(1) The issuance of revenue bonds by the Division of Bond Finance, on behalf of the Department of Transportation, pursuant to s. 11, Art. VII of the State Constitution, is authorized, pursuant to the State Bond Act, to finance or refinance fixed capital expenditures for fixed-guideway transportation systems, as defined in s. 341.031, including facilities appurtenant thereto, costs of issuance, and other amounts relating to such financing or refinancing. The Division of Bond Finance is authorized to consider innovative financing techniques that may include, but are not limited to, innovative bidding and structures of potential financings that may result in negotiated transactions. The following conditions apply to the issuance of revenue bonds for fixed-guideway transportation systems:
1(a) The department and any participating commuter rail authority or regional transportation authority established under chapter 343, local governments, or local governments collectively by interlocal agreement having jurisdiction of a fixed-guideway transportation system may enter into an interlocal agreement to promote the efficient and cost-effective financing or refinancing of fixed-guideway transportation system projects by revenue bonds issued pursuant to this subsection. The terms of such interlocal agreements shall include provisions for the Department of Transportation to request the issuance of the bonds on behalf of the parties; shall provide that after reimbursement pursuant to interlocal agreement, the department’s share may be up to 50 percent of the eligible project cost, which may include a share of annual debt service requirements of such bonds; and shall include any other terms, provisions, or covenants necessary to the making of and full performance under such interlocal agreement. Repayments made to the department under any interlocal agreement are not pledged to the repayment of bonds issued hereunder, and failure of the local governmental authority to make such payment shall not affect the obligation of the department to pay debt service on the bonds.
(b) Revenue bonds issued pursuant to this subsection shall not constitute a general obligation of, or a pledge of the full faith and credit of, the State of Florida. Bonds issued pursuant to this section shall be payable from funds available pursuant to s. 206.46(3), or other funds available to the project, subject to annual appropriation. The amount of revenues available for debt service shall never exceed a maximum of 2 percent of all state revenues deposited into the State Transportation Trust Fund.
(c) The projects to be financed or refinanced with the proceeds of the revenue bonds issued hereunder are designated as state fixed capital outlay projects for purposes of s. 11(d), Art. VII of the State Constitution, and the specific projects to be financed or refinanced shall be determined by the Department of Transportation in accordance with state law and appropriations from the State Transportation Trust Fund. Each project to be financed with the proceeds of the bonds issued pursuant to this subsection must first be approved by the Legislature by an act of general law.
(d) Any complaint for validation of bonds issued pursuant to this section shall be filed in the circuit court of the county where the seat of state government is situated, the notice required to be published by s. 75.06 shall be published only in the county where the complaint is filed, and the complaint and order of the circuit court shall be served only on the state attorney of the circuit in which the action is pending.
(e) The state does hereby covenant with holders of such revenue bonds or other instruments of indebtedness issued hereunder that it will not repeal or impair or amend these provisions in any manner that will materially and adversely affect the rights of such holders as long as bonds authorized by this subsection are outstanding.
(f) This subsection supersedes any inconsistent provisions in existing law.
Notwithstanding this subsection, the lien of revenue bonds issued pursuant to this subsection on moneys deposited into the State Transportation Trust Fund shall be subordinate to the lien on such moneys of bonds issued under ss. 215.605, 320.20, and 215.616, and any pledge of such moneys to pay operating and maintenance expenses under s. 206.46(5) and chapter 348, as may be amended.
(2) To be eligible for participation, fixed-guideway transportation system projects must be found to be consistent, to the maximum extent feasible, with approved local government comprehensive plans of the local governments in which such projects are located and must be included in the work program of the Department of Transportation pursuant to the provisions under s. 339.135. The department shall certify that the expected useful life of the transportation improvements will equal or exceed the maturity date of the debt to be issued.
History.—s. 4, ch. 99-385; s. 5, ch. 2000-152; s. 61, ch. 2002-20; s. 1, ch. 2007-66; s. 15, ch. 2007-196.
