HomeMy WebLinkAboutSubmittal-Miami Dade County Mayor Carlos Gimenez RE Senate Bill 898 and House Bill 385 PresentationEXHIBIT I
Greater Miami Expressway Agency (GMX)
Finance Plan for Adopted Work Plan Without Kendall Parkway
25% Rebate to Registered Miami -Dade SunPass Users Submitted into the public
�� q
Summary Chart record i r rt m(s) —
(In thousands of dollars)
on �%Il�l9 City Clerk
Coverages
400,000
Bond Covenants are not met
350,000
300,000
250,000 ••••, ••
200,000 ........ .
.................
150,000 --- -— - ,
100,000
50,000
0
2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052
Legend Conclusion
Original Net Revenue (Revenues less operating costs) With the 25% Rebate to Registered Miami -Dade SunPass users
in place, GMX will not be able to fund the entire adopted MDX
Net Revenue after 25% Rebate to Registered Miami -Dade SunPass users work plan because it would be violating bond covenants.
(If green line is within grey area, net revenues are not covering debt
payments).
— — — — — — — Debt service coverage required by lenders
(If blue dotted line is above green solid line, bond covenants are not
being met).
Repayment of Debt
59% Svw�t���- M�ta�;t pine C �y y �or�os ��immv L �� Seise bid %1� ave
�� �'{ Preliminary/Subject to Change
Greater Miami Expressway Agency (GMX)
Finance Plan of Work Program without Kendall Parkway
$663,745,000 Future Bond Funding
Scenario: Current Rates ) Without Kendall
(estimated interest rates as of 2/8/2019)
Summary
Coverages
Net Revenue & Coverage (in $Thousands)
250,000
Exhibit
Years of Non -Compliance to Bond Indenture Covenants Submitted into the public
recorUfi i1e/ AS) Z
�A ANXVA City Clerk
Coverage Summary
_-��-- .. _. _.�..
..
/1,
200,000 �-v___,.__r
_ -
', t
2022
1.222
2023
1.21x
150,000
1.19x
2025
1.16x
2026
;v
2027
1.03x
2028
1.12x
2029
1.14x
2030
1.17x
2031
--------------------------------------
14
100,000
¢•
2033
t
2034
1.29x
2035
AP $ Kv
50,000
1.15x
2037
QSi
2038
1.35x
2038
1.35x
2020 2022 2024
2026 2028 2030 2032 2034 2036
2053
2038 2040 2042 2044 2046 2048 2050 2052
� Existing Senior Lien D/5
Omm Proposed Senior Principal QQM Proposed Senior Net Interest
325,585 101,392
-Net Revenue --- Senior D/S @ 1.50x --- Senior D/S @ 1.20x
Coverage Summary
Fiscal Year
Senior
2020
1.30x
2021
1.24x
2022
1.222
2023
1.21x
2024
1.19x
2025
1.16x
2026
1.15x
2027
1.03x
2028
1.12x
2029
1.14x
2030
1.17x
2031
1.20x
2032
1.23x
2033
1.26x
2034
1.29x
2035
1.15x
2036
1.15x
2037
1.15x
2038
1.35x
2038
1.35x
2048
2.14x
2053
2.29x
Ci''' w ndl�'n `i �s„ k a � � S "s� a ,�2. s, �.�- � i �'
p.�;.1...._...8•��..1n`�. ,i:;_'�r �#='srt�r�°'�x'.-�'1 ._Zi} -rt P'."".�-�-
v> y+s �•`..
t•.;?f'.
0
0
0
0
0
-
0
0
0
0
Prior &
0
(0)
New Debt Par Amount by Year;
Fiscal Year
2020 2021 2022
2023 2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
Reimbursements/Grants:
Pygo Funding:
Prior & New Debt Funding:
0 0 11,145
0 0 87,436
160,718 112,719 9,022
0 0
0 76,693
325,585 24,699
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,145
164,129
632,744
Total Funding:
160,718 112,719 107,603
325,585 101,392
0
0
0
0
0
0
0
0
808,017
Work Program: -160,718 -112,719 -107,603 -325,585 -101,392
0
0 0 -808,017
Unfunded Portion:
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
New Debt Par Amount by Year;
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
Interim/CP Draws
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bond Par Amount Issued
264,500
0
0
0
399,245
0
0
0
0
0
0
0
0
663,745
--.
