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Amendment CaShTmL-434656.HTM
    Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. CS for SB 718
                        Barcode 434656
                            CHAMBER ACTION
              Senate                               House
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       05/04/2005 11:57 AM         .                    
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11  Senator Siplin moved the following amendment:
12  
13         Senate Amendment (with title amendment) 
14         On page 14, line 4, delete that line
15  
16  and insert:  
17         Section 5.  Effective upon this act becoming a law,
18  part X of chapter 348, Florida Statutes, consisting of ss.
19  348.9789, 348.9791, 348.9792, 348.9793, 348.9794, 348.9795,
20  348.9796, 348.9797, 348.9798, 348.9799, 348.98, 348.9801,
21  348.9802, 348.9803, and 348.9804, Florida Statutes, is created
22  to read:
23                              Part X
24               Osceola County Expressway Authority
25         348.9789  Short title.--This part may be cited as the
26  "Osceola County Expressway Authority Law."
27         348.9791  Definitions.--As used in this part, except
28  where the context clearly indicates otherwise, the term: 
29         (1)  "Agency of the state" means and includes the state
30  and any department of, or corporation, agency, or
31  instrumentality heretofore or hereafter created, designated,
                                  1
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Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 or established by, the state. 2 (2) "Authority" means the body politic and corporate, 3 and agency of the state created by this part. 4 (3) "Bonds" means and includes the notes, bonds, 5 refunding bonds, or other evidences of indebtedness or 6 obligations, in either temporary or definitive form, which the 7 authority may issue under this part. 8 (4) "County" means the County of Osceola. 9 (5) "Department" means the Department of 10 Transportation existing under chapters 334-339. 11 (6) "Expressway" is the same as limited access 12 expressway. 13 (7) "Federal agency" means and includes the United 14 States, the President of the United States, and any department 15 of, or corporation, agency, or instrumentality heretofore or 16 hereafter created, designated, or established by, the United 17 States. 18 (8) "Lease-purchase agreement" means the 19 lease-purchase agreements which the authority is authorized by 20 this part to enter into with the Department of Transportation. 21 (9) "Limited access expressway" means a street or 22 highway especially designed for through traffic, and over, 23 from, or to which, no person shall have the right of easement, 24 use, or access except in accordance with the rules adopted by 25 the authority for the use of such facility. Such highways or 26 streets may be parkways, from which trucks, buses, and other 27 commercial vehicles shall be excluded, or freeways open to use 28 by all customary forms of street and highway traffic. 29 (10) "Members" means the governing body of the 30 authority, and "member" means one of the individuals 31 constituting such governing body. 2 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 (11) "Osceola County gasoline tax funds" means all the 2 80-percent surplus gasoline tax funds accruing in each year to 3 the Department of Transportation for use in Osceola county 4 under s. 9, Art. XII of the State Constitution, after 5 deduction only of any amounts of such gasoline tax funds 6 heretofore pledged by the department or the county for 7 outstanding obligations. 8 (12) "Osceola County Expressway System" or "system" 9 means any and all expressways and appurtenant facilities 10 thereto, including, but not limited to, all approaches, 11 streets, roads, bridges, and avenues of access for such 12 expressway or expressways. 13 (13) "State Board of Administration" means the body 14 corporate existing under s. 4, Art. IV, and s. 9, Art. XII, of 15 the State Constitution, or any successor thereto. 16 348.9792 Osceola County Expressway Authority.-- 17 (1) There is created a body politic and corporate, an 18 agency of the state, to be known as the Osceola County 19 Expressway Authority. 20 (2) The governing body of the authority consists of 21 five members. One member must be a citizen of Osceola County, 22 who shall be appointed by the Governor. Three members must be 23 citizens of Osceola County, who shall be appointed by the 24 governing board of the county. The fifth member shall be, ex 25 officio, the district secretary of the Department of 26 Transportation serving in the district that contains Osceola 27 County. The term of each appointed member is 4 years; however, 28 when appointed for the first time to the authority, the term 29 of one member who is appointed by the county and each member 30 who is appointed by the Governor is 2 years. The term of each 31 appointed member continues until his or her successor has been 3 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 appointed and has qualified. A vacancy shall be filled only 2 for the balance of the unexpired term. Each appointed member 3 of the authority shall be a person of outstanding reputation 4 for integrity, responsibility, and business ability, but no 5 person who is an officer or employee of any city or of Osceola 6 County in any other capacity may be an appointed member of the 7 authority. Any member is eligible for reappointment. 8 (3) The authority shall elect one of its members as a 9 chair and also a secretary and a treasurer who may or may not 10 be members. The chair, secretary, and treasurer hold such 11 offices at the will of the authority. Three members of the 12 authority constitute a quorum, and the vote of three members 13 is necessary for the authority to act. A vacancy in the 14 authority does not impair the right of a quorum of the 15 authority to exercise the rights and perform the duties of the 16 authority. Upon the effective date of his or her appointment, 17 or as soon thereafter as practicable, each appointed member 18 shall enter upon his or her duties. 