Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. PCS (304644) for CS for SB 1118
       
       
       
       
       
       
                                Ì788242,Î788242                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  05/01/2017           .                                
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       The Committee on Appropriations (Gainer) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 740 and 741
    4  insert:
    5         Section 18.  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         Section 19. Upon acquisition of the Garcon Point Bridge as
   79  authorized by subsection (4) of s. 338.2275,part IV of chapter
   80  348, consisting of ss. 348.965-348.9781, is repealed.
   81  
   82  ================= T I T L E  A M E N D M E N T ================
   83  And the title is amended as follows:
   84         Delete line 88
   85  and insert:
   86         court orders concerning such validation; amending s.
   87         338.2275, F.S.; authorizing the department to include
   88         the acquisition of the Garcon Point Bridge and related
   89         assets as a turnpike project in the department's
   90         tentative work program, subject to certain
   91         requirements; authorizing the department to acquire
   92         the bridge and outstanding Santa Rosa Bay Bridge
   93         Authority bonds upon approval of the acquisition
   94         through approval of the department's tentative work
   95         program; authorizing the department to enter into
   96         necessary agreements to implement the acquisition and
   97         to specify the terms and conditions thereof; providing
   98         that the bridge becomes a part of the turnpike system
   99         upon its acquisition; approving the issuance of
  100         revenue bonds; requiring the acquisition price paid by
  101         the department to first be used to settle all claims
  102         of the holders of certain Santa Rosa Bay Bridge
  103         Authority Revenue Bonds; prohibiting a toll rate
  104         increase in connection with the acquisition of the
  105         bridge; prohibiting any increase in tolls for use of
  106         the bridge following its acquisition, except as
  107         required by law or to comply with bond covenants;
  108         prohibiting the department or the state from incurring
  109         any financial obligation for the acquisition in excess
  110         of certain gross revenues; providing that the
  111         acquisition price paid by the department may not
  112         exceed the present value of certain gross revenues;
  113         terminating a certain lease-purchase agreement between
  114         the Santa Rosa Bay Bridge Authority and the department
  115         upon the acquisition of the Garcon Point Bridge;
  116         repealing part IV of chapter 348, F.S., relating to
  117         the Santa Rosa Bay Bridge Authority, upon acquisition
  118         of the bridge; amending s.