Ettduing Account BalancesFiscal
Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2034
2039
2048
2053
General Fund Unrestricted
141,852
141,852
141,852
141,852
141,852
144,646
145,848
147,332
148,901
150,704
235,397
320,768
910,682
2,327,511
Cumulative Excess UGF Available Paygo
0
0
0
0
0
2,795
3,996
5,480
7,049
8,852
93,545
178,916
768,831
2,185,660
General Fund Restricted
45,251
45,320
45,391
45,463
45,535
45,612
45,755
45,903
46,054
46,211
47,095
48,084
50,317
53,531
R&R Fund(Paygo Account only)
105,098
126,895
60,033
74,878
5,015
5,090
5,166
5,244
5,322
5,402
S1906
6,521
8,065
10,323
Construction Fund (Financing)
120,962
8,968
0
24,503
0
0
0
0
0
0
0
0
0
0
5/11/2018 1 of 1 Preliminary/Subject to Change
EXHIBIT I/
Greater Miami Expressway Agency (GMX)
Finance Plan for Adopted Workplan and Kendall Parkway
25% Rebate to Registered Miami -Dade SunPass Users
Summary Chart Submitted into the publ'
(In thousands of dollars) s
record f r It m() _
on 4%I��y City Clerk
Coverages
350,000 Start of Bond
300,000 Covenants are not met
----
250,000wat---- .........
/
-------------- ...... .......
•••• ...............................
200,000 .........................
................ Cash= tfdlls
----- =SIfo7
150.000 __W _..
100,000
50,000
0
2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052 2054
......................... Original Net Revenue (Revenues less operating costs)
Net Revenue after 25% Rebate to Registered Miami -Dade Sun Pass Users
(if solid green line is within grey area, net revenues are not covering
debt payments).
— — — — — — — Debt service coverage required by lenders
(If blue line is above green line, bond covenants are not being met)
Repayment of Debt
Conclusion
GMX cannot afford to pay for the adopted work program and the Kendall
Parkway with the 25% Rebate to Registered Miami -Dade Sun Pass Users in
place.
Preliminary/Subject to Change
Greater Miami Expressway Agency (GMX)
Exhibit 11
Finance Plan of Entire Work Program including Kendall Parkway
$2,148,930,000 Future Bond Funding Years of Non -Compliance to Bond Indenture Covenants
Scenario: Current Rates / CurrentClP) 25% Toll Reduction on MDSunpass Users Only Years of Non -Compliance to Bond Indenture Covenants and Cash Shortfalls Submitted into the public
(estimated interest rates as of 2/8/2019) record fyr it m(S)
on y%�fig City Clerk
Summary8i
$)1:- n�, }" Yt'3 u�3..� lSr :_i cy . i -_'iS.
'-ri^ .. .,�,`-.
ft -T nMI� t 'e7 ., _. _
r •.?
5`C§ .�Y1
- prix•.
Net Revenue & Coverage (in $Thousands)
Coverage Summary
400,000
Fiscal Year
Senior
0
2020
1.26x
New Debt Par Amount by Year
2021
1.20x
350,000 .......-_.-__.._<_____________o____m..---.._____--
2022
1.20x
r^ -`---------�`
2023
1.20x
300,000 j
2024
1.20x
r----------------------------------
2025
1.20x
250,000r i-------------�
2026
1.20x
'�-
2027
1.20x
------`� 7
200,000
2028
1.042
--��-�--
2029
1-06z
10,078
2030
0.79x
150,000 -
2031
0.79x
0
2032
0.80x
100,000-
2033
0.81x
11,090
2034
0.83x
50,000
2035
0.77x
0
2036
0.77x
0ri,
2037
0.77x
2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052
2038
2054
0.78x
169,626
2038
0.78x
�i Existing Senior Lien D/S 9 Proposed Senior Principal x4494 Proposed Senior Net Interest -Net Revenue --- Senior D/S @ 1.50x --- Senior D/S @ 1.20x
2048
0.83x
179,818
2054
0.88x
capt fI,LIEkSd +lr� ":h':°�
$)1:- n�, }" Yt'3 u�3..� lSr :_i cy . i -_'iS.
