FL H1371

Renames the St. Johns County Airport Authority to the St. Augustine-St. Johns County Airport Authority and authorizes operations under the name "Northeast Florida Regional Airport."

Board members receive no compensation when the Authority levies ad valorem taxes greater than 0.00 mills, but may receive up to $7,500 per year in compensation when taxes are at 0.00 mills, plus reimbursement for verified travel and expenses.

Authority is empowered to own, acquire, and operate airport facilities, aircraft, and multimodal transportation systems; issue revenue bonds and general obligation bonds (subject to voter approval); and levy ad valorem taxes not exceeding 0.5 mill.

Authority property and revenues are exempt from state and local taxation; revenue and general obligation bonds are legal investments for banks, trust companies, and government entities.

Fiscal year runs October 1 to September 30; Authority must prepare annual budgets and undergo annual audits by certified public accountants; St. Johns County and City of St. Augustine may appropriate funds and convey properties to the Authority.