The Toll Facilities Revolving Trust Fund is hereby created for the purpose of encouraging the development and enhancing the financial feasibility of revenue-producing road projects undertaken by local governmental entities in a county or combination of contiguous counties and the turnpike enterprise.
(1) The department is authorized to advance funds for preliminary engineering, traffic and revenue studies, environmental impact studies, financial advisory services, engineering design, right-of-way map preparation, other appropriate project-related professional services, and advanced right-of-way acquisition to expressway authorities, the turnpike enterprise, counties, or other local governmental entities that desire to undertake revenue-producing road projects.
(2) No funds shall be advanced pursuant to this section unless the following is documented to the department:
(a) The proposed facility is consistent with the adopted transportation plan of the appropriate metropolitan planning organization and the Florida Transportation Plan.
(b) A proposed 2-year budget detailing the use of the cash advance and a project schedule consistent with the budget.
(3) Prior to receiving any moneys for advance right-of-way acquisition, it shall be shown that such right-of-way will substantially appreciate prior to construction and that savings will result from its advance purchase. Any such request for moneys for advance right-of-way acquisition shall be accompanied by a preliminary engineering study, environmental impact study, traffic and revenue study, and right-of-way maps along with either a negotiated contract for purchase of the right-of-way, such contract to include a clause stating that it is subject to funding by the department or the Legislature, or an appraisal of the subject property for purpose of condemnation proceedings.
(4) Each advance pursuant to this section shall require repayment out of the initial bond issue revenue or, at the discretion of the governmental entity or the turnpike enterprise, repayment shall begin no later than 7 years after the date of the advance, provided repayment shall be completed no later than 12 years after the date of the advance. However, such election shall be made at the time of the initial bond issue, and, if repayment is to be made during the time period referred to above, a schedule of such repayment shall be submitted to the department.
(5) No amount in excess of $1.5 million annually shall be advanced to any one governmental entity or the turnpike enterprise pursuant to this section without specific appropriation by the Legislature.
(6) Funds may not be advanced for funding final design costs beyond 60 percent completion until an acceptable plan to finance all project costs, including the reimbursement of outstanding trust fund advances, is approved by the department.
(7) The department may advance funds sufficient to defray shortages in toll revenues of facilities receiving funds pursuant to this section for the first 5 years of operation, up to a maximum of $5 million per year, to be reimbursed to this fund within 5 years of the last advance hereunder. Any advance under this provision shall require specific appropriation by the Legislature.
(8) No expressway authority, county, or other local governmental entity, or the turnpike enterprise, shall be eligible to receive any advance under this section if the expressway authority, county, or other local governmental entity or the turnpike enterprise has failed to repay any previous advances as required by law or by agreement with the department.
(9) Repayment of funds advanced, including advances made prior to January 1, 1994, shall not include interest. However, interest accruing to local governmental entities and the turnpike enterprise from the investment of advances shall be paid to the department.
(10) Any repayment of prior or future advances made from the State Transportation Trust Fund which were used to fund any project phase of a toll facility, shall be deposited in the Toll Facilities Revolving Trust Fund. However, when funds advanced to the Seminole County Expressway Authority pursuant to this section are repaid to the Toll Facilities Revolving Trust Fund by or on behalf of the Seminole County Expressway Authority, those funds shall thereupon and forthwith be appropriated for and advanced to the Seminole County Expressway Authority for funding the design of and the advanced right-of-way acquisition for that segment of the Seminole County Expressway extending from U.S. Highway 17/92 to Interstate Highway 4. Notwithstanding subsection (6), when funds previously advanced to the Orlando-Orange County Expressway Authority are repaid to the Toll Facilities Revolving Trust Fund by or on behalf of the Orlando-Orange County Expressway Authority, those funds may thereupon and forthwith be appropriated for and advanced to the Seminole County Expressway Authority for funding that segment of the Seminole County Expressway extending from U.S. Highway 17/92 to Interstate Highway 4. Any funds advanced to the Tampa-Hillsborough County Expressway Authority pursuant to this section which have been or will be repaid on or after July 1, 1998, to the Toll Facilities Revolving Trust Fund on behalf of the Tampa-Hillsborough County Expressway Authority shall thereupon and forthwith be appropriated for and advanced to the Tampa-Hillsborough County Expressway Authority for funding the design of and the advanced right-of-way acquisition for the Brandon area feeder roads, capital improvements to increase capacity to the expressway system, and Lee Roy Selmon Crosstown Expressway System Widening as authorized under s. 348.565.
(11) The department shall adopt rules necessary for the implementation of this section, including rules for project selection and funding.
(12) Notwithstanding subsection (4), by agreement with the department, the Emerald Coast Bridge Authority may revise the repayment schedule of any previous advances, which shall not be considered a failure to repay if the effort to undertake a revenue-producing road project is being conducted in good faith and all other requirements of law are met.