'-ri^ .. .,�,`-.
..-;._._-e-,
r •.?
5`C§ .�Y1
�
h.,,
0
0
0
Prior &
0
0 0
0
New Debt Par Amount by Year
.r9�`4�
."
1MJ!7 T r ;Ycaa
".,-.
*'9•Ar+ _ :`0
-}'r;1t Y a h. g? L� �,�i,a� },,I+ � - c � r 1.f.7:yr �+• c a� - .i -,
-- +4R
Fiscal Year
FiscalYear
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
Reimbursements/Grants:
0
10,078
0
1,012
0
0
0
0
0
0
0
0
0
11,090
Paygo Funding:
0
117,248
0
24,194
0
0
0
0
0
0
0
11,129
17,055
169,626
Prior& New Debt Funding:
205,481
130,294
298,530
276539
179,818
163,309
81,422
10,079
38,524
164,445
142,140
73,208
0
1,763,790
Total Funding:
205,481
257,621
298,530
301,745
179,818
163,309
81,422
10,079
38,524
164,445
142,140
84,337
17,055
1,944,505
Work Program:
-205,481
-257,621
-298,530
-301,745
-179,818
-163,309
-81,422
-10,079
-38,524
-164,445
-142,140
-84,337
-17,055
-1,944,505
Unfunded Portion:
0
0
0
0
0
0
0
0
0
0
0
0 0
0
New Debt Par Amount by Year
1MJ!7 T r ;Ycaa
".,-.
*'9•Ar+ _ :`0
-}'r;1t Y a h. g? L� �,�i,a� },,I+ � - c � r 1.f.7:yr �+• c a� - .i -,
-- +4R
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031 2032
Totals
Interim/CP Draws
0
0
0
0
0
0
0
0
0
0
0
0 0
0
Bond Par Amount Issued
332,375
0
0
754,075
0
1,062,480
0
0
0
0
0
0 0
2,148,930
Ending Account Balances
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2034
2039 2048
2054
General Fund Unrestricted
141,852
141,852
141,852
141,852
141,852
141,852
141,852
141,852
141,852
141,852
163,447
182,265 222,062
276,827
Shortfall) Subsidy needed to Payfor DS
0
0
0
0
0
0
0
0
0
0
-212,468
-258,893 -405,679
-183,363 -1,060,403
General Fund Restricted
45,253
45,322
45,430
45,567
46,110
46,913
47,115
47,297
47,488
47,687
48,830
50,102 52,977
57,078
R&R Fund(Paygo Account Only)
100,386
143
14,891
3,577
4,874
7,236
10,206
17,461
19,151
21,061
0
0 0
0
Construction Fund (Financing)
129,517
0
274,890
0
650,018
491,909
414,422
407,659
373,211
212,498
0
0 0
0
5/11/2018 1 of 1 Preliminary/Subject to Change
Transportation Authority of Miami -Dade (TAMD)
Proposed Merger of MDX & HEFT
20% Toll Reduction for All MDX & HEFT Commuters
Summary Chart
(In thousands of dollars)
EXHIBIT Ill
Submitted into the public
record fo It m(s)
on (( City Clerk
Coverages
900,000
800,000
200,000
600,000
500,000 ......................
...................
