SB 1052 Summary

• Creates Chapter 345, Florida Statutes establishing the Northwest Florida Regional Transportation Finance Authority to plan, develop, finance, construct, and operate transportation projects in Escambia County and contiguous counties with county approval.

• Authority governed by board with two members appointed by each participating county commission, equal number appointed by Governor, and Department of Transportation district secretary; members serve 4-year terms without compensation but receive per diem and expenses.

• Authority may issue bonds maturing no more than 30 years to finance construction and improvement of regional transportation systems, secured by tolls and revenues but cannot pledge state or local government credit or taxing power.

• Department of Transportation designated as authority's agent for construction and operation of the system (except transit facilities); authority responsible for setting tolls and rates; department may receive share of net revenues based on its contributions to projects.

• Authority exempt from taxation on property and bond income; bonds are legal investments for banks, trustees, and public funds; no voter approval required for bond issuance; effective July 1, 2014.