HB 959

1	A bill to be entitled
2	An act relating to the South Florida Regional
3	Transportation Authority; amending s. 343.54, F.S.;
4	revising provisions relating to powers and duties of the
5	authority; deleting the term "commuter rail"; amending s.
6	343.55, F.S.; authorizing the authority to issue, reissue,
7	or redeem certain bonds; requiring that the bonds of the
8	authority be authorized by resolution under certain
9	conditions; requiring certain officers to execute such
10	bonds; requiring the authority to sell such bonds at
11	public sale; authorizing the authority to negotiate the
12	sale of the bonds under certain circumstances; authorizing
13	the authority to provide findings in a resolution for the
14	negotiation of a sale; providing that certain resolutions
15	may have certain provisions with regard to a contract with
16	holders of bonds; authorizing the authority to enter into
17	trust indentures or other agreements and to assign and
18	pledge revenues, fees, rentals, tolls, and other charges;
19	providing that the bonds are negotiable instruments;
20	amending s. 343.58, F.S.; revising provisions for funding
21	of the authority; requiring counties served by the
22	authority to annually transfer certain funds before a
23	certain date; removing provisions for sources of that
24	funding; removing authorization for a vehicle registration
25	tax; providing for certain funding by the state to fund
26	capital and operating and maintenance expenses; providing
27	that the funding source be dedicated to the authority
28	under certain conditions; revising county funding amounts
29	to fund operations; providing for cessation of specified
30	county funding contributions and providing for certain
31	refunding of the contributions under certain
32	circumstances; revising the timeframe for repeal of
33	specified funding provisions under certain circumstances;
34	providing a legislative purpose; providing an effective
35	date.
36
37	Be It Enacted by the Legislature of the State of Florida:
38
39	Section 1.  Paragraph (b) of subsection (1) of section
40	343.54, Florida Statutes, is amended to read:
41	343.54  Powers and duties.--
42	(1)
43	(b)  It is the express intention of this part that the
44	authority be authorized to plan, develop, own, purchase, lease,
45	or otherwise acquire, demolish, construct, improve, relocate,
46	equip, repair, maintain, operate, and manage a transit system
47	and transit facilities; to establish and determine the policies
48	necessary for the best interest of the operation and promotion
49	of a transit system; and to adopt rules necessary to govern the
50	operation of a transit commuter rail system and transit commuter
51	rail facilities. It is the intent of the Legislature that the
52	South Florida Regional Transportation Authority shall have
53	overall authority to coordinate, develop, and operate a regional
54	transportation system within the area served.
55	Section 2.  Subsection (3) of section 343.55, Florida
56	Statutes, is amended to read:
57	343.55  Issuance of revenue bonds.--
58	(3)(a)  The authority may issue, reissue, or redeem bonds
59	that do not pledge the full faith and credit of the state in
60	such principal amounts as, in the opinion of the authority, are
61	necessary to provide sufficient moneys for achieving its
62	corporate purposes.
63	(b)  The bonds of the authority, whether on original
64	issuance or refunding, must be authorized by resolution of the
65	authority after approval of the issuance of the bonds at a
66	public hearing. These bonds may be term or serial bonds, shall
67	bear such date or dates, mature at such time or times, bear
68	interest at such rate or rates, at such times, be in such
69	denominations, be in such form, coupon or fully registered,
70	shall carry registration, have exchangeability and
71	interchangeability privileges, be payable in such medium of
72	payment and at such place or places, be subject to such terms of
73	redemption and be entitled to such priorities on the revenues,
74	rates, fees, rentals, or other charges or receipts of the
75	authority as any resolution subsequent thereto may provide. The
76	bonds must be executed by officers as the authority determines
77	under the requirements of s. 279.06.
78	(c)  The authority shall sell the bonds at public sale by
79	competitive bid. However, if the authority receives a written
80	recommendation from a financial advisor and the authority
81	determines, by official action, that a negotiated sale of the
82	bonds is in the best interest of the authority, the authority
83	may negotiate sale of the bonds with the underwriter designated
84	by the authority, after a public hearing and by a two-thirds
85	vote of all voting members of the authority. The authority shall
86	provide specific findings in a resolution as to the reasons
87	requiring the negotiated sale. This resolution shall incorporate
88	and have attached the written recommendation of the financial
89	adviser required by this subsection.