400,000 ••"
300,000
200,000 --„-- — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — ----- ---------------------------------------------
100,000
0
2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052
........................• Original combined MDX and HEFT Net Revenues
(Revenues less operating expenses)
Net Revenues after 20% reduction of tolls to all MDX
and HEFT Commuters
— — — — — — — Debt service coverage required by lenders
Repayment of Debt
Conclusions
TAMD will be in compliance with debt covenant and therefore will be able
to fund the entire MDX adopted work program and also pay for the
Kendall Parkway.
All MDX and HEFT roadway commuters will receive a 20% reduction from
current toll rates. HEFT users will avoid CPI adjustments for inflation.
Combined savings to MDX and HEFT users, $8.5 billion over 33 years.
$1.85 Billion will be generated for additional transportation and transit
projects.
Preliminary/Subject to Change
Transportation Authority of Miami -Dade (TAMD)
Proposed Merger of MDX &HEFT
EXHIBIT ill
$1,145,355,000 Future Bond Funding
(estimated interest rates as of 3/18/2019) Submitted into thepubli
record�foo ite �(s� I � �-
on t- City Clerk
Summary
,jqhyg rn u;C' ._-ax r•-as�'
Net Revenue & Coverage (in $Thousands)
Coverage summary
900,000
Fiscal Year
Senior
All Req.
2020
1.81x
1.00x
800,000
2021
1.81x
1.00x
2022
1.54x
1.00x
700,000
2023
1.54x
1.00x
600,000
• • •
•...................
"' . • "'••
2024
1.53x
1.00x
......• • ••..
2025
1.53x
1.00x
500,000
..................•
2026
1.53x
S.00x
2027
1.55x
1.00x
400,000
•
••..••
2028
1.56x
1.0ox
........................
300,000
2029
1.61x
1.0Ox
2030
1.67x
1.0Ox
200,000 _ ____________�__�___________��____�____�
�___
-__
��
_
=n______
__________��___�___.�__.
2031
1.72x
1.00x
100,000
'
g��¢
pK
hs{
'� 44
2032
2033
1.79x
1.86x
1.00x
1.0Ox
0
2034
1.94x
1.0Ox
2020 2022
2024 2026 2028
2030 2032
2034
2036
2038 2040 2042
2044
2046
2048
2050 2052
2035
2036
1.M
1.83x
1.00x
1.07x
t6 Existing Senior Lien DIS
HEFT Acquisition
6�aar� Proposed
Senior Principal
2037
1.85x
1.13x
66W Proposed Senior Net Interest
-Same
as above
minus 20% Toll reduction
--.- Senior D/S
@ 1.40x
2038
2038
2.08x
2.08x
1.25x
1.25x'
---Senior D/5@1.20x
••••••
Combined Toll Revenues after
operating costs
2048
2.62x
2.54x
2053
2.83X
2.72x
Capital Funding
Sa>F�.•�'?,tr.,'£.t-t#
Prior&
tI*L;rT'�;e�
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
Reimbursements/Grants:
0
10,078
0
1,012
0
0
0
0
0
0
0
Paygo Funding:
0
184,033
0
68,621
0
18,676
75,000
1,022
3,275
6,422
1,022
0
3,275
0
6,422
11,090
367,768
Prior & New Debt Funding:
205,481
62,488
295,255
225,690
178,796
141,358
0
0
0
0
0
00
1,109,068
Total Funding:
205,481
256,599
295,255
295,323
178,796
160,034
75,000
1,022
3,275
6,422
1,022
3,275
6,422
1,487,925
Work Program:
-205,481
-256,599
-295,255
-295,323
-178,796
-160,034
-75,000
-1,022
-3,275
-6,422
-1,022
-3,275
-6,422
-1,487,925
Unfunded Portion:
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
New Debt Par Amount by Year'=;4�y�g1..
