Bill > S1152

This bill allows the Florida Department of Transportation (DOT) to enter into agreements with investors to sell future revenue streams from leases for wireless communication facilities located on DOT property, such as land within limited access rights-of-way or space on department structures. This process, known as "factoring," aims to generate funds for capital expenditures on the statewide transportation system by allowing investors to purchase these future lease payments on a non-recourse basis, meaning the state is not liable if actual revenues fall short of projections. The agreements must be structured to be tax-exempt for federal income tax purposes to maximize the payout to the DOT, and they are exempt from certain state procurement rules. Importantly, the state's credit, general revenues, or taxing power cannot be pledged, and the state has no liability beyond the actual lease payments received from these wireless communication facilities. The proceeds from these sales will be deposited into the State Transportation Trust Fund and used specifically for fixed capital expenditures for the transportation system.