1Note.—As amended by s. 15, ch. 2007-196. For a description of multiple acts in the same session affecting a statutory provision, see preface to the Florida Statutes, “Statutory Construction.” Paragraph (1)(a) was also amended by s. 1, ch. 2007-66, and that version reads:
(a) The department and any participating commuter rail authority or regional transportation authority established under chapter 343, local governments, or local governments collectively by interlocal agreement having jurisdiction of a fixed-guideway transportation system may enter into an interlocal agreement to promote the efficient and cost-effective financing or refinancing of fixed-guideway transportation system projects by revenue bonds issued pursuant to this subsection. The terms of such interlocal agreements shall include provisions for the Department of Transportation to request the issuance of the bonds on behalf of the parties; shall provide that the department’s share may be up to 50 percent of the eligible project cost, which may include a share of the annual debt service requirements of such bonds; and shall include any other terms, provisions, or covenants necessary to the making of and full performance under such interlocal agreement. Repayments made to the department under any interlocal agreement are not pledged to the repayment of bonds issued hereunder, and failure of the local governmental authority to make such payment shall not affect the obligation of the department to pay debt service on the bonds.
Structure Florida Statutes
Title XIV - Taxation and Finance
Chapter 215 - Financial Matters: General Provisions
215.02 - Manner of Paying Money Into the Treasury.
215.03 - Party to Be Reimbursed on Reversal of Judgment for State.
215.04 - Department of Financial Services to Report Delinquents.
215.05 - Department of Financial Services to Certify Accounts of Delinquents.
215.06 - Certified Accounts of Delinquents as Evidence.
215.07 - Preference of State in Case of Insolvency.
215.08 - Delinquent Collectors to Be Reported to State Attorney.
215.09 - Delinquent Collectors; Forfeiture of Commissions.
215.10 - Delinquent Collectors; Suspension.
215.11 - Defaulting Officers; Department of Financial Services to Report to Clerk.
215.12 - Defaulting Officers; Duty of Clerk.
215.15 - School Appropriations to Have Priority.
215.179 - Solicitation of Payment.
215.18 - Transfers Between Funds; Limitation.
215.195 - Agency Deposits Relating to the Statewide Cost Allocation Plan.
215.196 - Architects Incidental Trust Fund; Creation; Assessment.
215.197 - Federal Grants Trust Fund.
215.198 - Operating Trust Fund.
215.199 - Audit and Warrant Clearing Trust Fund.
215.20 - Certain Income and Certain Trust Funds to Contribute to the General Revenue Fund.
215.211 - Service Charge; Elimination or Reduction for Specified Proceeds.
215.22 - Certain Income and Certain Trust Funds Exempt.
215.23 - When Contributions to Be Made.
215.24 - Exemptions Where Federal Contributions or Private Grants.
215.245 - Contracts With Federal Government; Indemnification Authorized in Certain Circumstances.
215.25 - Manner of Contributions; Rules and Regulations.
215.26 - Repayment of Funds Paid Into State Treasury Through Error.
215.31 - State Funds; Deposit in State Treasury.
215.311 - State Funds; Exceptions.
215.32 - State Funds; Segregation.
215.3206 - Trust Funds; Termination or Re-Creation.
215.3207 - Trust Funds; Establishment; Criteria.
215.3208 - Trust Funds; Legislative Review.
215.321 - Regulatory Trust Fund.
215.34 - State Funds; Noncollectible Items; Procedure.
215.35 - State Funds; Warrants and Their Issuance.
215.36 - State Funds; Laws Not Repealed.
215.405 - State Agencies and the Judicial Branch Authorized to Collect Costs of Fingerprinting.
215.42 - Purchases From Appropriations, Proof of Delivery.
215.425 - Extra Compensation Claims Prohibited; Bonuses; Severance Pay.
215.43 - Public Bonds, Notes, and Other Securities.
215.431 - Issuance of Bond Anticipation Notes.
215.44 - Board of Administration; Powers and Duties in Relation to Investment of Trust Funds.
215.4401 - Board of Administration; Public Record Exemptions.
215.441 - Board of Administration; Appointment of Executive Director.
215.442 - Executive Director; Reporting Requirements; Public Meeting.
215.444 - Investment Advisory Council.
215.45 - Sale and Exchange of Securities.
215.47 - Investments; Authorized Securities; Loan of Securities.
215.4701 - Trademarks, Copyrights, or Patents.
215.4702 - Investments in Publicly Traded Companies Operating in Northern Ireland.
215.471 - Divestiture by the State Board of Administration; Reporting Requirements.
