Bill Text: FL S1070 | 2020 | Regular Session | Comm Sub
Bill Title: Space Florida
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-03-11 - Laid on Table, refer to CS/HB 717 [S1070 Detail]
Download: Florida-2020-S1070-Comm_Sub.html
Florida Senate - 2020 CS for CS for SB 1070
By the Committees on Appropriations; and Military and Veterans
Affairs and Space; and Senators Wright and Albritton
576-04532-20 20201070c2
1 A bill to be entitled
2 An act relating to Space Florida; amending s. 331.302,
3 F.S.; clarifying that Space Florida is subject to a
4 specified provision of law; amending s. 331.303, F.S.;
5 revising the definition of the term “bonds”; amending
6 s. 331.305, F.S.; revising Space Florida’s
7 authorization to issue bonds; deleting a requirement
8 for Space Florida to notify the presiding officers of
9 the Legislature before presenting a bond proposal to
10 the Governor and Cabinet; amending s. 331.331, F.S.;
11 revising the revenue sources by which revenue bonds
12 may be secured or repaid; clarifying that such bonds
13 may not be secured by the full faith and credit of
14 Space Florida; amending s. 331.335, F.S.; deleting
15 assessments as an asset that may be pledged by Space
16 Florida; amending s. 331.340, F.S.; revising the term
17 “expanded” to “expended” to clarify the authority of
18 the governing body of Space Florida; reducing the term
19 of years for which Space Florida may issue bonds;
20 amending s. 331.346, F.S.; authorizing Space Florida
21 to validate certain bonds; repealing s. 331.334, F.S.,
22 relating to pledging assessments and other revenues
23 and properties as additional security on bonds;
24 repealing s. 331.336, F.S., relating to the issuance
25 of bond anticipation notes; repealing s. 331.337,
26 F.S., relating to short-term borrowing; providing an
27 effective date.
28
29 Be It Enacted by the Legislature of the State of Florida:
30
31 Section 1. Subsection (5) of section 331.302, Florida
32 Statutes, is amended to read:
33 331.302 Space Florida; creation; purpose.—
34 (5) Space Florida is subject to applicable provisions of
35 chapter 189, including, but not limited to, s. 189.051. To the
36 extent that any provisions of chapter 189 conflict with this
37 act, this act shall prevail.
38 Section 2. Subsection (3) of section 331.303, Florida
39 Statutes, is amended to read:
40 331.303 Definitions.—
41 (3) “Bonds” means revenue bonds, assessment bonds, or other
42 bonds or any other type of debt, including bank loans,
43 obligations issued by Space Florida for the purpose of raising
44 financing for its projects.
45 Section 3. Subsection (20) of section 331.305, Florida
46 Statutes, is amended to read:
47 331.305 Powers of Space Florida.—Space Florida may:
48 (20) Issue revenue bonds or any other type of debt,
49 including bank loans, assessment bonds, or any other bonds or
50 obligations authorized by the provisions of this act or any
51 other law, or any combination of the foregoing, and pay all or
52 part of the cost of the acquisition, construction,
53 reconstruction, extension, repair, improvement, or maintenance
54 of any project or combination of projects, including
55 environmental mitigation, payloads and space flight hardware,
56 and equipment for research, development, and educational
57 activities, to provide for any facility, service, or other
58 activity of Space Florida, and provide for the retirement or
59 refunding of any bonds or obligations of Space Florida, or for
60 any combination of the foregoing purposes. Space Florida must
61 provide 14 days’ notice to the presiding officers and
62 appropriations chairs of both houses of the Legislature prior to
63 presenting a bond proposal to the Governor and Cabinet. If
64 either presiding officer or appropriations chair objects to the
65 bonding proposal within the 14-day-notice period, the bond
66 issuance may be approved only by a vote of three-fourths of the
67 members of the Governor and Cabinet.
68 Section 4. Subsection (2) of section 331.331, Florida
69 Statutes, is amended to read:
70 331.331 Revenue bonds.—
71 (2) The issuance of revenue bonds may be secured by or
72 payable from the gross or net pledge of the revenues to be
73 derived from any project or combination of projects, from the
74 rates, fees, rentals, tolls, fares, assessments, or other
75 charges to be collected from the users of any project or
76 projects; from any revenue-producing undertaking or activity of
77 Space Florida; or from any source of pledged security other than
78 state appropriations. Such bonds may not be shall not constitute
79 an indebtedness of Space Florida unless such bonds are
80 additionally secured by the full faith and credit of Space
81 Florida. Bonds issued by Space Florida are not secured by the
82 full faith and credit of the State of Florida and do not
83 constitute an obligation, either general or special, thereof.
