1997 Florida Code
TITLE XXVI PUBLIC TRANSPORTATION
Chapter 344 County Road And Bridge Indebtedness  
344.29   Anticipated surplus gasoline tax; issuance of certificates of indebtedness authorized.

344.29  Anticipated surplus gasoline tax; issuance of certificates of indebtedness authorized.--

(1)  BY COUNTY.--

(a)  Any county, by resolution of its board of county commissioners, and upon certification by the State Board of Administration of adequate anticipated revenue from 20-percent surplus gasoline tax to accrue to such county under the provisions of s. 9, Art. XII of the State Constitution, may issue and sell interest-bearing certificates of indebtedness to be paid from said 20-percent surplus gasoline tax for the sole purpose of acquiring right-of-way or constructing state or county roads within such county, or for refunding any such certificates theretofore issued. Such certificates shall mature within 30 years from date of issue but not later than the year 1992, shall bear interest at not more than 7.5 percent, and shall be construed not as a general county obligation but merely as an obligation of the board of county commissioners in its representative capacity and secured only by the specified 20-percent surplus gasoline tax revenue. When approved as to fiscal sufficiency by the State Board of Administration and as to legal adequacy by the Department of Legal Affairs, such certificates shall have all the qualities of negotiable instruments under the statutes of this state and the law merchant, shall be acceptable as collateral to secure state or county fund deposits, and be eligible as investments for such funds, sinking funds and public trust funds.

(b)  The proceeds of such certificates shall constitute a trust fund to be used solely for the purpose or purposes described therein but may, at the discretion of the board of county commissioners of such county, be transferred to and used by the Department of Transportation in carrying out such purpose or purposes. Any balance of such proceeds remaining after fulfillment of the purpose for which the certificates were issued shall be deposited in the sinking fund established for their payment.

(2)  BY DEPARTMENT OF TRANSPORTATION.--

(a)  The Department of Transportation upon certification by the State Board of Administration of adequate anticipated 80-percent surplus gasoline tax revenue to accrue to the department for use in any county in the state under provisions of s. 9, Art. XII of the State Constitution, may issue and sell interest-bearing certificates of indebtedness payable from said 80-percent surplus gasoline tax, for the purpose of financing the acquisition of right-of-way or for the construction or reconstruction of roads and bridges on the state road system in the county where such 80-percent surplus gasoline tax accrues, or for the purpose of refunding certificates theretofore issued, but only upon resolution of the board of county commissioners of said county. Such certificates shall mature within 30 years from the date of issue, but not later than the year 1992, shall bear interest at not more than 7.5 percent, and shall not be construed as an obligation of the state or of any political subdivision thereof, but merely as an obligation of the department in its representative capacity, and payable solely from the specified 80-percent surplus gasoline tax. When approved as to fiscal sufficiency by the State Board of Administration and as to legal adequacy by the Department of Legal Affairs, the certificates shall have all the qualities of negotiable instruments under the laws of the state or of the law merchant, shall be acceptable as collateral to secure deposits of state and county funds, and shall be eligible as investments for any state, county, municipal or other public trust funds.

(b)  The department shall adopt policies and procedures and enter into such covenants with the certificateholders regarding the terms and conditions of such certificates covering the issuance, sale, exchange, refunding, redemption features, execution and so forth, as are in accord with sound fiscal principles and as are not inconsistent with the provisions of this section; provided, however, that the sale thereof to the general public shall be made only on the basis of duly advertised public competitive bidding, but that such certificates may be sold by negotiation to any federal, state or county agency having public funds at its disposal for investment. Said certificates shall constitute an irrevocable agreement between the department and the holders of such certificates.

(c)  The State Board of Administration is hereby authorized, upon request by resolution of the Department of Transportation, to act as its agent in the issuance, sale, management, payment and refunding of such certificates of indebtedness.

(d)  The proceeds of such certificates of indebtedness shall constitute a trust fund to be kept separate from other funds of the department and shall be used only for the purpose or purposes described in the face of such certificate. Any balance of such trust fund remaining after the purposes described in the certificate have been carried out shall be deposited in the sinking fund set up to retire such certificates.

(3)  This section shall be considered as alternate and cumulative to any other law regarding the use of surplus gasoline tax funds accruing under the provisions of s. 9, Art. XII of the State Constitution.

History.--ss. 1, 2, ch. 59-225; s. 1, ch. 63-473; ss. 11, 23, 35, ch. 69-106; s. 18, ch. 69-216; s. 27, ch. 73-302.