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Totals
Interim/CP Draws
0
0
0
0
0
0
0
_00
0
0
0
D
0
Bond Par Amount Issued
254,025
0
544,780
0
346,550
0
0
0
0
0
0
0
0
1,145,355
Ending Account Balances
Fiscal Year
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2034
2039
2048
2053
Total
General Fund Unrestricted
141,993
142,138
142,289
142,445
142,659
142,881
143,112
143,350
143,659
143,981
145,790
487,509
1,683,385
2,748,081
External Transfer for Transportation
35,340
35,069
30,421
30,666
30,698
30,838
31,397
33,211
33,076
36,661
216,361
557,988
370,731
378,738
1,851,193
General Fund Restricted
48,563
48,707
48,942
49,185
49,835
50,751
51,067
51,368
51,681
52,006
53,861
55,935
60,625
63,745
R&R Fund(Paygo Account Only)
129,101
1,313
35,314
416
31,907
43,909
159
35,070
65,757
106,101
401,500
83,603
103,393
116,980
-
5/11/2018
1 1
of
Preliminary/Subject
to Change
CARLOS A. GIMENEZ
MAYOR
MIAMI-DADE COUNTY
April 8, 2019
The Honorable Manny Diaz, Jr.
State Senator, District 36
The Capitol, 306 Senate Building
404 South Monroe Street
Tallahassee, FL 32399-1100
Dear Senator Diaz:
Submitted into the public
record f r it m(s)
on � A.
11—�- Ciry Clerk
I am writing to you today to thank you for the initial steps you have taken to bring relief to our residents
as it relates to tolls. There is more that we can do. By way of this letter, I would like to distinguish
between where we are with the current legislation that is in the Senate, and where I think we need to
be to achieve the greatest good for our residents.
I would like to start by expressing my sincere appreciation for what the Senate has done to remove
language from Senate Bill (SB) 898 that would have negatively impacted the County's use of the transit
half -penny surtax for operations, maintenance, salaries and new construction — language that would
have, in essence, had the unintended consequence of making Miami -Dade County ineligible for
federal funding matches for our transportation projects. I would also like to thank you for making
changes to SB 898 that give Miami -Dade County more local control over the governance of our transit
system.
I would like to tum your attention now to the discussion of where I think we can achieve the biggest
gains for our residents, and that is by further amending the financial structure and governance of the
newly -proposed state transit entity in Miami -Dade County that is being referred to as the "Greater
Miami Expressway Authority" (GMX).
As it stands in its current form, SB 898 does, among other things, the following:
Dissolves the Miami -Dade Expressway Authority (MDX) and transfers the assets, liabilities
and operations to the GMX, essentially replacing one authority with another. This would leave
the Homestead Extension of the Florida Turnpike (HEFT) under the authority of the Florida
Turnpike, an enterprise of the Florida Department of Transportation (FDOT). The GMX Board,
as stated in SB 898, would consist of seven voting members who are permanent County
residents and are not elected officials. The Governor would appoint three of these members,
who must live in three different municipalities, and the Miami -Dade Board of County
Commissioners would appoint the other four members -- two of whom must live in the
unincorporated area of the County within 15 miles of the area with the highest amount of toll
roads, and the other two living in differing municipalities.
Creates the Florida Sunshine Rebate Program, which provides an automatic 25 percent toll
reduction on GMX roads to anyone with a SunPass whose vehicle is registered in Miami -Dade
County.
STEPHEN P. CLARK CENTER • 111 N.W. FIRST STREET 9 29TH FLOOR • MIAMI, FLORIDA 33128-1930 • (305) 375-1880 9 FAX (305) 375-1262
The Honorable Senator Diaz
Page 2
Submitted into the public
record f r i em(s) `,-L...._._
on City Clerk
Prohibits toll increases on GMX roads, including Consumer Price Index adjustments for
inflation, until July 1, 2029, unless needed to make required debt payments, and that these toll
increases would require a two-thirds vote of the GMX Board. The bill does not prevent MDX
from designing or planning projects contained in its work program, but SB 898 also states that
MDX may not incur debt or issue bonds for projects contained in the five-year work program
approved by MDX in December 2018.
