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| 1 | CHAMBER ACTION | ||
| 2 | |||
| 3 | |||
| 4 | |||
| 5 | |||
| 6 | The Committee on Local Government & Veterans' Affairs recommends | ||
| 7 | the following: | ||
| 8 | |||
| 9 | Committee Substitute | ||
| 10 | Remove the entire bill and insert: | ||
| 11 | A bill to be entitled | ||
| 12 | An act relating to the West Palm Beach Downtown | ||
| 13 | Development Authority, Palm Beach County; codifying the | ||
| 14 | district’s charter, chapters 67-2170, 77-664, 83-534, 84- | ||
| 15 | 540, 90-460, and 93-381, Laws of Florida; providing | ||
| 16 | legislative intent; amending, codifying, and reenacting | ||
| 17 | all special acts relating to the West Palm Beach Downtown | ||
| 18 | Development Authority as a single act; repealing all prior | ||
| 19 | special acts related to the authority; providing an | ||
| 20 | effective date. | ||
| 21 | |||
| 22 | Be It Enacted by the Legislature of the State of Florida: | ||
| 23 | |||
| 24 | Section 1. Pursuant to section 189.429, Florida Statutes, | ||
| 25 | this act constitutes the codification of all special acts | ||
| 26 | relating to the West Palm Beach Downtown Development Authority, | ||
| 27 | an independent special district. It is the intent of the | ||
| 28 | Legislature in enacting this law to provide a single, | ||
| 29 | comprehensive special act charter for the West Palm Beach | ||
| 30 | Downtown Development Authority including all current legislative | ||
| 31 | authority granted to the West Palm Beach Downtown Development | ||
| 32 | Authority by its several legislative enactments and any | ||
| 33 | additional authority granted by this act. It is further the | ||
| 34 | intent of this act to preserve all authority of the West Palm | ||
| 35 | Beach Downtown Development Authority. | ||
| 36 | Section 2. Chapters 67-2170, 77-664, 83-534, 84-540, 90- | ||
| 37 | 460, and 93-381, Laws of Florida, are amended, codified, | ||
| 38 | reenacted, and repealed as herein provided. | ||
| 39 | Section 3. The charter for the West Palm Beach Downtown | ||
| 40 | Development Authority is re-created and reenacted to read: | ||
| 41 | Section 1. Short title.--This Act shall be known and may | ||
| 42 | be cited as the “West Palm Beach Downtown Development Authority | ||
| 43 | Act.” | ||
| 44 | Section 2. Definitions and rules of construction.--Unless | ||
| 45 | qualified in the text the following definitions and rules of | ||
| 46 | construction shall apply hereto: | ||
| 47 | (a) “Authority” means the West Palm Beach Downtown | ||
| 48 | Development Authority, hereby created, and any successor to its | ||
| 49 | functions, authority, rights, and obligations. | ||
| 50 | (b) “City” and “West Palm Beach” mean the City of West | ||
| 51 | Palm Beach, Florida. | ||
| 52 | (c) “City Commission” means the West Palm Beach City | ||
| 53 | Commission and any succeeding governing body of the City. | ||
| 54 | (d) “Downtown” and “Downtown area” mean the area herein | ||
| 55 | described and to which this Act primarily relates, including the | ||
| 56 | central business district and its environs. | ||
| 57 | (e) “Herein,” hereby,” “hereof,” and similar compounds | ||
| 58 | refer to the entire act. | ||
| 59 | (f) “Including” shall be construed as merely introducing | ||
| 60 | illustrative examples and not as limiting in any way the | ||
| 61 | generality of the inclusive term. | ||
| 62 | (g) “Majority” without qualification means a majority of a | ||
| 63 | quorum. | ||
| 64 | (h) “State” means the State of Florida. | ||
| 65 | (i) “Mayor” means the Mayor of the City of West Palm | ||
| 66 | Beach. | ||
| 67 | Section 3. Downtown area description.--The Downtown area | ||
| 68 | includes all lands lying within boundaries described as: | ||
| 69 | |||
| 70 | A parcel of land lying within the limits of the City | ||
| 71 | of West Palm Beach, Florida, being more particularly | ||
| 72 | described as follows: | ||
| 73 | BEGINNING at a point formed by the intersection of the | ||
| 74 | centerline of the Intracoastal Waterway channel in | ||
| 75 | Lake Worth and the Easterly extension of the | ||
| 76 | centerline of Okeechobee Boulevard; thence from said | ||
| 77 | POINT OF BEGINNING Westerly along said centerline of | ||
| 78 | Okeechobee Boulevard to its intersection with the | ||
| 79 | centerline of South Dixie Highway, as shown on | ||
| 80 | PHILLIPS POINT ADDITION OF WEST PALM BEACH, as | ||
| 81 | recorded in Plat Book 1, Page 52, Public Records of | ||
| 82 | Palm Beach County, Florida; thence Northerly along | ||