19 (4)(a) The authority may employ an executive 20 secretary, an executive director, its own counsel and legal 21 staff, technical experts, such engineers, and such employees, 22 permanent or temporary, as it may require and may determine 23 the qualifications and fix the compensation of such persons, 24 firms, or corporations and may employ a fiscal agent or 25 agents, provided, however, that the authority shall solicit 26 sealed proposals from at least three persons, firms, or 27 corporations for the performance of any services as a fiscal 28 agent. The authority may delegate to one or more of its agents 29 or employees such of its power as it deems necessary to carry 30 out the purposes of this part, subject always to the 31 supervision and control of the authority. Members may be 4 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 removed from their office by the Governor for misconduct, 2 malfeasance, misfeasance, or nonfeasance in office. 3 (b) Members of the authority are entitled to receive 4 from the authority their travel and other necessary expenses 5 incurred in connection with the business of the authority as 6 provided in s. 112.061, but they shall draw no salaries or 7 other compensation. 8 348.9793 Purposes and powers.-- 9 (1)(a) The authority may acquire, hold, construct, 10 improve, maintain, operate, own and lease in the capacity of 11 lessor, the Osceola County Expressway System. 12 (b) The authority, in the construction of the system, 13 may construct any extensions, additions, or improvements to 14 such system or appurtenant facilities, including any necessary 15 approaches, roads, bridges, and avenues of access, with such 16 changes, modifications, or revisions of said project as the 17 authority deems desirable and proper. 18 (2) The authority may exercise all powers necessary, 19 appurtenant, convenient, or incidental to the carrying out of 20 the aforesaid purposes, including, but not limited to, the 21 following rights and powers: 22 (a) To sue and be sued, implead and be impleaded, 23 complain and defend in all courts. 24 (b) To adopt, use, and alter a corporate seal. 25 (c) To acquire by donation, purchase, or otherwise, 26 hold, lease as lessee and use any franchise, property, real, 27 personal or mixed, tangible or intangible, or any options 28 thereof in its own name or in conjunction with others, or 29 interest therein, necessary or desirable to carry out the 30 purposes of the authority, and to sell, lease as lessor, or 31 transfer and dispose of any property or interest therein 5 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 acquired by it. 2 (d) To enter a lease agreement for a term not 3 exceeding 40 years, as either lessee or lessor, to carry out 4 the right to lease as set forth in this part. 5 (e) To enter a lease-purchase agreement with the 6 department for a term not exceeding 40 years, or until any 7 bonds secured by a pledge of rentals thereunder, and any 8 refundings thereof, are fully paid as to both principal and 9 interest, whichever is longer. 10 (f) To fix, alter, or charge and establish and collect 11 rates, fees, rentals, and other charges for the services and 12 facilities of the Osceola County Expressway System, which 13 charges must be sufficient to comply with any covenants made 14 with the holders of any bonds issued under this part; however, 15 such right and power may be assigned or delegated, by the 16 authority, to the department. 17 (g) To borrow money, make and issue negotiable notes, 18 bonds, refunding bonds, and other evidences of indebtedness or 19 obligations, in temporary or definitive form, for the purpose 20 of financing all or part of the improvement or extension of 21 the Osceola County Expressway System and for any other purpose 22 authorized by this part, such bonds to mature no more than 40 23 years after the date of the issuance thereof, and to secure 24 the payment of such bonds or any part thereof by a pledge of 25 any or all of its revenues, rates, fees, rentals or other 26 charges, including all or any portion of the Osceola County 27 gasoline tax funds received by the authority pursuant to the 28 terms of any lease-purchase agreement between the authority 29 and the department; and in general to provide for the security 30 of such bonds and the rights and remedies of the holders 31 thereof; provided, however, that no portion of the Osceola 6 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 County gasoline tax funds may be pledged for the construction 2 of any project for which a toll is to be charged unless the 3 anticipated tolls are reasonably estimated by the board of 4 county commissioners, at the date of its resolution pledging 5 said funds, to be sufficient to cover the principal and 6 interest of such obligations during the period when the pledge 7 of funds will be in effect. 8 1. The authority shall reimburse Osceola County for 9 any sums expended from such gasoline tax funds used for the 10 payment of such obligations. Any gasoline tax funds so 11 disbursed shall be repaid when the authority deems it 12 practicable, together with interest at the highest rate 13 applicable to any obligations of the authority. 14 2. If the authority decides to fund or refund any 15 bonds theretofore issued by the authority, or by the 16 commission as aforesaid prior to the maturity thereof, the 17 proceeds of such funding or refunding bonds must, pending the 18 prior redemption of the bonds to be funded or refunded, be 19 invested in direct obligations of the United States, and such 20 outstanding bonds may be funded or refunded by the issuance of 21 bonds pursuant to this part. 22 (h) To make contracts, including, but not limited to, 23 partnerships providing for participation in ownership and 24 revenues, and to execute all instruments necessary or 25 convenient for the carrying on of its business. 