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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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An act relating to Sebring Airport Authority, 2
Highlands County; amending ch. 2005 -300, Laws of 3
Florida, as amended; revising powers of the authority; 4
authorizing the authority to issue bonds secured by 5
and payable from any legally available source, to 6
issue bonds on an unsecured basis, to pledge all 7
legally available funds for the repayment of debt, and 8
to enter into public -private partnerships to 9
effectuate the purposes of the act; revising the 10
bidding threshold to the statutory Category Two level; 11
providing that all debt obligations issued by the 12
authority are tax exempt to the extent allowed by 13
general law; providing an effective date. 14
15
Be It Enacted by the Legislature of the State of Florida: 16
17
Section 1. Subsection (7) of section 6, subsection (1) of 18
section 8, subsections (1), (2), and (3) of section 10, and 19
sections 14, 18, and 21 of section 3 of chapter 2005 -300, Laws 20
of Florida, as amended by chapter 2011-265, Laws of Florida, are 21
amended, subsections (16) and (17) are added to section 6 of 22
section 3, and section 23 is added to section 3 of that chapter, 23
to read: 24
Section 6. The Sebring Airport Authority is hereby 25
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authorized and empowere d: 26
(7) To issue refunding bonds of the authority as 27
hereinafter provided . The term "bond" includes bonds as defined 28
in sections 159.823 and 215.84(2)(b), Florida Statutes, 29
including bond anticipation notes, promissory notes, and any 30
other debt obligation . Any bond may be secured by and payable 31
from any sources provided for in this act and may also be issued 32
on an unsecured basis or as a general obligation of the 33
authority. 34
(16) To coordinate, work with, and, as the board deems 35
appropriate, enter into pu blic-private partnerships and 36
agreements as may be necessary or useful to effectuate the 37
purposes of this act. 38
(17) To perform such acts and exercise such authorities, 39
functions, and powers as shall be necessary, convenient, 40
incidental, proper, or reason able for the implementation of the 41
purposes set forth in this act, including those necessary and 42
incidental thereto. 43
44
The enumeration of the powers herein shall not be deemed 45
exclusive or restrictive but shall be deemed to incorporate all 46
powers express or implied necessary or incident to carrying out 47
such enumerated powers, including also the powers provided by 48
this act to the authority to implement its purposes. 49
Section 8. (1) No contract for the construction, repair, 50
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or alteration of any facility or part of the same, or the 51
purchase of equipment , services, or supplies involving an 52
expenditure of an amount in excess of the amount provided in 53
section 287.017(2), Florida Statutes, as amended from time to 54
time, for the CATEGORY TWO purchasing category more than 55
$10,000, shall be awarded by the authority unless the authority 56
advertises for sealed bids at least once a week for 2 57
consecutive weeks and such contract is awarded to the lowest 58
responsible bidder. However, the authority may reject all bids. 59
Section 10. (1) The authority is hereby authorized to 60
issue, at one time or from time to time, bonds or revenue 61
certificates of the authority for the purpose of paying the cost 62
of acquiring, constructing, reconstructing, improving, 63
extending, enlarging, or equipping any of its facilities to fund 64
its operations or any expenses of the authority . The bonds of 65
each issue shall be dated, shall mature at such time or times 66
not exceeding 40 years from their date or dates, and shall bear 67
interest at such rate or ra tes as may be determined by the 68
authority, not exceeding the maximum rate of interest on bonds 69
allowed by the state, and may be made redeemable before 70
maturity, at the option of the authority, at such price or 71
prices and under such terms and conditions as may be fixed by 72
the authority prior to the issuance of the bonds. The authority 73
shall determine the form and the manner of execution of the 74
bonds, including any interest to be attached thereto, and shall 75
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fix the denomination or denominations of the bonds a nd the place 76
or places of payment of principal and interest, which may be at 77
any bank or trust company within or without the state. In case 78
any officer whose signature or a facsimile of whose signature 79
shall appear on any bonds or coupons shall cease to be such 80
officer before the delivery of such bonds, such signature or 81
such facsimile shall nevertheless be valid and sufficient for 82
all purposes, the same as if he or she had remained in office 83
until such delivery. Notwithstanding any of the other provisions 84
of this act or any recitals in any bonds issued under the 85
provisions of this act, all such bonds shall be deemed to be 86
negotiable instruments under the laws of this state. The bonds 87
may be issued in coupon or registered form, or both, as the 88
authority may determine, and provisions may be made for the 89
registration of any coupon bonds as to principal alone and also 90
as to both principal and interest, and for the reconversion into 91
coupon bonds of any bonds registered as to both principal and 92
interest. The authority may sell such bonds in such manner, 93