| 83 | the centerline of South Dixie Highway to its | ||
| 84 | intersection with the centerline of Hibiscus Street, | ||
| 85 | as shown on POTTER ADDITION to West Palm Beach, as | ||
| 86 | recorded in Plat Book 2, Page 42, Public Records of | ||
| 87 | Palm Beach County, Florida; thence Westerly along the | ||
| 88 | centerline of Hibiscus Street to its intersection with | ||
| 89 | the main line track of the Florida East Coast | ||
| 90 | Railroad; thence Northerly along the centerline of | ||
| 91 | the main line track of the Florida East Coast Railroad | ||
| 92 | to its intersection with a 14 foot alley, lying North | ||
| 93 | of and adjacent to Block 62, Plat of MODEL LAND | ||
| 94 | COMPANY ADDITION, as recorded in Plat Book 1, Page | ||
| 95 | 106, Public Records of Palm Beach County, Florida; | ||
| 96 | thence Westerly along said centerline of the 14 foot | ||
| 97 | alley, to its intersection with the centerline of | ||
| 98 | Georgia Avenue, as shown on HIGHLAND PARK LAND COMPANY | ||
| 99 | ADDITION, as same as recorded in Plat Book 1, Page | ||
| 100 | 122, Public Records of Palm Beach County, Florida; | ||
| 101 | thence Southerly along the centerline of Georgia | ||
| 102 | Avenue to its intersection with the centerline of Iris | ||
| 103 | Street; thence Westerly along the centerline of Iris | ||
| 104 | Street, to a point 62.00 feet West of the West line of | ||
| 105 | Lot 9, Block 75, said HIGHLAND PARK LAND COMPANY | ||
| 106 | ADDITION; thence Southerly along the line parallel to | ||
| 107 | and 62.00 feet West of as measured at right angles to | ||
| 108 | the West line of said Lot 9, Block 75, to its | ||
| 109 | intersection with the centerline of an existing paved | ||
| 110 | road, lying East of the location of the existing | ||
| 111 | Connie Mack Ballfield, said existing paved road being | ||
| 112 | the Northerly extension of Lake Avenue; thence | ||
| 113 | Southerly along the centerline of said Lake Avenue, to | ||
| 114 | its intersection with the centerline of Jasmine | ||
| 115 | Street, as same as shown on said HIGHLAND PARK LAND | ||
| 116 | COMPANY ADDITION; thence Southerly along the | ||
| 117 | centerline of said Lake Avenue to its intersection | ||
| 118 | with the centerline of Okeechobee Boulevard, said | ||
| 119 | centerline also being the South line of Section 21, | ||
| 120 | Township 43 South, Range 43 East, Palm Beach County, | ||
| 121 | Florida; thence Westerly along said centerline of | ||
| 122 | Okeechobee Boulevard to its intersection with the | ||
| 123 | centerline of the Seaboard Coast Line Railroad main | ||
| 124 | line track; thence Northerly along the centerline of | ||
| 125 | said Seaboard Coast Line Railroad to its intersection | ||
| 126 | with the Easterly extension of the South line of a | ||
| 127 | commercial Tract “A”, as shown on CLEARWATER PARK, as | ||
| 128 | recorded in Plat Book 33, Pages 120 and 121, Public | ||
| 129 | Records of Palm Beach County, Florida; thence from | ||
| 130 | said point of intersection, Southwesterly to a point | ||
| 131 | formed by the intersection of the centerline of the | ||
| 132 | existing Australian Avenue and the centerline of | ||
| 133 | Okeechobee Boulevard; thence from said point of | ||
| 134 | intersection, continue Northerly and Northwesterly | ||
| 135 | along the centerline of Australian Avenue, as shown on | ||
| 136 | the Plats of said CLEARWATER PARK and CLEARLAKE PARK, | ||
| 137 | as same as recorded in Plat Book 30, Pages 149 and | ||
| 138 | 150, to its intersection with the centerline of First | ||
| 139 | Street, as shown on said Plat of CLEARLAKE PARK; | ||
| 140 | thence easterly along the centerline of said First | ||
| 141 | Street, to its intersection with the centerline of the | ||
| 142 | Seaboard Coast Line Railroad main line track; thence | ||
| 143 | Northerly along the centerline of said Seaboard Coast | ||
| 144 | Line Railroad main line track to its intersection with | ||
| 145 | the centerline of the Florida East Coast spur track, | ||
| 146 | as shown on the PLAT OF THE ORIGINAL TOWN SITE OF WEST | ||
| 147 | PALM BEACH, recorded in Plat Book 1, Page 2, Public | ||
| 148 | Records of Palm Beach County, Florida; thence | ||
| 149 | Easterly along the centerline of said Florida East | ||
| 150 | Coast Railroad spur track, to its intersection with | ||
| 151 | the centerline of Rosemary Avenue; thence Northerly | ||
| 152 | along the centerline of Rosemary Avenue, to its | ||
| 153 | intersection with the centerline of Third Street; | ||