90	(d)  Any such resolution authorizing any bonds that do not
91	pledge the full faith and credit of the sale may contain
92	provisions that are part of the contract with the holders of the
93	bonds as the authority determines proper. In addition, the
94	authority may enter into a trust indenture or other agreement
95	with its fiscal agent or with any bank or trust company within
96	or without the state as security for such bonds and may, under
97	an agreement, assign and pledge the revenues, rates, fees,
98	rentals, tolls, or other charges or receipts of the authority.
99	(e)  Any bond that is issued pursuant to this part is a
100	negotiable instrument and has all the qualities and incidents of
101	a negotiable instrument under the laws governing merchants and
102	negotiable instruments in this state. The Division of Bond
103	Finance is authorized to issue revenue bonds on behalf of the
104	authority to finance or refinance the cost of projects.
105	Section 3.  Section 343.58, Florida Statutes, is amended to
106	read:
107	343.58  County funding for the South Florida Regional
108	Transportation Authority.--
109	(1)  Each county served by the South Florida Regional
110	Transportation Authority must dedicate and transfer not less
111	than $2.67 million to the authority annually. The recurring
112	annual $2.67 million must be dedicated by the governing body of
113	each county before October 31 of each fiscal year by August 1,
114	2003. Notwithstanding ss. 206.41 and 206.87, such dedicated
115	funding may come from each county's share of the ninth-cent fuel
116	tax, the local option fuel tax, or any other source of local gas
117	taxes or other nonfederal funds available to the counties. In
118	addition, the Legislature authorizes the levy of an annual
119	license tax in the amount of $2 for the registration or renewal
120	of registration of each vehicle taxed under s. 320.08 and
121	registered in the area served by the South Florida Regional
122	Transportation Authority. The annual license tax shall take
123	effect in any county served by the authority upon approval by
124	the residents in a county served by the authority. The annual
125	license tax shall be levied and the Department of Highway Safety
126	and Motor Vehicles shall remit the proceeds each month from the
127	tax to the South Florida Regional Transportation Authority.
128	(2)  At least $45 million of a state-authorized, local
129	option recurring funding source available to Broward, Miami-
130	Dade, and Palm Beach Counties is directed to the authority to
131	fund its capital, operating, and maintenance expenses. The
132	funding source shall be dedicated to the authority only if
133	Broward, Miami-Dade, and Palm Beach Counties impose the local
134	option funding source.
135	(3)(2)  In addition, each county shall continue to annually
136	fund the operations of the South Florida Regional Transportation
137	Authority in an amount not less than $4.3 $1.565 million.
138	Revenue raised Such funds pursuant to this subsection shall also
139	be considered a dedicated funding source.
140	(4)  The current funding obligations under subsections (1)
141	and (3) shall cease upon commencement of the collection of
142	funding from the funding source under subsection (2). If the
143	funding under subsection (2) is discontinued for any reason, the
144	funding obligations under subsections (1) and (3) shall resume
145	when collection from the funding source under subsection (2)
146	ceases. Payment by the counties shall be on a pro rata basis the
147	first year following cessation of the funding under subsection
148	(2). The authority shall refund a pro rata share of the payments
149	for the current fiscal year made pursuant to the current funding
150	obligations under subsections (1) and (3) as soon as reasonably
151	practicable after it begins to receive funds under subsection
152	(2). If, by December 31, 2015 2009, the South Florida Regional
153	Transportation Authority has not received federal matching funds
154	based upon the dedication of funds under subsection (1),
155	subsection (1) shall be repealed.
156	Section 4.  The Legislature finds that a proper and
157	legitimate state purpose is served in the effective and
158	efficient planning and operation of a regional transportation
159	system. Therefore, the Legislature determines and declares that
160	this legislation fulfills an important state interest.
161	Section 5.  This act shall take effect July 1, 2007.

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