Bill Text: FL S1436 | 2018 | Regular Session | Comm Sub
Bill Title: Garcon Point Bridge
Spectrum: Bipartisan Bill
Status: (Failed) 2018-03-10 - Died in Appropriations [S1436 Detail]
Download: Florida-2018-S1436-Comm_Sub.html
Florida Senate - 2018 CS for SB 1436
By the Committee on Transportation; and Senator Broxson
596-02450-18 20181436c1
1 A bill to be entitled
2 An act relating to the Garcon Point Bridge; creating
3 s. 338.168, F.S.; authorizing the Department of
4 Transportation to acquire the Garcon Point Bridge and
5 related assets and purchase or retire specified
6 outstanding bonds; authorizing the department to enter
7 into any agreements necessary to implement the
8 acquisition and purchase or the retirement of the
9 bonds; authorizing the department to specify the terms
10 and conditions of such agreements; requiring that the
11 bridge be owned by the department and become part of
12 the State Highway System upon acquisition, if acquired
13 under s. 338.168, F.S.; authorizing the issuance of
14 bonds to finance the department’s acquisition of the
15 bridge consistent with the department’s existing
16 bonding authority; requiring such bonds to be issued
17 in accordance with the state’s debt management
18 policies to the extent practicable; providing for the
19 termination of a certain lease purchase agreement upon
20 the department’s acquisition of the bridge; requiring
21 the department to determine the price for acquisition
22 of the bridge; authorizing the department to base the
23 price on specified considerations; requiring that the
24 acquisition price paid by the department first be used
25 to settle all claims of specified bondholders;
26 prohibiting the Santa Rosa Bay Bridge Authority, the
27 department, or the trustee for the bondholders from
28 imposing certain toll rate increases; prohibiting the
29 department and the state from incurring financial
30 obligations in excess of forecasted gross revenues
31 from the operation of the bridge; providing for the
32 calculation of the maximum total acquisition price
33 that may be paid by the department; providing that the
34 powers conferred are in addition and supplemental to
35 existing powers of the department; providing for
36 construction; repealing part IV of ch. 348, F.S.,
37 relating to the Santa Rosa Bay Bridge Authority, upon
38 the department’s acquisition of the bridge under s.
39 338.168, F.S.; amending s. 338.2275, F.S.; deeming
40 acquisition of the bridge to meet the definition of
41 economic feasibility under s. 338.221(8), F.S.;
42 authorizing the department to acquire the Garcon Point
43 Bridge and related assets and purchase or retire
44 specified outstanding bonds; authorizing the
45 department to enter into any agreements necessary to
46 implement the acquisition, including the purchase or
47 retirement of the bonds; authorizing the department to
48 specify the terms and conditions of such agreements;
49 requiring that the bridge become part of the turnpike
50 system upon acquisition if acquired under s. 338.2275,
51 F.S.; authorizing the issuance of revenue bonds to
52 finance the department’s acquisition of the bridge;
53 authorizing a portion of such bonds to be limited
54 financial obligations of the department payable only
55 to a certain extent; authorizing the department to
56 agree to continue maintaining the bridge in a
57 specified manner if such limited financial obligations
58 are issued; requiring the acquisition price paid by
59 the department to first be used to settle all claims
60 of specified bondholders; prohibiting the authority,
61 the department, or the trustee for the bondholders
62 from imposing certain toll rate increases; prohibiting
63 the department and the state from incurring financial
64 obligations in excess of forecasted gross revenues
65 from the operation of the bridge; providing for the
66 calculation of the maximum total acquisition price
67 that may be paid by the department; providing for the
68 termination of a certain lease purchase agreement upon
69 the department’s acquisition of the bridge; providing
70 that the powers conferred are in addition and
71 supplemental to existing powers of the department;
72 providing for construction; repealing part IV of ch.
73 348, F.S., relating to the Santa Rosa Bay Bridge
74 Authority, upon the department’s acquisition of the
75 bridge under s. 338.2275, F.S.; providing legislative
76 intent; authorizing the department to implement the
77 acquisition of the Garcon Point Bridge pursuant to the
78 grant of authority contained in either s. 338.168,
79 F.S. or s. 338.2275(4), F.S.; requiring the department
80 to give preference to implementation of the
81 acquisition in the manner which is in the best
82 interest of the public; providing an effective date.
