Florida Road Bonds, Amendment 4 (1965)
|Florida Amendment 4 (1965)|
Unofficial election results via: Ocala Star-Banner (November 3, 1965)
Text of measure
The language that appeared on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
Road Bonds—Proposing an amendment to Article IX of the State Constitution by adding a section to be numbered by the Secretary of State authorizing the issuance of bonds not to exceed $300,000,000, without legislative approval, for the construction and reconstruction of primary roads into four or more lane highways and to pay fifty per cent of the right of way costs thereof; pledging certain tax funds; providing powers and duties of the State Board of Administration, the Florida Development Commission and the State Road Department.
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Section __. (a) That beginning January 1, 1966, and for twenty years thereafter, one and one-half (1 ½) cents or three-eighths (3/8) of the gross proceeds of the four (4) cents per gallon of the total tax levied by state law upon gasoline and other like products of petroleum, now known as the first gas tax, and upon other fuels used to propel motor vehicles (hereinafter called Pledged Revenue), shall, as collected, be distributed monthly by the state Comptroller to the state board of administration (hereinafter called the board) to be deposited in a trust fund to be known as the "state roads bond fund." Such fund shall be administered by the board, as hereinafter provided, and used only as provided in this amendment.
For the purpose of this amendment the board shall continue as a body corporate during the life of this amendment and shall have all the powers provided in this amendment in addition to all other constitutional and statutory powers related to the purposes of this amendment heretofore or hereafter conferred by law upon said board.
(b) The board, through the Florida development commission, or any successor agency thereto, shall have the power to issue bonds or certificates, including refunding bonds or certificates to fund or refund any bonds or certificates theretofore issued, subject to approval of the board and the bond review board as provided in Section 215.56, Florida Statutes, as to legal and fiscal sufficiency, for the purpose of obtaining funds for use by the state road department (hereinafter called the department) to construct or reconstruct portions of the primary road system of the state into four or more lane highways, and for the purchase of rights of way therefor, provided that proceeds of the bonds or certificates issued hereunder shall be used to pay fifty per centum (50%) of the costs of the rights of way for any such road.
The average net interest cost on any issue of such bonds or certificates shall not exceed four and one-half per centum (4 ½%) per annum. Such bonds or certificates shall mature at such time or times as the board shall determine, not exceeding in any event, however, twenty years from January 1, 1966. The board shall have power to determine all other details of such bonds or certificates, and to sell such bonds or certificates at public sale, after public advertisement thereof. None of said bonds or certificates shall be sold at less than the par value thereof, plus accrued interest, and said bonds or certificates shall be awarded at public sale thereof to the bidder offering the lowest net interest cost for such bonds or certificates in the manner to be determined by the board.
The board, with the consent of the department, shall have the power to pledge for the payment of the principal and interest on said bonds or certificates and reserves therefor, including refunding bonds or certificates, all or any part of the monies to be placed in the state roads bond fund, provided for in this amendment, and to enter into any other covenants or agreements with the holders of such bonds or certificates concerning the security thereof, and the rights of the holders thereof, all of which covenants and agreements shall constitute legally binding and irrevocable contracts with such holders and shall be fully enforceable by such holders in any court of competent jurisdiction.
No such bonds or certificates shall be issued by the board having annual maturity requirements in an amount exceeding seventy-five per centum (75%) of the amount which it determines can be serviced by the Pledged Revenue accruing for such use under the provisions of this amendment, based upon the average annual amount of said Pledged Revenue collected during the twenty-four (24) months immediately preceding the date of the bonds or certificates, or the amount of said Pledged Revenue collected during the twelve (12) months immediately preceding the date of said bonds or certificates, whichever is the lesser, as shown in a certificate filed by the state Comptroller with the board prior to the issuance of such bonds or certificates. No bonds shall be issued hereunder in an amount exceeding three hundred million dollars ($300,000,000), except by specific approval of two-thirds of both houses of the legislature. No election or approval of qualified electors or freehold electors shall be required for the issuance of bonds or certificates hereunder.
Any proceedings to validate bonds or certificates to be issued hereunder shall be brought in the circuit court in and for Leon County, pursuant to Chapter 75, Florida Statutes; except that any notice, rule nisi or other order relating to the issuance, validation or sale of the bonds or certificates need be published only in Leon County.