I fully believe that SB 898 was crafted with the intention of bringing toll relief to the residents of Miami -
Dade County. The plan that I have put forth in creating the Transportation Authority of Miami -Dade
(TAMD) brings both toll relief and enhances the funding available to improve mobility throughout
Miami -Dade County. It is important to note that in order to adjust our revenues for the five percent
reduction that took effect on July 1, 2018, new traffic engineering reports are being generated. We
anticipate having these reports within a week, at which time we will update for all projections herein.
Major Distinctions between the TAMD and GMX Proposals
1) The 20 percent toll reduction on the TAMD benefits all commuters on both MDX and HEFT
roadways. GMX's 25 percent toll relief benefits only those using MDX roadways who use
SunPass and whose vehicles are registered in Miami -Dade — meaning that it will benefit only
about 72 percent of the commuters on MDX-built roadways and none of the HEFT commuters.
Also, it is perceived, if not in fact reality, that many of the economically disadvantaged among
the commuting public are more cash reliant, i.e., don't have SunPasses, and, therefore, would
not benefit proportionally from the 25 percent reduction of SunPass tolls.
2) Under the TAMD proposal, the overall savings to toll payers while traveling in Miami -Dade is
projected to be $8.5 billion over 33 years. GMX is prohibited from raising tolls until July 1,
2029, unless needed to comply with bond indenture mandates. Assuming full compliance to
the bond indenture over the 10 -year period (2020 through 2029), the amount of overall savings
under the GMX plan would amount to about $475 million.
3) Our financial projections, which are developed based on engineering reports detailing
expected work program sequencing and construction costs, reasonable assumptions of
accessing the financial markets to fund construction and actual audited financial data
demonstrate that with a 25 percent toll rebate program in place:
a. GMX will not be able to complete MDX's work program (approved and adopted on
December 5, 2018) because it will not be compliance with bond indenture
requirements, which will prevent it from accessing public bond markets to fund work
program projects. (See Exhibit 1).
b. The Kendall Parkway is not currently in MDX's work program, but it is a major
undertaking that has the support of the community and the Board of County
Commissioners. GMX will absolutely not be able to fund the Kendall Parkway. (See
Exhibit 11).
4) SB 898 permits the raising of tolls beginning on July 1, 2029. We believe that delaying the
Kendall Parkway in order to be funded by future toll increases will effectively kill the project
because of rising land costs in Miami -Dade County.
STEPHEN P. CLARK CENTER 9 111 N.W. FIRST STREET 9 29TH FLOOR • MIAMI, FLORIDA 33128-1930 • 1305) 375-1880
The Honorable Senator Diaz
Page 3
Submitted into the public
recordi it (s)
on l City Clerk
These distinctions between the TAMD and GMX plans are why I stand behind my original concept that
the new entity we create must merge MDX and the HEFT within Miami -Dade County into the newly
created entity. We would do this by issuing $302 million of bonds to take out the share of Turnpike
debt based on the percentage of lane miles the HEFT represents on the entire Turnpike system (11.7
percent) and not claiming a similar share of the Turnpike's unrestricted cash (based on the HEFT
being at least a 16.7 percent share of Turnpike revenue generation), which amounts to about $141
million.
By doing this, we would essentially be buying the HEFT assets and leaving the Turnpike with plenty
of cash (it started off FY 2018-19 with $845 million of unrestricted cash) and bonding capacity (as
evidenced by projected debt service coverage of an estimated 3.54 times even after the HEFT leaves
the Turnpike System) to carry out its mission throughout the State of Florida for many years to come.
The primary benefit of this proposal is that Miami -Dade County would get to keep all of the tolls
generated by the HEFT and the MDX roadways right here in Miami -Dade County for the benefit
of our residents.
However, the merger of the HEFT with MDX would also bring many other major benefits to the
residents we serve:
1) We would reduce all tolls on both MDX roadways and the HEFT by 20 percent, thereby
saving our residents an estimated $4 billion over the 33 years of the life bonds issued to
enable the merger.