| 154 | thence Easterly along the centerline of Third Street | ||
| 155 | to its intersection with the centerline of the Florida | ||
| 156 | East Coast main line track; thence Northerly along | ||
| 157 | the centerline of the Florida East Coast Railroad main | ||
| 158 | line track, to its intersection with the centerline of | ||
| 159 | Seventh Street; thence Easterly along the centerline | ||
| 160 | of Seventh Street to its intersection with the | ||
| 161 | centerline of North Railroad Avenue, as shown on | ||
| 162 | BRELSFORD PARK, recorded in Plat Book 8, Page 21, | ||
| 163 | Public Records of Palm Beach County, Florida; thence | ||
| 164 | Northerly along the centerline of North Railroad | ||
| 165 | Avenue to a point formed by the Westerly extension of | ||
| 166 | the centerline of an alley, lying in Block 4, of said | ||
| 167 | PLAT OF BRELSFORD PARK; thence Easterly along the | ||
| 168 | centerline of said alley through Block 4, to a point | ||
| 169 | formed by the intersection of the centerline of the | ||
| 170 | North/South alley running through said Block 4 of said | ||
| 171 | Plat of BRELSFORD PARK; thence Northerly along the | ||
| 172 | centerline of said alleyway, to its intersection with | ||
| 173 | the centerline of Eighth Street; thence Easterly along | ||
| 174 | the centerline of Eighth Street, to its intersection | ||
| 175 | with the centerline of North Flagler Drive; thence | ||
| 176 | Northerly along the centerline of North Flagler Drive, | ||
| 177 | to its intersection with the Easterly extension of the | ||
| 178 | North line of Lot 21, Block 8, revised Plat of GROVER | ||
| 179 | CARLBERG ADDITION, as recorded in Plat Book 9, Page | ||
| 180 | 16, Public Records of Palm Beach County, Florida; | ||
| 181 | thence Easterly along the line being the Easterly | ||
| 182 | extension of the North line of said Lot 21, to its | ||
| 183 | intersection with the centerline of the Intracoastal | ||
| 184 | Waterway channel in Lake Worth; thence Southerly | ||
| 185 | along the centerline of the Intracoastal Waterway | ||
| 186 | channel to the POINT OF BEGINNING. | ||
| 187 | |||
| 188 | The annual tax levy made by section 8 shall hereafter apply to | ||
| 189 | and extend to the entire area hereinabove described. | ||
| 190 | Section 4. Creation of the Authority, composition, and | ||
| 191 | provisions relating to members.--There is hereby created a board | ||
| 192 | composed of seven members to be known officially as the “West | ||
| 193 | Palm Beach Downtown Development Authority.” It is hereby | ||
| 194 | constituted a body corporate and an agency of the City; and | ||
| 195 | performance by the Authority of its duties and exercise of its | ||
| 196 | powers are hereby designated municipal functions and shall be so | ||
| 197 | construed. | ||
| 198 | (a) The Mayor shall appoint the members of the Authority | ||
| 199 | subject to the ratification of the City Commission by vote of | ||
| 200 | three-fifths of its entire voting membership. By vote of four- | ||
| 201 | fifths of its entire membership, after notice specifying the | ||
| 202 | charges and a hearing held not earlier than 10 days after | ||
| 203 | personal delivery of notice or mailing thereof by registered or | ||
| 204 | certified mail addressed to the member at his or her latest | ||
| 205 | known residence, the City Commission may remove a member of the | ||
| 206 | Authority for good cause, including willful neglect of duty, | ||
| 207 | incompetence or unfitness to perform his or her duty, or | ||
| 208 | conviction of an offense involving moral turpitude. A member so | ||
| 209 | removed shall be entitled to review by the circuit court of the | ||
| 210 | action taken. | ||
| 211 | (b) Of the initial members, one shall be appointed for a | ||
| 212 | term expiring July 1, 1968, two for terms expiring July 1, 1969, | ||
| 213 | two for terms expiring July 1, 1970, and two for terms expiring | ||
| 214 | July 1, 1993; and thereafter each member shall be appointed for | ||
| 215 | a term of 3 years beginning July 1. | ||
| 216 | (c) To qualify for appointment to the Authority, and to | ||
| 217 | remain qualified for service on it, a prospective member or a | ||
| 218 | member already appointed shall reside in or have his or her | ||
| 219 | principal place of business in the City, shall not be serving as | ||
| 220 | a City officer or employee, and shall be an owner of realty | ||
| 221 | within the Downtown area, a lessee thereof required by the lease | ||
| 222 | to pay taxes thereon, or a director, officer, or managing agent | ||