After the initial issuance of any bonds or certificates pursuant to this amendment, the board may issue additional bonds or certificates which will rank equally and on a parity, as to lien on and source of security for payment from said pledged revenue, with any bonds or certificates theretofore issued pursuant to this amendment.
No bonds, certificates, or other obligations whatsoever shall at any time be issued under the provisions of this amendment, except such bonds or certificates initially issued hereunder, or such additional parity bonds or certificates as provided in this amendment.
(c) Proceeds of any bonds or certificates issued pursuant to this amendment, after deducting therefrom the costs of the board for the issuance, validation and sale thereof, any premium and accrued interest thereon, and the deposit into any reserve or sinking funds provided for in the proceedings authorizing the issuance of said bonds, shall be transmitted to the department for the purpose of constructing or reconstructing those portions of the following roads which are not already four-laned (except for item 34 and a portion of item 12 where two lanes will be added to existing four lanes), into four or more lane highways, and to pay fifty per cent (50%) of the right of way costs thereof:
1. S.R. 85 from Ft. Walton Beach to Crestview;
2. U.S. 231 from Panama City, through Cottondale and Cambellton to Alabama line;
3. U.S. 90 extension East and West of Crestview; a total of approximately 9.5 miles;
4. U.S. 90 from U.S. 331 to DeFuniak Springs;
5. U.S. 90 from U.S. 231 to Capital Circle, West of Tallahassee, (except in Marianna, Chattahoochee and Quincy);
6. U.S. 90 from Monroe Street in Tallahassee to East, approximately 6.8 miles;
7. U.S. 90 from Madison to S.R. 6;
8. U.S. 27 from Georgia line to Perry, U.S. 27-A from Perry to Williston, U.S. 27 from Williston to Miami;
9. U.S. 19 from Georgia line to St. Petersburg;
10. U.S. 301 from Georgia line to Dade City;
11. S.R. 24 from Gainesville to Waldo;
12. U.S. 17 from Yulee to East Port Roads; from San Juan Avenue to Naval Air Station add two (2) lanes; from Naval Air Station to S.R. 309 South of Palatka;
13. S.R. 50 from Brooksville to U.S. 1 South of Titusville;
14. S.R. 520 from Cocoa Beach approximately 19.7 miles Northwest;
15. U.S. 98 from U.S. 19 to Bartow;
16. S.R. 60 from Clearwater to Vero Beach;
17. U.S. 41 from Tampa to Naples;
18. U.S. 441 and S.R. 80 from South Bay to West Palm Beach, U.S. 441 from S.R. 80 to Miami;
19. U.S. 1 from its junction with the proposed South Dade Expressway near Caribbean Boulevard Southeasterly to S.R. 5-A North of Homestead, add two (2) lanes;
20. U.S. 1 from South of Homestead to Key West--including Boca Cica Channel Bridge, but excluding all other bridges over 500 feet in length;
21. In Escambia County, extension of Interstate 110 from Maxwell Street to U.S. 98, or U.S. 29 from Pensacola to the Alabama state line and U.S. 90 from S.R. 295, via Cervantes Street to Interstate 10, East of Pensacola, should the state road department determine the need to be greater;
22. In Duval County, arterial connectors and urban improvements, a total of approximately, but not more than seven million two hundred fifty thousand dollars ($7,250,000) for right of way and construction;
23. In St. Johns County, S.R. 16 from Interstate 95 to U.S. 1;
24. In Alachua County, S.R. 26 from Interstate 75 to Gainesville;
25. In Volusia County, Beville's Road, from Interstate 95 and Interstate 4 to U.S. 1;
26. In Orange County, arterial connectors and urban improvements, a total of approximately, but not more than seven million two hundred fifty thousand dollars ($7,250,000) for right of way and construction;
27. In Hillsborough County, arterial connectors and urban improvements, a total of approximately, but not more than seven million two hundred fifty thousand dollars ($7,250,000) for right of way and construction;
28. In Pinellas County, extension of Interstate 4 from Central Avenue to U.S. 19;
29. In Pinellas County, S.R. 693 (66th Street), U.S. 19 to S.R. 694;
30. In St. Lucie County, S.R. 68 from Interstate 95 to Ft. Pierce;
31. In Broward County, S.R. 814, from U.S. 441 to S.R. 811;
32. In Broward County, S.R. A1A, from Ft. Lauderdale to S.R. 814 in Pompano;
33. In Broward County, S.R. A1A, from Hollywood Boulevard to U.S. 1 in Dania;
34. In Dade County, S.R. 826 (Palmetto Expressway), from proposed South Dade Expressway to U.S. 27, add two (2) lanes;
35. In Dade County, proposed South Dade Expressway from U.S. 1 near Caribbean Boulevard to S.R. 826 (Palmetto Expressway) near Miller Road (S.W. 56th Street);