26 (i) Without limitation of the foregoing, to borrow 27 money and accept grants from, and to enter into contracts, 28 leases, or other transactions with a federal agency, an agency 29 of the state, the County of Osceola, or any other public body 30 of the state. 31 (j) To have the power of eminent domain, including the 7 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 procedural powers granted under chapters 73 and 74. 2 (k) To pledge, hypothecate or otherwise encumber all 3 or part of the revenues, rates, fees, rentals or other charges 4 or receipts of the authority, including all or a portion of 5 the Osceola County gasoline tax funds received by the 6 authority pursuant to the terms of a lease-purchase agreement 7 between the authority and the department, as security for all 8 or any of the obligations of the authority. 9 (l) To enter into partnership and other agreements 10 respecting ownership and revenue participation in order to 11 facilitate financing and constructing of a project of the 12 authority, or a portion thereof. 13 (m) To participate in developer agreements or to 14 receive contributions from developers. 15 (n) To contract with Osceola County for the operation 16 of a toll facility in the county. 17 (o) To do all acts and things necessary or convenient 18 for the conduct of its business and the general welfare of the 19 authority, in order to carry out the powers granted to it by 20 any law. 21 (p) With the consent of the county within whose 22 jurisdiction the following activities occur, the authority may 23 construct, operate, and maintain roads, bridges, avenues of 24 access, thoroughfares, and boulevards outside the 25 jurisdictional boundaries of Osceola County, and may 26 construct, repair, replace, operate, install, and maintain 27 electronic toll payment systems thereon, with all necessary 28 and incidental powers to accomplish the foregoing. 29 (3) The authority may not ever pledge the credit or 30 taxing power of the state or any political subdivision or 31 agency thereof, including the County of Osceola, and no 8 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 obligation of the authority may be deemed to be an obligation 2 of the state or of any political subdivision or agency 3 thereof, nor shall the state or any political subdivision or 4 agency thereof, except the authority, be liable for the 5 payment of the principal of or interest on any such 6 obligation. 7 (4) Notwithstanding any other provision of this part, 8 acquisition of right-of-way for a project of the authority 9 which is within the boundaries of a municipality in Osceola 10 County may not commence until the governing board of that 11 municipality has approved the route of such project. 12 (5) The authority may not, without the consent of 13 Osceola County or any affected municipality, enter into an 14 agreement that would legally prohibit the construction of any 15 road by Osceola County or by any municipality within Osceola 16 County. 17 348.9794 Bonds of the authority.-- 18 (1)(a) Bonds may be issued on behalf of the authority 19 pursuant to the State Bond Act. 20 (b) Alternatively, the authority may issue its own 21 bonds pursuant to this part at such times and in such 22 principal amount as, in the opinion of the authority, is 23 necessary to provide sufficient moneys for achieving its 24 purposes; however, such bonds may not pledge the full faith 25 and credit of the state. Bonds issued by the authority under 26 this paragraph or paragraph (a), whether on original issuance 27 or on refunding, shall be authorized by resolution of the 28 members thereof and may be either term or serial bonds, shall 29 bear such date or dates, mature at such time or times, not 30 exceeding 40 years from their respective dates, bear interest 31 at such rate or rates, payable semiannually, be in such 9 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 denominations, be in such form, either coupon or fully 2 registered, shall carry such registration, exchangeability, 3 and interchangeability privileges, be payable in such medium 4 of payment and at such place or places, be subject to such 5 terms of redemption, and be entitled to such priorities on the 6 revenues, rates, fees, rentals, or other charges or receipts 7 of the authority, including the Osceola County gasoline tax 8 funds received by the authority pursuant to any lease-purchase 9 agreement between the authority and the department, as such 10 resolution or any resolution subsequent thereto may provide. 11 The bonds shall be executed either by manual or facsimile 12 signature by such officers as the authority shall determine, 13 provided that such bonds shall bear at least one signature 14 which is manually executed thereon, and the coupons attached 15 to such bonds shall bear the facsimile signature or signatures 16 of such officer or officers as shall be designated by the 17 authority and shall have the seal of the authority affixed, 18 imprinted, reproduced, or lithographed thereon, all as may be 19 prescribed in such resolution or resolutions. 20 (c) Bonds issued under paragraph (a) or paragraph (b) 21 shall be sold at public sale in the same manner provided by 22 the State Bond Act. However, if the authority, by official 23 action at a public meeting, determines that a negotiated sale 24 of such bonds is in the best interest of the authority, the 25 authority may negotiate the sale of such bonds with the 26 underwriter or underwriters designated by the authority and 27 the Division of Bond Finance of the State Board of 28 Administration with respect to bonds issued under paragraph 29 (a) or solely the authority with respect to bonds issued under 30 paragraph (b). The authority's determination to negotiate the 31 sale of such bonds may be based, in part, upon the written 10 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 advice of the authority's financial adviser. Pending the 2 preparation of definitive bonds, interim certificates may be 3 issued to the purchaser or purchasers of such bonds and may 4 contain such terms and conditions as the authority may 5 determine. 