| 223 | of an owner or of a lessee thereof so required to pay taxes | ||
| 224 | thereon. The membership of the Authority shall be reasonably | ||
| 225 | representative of property owner, residential, retail, | ||
| 226 | professional, and financial interests in the District. | ||
| 227 | (d) Vacancy in office, which shall be filled within 10 | ||
| 228 | days after its occurrence for the remainder of the unexpired | ||
| 229 | term, shall occur whenever a member is removed from office, | ||
| 230 | becomes disqualified or otherwise unable to serve, resigns, or | ||
| 231 | disappears without explanation for a period of 6 months. The | ||
| 232 | Mayor shall fill any vacancy in office for the unexpired term, | ||
| 233 | in accordance with subsection(a). | ||
| 234 | (e) Each member of the Authority shall serve without | ||
| 235 | compensation for services rendered as a member but shall be | ||
| 236 | reimbursed by the Authority for necessary and reasonable | ||
| 237 | expenses actually incurred in the performance of duty. The | ||
| 238 | Authority need not but may require that all its members or any | ||
| 239 | or all of its officers or employees be required to post bond for | ||
| 240 | faithful performance of duty, and the Authority shall pay | ||
| 241 | bonding costs. No member of the Authority shall be personally | ||
| 242 | liable for any action taken in attempting in good faith to | ||
| 243 | perform his or her duty, or for a decision not to act, except in | ||
| 244 | instances of fraud or willful neglect of duty. | ||
| 245 | Section 5. Authority bylaws and internal governance.--The | ||
| 246 | Authority shall formulate and may amend its own rules of | ||
| 247 | procedure and written bylaws not inconsistent herewith. A | ||
| 248 | majority of its entire membership shall constitute a quorum for | ||
| 249 | the transaction of business, but fewer than a quorum may adjourn | ||
| 250 | from time to time and may compel the attendance of absent | ||
| 251 | members. Except as otherwise provided herein or in the | ||
| 252 | Authority bylaws or rules of procedure, all action shall be | ||
| 253 | taken by vote of a majority of those present and voting, and | ||
| 254 | each member present shall vote on each matter unless barred from | ||
| 255 | voting as herein provided. The Authority shall select one of | ||
| 256 | its members as Chair and another as Vice Chair and shall | ||
| 257 | prescribe their duties, powers, and terms of serving. It shall | ||
| 258 | hold regular meetings at least once a month and shall provide in | ||
| 259 | its bylaws for holding special meetings. All meetings shall be | ||
| 260 | open to the public. | ||
| 261 | |||
| 262 | The bylaws may provide for the Mayor of the City, or his or her | ||
| 263 | representative, to attend meetings of the Board as an ex officio | ||
| 264 | member, but he or she shall not have any vote or power over the | ||
| 265 | Board except that he or she shall be entitled to speak on any | ||
| 266 | issue or question before the Board. | ||
| 267 | Section 6. Functions of the Authority.--The Authority | ||
| 268 | shall perform the following functions: | ||
| 269 | (a) Prepare an analysis of the economic conditions and | ||
| 270 | changes occurring in the Downtown area, including the effect | ||
| 271 | thereon of such factors as metropolitan growth, traffic | ||
| 272 | congestion, lack of adequate parking and other access | ||
| 273 | facilities, and structural obsolescence and deterioration. | ||
| 274 | (b) Formulate long-range plans for improving the | ||
| 275 | attractiveness and accessibility to the public of Downtown | ||
| 276 | facilities, promoting efficient use thereof, remedying the | ||
| 277 | deterioration of Downtown property values, and developing the | ||
| 278 | Downtown area. | ||
| 279 | (c) Recommend to the Mayor and to Downtown businesspersons | ||
| 280 | and residents the actions deemed most suitable for implementing | ||
| 281 | the Downtown development plans, including removal, razing, | ||
| 282 | repair, renovation, reconstruction, remodeling, and improvement | ||
| 283 | of existing structures, addition of new structures and | ||
| 284 | facilities, relocation of any of those existing, and changes in | ||
| 285 | patterns of and facilities for getting thereto and therefrom. | ||
| 286 | (d) Participate actively in the implementation and | ||
| 287 | execution of Downtown development plans, including | ||
| 288 | establishment, acquisition, construction, ownership, financing, | ||
