Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. PCS (304644) for CS for SB 1118 Ì404224vÎ404224 LEGISLATIVE ACTION Senate . House Comm: WD . 04/24/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Appropriations (Gainer) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 402 - 403 4 and insert: 5 Section 10. Subsection (4) is added to section 338.2275, 6 Florida Statutes, to read: 7 338.2275 Approved turnpike projects.— 8 (1) Legislative approval of the department’s tentative work 9 program that contains the turnpike project constitutes approval 10 to issue bonds as required by s. 11(f), Art. VII of the State 11 Constitution. No more than $10 billion of bonds may be 12 outstanding to fund approved turnpike projects. 13 (2) The department may use turnpike revenues, the State 14 Transportation Trust Fund moneys allocated for turnpike projects 15 pursuant to s. 339.65, federal funds, and bond proceeds, and 16 shall use the most cost-efficient combination of such funds, in 17 developing a financial plan for funding turnpike projects. The 18 department must submit a report of the estimated cost for each 19 ongoing turnpike project and for each planned project to the 20 Legislature 14 days before the convening of the regular 21 legislative session. Verification of economic feasibility and 22 statements of environmental feasibility for individual turnpike 23 projects must be based on the entire project as approved. 24 Statements of environmental feasibility are not required for 25 those projects listed in s. 12, chapter 90-136, Laws of Florida, 26 for which the Project Development and Environmental Reports were 27 completed by July 1, 1990. All required environmental permits 28 must be obtained before the department may advertise for bids 29 for contracts for the construction of any turnpike project. 30 (3) Bonds may not be issued to fund a turnpike project 31 until the department has made a final determination that the 32 project is economically feasible in accordance with s. 338.221, 33 based on the most current information available. 34 (4)(a) Subject to the verification of economic feasibility 35 by the department in accordance with s. 338.221(8), the 36 department may include the acquisition of the Garcon Point 37 Bridge, and related assets, as a turnpike project in its 38 tentative work program in accordance with s. 338.223. Upon 39 approval of the acquisition through approval of the department’s 40 tentative work program in accordance with s. 339.135, the 41 department may acquire the Garcon Point Bridge, including 42 related assets, and as part of such acquisition may purchase 43 outstanding Santa Rosa Bay Bridge Authority bonds. The 44 department has the authority to enter into any agreements 45 necessary to implement the acquisition, including the purchase 46 of Santa Rosa Bay Bridge Authority bonds, and to specify the 47 terms and conditions thereof. Upon acquisition, the Garcon Point 48 Bridge shall become a part of the turnpike system. Pursuant to 49 section 11(f), Art. VII of the State Constitution, the issuance 50 of revenue bonds to finance the department’s acquisition of the 51 Garcon Point Bridge is approved. 52 (b) The acquisition price paid by the department shall 53 first be used to settle all claims of bondholders of the Santa 54 Rosa Bay Bridge Authority Revenue Bonds, Series 1996. 55 (c) No toll rate increase may be imposed on the Garcon 56 Point Bridge by the authority, the department, or the trustee 57 for bondholders, in connection with the acquisition of the 58 bridge by the department. Following any acquisition by the 59 department, no increase in tolls for use of the bridge shall be 60 permitted except as required by law or as required to comply 61 with the covenants contained in any resolution under which bonds 62 have been issued. 63 (d) Neither the department nor the state shall incur any 64 financial obligation for the acquisition of the Garcon Point 65 Bridge in excess of forecasted gross revenues from the operation 66 of the bridge. Therefore, the total acquisition price paid by 67 the department may not exceed the present value of the gross 68 revenues (calculated without any increase in the existing toll 69 rate) anticipated to be collected from the operation of the 70 bridge between the date of a purchase agreement in accordance 71 with this section and the end of the anticipated remaining 72 useful life of the bridge as it exists as of the date of the 73 purchase agreement. 74 (e) Upon the acquisition of the Garcon Point Bridge as 75 authorized by this subsection, the October 23, 1996, Lease 76 Purchase Agreement between the authority and the department, as 77 amended, shall be terminated. 78 79 ================= T I T L E A M E N D M E N T ================ 80 And the title is amended as follows: 81 Delete line 88 82 and insert: 83 court orders concerning such validation; amending s. 84 338.2275, F.S.; authorizing the department to include 85 the acquisition of the Garcon Point Bridge and related 86 assets as a turnpike project in the department's 87 tentative work program, subject to certain 88 requirements; authorizing the department to acquire 89 the bridge and outstanding Santa Rosa Bay Bridge 90 Authority bonds upon approval of the acquisition 91 through approval of the department's tentative work 92 program; authorizing the department to enter into 93 necessary agreements to implement the acquisition and 94 to specify the terms and conditions thereof; providing 95 that the bridge becomes a part of the turnpike system 96 upon its acquisition; approving the issuance of 97 revenue bonds; requiring the acquisition price paid by 98 the department to first be used to settle all claims 99 of the holders of certain Santa Rosa Bay Bridge 100 Authority Revenue Bonds; prohibiting a toll rate 101 increase in connection with the acquisition of the 102 bridge; prohibiting any increase in tolls for use of 103 the bridge following its acquisition, except as 104 required by law or to comply with bond covenants; 105 prohibiting the department or the state from incurring 106 any financial obligation for the acquisition in excess 107 of certain gross revenues; providing that the 108 acquisition price paid by the department may not 109 exceed the present value of certain gross revenues; 110 terminating a certain lease-purchase agreement between 111 the Santa Rosa Bay Bridge Authority and the department 112 upon the acquisition of the Garcon Point Bridge; 113 repealing part IV of chapter 348, F.S., relating to 114 the Santa Rosa Bay Bridge Authority, upon acquisition 115 of the bridge; amending s.