83
84 Be It Enacted by the Legislature of the State of Florida:
85
86 Section 1. Section 338.168, Florida Statutes, is created to
87 read:
88 338.168 Garcon Point Bridge; acquisition by the department;
89 bonds; complete and additional authority.—
90 (1) The department may acquire the Garcon Point Bridge,
91 including related assets, and, as part of such acquisition, may
92 purchase or retire outstanding Santa Rosa Bay Bridge Authority
93 bonds. The department may enter into any agreements necessary to
94 implement the acquisition, including the purchase or retirement
95 of Santa Rosa Bay Bridge Authority bonds, and may specify the
96 terms and conditions of such agreements. Upon its acquisition by
97 the department, the Garcon Point Bridge shall be owned by the
98 department and become part of the State Highway System.
99 (2) The issuance of bonds to finance the department’s
100 acquisition of the Garcon Point Bridge, consistent with the
101 department’s existing bonding authority, is approved. To the
102 extent practicable, any such bonds must be issued in accordance
103 with the state’s debt management policies.
104 (3) Upon acquisition of the Garcon Point Bridge as
105 authorized in this section, the lease purchase agreement dated
106 October 23, 1996, between the Santa Rosa Bay Bridge Authority
107 and the department, as amended, is terminated.
108 (4) The price paid by the department for the acquisition
109 shall be determined by the department and may be based on, but
110 not be limited to, the following considerations:
111 (a) Current and expected toll revenues.
112 (b) Current debt owed by the Santa Rosa Bay Bridge
113 Authority to the department for operations and maintenance
114 expenses of the bridge, and such expected future expenses.
115 (c) The outstanding bonded indebtedness of the Santa Rosa
116 Bay Bridge Authority.
117 (d) The cost of determining the remaining useful life of
118 the bridge.
119 (e) Future bridge repair or replacement costs, including
120 labor, materials, machinery, and equipment.
121 (f) Any engineering and legal expenses and charges.
122 (g) The cost of issuance of any bonds and all other
123 expenses of issuance of bonds.
124 (h) Any financing charges.
125 (i) The creation of initial reserve and debt service funds.
126 (j) Administrative expenses.
127 (k) Such other expenses as may be necessary or incidental
128 to the acquisition authorized in this section or to future
129 bridge repair or replacement costs, or to the financing thereof.
130 (5) The acquisition price paid by the department must first
131 be used to settle all claims of the bondholders of Santa Rosa
132 Bay Bridge Authority Revenue Bonds, Series 1996.
133 (6) The authority, the department, or the trustee for the
134 bondholders may not impose a toll rate increase for use of the
135 Garcon Point Bridge in connection with the acquisition of the
136 bridge by the department. Following acquisition of the bridge by
137 the department, no increase in tolls for use of the bridge is
138 permitted except as required by law or as required to comply
139 with the covenants contained in any resolution under which bonds
140 have been issued.
141 (7) Neither the department nor the state shall incur any
142 financial obligation for the acquisition of the Garcon Point
143 Bridge in excess of forecasted gross revenues from the operation
144 of the bridge. Therefore, the total acquisition price paid by
145 the department may not exceed the present value of the gross
146 revenues, calculated without any increase in the toll rate,
147 which are anticipated to be collected from the operation of the
148 bridge between the date of any purchase agreement entered into
149 in accordance with this section and the end of the anticipated
150 remaining useful life of the bridge as it exists as of the date
151 of the purchase agreement.
152 (8) The powers conferred by this section shall be in
153 addition and supplemental to the existing powers of the
154 department, including s. 338.2275(4). This section shall not be
155 construed as repealing any of the provisions of any other law,
156 general, special, or local; or to supersede, repeal, rescind, or
157 modify any other law or laws relating to the department, the
158 State Board of Administration, or the Florida Turnpike
159 Enterprise Law, ss. 338.22-338.241; but shall supersede such
160 other law or laws as are inconsistent with the provisions of
161 this section.