84 Section 5. Section 331.335, Florida Statutes, is amended to
85 read:
86 331.335 Lien of pledges.—All pledges of revenues and
87 assessments made pursuant to the provisions of this act shall be
88 valid and binding from the time when such pledges are made. All
89 such revenues and assessments so pledged and thereafter
90 collected shall immediately be subject to the lien of such
91 pledges without any physical delivery thereof or further action,
92 and the lien of such pledges shall be valid and binding as
93 against all parties having claims of any kind in tort, contract,
94 or otherwise against Space Florida, irrespective of whether such
95 parties have notice thereof.
96 Section 6. Section 331.340, Florida Statutes, is amended to
97 read:
98 331.340 Authorization and form of bonds.—Bonds may be
99 authorized by resolution or resolutions of the board which shall
100 be adopted by a majority of all of the members thereof then in
101 office and present at the meeting at which the resolution or
102 resolutions are adopted and shall be approved as provided in s.
103 331.305. The resolution or resolutions of the board may be
104 adopted at the same meeting at which they are introduced, and
105 shall be published and noticed. The board may by resolution
106 authorize the issuance of bonds, fix the aggregate amount of
107 bonds to be issued, the purpose or purposes for which the moneys
108 derived therefrom shall be expended expanded, the rate or rates
109 of interest, the denomination of the bonds, whether or not the
110 bonds are to be issued in one or more series, the date or dates
111 thereof, the date or dates of maturity, which shall not exceed
112 30 40 years from their respective dates of issuance, the medium
113 of payment, the place or places within or without the state
114 where payment shall be made, registration privileges, redemption
115 terms and privileges (whether with or without premium), the
116 manner of execution, the form of the bonds including any
117 interest coupons to be attached thereto, the manner of execution
118 of bonds and coupons, and any and all other terms, covenants,
119 and conditions thereof, and the establishment of reserve or
120 other funds. Such authorizing resolution may further provide
121 that such bonds may be executed manually or by engraved,
122 lithographed, or facsimile signature, provided that where
123 signatures are engraved, lithographed, or facsimile no bond
124 shall be valid unless countersigned by a registrar or other
125 officer designated by appropriate resolution of the board. The
126 seal of Space Florida may be affixed, lithographed, engraved, or
127 otherwise reproduced in facsimile on such bonds. In case any
128 officer whose signature or a facsimile of whose signature shall
129 appear on any bonds or coupons shall cease to be such officer
130 before the delivery of such bonds, such signature or facsimile
131 shall nevertheless be valid and sufficient for all purposes the
132 same as if the officer had remained in office until such
133 delivery.
134 Section 7. Section 331.346, Florida Statutes, is amended to
135 read:
136 331.346 Validity of bonds; validation proceedings.—Any
137 bonds issued by Space Florida shall be incontestable in the
138 hands of bona fide purchasers or holders for value and shall not
139 be invalid because of any irregularity or defect in the
140 proceedings for the issue and sale thereof. Before Prior to the
141 issuance of any bonds, Space Florida shall publish a notice at
142 least once in a newspaper or newspapers published or of general
143 circulation in the appropriate counties in the state, stating
144 the date of adoption of the resolution authorizing such
145 obligations, the amount, maximum rate of interest, and maturity
146 of such obligations, and the purpose in general terms for which
147 such obligations are to be issued, and further stating that no
148 action or proceeding questioning the validity of such
149 obligations or of the proceedings authorizing the issuance
150 thereof, or of any covenants made therein, must be instituted
151 within 20 days after the first publication of such notice, or
152 the validity of such obligations, proceedings, and covenants
153 shall not be thereafter questioned in any court whatsoever. If
154 no such action or proceeding is so instituted within such 20-day
155 period, then the validity of such obligations, proceedings, and
156 covenants shall be conclusive, and all persons or parties
157 whatsoever shall be forever barred from questioning the validity
158 of such obligations, proceedings, or covenants in any court
159 whatsoever. Alternatively, Space Florida may validate its bonds
160 pursuant to chapter 75.
161 Section 8. Section 331.334, Florida Statutes, is repealed.
162 Section 9. Section 331.336, Florida Statutes, is repealed.
163 Section 10. Section 331.337, Florida Statutes, is repealed.
164 Section 11. This act shall take effect July 1, 2020.