| 289 | leasing, licensing, operation, and management of public | ||
| 290 | facilities deemed feasible and beneficial in effecting | ||
| 291 | implementation, but this paragraph shall not give the Authority | ||
| 292 | any power or control over any City property unless and until | ||
| 293 | assigned to it by the City Commission under the provisions of | ||
| 294 | paragraph(e) of this section. | ||
| 295 | (e) Carry on all projects and undertakings authorized by | ||
| 296 | law and within the limits of the powers granted to it by law, | ||
| 297 | such additional public projects and undertakings related to the | ||
| 298 | Downtown area as the Mayor may assign to it with its consent. | ||
| 299 | Section 7. Powers of the Authority.--In the performance of | ||
| 300 | the functions vested in or assigned to the Authority, it is | ||
| 301 | hereby granted the following powers: | ||
| 302 | (a) To enter into contracts and agreements, and to sue and | ||
| 303 | be sued as a body corporate. | ||
| 304 | (b) To have and use a corporate seal. | ||
| 305 | (c) To acquire, own, convey or otherwise dispose of, lease | ||
| 306 | as lessor or lessee, construct, maintain, improve, enlarge, | ||
| 307 | raze, relocate, operate, and manage property and facilities of | ||
| 308 | whatever type, and to grant or acquire licenses, easements, and | ||
| 309 | options with respect thereto. | ||
| 310 | (d) To accept grants and donations of any type of | ||
| 311 | property, labor, or other thing of value from any public or | ||
| 312 | private source. | ||
| 313 | (e) To receive the proceeds of the tax hereby imposed. | ||
| 314 | (f) To receive the revenues from any property or facility | ||
| 315 | owned, leased, licensed, or operated by it or under its control, | ||
| 316 | subject to the limitations imposed upon it by trusts or other | ||
| 317 | agreements validly entered into by it. | ||
| 318 | (g) To have exclusive control of all funds legally | ||
| 319 | available to it, subject to limitations imposed upon it by law | ||
| 320 | or by any agreement validly entered into by it. | ||
| 321 | (h) To cooperate and enter into agreements with any | ||
| 322 | governmental agency or other public body. | ||
| 323 | (i) To make or receive from the City or Palm Beach County | ||
| 324 | conveyances, leasehold interests, grants, contributions, loans, | ||
| 325 | and other rights and privileges. | ||
| 326 | (j) To request by resolution that the City exercise its | ||
| 327 | municipal power of eminent domain in specific instances for the | ||
| 328 | use and benefit of the Authority and, if the City complies with | ||
| 329 | the request and the property involved is acquired, the Authority | ||
| 330 | shall take over and assume control of such property on terms | ||
| 331 | mutually agreed upon between the City and the Authority, but the | ||
| 332 | Authority shall not thereafter be authorized to sell, lease, or | ||
| 333 | otherwise dispose of such property so acquired without the | ||
| 334 | formal consent of the City Commission. | ||
| 335 | (k) To issue and sell revenue certificates as hereinafter | ||
| 336 | provided, or in any other manner permitted by law and not | ||
| 337 | inconsistent with the provisions hereof, and to take all steps | ||
| 338 | deemed by it necessary or expedient for efficient preparation | ||
| 339 | and marketing of the certificates at public or private sale at | ||
| 340 | the best price obtainable, including the entry into binding | ||
| 341 | agreements with corporate trustees, underwriters, and the | ||
| 342 | holders of the certificates, and the employment and payment, as | ||
| 343 | a necessary expense of issuance, for the services of consultants | ||
| 344 | on valuations, costs and feasibility of undertaking, revenues to | ||
| 345 | be anticipated and other financial matters, architecture, | ||
| 346 | engineering, legal matters, accounting matters, and any other | ||
| 347 | fields in which expert advice may be needed to effectuate | ||
| 348 | advantageous issuance and marketing. | ||
| 349 | (l) To fix, regulate, and collect rates and charges for | ||
| 350 | facilities and services furnished by it or under its control and | ||
| 351 | to pledge the revenue to the payment of revenue certificates | ||
| 352 | issued by it. | ||
| 353 | (m) To borrow money on its unsecured notes, for a period | ||
| 354 | not exceeding 9 months, in an aggregate amount for all | ||
| 355 | outstanding unsecured notes not exceeding 50 percent of the | ||