6 (d) The authority may issue bonds under paragraph (b) 7 to refund any bonds previously issued whether the bonds being 8 refunded were issued by the authority under this chapter or on 9 behalf of the authority under the State Bond Act. 10 (2) Any such resolution or resolutions authorizing any 11 bonds hereunder may contain provisions which shall be part of 12 the contract with the holders of such bonds, as to: 13 (a) The pledging of all or any part of the revenues, 14 rates, fees, rentals, including all or any portion of the 15 Osceola County gasoline tax funds received by the authority 16 under the terms of any lease-purchase agreement between the 17 authority and the department, or any part thereof, or other 18 charges or receipts of the authority, derived by the 19 authority, from the Osceola County Expressway System. 20 (b) The completion, improvement, operation, extension, 21 maintenance, repair, lease or lease-purchase agreement of the 22 system, and the duties of the authority and others, including 23 the department, with reference thereto. 24 (c) Limitations on the purposes to which the proceeds 25 of the bonds, then or thereafter to be issued, or of any loan 26 or grant by the United States or the state may be applied. 27 (d) The fixing, charging, establishing, and collecting 28 of rates, fees, rentals, or other charges for use of the 29 services and facilities of the system or any part thereof. 30 (e) The setting aside of reserves or sinking funds or 31 repair and replacement funds and the regulation and 11 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 disposition thereof. 2 (f) Limitations on the issuance of additional bonds. 3 (g) The terms and provisions of any lease-purchase 4 agreement, deed of trust or indenture securing the bonds, or 5 under which the same may be issued. 6 (h) Any other or additional agreements with the 7 holders of the bonds which the authority may deem desirable 8 and proper. 9 (3) The authority may employ fiscal agents as provided 10 by this part or the State Board of Administration of Florida 11 may, upon request of the authority, act as fiscal agent for 12 the authority in the issuance of any bonds that may be issued 13 under this part, and the State Board of Administration may, 14 upon request of the authority, take over the management, 15 control, administration, custody, and payment of any or all 16 debt services or funds or assets now or hereafter available 17 for any bonds issued under this part. The authority may enter 18 into any deeds of trust, indentures, or other agreements with 19 its fiscal agent, or with any bank or trust company, as 20 security for such bonds, and may, under such agreements, sign 21 and pledge all or any of the revenues, rates, fees, rentals or 22 other charges or receipts of the authority, including all or 23 any portion of the Osceola County gasoline tax funds received 24 by the authority pursuant to the terms of any lease-purchase 25 agreement between the authority and the department, 26 thereunder. Such deed of trust, indenture, or other agreement 27 may contain such provisions as are customary in such 28 instruments, or, as the authority may authorize, including, 29 but not limited to, provisions as to: 30 (a) The completion, improvement, operation, extension, 31 maintenance, repair and lease of, or lease-purchase agreement 12 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 relating to the Osceola County Expressway System, and the 2 duties of the authority and others, including the department, 3 with reference thereto. 4 (b) The application of funds and the safeguarding of 5 funds on hand or on deposit. 6 (c) The rights and remedies of the trustee and the 7 holders of the bonds. 8 (d) The terms and provisions of the bonds or the 9 resolutions authorizing the issuance of same. 10 (4) Any of the bonds issued under this part are, and 11 are declared to be, negotiable instruments, and shall have all 12 the qualities and incidents of negotiable instruments under 13 the law merchant and the negotiable instruments law of the 14 state. 15 (5) Notwithstanding any other provision of this part, 16 each project, building, or facility which has been financed by 17 the issuance of bonds or other evidence of indebtedness under 18 this part, and any refinancing thereof, is approved as 19 provided for in s. 11(f), Art. VII of the State Constitution. 20 348.9795 Remedies of the bondholders.-- 21 (1) The rights and the remedies conferred by this part 22 upon or granted to the bondholders are in addition to and not 23 in limitation of any rights and remedies lawfully granted to 24 such bondholders by the resolution or resolutions providing 25 for the issuance of bonds, or by a lease-purchase agreement, 26 deed of trust, indenture, or other agreement under which the 27 bonds may be issued or secured. If the authority defaults in 28 the payment of the principal of or interest on any of the 29 bonds issued under this part after such principal of or 30 interest on such bonds becomes due, whether at maturity or 31 upon call for redemption, or if the department defaults in any 13 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 payments under, or covenants made in, any lease-purchase 2 agreement between the authority and the department, and such 3 default continues for a period of 30 days, or if the authority 4 or the department fails or refuses to comply with this part or 5 any agreement made with, or for the benefit of, the holders of 6 the bonds, the holders of 25 percent in aggregate principal 7 amount of the bonds then outstanding will be entitled as of 8 right to the appointment of a trustee to represent such 9 bondholders for the purposes hereof; provided, however, that 10 such holders of 25 percent in aggregate principal amount of 11 the bonds then outstanding have first given notice of their 12 intention to appoint a trustee, to the authority and to the 13 department. Such notice shall be deemed to have been given if 14 given in writing, and deposited in a securely sealed postpaid 15 wrapper, mailed at a regularly maintained United States post 16 office box or station and addressed, respectively, to the 17 chair of the authority and to the secretary of the department 18 at the principal office of the department. 