Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 218
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/13/2014           .                                

    1         Senate Amendment (with title amendment)
    3         Between lines 123 and 124
    4  insert:
    5         Section 2. Section 339.041, Florida Statutes, is created to
    6  read:
    7         339.041Factoring of revenues from leases for wireless
    8  communication facilities.—
    9         (1)The Legislature finds that efforts to increase funding
   10  for capital expenditures for the transportation system are
   11  necessary for the protection of the public safety and general
   12  welfare and for the preservation of transportation facilities in
   13  this state. It is, therefore, the intent of the Legislature:
   14         (a) To create a mechanism for factoring future revenues
   15  received by the department from leases for wireless
   16  communication facilities on department property on a nonrecourse
   17  basis;
   18         (b)To fund fixed capital expenditures for the statewide
   19  transportation system from proceeds generated through this
   20  mechanism; and
   21         (c)To maximize revenues from factoring by ensuring that
   22  such revenues are exempt from income taxation under federal law
   23  in order to increase funds available for capital expenditures.
   24         (2) For the purposes of factoring revenues under this
   25  section, department property includes real property located
   26  within the department’s limited access rights-of-way, property
   27  located outside the current operating right-of-way limits which
   28  is not needed to support current transportation facilities,
   29  other property owned by the Board of Trustees of the Internal
   30  Improvement Trust Fund and leased by the department, space on
   31  department telecommunications facilities, and space on
   32  department structures.
   33         (3) The department may solicit investors willing to enter
   34  into agreements to purchase the revenue stream from one or more
   35  existing department leases for wireless communication facilities
   36  on property owned or controlled by the department through the
   37  issuance of an invitation to negotiate. Such agreements shall be
   38  structured as tax-exempt financings for federal income tax
   39  purposes in order to result in the largest possible payout.
   40         (4) The department may not pledge the credit, the general
   41  revenues, or the taxing power of the state or of any political
   42  subdivision of the state. The obligations of the department and
   43  investors under the agreement do not constitute a general
   44  obligation of the state or a pledge of the full faith and credit
   45  or taxing power of the state. The agreement is payable from and
   46  secured solely by payments received from department leases for
   47  wireless communication facilities on property owned or
   48  controlled by the department, and neither the state nor any of
   49  its agencies has any liability beyond such payments.
   50         (5) The department may make any covenant or representation
   51  necessary or desirable in connection with the agreement,
   52  including a commitment by the department to take whatever
   53  actions are necessary on behalf of investors to enforce the
   54  department’s rights to payments on property leased for wireless
   55  communications facilities. However, the department may not
   56  guarantee that revenues actually received in a future year will
   57  be those anticipated in its leases for wireless communication
   58  facilities. The department may agree to use its best efforts to
   59  ensure that anticipated future-year revenues are protected. Any
   60  risk that actual revenues received from department leases for
   61  wireless communications facilities will be lower than
   62  anticipated shall be borne exclusively by investors.
   63         (6) Subject to annual appropriation, the investors shall
   64  collect the lease payments on a schedule and in a manner
   65  established in the agreements entered into pursuant to this
   66  section between the department and the investors. The agreements
   67  may provide for lease payments to be made directly to investors
   68  by lessees if the lease agreements entered into by the
   69  department and the lessees pursuant to s. 365.172(12)(f) allow
   70  direct payment.
   71         (7) Proceeds received by the department from leases for
   72  wireless communication facilities shall be deposited in the
   73  State Transportation Trust Fund created under s. 206.46 and used
   74  for fixed capital expenditures for the statewide transportation
   75  system.
   77  ================= T I T L E  A M E N D M E N T ================
   78  And the title is amended as follows:
   79         Delete line 9
   80  and insert:
   81         under certain circumstances; creating s. 339.041,
   82         F.S.; providing legislative intent; describing the
   83         types of department property eligible for factoring
   84         future revenues received by the department from leases
   85         for communication facilities on department property;
   86         authorizing the department to enter into agreements
   87         with investors to purchase the revenue streams from
   88         department leases of wireless communication facilities
   89         on such property pursuant to an invitation to
   90         negotiate; prohibiting the department from pledging
   91         state credit; allowing the department to make certain
   92         covenants; providing for the appropriation and payment
   93         of moneys received from such agreements to investors;
   94         requiring the proceeds from such leases to be used for
   95         capital expenditures; amending s. 479.16, F.S.;