| 356 | proceeds received during the immediately prior fiscal year from | ||
| 357 | the tax hereby imposed, and at an annual rate of interest not | ||
| 358 | exceeding the rate being charged at the time of the loan by | ||
| 359 | banks in the City on unsecured short-term loans to local | ||
| 360 | businesses. | ||
| 361 | (n) To acquire by rental or otherwise and to equip and | ||
| 362 | maintain a principal office for the conduct of its business and | ||
| 363 | such branch offices as it may from time to time deem expedient. | ||
| 364 | (o) To employ and prescribe the duties, authority, | ||
| 365 | compensation, and reimbursement of expenses of the Director of | ||
| 366 | the Authority, who shall act as its chief executive officer, a | ||
| 367 | general counsel, who shall be an attorney with at least 5 years | ||
| 368 | of experience in active Florida practice and so engaged at the | ||
| 369 | time of appointment, and such other personnel as it may, after | ||
| 370 | consultation with the Director, deem necessary from time to | ||
| 371 | time, provided that its personnel shall not be under civil | ||
| 372 | service regulations, may be employed to serve at its pleasure, | ||
| 373 | shall not in any event be contracted with for a term of | ||
| 374 | employment longer than 5 years, shall not while employed by it | ||
| 375 | serve as City officers or employees, and, with the exception of | ||
| 376 | its Secretary, shall not while employed by it serve as a member | ||
| 377 | of it. | ||
| 378 | (p) To exercise all powers incidental to the effective and | ||
| 379 | expedient exercise of the foregoing powers to the extent not in | ||
| 380 | conflict herewith or inconsistent herewith. | ||
| 381 | Section 8. Levy of ad valorem tax.--For the fiscal year of | ||
| 382 | the Authority beginning within the calendar year 1967, and for | ||
| 383 | each fiscal year thereafter, an ad valorem tax in addition to | ||
| 384 | all other ad valorem taxes is hereby levied annually for the | ||
| 385 | purpose of financing the operation of the Authority on all | ||
| 386 | property in the Downtown area that is subject to ad valorem | ||
| 387 | taxation for City operating expenses. The tax base shall be | ||
| 388 | assessed valuation made annually by the property appraiser. The | ||
| 389 | rate shall be 2 mills on each dollar of tax base in 1967 and | ||
| 390 | each year thereafter, provided that, for each year after the | ||
| 391 | first year of levy, the Authority may set a millage rate of less | ||
| 392 | than 2 mills for the ensuing fiscal year. The tax collector | ||
| 393 | shall collect the tax when and in the same manner in which he or | ||
| 394 | she collects the City ad valorem taxes, with the same discounts | ||
| 395 | for early payment, and shall pay the proceeds to the Authority. | ||
| 396 | Section 9. Authority records and fiscal management.--The | ||
| 397 | fiscal year of the Authority shall coincide with that of the | ||
| 398 | City. | ||
| 399 | (a) All funds of the Authority shall be received, held, | ||
| 400 | and secured like other public funds by the appropriate fiscal | ||
| 401 | officers of the DDA. The funds of the Authority shall be | ||
| 402 | maintained under a separate account, shall be used for only the | ||
| 403 | purposes herein authorized, and shall be disbursed only by | ||
| 404 | direction of or with the approval of the Authority pursuant to | ||
| 405 | requisitions signed by the Director or other designated chief | ||
| 406 | fiscal officer of the Authority and countersigned in such | ||
| 407 | instances and manner as the Authority bylaws may prescribe. The | ||
| 408 | Authority may pay the City as an operating expense a reasonable | ||
| 409 | amount for the services rendered by the City to it at its | ||
| 410 | request. | ||
| 411 | (b) The Authority bylaws shall provide for maintenance of | ||
| 412 | minutes and other official records of its proceedings and | ||
| 413 | actions, for preparation and adoption of an annual budget for | ||
| 414 | each ensuing fiscal year, for internal supervision and control | ||
| 415 | of its accounts, which function the appropriate City fiscal | ||
| 416 | officers may perform for it at its request, and for an external | ||
| 417 | audit at least annually by an independent certified public | ||
| 418 | accountant who has no personal interest, direct or indirect, in | ||
| 419 | its fiscal affairs. The bylaws shall specify the means by which | ||
| 420 | each of these functions is to be performed and, as to those | ||
