Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 218
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  03/27/2014           .                                

       recommended the following:
    1         Senate Amendment (with title amendment)
    3         Delete lines 184 - 222
    4  and insert:
    5         (3) The department may request proposals from investors
    6  willing to enter into agreements to purchase the revenue stream
    7  from one or more existing department leases for wireless
    8  communication facilities on property owned or controlled by the
    9  department. If the department receives a proposal from an
   10  interested potential investor that the department wants to
   11  consider, the department shall publish a notice in a newspaper
   12  of general circulation at least once a week for 2 weeks, stating
   13  that it has received the proposal and will accept, for 120 days
   14  after the date of publication, other proposals for purchase of
   15  the identified revenue stream. Agreements entered into under
   16  this section shall be structured as tax-exempt financings for
   17  federal income tax purposes in order to result in the largest
   18  possible payout.
   19         (4) Before requesting proposals or advertising receipt of
   20  an unsolicited proposal for purchase of a department revenue
   21  stream as authorized in this section, the department shall
   22  provide a summary of the proposed transaction to the Executive
   23  Office of the Governor, the chair of each legislative
   24  appropriations committee, the President of the Senate, and the
   25  Speaker of the House of Representatives. The summary must
   26  include a description of the department lease that generates the
   27  revenue stream and the historical revenue generated by the
   28  lease. The department may not request proposals or advertise
   29  receipt of an unsolicited proposal without the approval of the
   30  Executive Office of the Governor. If the chair of either
   31  legislative appropriations committee, the President of the
   32  Senate, or the Speaker of the House of Representatives objects
   33  to the proposed transaction in writing within 14 days after
   34  receipt of the summary, the Executive Office of the Governor may
   35  not approve the proposed transaction.
   36         (5) The department may not pledge the credit, the general
   37  revenues, or the taxing power of the state or of any political
   38  subdivision of the state. The obligations of the department and
   39  investors under the agreement do not constitute a general
   40  obligation of the state or a pledge of the full faith and credit
   41  or taxing power of the state. The agreement is payable from and
   42  secured solely by payments received from department leases for
   43  wireless communication facilities on property owned or
   44  controlled by the department, and neither the state nor any of
   45  its agencies has any liability beyond such payments.
   46         (6) The department may make any covenant or representation
   47  necessary or desirable in connection with the agreement,
   48  including a commitment by the department to take whatever
   49  actions are necessary on behalf of investors to enforce the
   50  department’s rights to payments on property leased for wireless
   51  communications facilities. However, the department may not
   52  guarantee that revenues actually received in a future year will
   53  be those anticipated in its leases for wireless communication
   54  facilities. The department may agree to use its best efforts to
   55  ensure that anticipated future-year revenues are protected. Any
   56  risk that actual revenues received from department leases for
   57  wireless communications facilities will be lower than
   58  anticipated shall be borne exclusively by investors.
   59         (7) Subject to annual appropriation, the investors shall
   60  collect the lease payments on a schedule and in a manner
   61  established in the agreements entered into pursuant to this
   62  section between the department and the investors. The agreements
   63  may provide for lease payments to be made directly to investors
   64  by lessees if the lease agreements entered into by the
   65  department and the lessees pursuant to s. 365.172(12)(f) allow
   66  direct payment.
   67         (8) Proceeds received by the department from leases for
   69  ================= T I T L E  A M E N D M E N T ================
   70  And the title is amended as follows:
   71         Delete lines 16 - 20
   72  and insert:
   73         authorizing the department to request proposals from
   74         investors willing to enter into agreements to purchase
   75         the revenue stream; requiring the department to
   76         provide public notice for proposals it wants to
   77         consider; requiring the department to provide a
   78         summary of the proposed transaction before requesting
   79         proposals or advertising receipt of an unsolicited
   80         proposal for purchase of a department revenue stream;
   81         prohibiting the department from pledging