19 (2) Such trustee, and any trustee under any deed of 20 trust, indenture, or other agreement, may, and upon written 21 request of the holders of 25 percent, or such other 22 percentages as may be specified in any deed of trust, 23 indenture, or other agreement aforesaid, in principal amount 24 of the bonds then outstanding, shall, in any court of 25 competent jurisdiction, in his, her, or its own name: 26 (a) By mandamus or other suit, action, or proceeding 27 at law, or in equity, enforce all rights of the bondholders, 28 including the right to require the authority to fix, 29 establish, maintain, collect, and charge rates, fees, rentals, 30 and other charges, adequate to carry out any agreement as to, 31 or pledge of, the revenues or receipts of the authority to 14 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 carry out any other covenants and agreements with or for the 2 benefit of the bondholders, and to perform its and their 3 duties under this part. 4 (b) By mandamus or other suit, action or proceeding at 5 law, or in equity, enforce all rights of the bondholders under 6 or pursuant to any lease-purchase agreement between the 7 authority and the department, including the right to require 8 the department to make all rental payments required to be made 9 by it under any such lease-purchase agreement, whether from 10 the Osceola County gasoline tax funds or other funds of the 11 department so agreed to be paid and to require the department 12 to carry out any other covenants and agreements with or for 13 the benefit of the bondholders, and to perform its and their 14 duties under this part. 15 (c) Bring suit upon the bonds. 16 (d) By action or suit in equity require the authority 17 or the department to account as if it were the trustee of an 18 express trust for the bondholders. 19 (e) By action or suit in equity enjoin any acts or 20 things which may be unlawful or in violation of the rights of 21 the bondholders. 22 (3) Any trustee when appointed as aforesaid, or acting 23 under a deed of trust, indenture or other agreement, and 24 whether or not all bonds have been declared due and payable, 25 is entitled as of right to the appointment of a receiver, who 26 may enter upon and take possession of the Osceola County 27 Expressway System or the facilities or any part or parts 28 thereof, the rates, fees, rentals, or other revenues, charges 29 or receipts from which are, or may be, applicable to the 30 payment of the bonds so in default, and subject to and in 31 compliance with any lease-purchase agreement between the 15 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 authority and the department operate and maintain the same, 2 for and on behalf of and in the name of, the authority, the 3 department, and the bondholders, and collect and receive all 4 rates, fees, rentals, and other charges or receipts or 5 revenues arising therefrom in the same manner as the authority 6 or the department might do, and shall deposit all such moneys 7 in a separate account and apply the same in such manner as the 8 court shall direct. In any suit, action, or proceeding by the 9 trustee, the fees, counsel fees, and expenses of the trustee, 10 and such receiver, if any, and all costs and disbursements 11 allowed by the court shall be a first charge on any rates, 12 fees, rentals, or other charges, revenues or receipts, derived 13 from the Osceola County Expressway System, or the facilities 14 or services or any part or parts thereof, including payments 15 under any such lease-purchase agreement as aforesaid which 16 said rates, fees, rentals, or other charges, revenues or 17 receipts shall or may be applicable to the payment of the 18 bonds so in default. Such trustee shall, in addition to the 19 foregoing, have and possess all of the powers necessary or 20 appropriate for the exercise of any functions specifically set 21 forth herein or incident to the representation of the 22 bondholders in the enforcement and protection of their rights. 23 (4) This part does not authorize any receiver 24 appointed pursuant hereto for the purpose, subject to and in 25 compliance with any lease-purchase agreement between the 26 authority and the department, of operating and maintaining the 27 Osceola County Expressway System or any facilities or part or 28 parts thereof, to sell, assign, mortgage, or otherwise dispose 29 of any of the assets of whatever kind and character belonging 30 to the authority. It is the intention of this part to limit 31 the powers of such receiver, subject to and in compliance with 16 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 any lease-purchase agreement between the authority and the 2 department, to the operation and maintenance of the Osceola 3 County Expressway System, or any facility, or part or parts 4 thereof, as the court may direct, in the name and for and on 5 behalf of the authority, the department and the bondholders, 6 and no holder of bonds on the authority nor any trustee, shall 7 ever have the right in any suit, action, or proceeding at law 8 or in equity, to compel a receiver, nor shall any receiver be 9 authorized or any court be empowered to direct the receiver to 10 sell, assign, mortgage or otherwise dispose of any assets of 11 whatever kind or character belonging to the authority. 12 348.9796 Lease-purchase agreement.-- 13 (1) In order to effectuate the purposes of this part 14 and as authorized by this part, the authority may enter into a 15 lease-purchase agreement with the department relating to and 16 covering the Osceola County Expressway System. 