| 421 | functions assigned to Authority personnel, the manner and | ||
| 422 | schedule of performance. | ||
| 423 | (c) No member or employee of the Authority shall | ||
| 424 | participate by vote or otherwise on behalf of the Authority in | ||
| 425 | any matter in which he or she has a direct financial interest or | ||
| 426 | an indirect financial interest other than that of the benefits | ||
| 427 | to be derived generally from the development of the Downtown | ||
| 428 | area. Participation with knowledge of such interest shall | ||
| 429 | constitute malfeasance and shall result, as regards a member, in | ||
| 430 | automatic forfeiture of office or, as regards an employee, in | ||
| 431 | prompt dismissal. | ||
| 432 | Section 10. Tax exemption of Authority property.--All | ||
| 433 | income, property, and facilities of the Authority are hereby | ||
| 434 | dedicated to the effectuation of essential municipal purposes, | ||
| 435 | and their use is declared an essential municipal function; and | ||
| 436 | they are granted the same exemptions from taxation as are | ||
| 437 | afforded to income, property, and facilities of the City. | ||
| 438 | Section 11. Provisions governing issuance of | ||
| 439 | certificates.--Issuance of revenue certificates by the Authority | ||
| 440 | shall be governed by the following general provisions: | ||
| 441 | (a) Revenue certificates for purposes hereof are limited | ||
| 442 | to obligations that are secured solely by pledge of revenues | ||
| 443 | produced by the facility or facilities for the benefit of which | ||
| 444 | the certificates are issued and the sale proceeds used, that do | ||
| 445 | not constitute a general debt of the Authority, that are not | ||
| 446 | secured directly or indirectly, in whole or in part, by pledge | ||
| 447 | of taxing powers, and that do not constitute a lien or | ||
| 448 | encumbrance, legal or equitable, on any real property of the | ||
| 449 | Authority or on any of its personal property other than the | ||
| 450 | revenues pledged to secure payment of the certificates. | ||
| 451 | (b) The faith and credit of the City shall not be pledged | ||
| 452 | and the City shall not be obligated directly or indirectly to | ||
| 453 | make any payments on or appropriate any funds for certificates | ||
| 454 | issued by the Authority. | ||
| 455 | (c) The rate or rates of interest and the sale price of | ||
| 456 | the certificates by the Authority shall be such that the net | ||
| 457 | interest cost to it on the proceeds received from the sale shall | ||
| 458 | not exceed an average annual rate of 6 percent, computed with | ||
| 459 | relation to the absolute maturity of the certificates in | ||
| 460 | accordance with standard tables of bond values and excluding | ||
| 461 | from the computation the amount of any premium to be paid on | ||
| 462 | redemption of the certificates prior to maturity. | ||
| 463 | (d) Before issuing any revenue certificates, the Authority | ||
| 464 | shall as to each issue: | ||
| 465 | (1) Prepare or procure from a reputable source detailed | ||
| 466 | estimates of the total cost of the undertaking for which the | ||
| 467 | certificates are contemplated and of the annual revenues to be | ||
| 468 | obtained therefrom and pledged as security for payment of the | ||
| 469 | certificates. | ||
| 470 | (2) Determine that the anticipated net proceeds from their | ||
| 471 | sale, together with any other funds available and intended for | ||
| 472 | the purposes of the issue, will be sufficient to cover all costs | ||
| 473 | of the undertaking and of preparing and marketing the issue or | ||
| 474 | connected therewith. | ||
| 475 | (3) Determine that the annual revenues anticipated from | ||
| 476 | the undertaking will be sufficient to pay the estimated annual | ||
| 477 | cost of maintaining, repairing, operating, and replacing to any | ||
| 478 | necessary extent not only the undertaking but also the punctual | ||
| 479 | payment of the principal of and interest on the contemplated | ||
| 480 | certificates. | ||
| 481 | (4) Shall specify these determinations in and include the | ||
| 482 | supporting estimates as parts of the resolution providing for | ||
| 483 | the issue. | ||
| 484 | (e) The Authority may, as to any issue of revenue | ||
| 485 | certificates, engage the services of a corporate trustee for the | ||
| 486 | issue and may treat any or all of the costs of carrying out the | ||
| 487 | trust agreement as part of the operating costs of the | ||