215.472 - Prohibited Investments.
215.473 - Divestiture by the State Board of Administration; Sudan; Iran.
215.474 - Analyses of Technology and Growth Investments.
215.475 - Investment Policy Statement.
215.4755 - Certification and Disclosure Requirements for Investment Advisers and Managers.
215.48 - Consent and Ratification of Appropriate Board, Agency, or of the Judicial Branch.
215.49 - Making Funds Available for Investment.
215.50 - Custody of Securities Purchased; Income.
215.51 - Investment Accounts; Changes, Notice, Etc.
215.515 - Investment Accounts; Charges for Services.
215.52 - Rules and Regulations.
215.53 - Powers of Existing Officers and Boards, the Judicial Branch, and Agencies Not Affected.
215.55 - Federal Use of State Lands Trust Fund; County Distribution.
215.551 - Federal Use of State Lands Trust Fund; County Distribution; Requests by Counties.
215.555 - Florida Hurricane Catastrophe Fund.
215.5551 - Reinsurance to Assist Policyholders Program.
215.557 - Reports of Insured Values.
215.5586 - My Safe Florida Home Program.
215.5588 - Florida Disaster Recovery Program.
215.559 - Hurricane Loss Mitigation Program.
215.5595 - Insurance Capital Build-Up Incentive Program.
215.55952 - Annual Report on Economic Impact of a 1-in-100-Year Hurricane.
215.56005 - Tobacco Settlement Financing Corporation.
215.5601 - Lawton Chiles Endowment Fund.
215.5602 - James and Esther King Biomedical Research Program.
215.56021 - Exemptions From Public Records and Public Meetings Requirements; Peer Review Panels.
215.58 - Definitions Relating to State Bond Act.
215.59 - State Bonds, Revenue Bonds; Issuance.
215.60 - State Bonds for Financing Road Acquisition and Construction.
215.605 - State Bonds for Right-of-Way Acquisition or Bridge Construction.
215.61 - State System of Public Education Capital Outlay Bonds.
215.615 - Fixed-Guideway Transportation Systems Funding.
215.616 - State Bonds for Federal Aid Highway Construction.
215.617 - Bonds for State-Funded Infrastructure Bank.
215.619 - Bonds for Everglades Restoration.
215.62 - Division of Bond Finance.
215.64 - Powers of the Division.
215.65 - Bond Fee Trust Fund, Expenditures; Schedule of Fees.
215.655 - Arbitrage Compliance Program, Expenditures; Schedule of Fees.
215.66 - Request for Issuance of Bonds; Procedure Requirements.
215.67 - Issuance of State Bonds.
215.68 - Issuance of Bonds; Form; Maturity Date, Execution, Sale.
215.69 - State Board of Administration to Administer Funds.
215.70 - State Board of Administration to Act in Case of Defaults.
215.71 - Application of Bond Proceeds.
215.72 - Covenants With Bondholders.
215.73 - Approval of Bond Issue by State Board of Administration.
215.75 - Bonds Securities for Public Bodies.
215.76 - Exemption of Bonds From Taxation.
215.82 - Validation; When Required.
215.821 - Issuance of Bonds by State Agencies.
215.83 - Construction of State Bond Act.
215.835 - Rulemaking Authority.
215.84 - Government Bonds; Maximum Rate of Interest.
215.845 - Certain Special Laws Establishing Interest Rates on Bonds Prohibited.
215.85 - Direct Deposit of Public Funds.
215.86 - Management Systems and Controls.
215.91 - Florida Financial Management Information System; Board; Council.
215.92 - Definitions Relating to Florida Financial Management Information System Act.
215.93 - Florida Financial Management Information System.
215.94 - Designation, Duties, and Responsibilities of Functional Owners.
215.95 - Financial Management Information Board.
215.96 - Coordinating Council and Design and Coordination Staff.
215.962 - Standards for State Agency Use of Card-Based Technology.
215.965 - Disbursement of State Moneys.
215.966 - Refinancing of Bonds.
215.97 - Florida Single Audit Act.
215.971 - Agreements Funded With Federal or State Assistance.
215.98 - State Debt Fiscal Responsibility.
215.981 - Audits of State Agency Direct-Support Organizations and Citizen Support Organizations.