facilities whether new projects or


                                  16

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  existing projects, facility or facilities; provided, however,

  2  that the outstanding bonds, notes, or certificates shall

  3  mature or be callable prior to maturity not later than 10

  4  years after the date of issuance of the new bonds, notes, or

  5  certificates issued to refund such outstanding bonds, notes,

  6  or certificates. Pending the payment of the principal of and

  7  interest on any such outstanding bonds, notes, or certificates

  8  which mature after the date of issuance of such new bonds,

  9  notes, or certificates, a sufficient amount of the proceeds of

10  such new bonds, notes, or certificates shall be held

11  irrevocably in trust and used only for the payment of the

12  principal and interest of, and redemption premiums, if any, on

13  said outstanding bonds, notes, or certificates at or prior to

14  the maturity or first call date thereof. Such trust fund may

15  be invested and reinvested during such period in direct

16  obligations of the United States Government, or in obligations

17  the principal of and interest on which are unconditionally

18  guaranteed by the United States Government, or in bank

19  deposits evidenced by Bank Certificates of Deposit fully

20  secured by direct obligations of the United States Government

21  or obligations the principal and interest on which are

22  unconditionally guaranteed by the United States Government,

23  maturing not later than the dates upon which the moneys in

24  said fund will be needed for such purposes.

25         Section 8.  Bonds or revenue certificates; legal

26  investments and security.--Notwithstanding any other

27  restrictions on investments contained in any law of this

28  state, the state and all public officers, municipal

29  corporations, political subdivisions and public bodies, all

30  banks, bankers, trust companies, savings banks, building and

31  loan associations, savings and loan associations, investment


                                  17

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  companies, insurance companies, insurance associations, and

  2  all persons carrying on an insurance business, and all

  3  executors, administrators, guardians, trustees, and other

  4  fiduciaries may legally invest any sinking funds, moneys, or

  5  other funds belonging to them or within their control in bonds

  6  or revenue certificates of the Authority, provided that such

  7  bonds or certificates have been validated by a court of

  8  competent jurisdiction, and such bonds or certificates shall

  9  be authorized security for all public deposits, it being the

10  purpose of this Section to authorize any person, firm, or

11  corporation, association, political subdivision, body, and

12  officer, public or private, to use any funds owned or

13  controlled by them, including, but not limited to, sinking,

14  insurance investment, retirement, compensation, pension, and

15  trust funds, and funds held on deposit, for the purchase of

16  any such bonds or certificates, up to the amount as authorized

17  by law to be invested in any type of security, including

18  United States Government bonds.

19         Section 9.  The Authority is hereby authorized to

20  select any site or sites of land to be used by it in the

21  development of the Complex, the selection of such site or

22  sites to be subject to the approval of the Board of County

23  Commissioners and the City Council.

24         Section 10.  The provisions of this act are hereby

25  declared to be severable and if any provision shall for any

26  reason be declared invalid that declaration shall not affect

27  the validity of the remainder of the provisions hereof.

28         Section 11.  The Authority herein created and

29  established shall commence to operate hereunder only after the

30  approval of the creation of said Authority by the City

31  Council, evidenced by an ordinance duly adopted by the City


                                  18

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                        HB 939



  1  Council and a resolution duly adopted by the Board of County

  2  Commissioners, within 120 days after the effective date of

  3  this act.

  4         Section 4.  Chapters 69-1049, 70-679, and 71-631, Laws

  5  of Florida, relating to the Pensacola-Escambia Governmental

  6  Center Authority, are repealed.

  7         Section 5.  In the event of a conflict of the

  8  provisions of this act with the provisions of any other act,

  9  the provisions of this act shall control to the extent of such

10  conflict.

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

12  law.

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31


                                  19

CODING: Words stricken are deletions; words underlined are additions.