17 (2) Such lease-purchase agreement shall provide for 18 the leasing of the system, by the authority, as lessor, to the 19 department, as lessee, shall prescribe the term of such lease 20 and the rentals to be paid thereunder and shall provide that 21 upon the completion of the faithful performance thereunder and 22 the termination of such lease-purchase agreement, title in fee 23 simple absolute to the Osceola County Expressway System as 24 then constituted shall be transferred in accordance with law 25 by the authority, to the state and the authority shall deliver 26 to the department such deeds and conveyances as shall be 27 necessary or convenient to vest title in fee simple absolute 28 in the state. 29 (3) Such lease-purchase agreement may include such 30 other provisions, agreements, and covenants as the authority 31 and the department deem advisable or required, including, but 17 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 not limited to, provisions as to the bonds to be issued under, 2 and for the purposes of, this part, the completion, extension, 3 improvement, operation, and maintenance of the system and the 4 expenses and the cost of operation of such authority, the 5 charging and collection of tolls, rates, fees, and other 6 charges for the use of the services and facilities thereof, 7 the application of federal or state grants or aid which may be 8 made or given to assist the authority in the completion, 9 extension, improvement, operation, and maintenance of the 10 system, which the authority may accept and apply to such 11 purposes, the enforcement of payment and collection of rentals 12 and any other terms, provisions or covenants necessary, 13 incidental or appurtenant to the making of and full 14 performance under such lease-purchase agreement. 15 (4) The department as lessee under such lease-purchase 16 agreement, may pay as rentals thereunder any rates, fees, 17 charges, funds, moneys, receipts, or income accruing to the 18 department from the operation of the system and the Osceola 19 County gasoline tax funds and may also pay as rentals any 20 appropriations received by the department pursuant to any act 21 of the Legislature heretofore or hereafter enacted; however, 22 nothing herein or in such lease-purchase agreement is intended 23 to nor shall this part or such lease-purchase agreement 24 require the making or continuance of such appropriations, nor 25 shall any holder of bonds issued pursuant to this part ever 26 have any right to compel the making or continuance of such 27 appropriations. 28 (5) No pledge of such Osceola County gasoline tax 29 funds as rentals under such lease-purchase agreement may be 30 made without the consent of the County of Osceola evidenced by 31 a resolution duly adopted by the board of county commissioners 18 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 of such county at a public hearing held pursuant to due notice 2 thereof published at least once a week for 3 consecutive weeks 3 before the hearing in a newspaper of general circulation in 4 Osceola County. Such resolution, among other things, shall 5 provide that any excess of such pledged gasoline tax funds 6 which is not required for debt service or reserves for such 7 debt service for any bonds issued by the authority shall be 8 returned annually to the department for distribution to 9 Osceola County as provided by law. Before making any 10 application for such pledge of gasoline tax funds, the 11 authority shall present the plan of its proposed project to 12 the Osceola County planning and zoning commission for its 13 comments and recommendations. 14 (6) The department may covenant in any lease-purchase 15 agreement that it will pay all or any part of the cost of the 16 operation, maintenance, repair, renewal, and replacement of 17 such system, and any part of the cost of completing such 18 system to the extent that the proceeds of bonds issued 19 therefor are insufficient, from sources other than the 20 revenues derived from the operation of such system and such 21 Osceola County gasoline tax funds. The department may also 22 agree to make such other payments from any moneys available to 23 such commission, such county or such municipality in 24 connection with the construction or completion of such system 25 as shall be deemed by the department to be fair and proper 26 under any such covenants heretofore or hereafter entered into. 27 (7) The system shall be a part of the state road 28 system and the department may, upon the request of the 29 authority, expend out of any funds available for the purpose 30 such moneys, and use such of its engineering and other forces, 31 as may be necessary and desirable in the judgment of the 19 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 department, for the operation of the authority and for traffic 2 surveys, borings, surveys, preparation of plans and 3 specifications, estimates of cost, and other preliminary 4 engineering and other studies; however, the aggregate amount 5 of moneys expended for such purposes by the department may not 6 exceed $375,000. 7 348.9797 Department may be appointed agent of 8 authority for construction.--The authority may appoint the 9 department as its agent for the purpose of constructing 10 improvements and extensions to the system and for the 11 completion thereof. In such event, the authority shall 12 provide the department with complete copies of all documents, 13 agreements, resolutions, contracts, and instruments relating 14 thereto and request the department to do such construction 15 work, including the planning, surveying, and actual 16 construction of the completion, extensions, and improvements 17 to the system, and shall transfer to the credit of an account 18 of the department in the treasury of the state the necessary 19 funds therefor and the department shall thereupon be 20 authorized, empowered, and directed to proceed with such 21 construction and to use such funds for such purpose in the 22 same manner that it may now use the funds otherwise provided 23 by law for its use in construction of roads and bridges. 24 348.9798 Acquisition of lands and property.