Florida Senate - 2014                                    SB 1152
       By Senator Latvala
       20-00390A-14                                          20141152__
    1                        A bill to be entitled                      
    2         An act relating to leases for wireless communication
    3         facilities on state property; creating s. 339.041,
    4         F.S.; providing legislative intent; describing the
    5         types of Department of Transportation property
    6         eligible for factoring future revenues received by the
    7         department from leases for communication facilities on
    8         department property; authorizing the department to
    9         enter into agreements with investors to purchase the
   10         revenue streams from department leases of wireless
   11         communication facilities on such property; prohibiting
   12         the department from pledging state credit; allowing
   13         the department to make certain covenants; providing
   14         for the appropriation and payment of moneys received
   15         from such agreements to investors; requiring the
   16         proceeds from such leases to be used for capital
   17         expenditures; providing an effective date.
   19  Be It Enacted by the Legislature of the State of Florida:
   21         Section 1. Section 339.041, Florida Statutes, is created to
   22  read:
   23         339.041Factoring of revenues from leases for wireless
   24  communication facilities.—
   25         (1)The Legislature finds that efforts to increase funding
   26  for capital expenditures for the transportation system are
   27  necessary for the protection of the public safety and general
   28  welfare and for the preservation of transportation facilities in
   29  this state. It is, therefore, the intent of the Legislature:
   30         (a) To create a mechanism for factoring future revenues
   31  received by the department from leases for wireless
   32  communication facilities on department property on a nonrecourse
   33  basis;
   34         (b)To fund fixed capital expenditures for the statewide
   35  transportation system from proceeds generated through this
   36  mechanism; and
   37         (c)To maximize revenues from factoring by ensuring that
   38  such revenues are exempt from income taxation under federal law
   39  in order to increase funds available for capital expenditures.
   40         (2) For the purposes of factoring revenues under this
   41  section, department property includes real property located
   42  within the department’s limited access rights-of-way, property
   43  located outside the current operating right-of-way limits which
   44  is not needed to support current transportation facilities,
   45  other property owned by the Board of Trustees of the Internal
   46  Improvement Trust Fund and leased by the department, space on
   47  department telecommunications facilities, and space on
   48  department structures.
   49         (3) The department may seek investors willing to enter into
   50  agreements to purchase the revenue stream from one or more
   51  existing department leases for wireless communication facilities
   52  on property owned or controlled by the department. Such
   53  agreements shall be structured as tax-exempt financings for
   54  federal income tax purposes in order to result in the largest
   55  possible payout and are exempt from chapter 287.
   56         (4) The department may not pledge the credit, the general
   57  revenues, or the taxing power of the state or of any political
   58  subdivision of the state. The obligations of the department and
   59  investors under the agreement do not constitute a general
   60  obligation of the state or a pledge of the full faith and credit
   61  or taxing power of the state. The agreement is payable from and
   62  secured solely by payments received from department leases for
   63  wireless communication facilities on property owned or
   64  controlled by the department, and neither the state nor any of
   65  its agencies has any liability beyond such payments.
   66         (5) The department may make any covenant or representation
   67  necessary or desirable in connection with the agreement,
   68  including a commitment by the department to take whatever
   69  actions are necessary on behalf of investors to enforce the
   70  department’s rights to payments on property leased for wireless
   71  communications facilities. However, the department may not
   72  guarantee that revenues actually received in a future year will
   73  be those anticipated in its leases for wireless communication
   74  facilities. The department may agree to use its best efforts to
   75  ensure that anticipated future-year revenues are protected. Any
   76  risk that actual revenues received from department leases for
   77  wireless communications facilities are lower than anticipated
   78  shall be borne exclusively by investors.
   79         (6) Subject to annual appropriation, the investors shall
   80  collect the lease payments on a schedule and in a manner
   81  established in the agreements entered into pursuant to this
   82  section between the department and the investors. The agreements
   83  may provide for lease payments to be made directly to investors
   84  by lessees if the lease agreements entered into by the
   85  department and the lessees pursuant to s. 365.172(12)(f) allow
   86  direct payment.
   87         (7) Proceeds received by the department from leases for
   88  wireless communication facilities shall be deposited in the
   89  State Transportation Trust Fund created under s. 206.46 and used
   90  for fixed capital expenditures for the statewide transportation
   91  system.
   92         Section 2. This act shall take effect July 1, 2014.