Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1350
Barcode 425342
CHAMBER ACTION
Senate House
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03/08/2006 09:24 AM .
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11 The Committee on Transportation (Sebesta) recommended the
12 following amendment:
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14 Senate Amendment (with title amendment)
15 On page 1, line 9,
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17 insert:
18 Section 1. Subsection (1) of section 215.615, Florida
19 Statutes, is amended to read:
20 215.615 Fixed-guideway transportation systems
21 funding.--
22 (1) The issuance of revenue bonds by the Division of
23 Bond Finance, on behalf of the Department of Transportation,
24 pursuant to s. 11, Art. VII of the State Constitution, is
25 authorized, pursuant to the State Bond Act, to finance or
26 refinance fixed capital expenditures for fixed-guideway
27 transportation systems, as defined in s. 341.031, including
28 facilities appurtenant thereto, costs of issuance, and other
29 amounts relating to such financing or refinancing. Such
30 revenue bonds shall be matched on a 50-50 basis with funds
31 from sources other than revenues of the Department of
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1350
Barcode 425342
1 Transportation, in a manner acceptable to the Department of
2 Transportation. The Division of Bond Finance is authorized to
3 consider innovative financing techniques, technologies which
4 may include, but are not limited to, innovative bidding and
5 structures of potential financings findings that may result in
6 negotiated transactions.
7 (a) The department and any participating commuter rail
8 authority or regional transportation authority established
9 under chapter 343, local governments, or local governments
10 collectively by interlocal agreement having jurisdiction of a
11 fixed-guideway transportation system may enter into an
12 interlocal agreement to promote the efficient and
13 cost-effective financing or refinancing of fixed-guideway
14 transportation system projects by revenue bonds issued
15 pursuant to this subsection. The terms of such interlocal
16 agreements shall include provisions for the Department of
17 Transportation to request the issuance of the bonds on behalf
18 of the parties; shall provide that the department's share may
19 be up to 50 percent of the eligible project cost, which may
20 include a share of annual each party to the agreement is
21 contractually liable for an equal share of funding an amount
22 equal to the debt service requirements of such bonds; and
23 shall include any other terms, provisions, or covenants
24 necessary to the making of and full performance under such
25 interlocal agreement. Repayments made to the department under
26 any interlocal agreement are not pledged to the repayment of
27 bonds issued hereunder, and failure of the local governmental
28 authority to make such payment shall not affect the obligation
29 of the department to pay debt service on the bonds.
30 (b) Revenue bonds issued pursuant to this subsection
31 shall not constitute a general obligation of, or a pledge of
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1350
Barcode 425342
1 the full faith and credit of, the State of Florida. Bonds
2 issued pursuant to this section shall be payable from funds
3 available pursuant to s. 206.46(3), subject to annual
4 appropriation. The amount of revenues available for debt
5 service shall never exceed a maximum of 2 percent of all state
6 revenues deposited into the State Transportation Trust Fund.
7 (c) The projects to be financed or refinanced with the
8 proceeds of the revenue bonds issued hereunder are designated
9 as state fixed capital outlay projects for purposes of s.
10 11(d), Art. VII of the State Constitution, and the specific
11 projects to be financed or refinanced shall be determined by
12 the Department of Transportation in accordance with state law
13 and appropriations from the State Transportation Trust Fund.
14 Each project to be financed with the proceeds of the bonds
15 issued pursuant to this subsection must first be approved by
16 the Legislature by an act of general law.
17 (d) Any complaint for validation of bonds issued
18 pursuant to this section shall be filed in the circuit court
19 of the county where the seat of state government is situated,
20 the notice required to be published by s. 75.06 shall be
21 published only in the county where the complaint is filed, and
22 the complaint and order of the circuit court shall be served
23 only on the state attorney of the circuit in which the action
24 is pending.
25 (e) The state does hereby covenant with holders of
26 such revenue bonds or other instruments of indebtedness issued
27 hereunder, that it will not repeal or impair or amend these
28 provisions in any manner that will materially and adversely
29 affect the rights of such holders as long as bonds authorized
30 by this subsection are outstanding.
31 (f) This subsection supersedes any inconsistent
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1350
Barcode 425342
1 provisions in existing law.
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3 Notwithstanding this subsection, the lien of revenue bonds
4 issued pursuant to this subsection on moneys deposited into
5 the State Transportation Trust Fund shall be subordinate to
6 the lien on such moneys of bonds issued under ss. 215.605,
7 320.20, and 215.616, and any pledge of such moneys to pay
8 operating and maintenance expenses under s. 206.46(5) and
9 chapter 348, as may be amended.
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11 (Redesignate subsequent sections.)
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14 ================ T I T L E A M E N D M E N T ===============
15 And the title is amended as follows:
16 On page 1, line 3, following the first semicolon
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18 insert:
19 amending s. 215.615, F.S.; revising matching
20 requirements for revenue bonds issued for
21 fixed-guideway transportation systems;
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