-- 25 (1) For the purposes of this part, the authority may 26 acquire private or public property and property rights, 27 including rights of access, air, view, and light, by gift, 28 devise, purchase, or condemnation by eminent domain 29 proceedings, as it may deem necessary for any of the purposes 30 of this part, including, but not limited to, any lands 31 reasonably necessary for securing applicable permits, areas 20 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 necessary for management of access, borrow pits, drainage 2 ditches, water retention areas, rest areas, replacement access 3 for landowners whose access is impaired due to the 4 construction of a facility, and replacement rights-of-way for 5 relocated rail and utility facilities; for existing, proposed, 6 or anticipated transportation facilities on the system or in a 7 transportation corridor designated by the authority; or for 8 the purposes of screening, relocation, removal, or disposal of 9 junkyards and scrap metal processing facilities. The authority 10 may condemn any material and property necessary for such 11 purposes. 12 (2) The right of eminent domain herein conferred shall 13 be exercised by the authority in the manner provided by law. 14 (3) When the authority acquires property for a 15 transportation facility or in a transportation corridor, it is 16 not subject to any liability imposed by chapter 376 or chapter 17 403 for preexisting soil or groundwater contamination due 18 solely to its ownership. This section does not affect the 19 rights or liabilities of any past or future owners of the 20 acquired property and does not affect the liability of any 21 governmental entity for the results of its actions which 22 create or exacerbate a pollution source. The authority and the 23 Department of Environmental Protection may enter into 24 interagency agreements for the performance, funding, and 25 reimbursement of the investigative and remedial acts necessary 26 for property acquired by the authority. 27 348.9799 Cooperation with other units, boards, 28 agencies, and individuals.--Any county, municipality, drainage 29 district, road and bridge district, school district or any 30 other political subdivision, board, commission, or individual 31 in or of the state may enter into with the authority, 21 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 contracts, leases, conveyances, partnerships, or other 2 agreements within the provisions and purposes of this part. 3 The authority may enter into contracts, leases, conveyances, 4 partnerships, and other agreements with any political 5 subdivision, agency, or instrumentality of the state and any 6 and all federal agencies, corporations, and individuals, for 7 the purpose of carrying out this part. 8 348.98 Covenant of the state.--The state pledges to, 9 and agrees, with any person, firm or corporation, or federal 10 or state agency subscribing to, or acquiring the bonds to be 11 issued by the authority for the purposes of this part that the 12 state will not limit or alter the rights hereby vested in the 13 authority and the department until all bonds at any time 14 issued, together with the interest thereon, are fully paid and 15 discharged insofar as the same affects the rights of the 16 holders of bonds issued hereunder. The state does further 17 pledge to, and agree, with the United States that in the event 18 any federal agency shall construct or contribute any funds for 19 the completion, extension, or improvement of the system, or 20 any part or portion thereof, the state will not alter or limit 21 the rights and powers of the authority and the department in 22 any manner which would be inconsistent with the continued 23 maintenance and operation of the system or the completion, 24 extension, or improvement thereof, or which would be 25 inconsistent with the due performance of any agreements 26 between the authority and any such federal agency, and the 27 authority and the department shall continue to have and may 28 exercise all powers herein granted, so long as the same shall 29 be necessary or desirable for the carrying out of the purposes 30 of this part and the purposes of the United States in the 31 completion, extension, or improvement of the system, or any 22 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 part or portion thereof. 2 348.9801 Exemption from taxation.--The effectuation of 3 the authorized purposes of the authority created under this 4 part is, shall and will be, in all respects for the benefit of 5 the people of the state, for the increase of their commerce 6 and prosperity, and for the improvement of their health and 7 living conditions, and since the authority will be performing 8 essential governmental functions in effectuating such 9 purposes, the authority shall not be required to pay any taxes 10 or assessments of any kind or nature whatsoever upon any 11 property acquired or used by it for such purposes, or upon any 12 rates, fees, rentals, receipts, income, or charges at any time 13 received by it, and the bonds issued by the authority, their 14 transfer and the income therefrom, including any profits made 15 on the sale thereof, shall at all times be free from taxation 16 of any kind by the state, or by any political subdivision, or 17 taxing agency or instrumentality thereof. The exemption 18 granted by this section does not apply to any tax imposed by 19 chapter 220 on interest, income, or profits on debt 20 obligations owned by corporations. 21 348.9802 Eligibility for investments and 22 security.--Any bonds or other obligations issued under this 23 part shall be and constitute legal investments for banks, 24 savings banks, trustees, executors, administrators, and all 25 other fiduciaries, and for all state, municipal and other 26 public funds and shall also be and constitute securities 27 eligible for deposit as security for all state, municipal or 28 other public funds, notwithstanding any other law or laws to 29 the contrary. 30 348.9803 Pledges enforceable by bondholders.