either at public or private sale, and for such price as it may 94
determine to be for the best interests of the authority, but no 95
such sale shall be made at a price so low as to require the 96
payment of interest on the m oney received therefor at more than 97
the maximum rate of interest on bonds allowed by the state , 98
computed with relation to the absolute maturity or maturities of 99
the bonds in accordance with standard tables of bond values, 100
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excluding, however, from such comp utation the amount of any 101
premium to be paid on redemption of any bonds at more than the 102
maximum rate of interest on bonds allowed by the state, computed 103
with relation to the absolute maturity or maturities of the 104
bonds in accordance with standard tables o f bond values, 105
excluding, however, from such computation the amount of any 106
premium to be paid on redemption of any bonds prior to maturity . 107
(2) The proceeds of the bonds of each issue shall be used 108
solely for the purpose for which such bonds shall have b een 109
authorized and shall be disbursed in such manner and under such 110
restrictions, if any, as the authority may provide in the 111
resolution authorizing the issuance of such bonds or in the 112
trust agreement hereinafter mentioned securing the same. Unless 113
otherwise provided in the authorizing resolution or in the trust 114
agreement securing such bonds, if the proceeds of such bonds, by 115
error of estimates or otherwise, shall be less than such costs, 116
additional bonds may in like manner be issued to provide the 117
amount of such deficit and shall be deemed to be of the same 118
issue and shall be entitled to payment from the same fund 119
without preference or priority of the bonds first issued for the 120
same purpose. 121
(3) The resolution providing for the issuance of bonds, 122
and any trust agreement securing such bonds, may also contain 123
such limitations upon the issuance of additional bonds as the 124
authority may deem proper, and such additional bonds shall be 125
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issued under such restrictions and limitations as may be 126
prescribed by such resolution or trust agreement. Such 127
authorizing resolution or resolutions for bonds or revenue 128
certificates may further provide for the contracts authorized by 129
section 159.825(1)(f) -(g), Florida Statutes, regardless of the 130
tax treatment of such bonds or revenue certificates being 131
authorized, subject to the finding by the board of a net saving 132
to the authority resulting by reason thereof. 133
Section 14. The authority is hereby authorized to issue 134
from time to time refunding bonds for the purpose of re funding 135
any bonds of the authority then outstanding, including the 136
payment of any redemption premium thereon and any interest 137
accrued or to accrue to the date of redemption of such bonds. 138
The authority is further authorized to issue from time to time 139
bonds of the authority for the combined purpose of refunding any 140
bonds of the authority then outstanding, including the payment 141
of any redemption premium thereon and any interest accrued or to 142
accrue to the date of redemption of such bonds, and paying all 143
or any part of the cost of acquiring or constructing any 144
additional facilities or of any improvements or to fund the 145
operations of the authority or to pay any expenses of the 146
authority. The issuance of such bonds, the maturities and other 147
details thereof, the r ights and remedies of the holders thereof, 148
and the rights, powers, privileges, duties, and obligations of 149
the authority with respect to the same, shall be governed by the 150
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foregoing provisions of this act insofar as the same may be 151
applicable. 152
Section 18. The Sebring Airport Authority shall hold 153
regular meetings at least once every quarter month and at such 154
other times as the authority shall determine to be reasonably 155
necessary from time to time. 156
Section 21. The Sebring Airport Authority is authorize d 157
from time to time to issue revenue certificates of the authority 158
to fund its operations, acquisitions, construction, or 159
reconstruction, or the improving, enlarging, or equipping of its 160
functions and facilities, under this act. Revenue certificates 161
shall pay no more than the maximum interest payable upon bonds 162
issued by the state. The interest rate paid may vary provided 163
that it does not exceed the maximum rate permitted under 164
applicable Florida law paid by the state. Revenue certificates 165
may pledge legally available funds only the revenues generated 166
by one or more of the authority's facilities or improvements and 167
shall not be an obligation of the state or the City of Sebring. 168
Section 23. To the extent allowed by general law, all 169
bonds and other debt obligations issued hereunder and the 170
interest paid thereon and all fees, charges, and other revenue 171
derived by the authority from projects provided by this act are 172
exempt from all taxes imposed by the state or by any political 173
subdivision, agency, or instrumentality thereof; however, any 174
interest, income, or profits on debt obligations issued 175
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hereunder are not exempt from the tax imposed by chapter 220, 176
Florida Statutes. 177
Section 2. This act shall take effect upon becoming a law. 178