Okaloosa County BOCC — April 27, 2013 — Pages from SB1132 — reading text

bonds at any time issued, 2338 together with the interest thereon, are fully paid and 2339| discharged insofar as the payment and discharge affect the 2340| rights of the holders of bonds issued pursuant to this chapter. 2341 The state further pledges to, and agrees with, the United States 2342| that if a federal agency constructs or contributes any funds for 2343] the completion, extension, or improvement of the system, or any 2344| parts of the system, the state will not alter or limit the 2345| rights and powers of the authority and the department in any 2346| manner that is inconsistent with the continued maintenance and 2347| operation of the system_or the completion, extension, or 2348 improvement of the system, or which would be inconsistent with 2349] the due performance of any agreements between the authority and Page 81 of 87 CODING: Words steteken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2350] any such federal agency, and the authority and the department 2351| shall continue to have and may exercise all powers granted in 2352| this section, so long as the powers are necessary or desirable 2353) to carry out the purposes of this chapter and the purposes of 2354 the United States in the completion, extension, or improvement 2355| of the system, or any part of the system. 2356 345.0012 Exemption from taxation.—The authority created 2357| under this chapter is for the benefit of the people of the 2358| state, for the increase of their commerce and prosperity, and 2359| for the improvement of their health and living conditions, and 2360| because the authority will be performing essential governmental 2361| functions pursuant to this chapter, the authority is not 2362| required to pay any taxes or assessments of any kind or nature 2363| whatsoever upon any property acquired or used by it for such 2364| purposes, or upon any rates, fees, rentals, receipts, income, or 2365| charges received by it, and the bonds issued by the authority, 2366 their transfer and the income from their issuance, including any 2367| profits made on the sale of the bonds, shall be free from 2368| taxation by the state or by any political subdivision, taxing 2369| agency, or instrumentality of the state. The exemption granted 2370| by this section does not apply to any tax imposed by chapter 220 2371] on interest, income, or profits on debt obligations owned by 2372] corporations. 2373 345.0013 Eligibility for investments and _security.—Any 2374| bonds or other obligations issued pursuant to this chapter are 2375 legal investments for banks, savings banks, trustees, executors, 2376 administrators, and all other fiduciaries, and for all state, 2377| municipal, and other public funds and are also securities 2378| eligible for deposit as security for all_state, municipal, or Page 82 of 87 CODING: Words strieken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2379| other public funds, notwithstanding the provisions of any other 2380] law to the contrary. 2381 345.0014 Applicability.— 2382 (1) The powers conferred by this chapter are in addition to 2383| the powers conferred by other law and do not repeal the 2384| provisions of any other general or special law or local 2385| ordinance, but supplement such other laws in the exercise of the 2386| powers provided in this chapter, and provide a complete method 2387| for the exercise of the powers granted in this chapter. The 2388] extension and improvement of a_ system, and the issuance of bonds 2389] pursuant to this chapter to finance all or part of the cost 2390] thereof, may be accomplished upon compliance with the provisions 2391] of this chapter without regard to or necessity for compliance 2392| with the provisions, limitations, or restrictions contained in 2393| any other general, special, or local law, including, but not 2394 limited to, s. 215.821, and approval of any bonds issued under 2395| this act by the qualified electors or qualified electors who are 2396| freeholders in the state or in any political subdivision of the 2397 state is not required for the issuance of such bonds pursuant to 2398 this chapter. 2399 (2) This act does not repeal, rescind, or modify any other 2400 law or laws relating to the State Board of Administration, the 2401 Department of Transportation, or the Division of Bond Finance of 2402} the State Board of Administration, but supersedes any other law 2403] that is inconsistent with the provisions of this chapter, 2404 including, but not limited to, s. 215.821. 2405 345.0015 Northwest Florida Regional Tollway Authority.— 2406 (1) There is hereby created and established a body politic 2407| and corporate, an agency of the state, to be known as the Page 83 of 87 CODING: Words st*eieken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2408| Northwest Florida Regional Tollway Authority, hereinafter 2409) referred to as the “authority.” 2410 (2) The area served by the authority shall be Escambia_and 2411| Santa Rosa Counties. 2412 (3) The purposes and powers of the authority are as 2413| identified in the Florida Regional Tollway Authority Act for the 2414| area served by the authority, and the authority operates in the 2415] manner provided by the Florida Regional Tollway Authority Act. 2416 345.0016 Okaloosa-Bay Regional Tollway Authority.— 2417 (1) There is hereby created and established_a body politic 2418] and corporate, an agency of the state, to be known as the 2419] Okaloosa-Bay Regional Tollway Authority, hereinafter referred to 2420! as the “authority.” 2421 (2) The area served by the authority shall be Okaloosa, 2422| Walton, and Bay Counties. 2423 (3) The purposes and powers of the authority are as 2424| identified in the Florida Regional Tollway Authority Act for the 2425| area served by the authority, and the authority operates in the 2426| manner provided by the Florida Regional Tollway Authority Act. 2427 345.0017 Suncoast Regional Tollway Authority.