--It is 31 the express intention of this part that any pledge by the 23 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 department of rates, fees, revenues, Osceola County gasoline 2 tax funds or other funds, as rentals, to the authority, or any 3 covenants or agreements relative thereto may be enforceable in 4 any court of competent jurisdiction against the authority or 5 directly against the department by any holder of bonds issued 6 by the authority. 7 348.9804 This part complete and additional 8 authority.-- 9 (1) The powers conferred by this part shall be in 10 addition and supplemental to the existing powers of said board 11 and the department, and this part shall not be construed as 12 repealing any of the provisions, of any other law, general, 13 special or local, but to supersede such other laws in the 14 exercise of the powers provided in this part, and to provide a 15 complete method for the exercise of the powers granted in this 16 part. The extension and improvement of the system, and the 17 issuance of bonds hereunder to finance all or part of the cost 18 thereof, may be accomplished upon compliance with this part 19 without regard to or necessity for compliance with the 20 provisions, limitations, or restrictions in any other general, 21 special or local law, including, but not limited to, s. 22 215.821, and no approval of any bonds issued under this part 23 by the qualified electors or qualified electors who are 24 freeholders in the state or in Osceola County, or in any other 25 political subdivision of the state, shall be required for the 26 issuance of such bonds pursuant to this part. 27 (2) This part shall not be deemed to repeal, rescind, 28 or modify any other law or laws relating to the State Board of 29 Administration, the department, or the Division of Bond 30 Finance of the State Board of Administration, but shall be 31 deemed to and shall supersede such other law or laws as are 24 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 inconsistent with this part, including, but not limited to, s. 2 215.821. 3 Section 6. Except as otherwise expressly provided in 4 this act, and except for this section, which shall take effect 5 upon becoming a law, this act shall take effect July 1, 2005. 6 7 8 ================ T I T L E A M E N D M E N T =============== 9 And the title is amended as follows: 10 On page 1, line 2, through 11 page 2, line 7, delete those lines 12 13 and insert: 14 An act relating to transportation; amending s. 15 337.251, F.S.; authorizing the department to 16 adopt rules governing the leasing of property 17 for joint public-private development; amending 18 s. 337.406, F.S.; granting local governments 19 authority to issue permits allowing limited 20 temporary use of state transportation 21 right-of-way; clarifying that limited access 22 facilities are not included in such authority; 23 amending s. 339.55, F.S.; establishing a 24 maximum limit on state-funded infrastructure 25 bank loans to the State Transportation Trust 26 Fund; amending s. 373.4137, F.S.; revising the 27 requirements for projects intended to mitigate 28 the adverse effects of transportation projects; 29 removing the Department of Environmental 30 Protection from the mitigation process; 31 revising requirements for the Department of 25 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 Transportation and the transportation 2 authorities with respect to submitting plans 3 and inventories; authorizing the use of 4 current-year funds for future projects; 5 revising the requirements for reconciling 6 escrow accounts used to fund mitigation 7 projects; authorizing payments to a water 8 management district to fund the costs of future 9 maintenance and monitoring; requiring specified 10 lump-sum payments to be used for the mitigation 11 costs of certain projects; authorizing a 12 governing board of a water management district 13 to approve the use of mitigation funds for 14 certain future projects; requiring that 15 mitigation plans be approved by the water 16 management district rather than the Department 17 of Environmental Protection; creating pt. X of 18 ch. 348, F.S., titled "Osceola County 19 Expressway Authority"; providing a short title; 20 providing definitions; creating the Osceola 21 County Expressway Authority; providing for a 22 governing body of the authority; providing for 23 membership; providing purposes and powers; 24 providing for the Osceola County Expressway 25 System; providing for procurement, including 26 eminent domain; providing for financing, 27 including bonds, debts, user charges, tolls, 28 gasoline tax funds, developer contributions, or 29 partnership agreements; requiring agreement of 30 the authority and the Department of 31 Transportation prior to use of Osceola County 26 10:13 AM 05/02/05 s0718c1c-19-s02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for SB 718 Barcode 434656 1 gasoline tax funds; providing for construction, 2 operation, and maintenance of the system; 3 prohibiting the authority from pledging the 4 credit or taxing power of the state; requiring 5 the consent of Osceola County or an affected 6 municipality prior to certain actions by the 7 authority; providing for bond financing 8 authority; providing for bonds of the 9 authority; providing for fiscal agents; 10 providing that the State Board of 11 Administration may act as fiscal agent; 12 providing for certain financial agreements; 13 providing for rights and remedies of 14 bondholders; providing for a lease-purchase 15 agreement with the Department of 16 Transportation; providing for appointment of 17 the department as agent of authority for 18 construction; providing for acquisition of 19 lands and property; providing for cooperation 20 with other units, boards, agencies, and 21 individuals; providing covenant of the state; 22 providing for exemption from taxation; 23 providing for eligibility for investments and 24 security; providing that pledges shall be 25 enforceable by bondholders; providing for 26 construction and application; providing an 27 effective date. 28 29 30 31 27 10:13 AM 05/02/05 s0718c1c-19-s02
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