162 Section 2. Upon acquisition of the Garcon Point Bridge by
163 the department as authorized by s. 338.168, part IV of chapter
164 348, Florida Statutes, consisting of ss. 348.965-348.9781,
165 Florida Statutes, is repealed.
166 Section 3. Subsection (4) is added to section 338.2275,
167 Florida Statutes, to read:
168 338.2275 Approved turnpike projects.—
169 (4)(a) As directed by the Legislature, the department has
170 conducted a feasibility study relating to the acquisition of the
171 Garcon Point Bridge which the Legislature deems to satisfy the
172 definition of economic feasibility in s. 338.221(8).
173 Accordingly, the department may acquire the Garcon Point Bridge,
174 including related assets, and, as part of such acquisition, may
175 purchase or retire outstanding Santa Rosa Bay Bridge Authority
176 bonds. The department may enter into any agreements necessary to
177 implement the acquisition, including the purchase or retirement
178 of Santa Rosa Bay Bridge Authority bonds, and to specify the
179 terms and conditions of such agreements. Upon its acquisition by
180 the department, the Garcon Point Bridge shall become a part of
181 the turnpike system. Pursuant to s. 11(f), Art. VII of the State
182 Constitution, the issuance of revenue bonds to finance the
183 department’s acquisition of the Garcon Point Bridge is approved.
184 A portion of such revenue bonds may be limited financial
185 obligations of the department payable only to the extent that
186 the gross revenues from the operation of the bridge following
187 acquisition by the department exceed the debt service on the
188 other revenue bonds issued to finance the acquisition of the
189 bridge. If limited obligations are issued, the department may
190 agree to continue maintaining the bridge in a manner consistent
191 with its covenants in the lease purchase agreement.
192 (b) The acquisition price paid by the department must first
193 be used to settle all claims of bondholders of Santa Rosa Bay
194 Bridge Authority Revenue Bonds, Series 1996.
195 (c) The authority, the department, or the trustee for
196 bondholders may not impose a toll rate increase for use of the
197 Garcon Point Bridge in connection with the acquisition of the
198 bridge by the department. Following acquisition of the bridge by
199 the department, no increase in tolls for use of the bridge is
200 permitted except as required by law or as required to comply
201 with the covenants contained in any resolution under which bonds
202 have been issued.
203 (d) Neither the department nor the state shall incur any
204 financial obligation for the acquisition of the Garcon Point
205 Bridge in excess of forecasted gross revenues from the operation
206 of the bridge. Therefore, the total acquisition price paid by
207 the department may not exceed the present value of the gross
208 revenues, calculated without any increase in the toll rate,
209 which are anticipated to be collected from the operation of the
210 bridge between the date of any purchase agreement entered into
211 in accordance with this section and the end of the anticipated
212 remaining useful life of the bridge as it exists as of the date
213 of the purchase agreement.
214 (e) Upon acquisition of the Garcon Point Bridge as
215 authorized by this subsection, the lease purchase agreement
216 dated October 23, 1996, between the authority and the
217 department, as amended, is terminated.
218 (f) The powers conferred by this subsection shall be in
219 addition and supplemental to the existing powers of the
220 department, including s. 338.168. This section shall not be
221 construed as repealing any of the provisions of any other law,
222 general, special, or local; or to supersede, repeal, rescind, or
223 modify any other law or laws relating to the department, the
224 State Board of Administration, or the Florida Turnpike
225 Enterprise Law, ss. 338.22-338.241; but shall supersede such
226 other law or laws as are inconsistent with the provisions of
227 this section.
228 Section 4. Upon acquisition of the Garcon Point Bridge by
229 the department as authorized by s. 338.2275(4), Florida
230 Statutes, part IV of chapter 348, Florida Statutes, consisting
231 of ss. 348.965-348.9781, Florida Statutes, is repealed.
232 Section 5. It is the intent of the Legislature in passing
233 this act that the department exercises its transportation
234 responsibilities and expertise in selecting implementation of
235 the acquisition of the Garcon Point Bridge through the authority
236 granted in s. 338.168, Florida Statutes, or in s. 338.2275(4),
237 Florida Statutes, created by this act. Accordingly, the
238 department may implement the acquisition of the Garcon Point
239 Bridge pursuant to the grant of authority contained in either s.
240 338.168, Florida Statutes, or s. 338.2275(4), Florida Statutes,
241 giving preference to implementation in the manner which is in
242 the best interest of the public.
243 Section 6. This act shall take effect upon becoming a law.
