FL H1281

Department of Transportation authorized to acquire the Garcon Point Bridge at 50 percent of total amount owed to bondholders as of July 1, 2017, minus amounts owed under the October 23, 1996 lease-purchase agreement and Toll Facilities Revolving Trust Fund loan.

Acquisition price settles all claims by Santa Rosa Bay Bridge Authority Revenue Bonds Series 1996 bondholders against the department and authority, and terminates the existing lease-purchase agreement.

Upon acquisition, tolls reset to $2 per two-axle vehicle; after 24 months, department may increase tolls to maximum $2.50 per two-axle vehicle following public hearing, with future increases capped at 25 cents per two-axle vehicle per 24-month period.

Acquisition funding for 2018-2019 fiscal year only to be appropriated through work program from first available State Transportation Trust Fund revenues, contingent on acquisition finalized by December 31, 2018.

Toll revenues exceeding operation and maintenance costs deposited into State Transportation Trust Fund; part IV of chapter 348, Florida Statutes relating to Santa Rosa Bay Bridge Authority repealed upon acquisition completion.