— 2428 (1) There is hereby created and_ established a body politic 2429] and corporate, an agency of the state, to be known as the 2430] Suncoast Regional Tollway Authority, hereinafter referred to as 2431] the “authority.” 2432 (2) The area served by the authority shall be Citrus, Levy, 2433 Marion, and Alachua Counties. 2434 (3) The purposes and powers of the authority are as 2435| identified in the Florida Regional Tollway Authority Act for the 2436| area served by the authority, and the authority operates in the Page 84 of 87 CODING: Words st*t+eken are deletions; words underlined are additions. 2437 2438 2439 2440 2441 2442 2443 2444 2445 2446 2447 2448 2449 2450 2451 2452 2453 2454 2455 2456 2457 2458 2459 2460 2461 2462 2463 2464 2465 Florida Senate - 2013 SB 1132 22-00495B-13 20131132 manner provided by the Florida Regional Tollway Authority Act. Section 27. Transfer to the Okaloosa-Bay Regional Tollway Authority.—The governance and control of the Mid-Bay Bridge Authority System, created pursuant to chapter 2000-411, Laws of Florida, is transferred to the Okaloosa-Bay Regional Tollway Authority. (1) The assets, facilities, tangible and intangible property and any rights in such property, and any other legal rights of the bridge authority, including the bridge system operated by the authority, are transferred to the regional tollway authority. All powers of the bridge authority shall succeed to the regional tollway authority, and the operations and maintenance of the bridge system shall be under the control of the regional tollway authority, pursuant to this section. Revenues collected on the bridge system may be considered regional tollway authority revenues, and the Mid-Bay Bridge may be considered part of the regional tollway authority system, if bonds of the bridge authority are not outstanding. The regional tollway authority also assumes all liability for bonds of the bridge authority pursuant to the provisions of subsection (2). The regional tollway authority may review other contracts, financial obligations, and contractual obligations and liabilities of the bridge authority and may assume legal liability for the obligations that are determined to be necessary for the continued operation of the bridge system. (2) The transfer pursuant to this section is subject to the terms and covenants provided for the protection of the holders of the Mid-Bay Bridge Authority bonds in the lease-purchase agreement and the resolutions adopted in connection with the Page 85 of 87 CODING: Words st*eieken are deletions; words underlined are additions. 2466 2467 2468 2469 2470 2471 2472 2473 2474 2475 2476 2477 2478 2479 2480 2481 2482 2483 2484 2485 2486 2487 2488 2489 2490 2491 2492 2493 2494 CODING: Words steteken are deletions; Florida Senate - 2013 SB 1132 22-00495B-13 20131132 issuance of the bonds. Further, the transfer does not impair the terms of the contract between the bridge authority and the bondholders, does not act to the detriment of the bondholders, and does not diminish the security for the bonds. After the transfer, until the bonds of the bridge authority are fully defeased or paid in full, the department shall operate and maintain the bridge system and any other facilities of the authority in accordance with the terms, conditions, and covenants contained in the bond resolutions and_lease-purchase agreement securing the bonds of the bridge authority. The Department of Transportation, as the agent of the regional tollway authority, shall collect toll revenues and apply them to the payment of debt service as provided in the bond resolution securing the bonds. The regional tollway authority shall expressly assume all obligations relating to the bonds to ensure that the transfer will have no adverse impact on the security for the bonds of the bridge authority. The transfer does not make the obligation to pay the principal and interest on the bonds a general liability of the regional tollway authority or pledge the regional tollway authority system revenues to payment of the bridge authority bonds. Revenues that_are generated by the bridge system and other facilities of the bridge authority and that were pledged by the bridge authority to the payment of the bonds remain subject to the pledge for the benefit of the bondholders. The transfer does not modify or eliminate any prior obligation of the Department of Transportation to pay certain costs of the bridge system from sources other than revenues of the bridge system. With regard to the bridge authority’s current long-term debt of $16.1 million due to the department as of June Page 86 of 87 words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2495| 30, 2011, and to the extent permitted by the bond resolutions 2496| and lease-purchase agreement securing the bonds, the regional 2497| tollway authority shall make payment annually to the State 2498| Transportation Trust Fund, for the purpose of repaying the 2499| bridge authority’s long-term debt due _to the department, from 2500] any bridge system revenues obtained under this section which 2501] remain after the payment of the costs of operations, 2502] maintenance, renewal, and replacement of the bridge system; the 2503] payment of current debt service; and other payments required in 2504} relation to the bonds. The regional tollway authority shall make 2505| the annual payments, not to exceed $1 million per year, to the 2506| State Transportation Trust Fund until all remaining authority 2507} long-term debt due to the department has been repaid. 2508 (3) Any remaining toll revenue from the facilities of the 2509] Mid-Bay Bridge Authority collected by the Okaloosa-Bay Regional 2510| Tollway