36. Such other primary roads, the need for which shall be determined by the department to be as great as those listed; provided, however, that no such unlisted project shall be undertaken until the department has under contract all segments of the projects hereinabove listed as items 1 through 35, nor shall such unlisted project be undertaken until the department has determined that there are or will be sufficient funds for the completion of all the listed projects. The listing of said projects 1 through 35 shall not be construed as a priority schedule, but the order in which said roads are to be constructed shall be in the discretion of the department. Where title to any right of way for said roads is acquired after April 15, 1965, and such right of way was purchased with secondary gas tax funds, fifty per cent (50%) of the costs of said right of way shall be reimbursed from the proceeds of the bonds issued hereunder. Where any contract has been entered into after April 15, 1965, and secondary gas tax funds are to be used for the construction of any of said projects, one hundred per cent (100%) of such expenditure shall be reimbursed from the proceeds of the bonds issued hereunder.
The holders of the bonds or certificates issued hereunder shall not have any responsibility whatsoever for the application or use of any of the proceeds derived from the sale of such bonds or certificates; and the rights and remedies of the holders of such bonds or certificates and their right to payment from said pledged revenue in the manner provided herein shall not be affected or impaired by the application or use of such proceeds.
The board shall use the monies in the state roads bond fund in each fiscal year only for the following purposes and in the following order of priority:
(1) For the payment of the principal of and interest on any bonds or certificates maturing in such fiscal year.
(2) For the deposit into any reserve funds provided for in the proceedings authorizing the issuance of said bonds or certificates of any amounts required to be deposited in such reserve funds in such fiscal year.
(3) After all payments required in such fiscal year for the purposes provided for in (1) and (2) above, including any deficiencies for required payments in prior fiscal years, have been provided for, any monies remaining in such state roads bond fund shall be transmitted monthly by the board for deposit in the state treasury in the state road trust fund, along with the other unrestricted funds in the state roads monies account, as provided in Section 339.081, Florida Statutes, for use by the department as provided by law.
Proceeds of said bonds or certificates which have been transmitted to the department, and monies on deposit in any sinking fund or other funds created for any issue of bonds or certificates, pending their actual use, may be invested in direct obligations of the United States of America or in the other securities referred to in Section 344.17, Florida Statutes.
(d) The board shall have the power to make and enforce all rules and regulations necessary to the full exercise of the powers herein granted and no legislation shall be required to render this amendment of full force and operating effect on January 1, 1966.
The legislature, during the period this amendment is in effect, shall not reduce the rate of said first gas tax, as now provided in Chapter 208, Florida Statutes, or eliminate, exempt or remove any person, firms or corporations now and hereafter subject to said tax from the levy and collection of said tax, as now provided in Chapter 208, Florida Statutes, and shall not enact any law impairing or materially altering the rights of the holders of any bonds or certificates issued pursuant to this amendment or impairing or altering any covenants or agreements of the board made hereunder or having the effect of withdrawing the pledged revenue from the operation of this amendment.
(e) No officer or employee of the state or any political subdivision thereof shall have any direct financial interest in any contract let pursuant to this amendment. However, this prohibition shall not apply to municipal officers and employees. Violation of this section shall be punishable as provided by law as a misdemeanor.
(f) Upon verified certification by the board of administration filed in the office of the secretary of state that all bonds issued pursuant to this amendment have been paid the amendment shall be of no further effect and shall be deleted from future publications of the constitution.
Path to the ballot
- The amendment was placed on the ballot by Substitute Committee for Senate Joint Resolution 848 of 1965.
- The amendment was approved by the Governor on June 23, 1965.
- The amendment was filed with the Secretary of State on June 24, 1965.
- Florida Amendments of the Election of 11-2-65
- Sample Ballot (in the Ocala Star-Banner, October 25, 1965)