HOUSE AMENDMENT

    780-113AX-02                                Bill No. CS/HB 435

    Amendment No. 1 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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  5                                           ORIGINAL STAMP BELOW

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11  Representative(s) Mack offered the following:

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13         Amendment to Amendment (911327) 

14         On page 5, line 28, through page 7, line 4,

15  remove:  all of said lines

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17  and insert:

18         (9)  The department shall have the authority to create

19  or assist in the creation of tax-exempt, public-purpose

20  Internal Revenue Service Ruling 63-20 corporations as provided

21  for under the Internal Revenue Code. Any bonds issued by the

22  63-20 corporation shall be payable solely from and secured by

23  a lien upon and pledge of the revenues received by the 63-20

24  corporation. Any bonds issued by the 63-20 corporation shall

25  not be or constitute a general indebtedness of the State of

26  Florida, any department or agency thereof, or any political

27  subdivision thereof within the meaning of any constitutional

28  or statutory provision or limitation. The full faith and

29  credit of the State of Florida shall not be pledged to the

30  payment of the principal of or interest on the bonds issued by

31  the 63-20 corporation. No owner of any of the bonds shall ever

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    File original & 9 copies    03/05/02
    hbd0002                     04:40 pm         00435-0091-104827




                                                   HOUSE AMENDMENT

    780-113AX-02                                Bill No. CS/HB 435

    Amendment No. 1 (for drafter's use only)





  1  have the right to require or compel the exercise of the taxing

  2  power of the State of Florida or any department or agency of

  3  the state for payment thereof, and the bonds shall not

  4  constitute a lien upon any property owned by the State of

  5  Florida or any department or agency of the state. Bonds issued

  6  by the 63-20 corporation shall be rated investment grade by a

  7  nationally recognized credit rating agency. Nothing in this

  8  subsection is intended to prohibit credit enhancement of such

  9  bonds, whether provided by private or governmental sources

10  other than sources backed by the taxing power of the State of

11  Florida. Nothing in this subsection is intended to prohibit

12  the pledging of additional funds or revenues from private

13  sources to secure such bonds. Internal Revenue Service Ruling

14  63-20 corporations may receive State Transportation Trust Fund

15  grants and loans from the department. The department shall be

16  empowered to enter into public-private partnership agreements

17  with Internal Revenue Service Ruling 63-20 corporations for

18  projects under this section but shall not agree to expend any

19  funds not appropriated for this purpose. The provisions of s.

20  339.135(6) shall apply to such agreements.

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    File original & 9 copies    03/05/02
    hbd0002                     04:40 pm         00435-0091-104827