| 488 | undertaking for which the certificates are issued. | ||
| 489 | (f) The Authority shall from time to time establish such | ||
| 490 | rentals, rates, and charges, or shall by legally binding | ||
| 491 | agreement maintain such control thereof, as to meet punctually | ||
| 492 | all payments on the certificates and also the costs of operation | ||
| 493 | of the undertaking and its maintenance and repair, including | ||
| 494 | reserves therefor and for depreciation, replacement, and any | ||
| 495 | necessary extensions. | ||
| 496 | (g) Revenue certificates may be issued for the purposes of | ||
| 497 | funding, refunding, or both. | ||
| 498 | (h) All revenue certificates issued pursuant hereto shall | ||
| 499 | be negotiable instruments for all purposes. | ||
| 500 | Section 12. Transfer upon cessation of the | ||
| 501 | Authority.--Should the Authority cease to exist or to operate | ||
| 502 | for whatever reason, all its property of whatever kind shall | ||
| 503 | forthwith become the property of the City, subject to the | ||
| 504 | outstanding obligations of the Authority, and the City shall use | ||
| 505 | this property to the maximum extent then practicable for | ||
| 506 | effectuating the purposes hereof and shall succeed to and | ||
| 507 | exercise all powers of the Authority insofar as such exercise is | ||
| 508 | not in conflict with or inconsistent with the provisions of the | ||
| 509 | City charter or other law applicable to the City. | ||
| 510 | Section 13. Act cumulative; no notice required.--Neither | ||
| 511 | this Act nor anything herein contained shall be construed as a | ||
| 512 | restriction or limitation upon any powers which the Authority | ||
| 513 | might otherwise have under any laws of this State, but shall be | ||
| 514 | construed as cumulative of such powers. The foregoing sections | ||
| 515 | of this Act shall be deemed to provide a complete, additional, | ||
| 516 | and alternative method for the doing of the things authorized | ||
| 517 | thereby and shall be regarded as supplemental and additional to | ||
| 518 | powers conferred by other laws, provided that the issuance of | ||
| 519 | revenue certificates and revenue refunding certificates under | ||
| 520 | the provisions of this Act need not comply with the requirements | ||
| 521 | of any other law applicable to the issuance of certificates and | ||
| 522 | bonds, including, particularly, chapters 670-680 of Florida | ||
| 523 | Statutes 2002 (also known as Uniform Commercial Code, Title | ||
| 524 | XXXIX), as same may be amended. No proceedings, notice, or | ||
| 525 | approval shall be required for the organization of the | ||
| 526 | Authority or the issuance of any certificates or any instrument | ||
| 527 | as security therefor, except as provided herein or pursuant | ||
| 528 | hereto, any law to the contrary notwithstanding, provided that | ||
| 529 | nothing herein shall be construed to deprive the State and its | ||
| 530 | governmental subdivisions of their respective police powers over | ||
| 531 | any properties of the Authority. | ||
| 532 | Section 14. Establishment and Amendment of Charter.--The | ||
| 533 | West Palm Beach Downtown Development Authority was established | ||
| 534 | by special act of the Legislature. The Charter of the West Palm | ||
| 535 | Beach Downtown Development Authority may be amended by special | ||
| 536 | act of the Legislature. | ||
| 537 | Section 15. Liberal construction and severability.--The | ||
| 538 | provisions of this Act, being necessary for the welfare of the | ||
| 539 | City and its inhabitants, shall be liberally construed to | ||
| 540 | effectuate the purposes herein set forth and are severable. | ||
| 541 | Should any portion hereof be finally held invalid by a court of | ||
| 542 | competent jurisdiction, each other portion shall remain | ||
| 543 | effective to the maximum practicable extent. | ||
| 544 | Section 4. The provisions of this act, being necessary for | ||
| 545 | the welfare of the City and its inhabitants, shall be liberally | ||
| 546 | construed to effectuate the purposes herein set forth and are | ||
| 547 | severable. Should any portion hereof be finally held invalid by | ||
| 548 | a court of competent jurisdiction, each other portion shall | ||
| 549 | remain effective to the maximum practicable extent. | ||
| 550 | Section 5. Chapters 67-2170, 77-664, 83-534, 84-540, 90- | ||
| 551 | 460, and 93-381, Laws of Florida, are hereby repealed. | ||
| 552 | Section 6. This act shall take effect upon becoming a law. | ||
| 553 | |||
| 554 | |||