2) We would not increase MDX toll rates by the Consumer Price Index (CPI) over the next 33
years. The revenues of the system would grow naturally as the population increases at an
estimated 2 percent per year. While the Turnpike currently has automatic, annual CPI
increases that have resulted in Turnpike tolls rising 43 percent since the first
implementation of the CPI in 2012, the merger of MDX and the HEFT would allow us to
keep tolls flat for CPI on the HEFT over the next 33 years. This will save our hard-working
residents about $4.5 billion, assuming an average annual CPI increase of 2.2 percent.
Currently, traffic appears to be being diverted off the HEFT into local streets so drivers can
avoid paying the high tolls. This proposal would help that traffic stay on the HEFT.
3) We would not employ toll express lanes (tolls within tolls or managed lanes) on either MDX
or HEFT roadways.
4) As with current practice on MDX, truckers on the HEFT will be charged for a maximum of
only 3 axles, which will average a 50 percent overall savings on each trip compared to
what truckers currently pay for between 4 and 8 axles on the HEFT.
5) An estimated $1.85 billion will be generated by the entity created by this merger over the
next 33 years to improve mobility within Miami -Dade County; such funds can be used to
match Federal or State grants or help prime Public Private Partnerships (133s) that would
create or facilitate additional transportation, including transit options for our community.
6) The currently approved Capital Work Programs of both MDX and the HEFT will be
completed with the assumption that current HEFT projects funded and under contract will
be completed by June 30, 2020.
7) Lastly, and equally as important to our community, this new entity will be able to fund the
construction of the Kendall Parkway, which will provide expressway and express bus
STEPHEN P. CLARK CENTER • I 1 1 N.W. FIRST STREET 9 29TH FLOOR • MIAMI, FLORIDA 33128-1930 • 1305) 375-1880
The Honorable Senator Diaz
Page 4
Submitted into the publ'c
record f r i t m( S) �1�...�
on 1 City Clerk
service to 600,000 residents in southwest Miami -Dade County. The Kendall Parkway will
greatly improve their quality of life. (See Exhibit 3).
It is critically important to emphasize that the only way we will be able to give our residents
close to $9 billion in savings -- the real toil relief they want and deserve -- is by merging MDX
with the HEFT.
And that brings me to my final point.
Senator, regardless of whether we call this new entity the TAMD or GMX, it is also critically important
that this new authority is comprised of elected officials from throughout Miami -Dade County. One of
the main complaints about MDX in prior years was that there were no elected officials on the board to
be held accountable to their constituents. I think we can agree that it doesn't make sense to subject
ourselves to the criticisms of the past.
There is also no need to re -invent the wheel when we create this new authority. I propose a structure
similar to the 10 -member Central Florida Expressway Authority (CFX), which has a governing body
made up of seven elected officials and three non -elected officials named by the Governor, with a few
adjustments. The governing body of the Miami -Dade transportation authority would consist of the
County Mayor, the Mayors of Miami, Miami Gardens, Hialeah, Homestead and Doral, and four elected
officials appointed by the Governor. Of these four members, two members must live in the
unincorporated area in the southern half of the County — west of the HEFT and south of 8"' Street --
and two members must live in municipalities within the County that are different from those listed
above.
I am also proposing that Miami -Dade County's transportation authority be given the ability to negotiate
with FDOT to refine the details of the transference of the HEFT, including ensuring that the Turnpike
and TAMD roadways and system remain continuous and seamless, and at the same level of road
standard. I propose that FDOT report back to the Senate President, House Speaker and Miami -Dade
Delegation no later than November 1, 2019, indicating whether an agreement related to the above
issues has been reached and detailing the terms of the agreement, or detailing the status of the
negotiations. The transportation authority may provide a response to the report no later than December
1, 2019.
Attached to this letter, you will find language that would amend SB 898 to bring real toll relief to the
residents of Miami -Dade County, while creating a governance and financial structure that includes
elected officials who may be held accountable to the residents we serve. (See Attachment 4). To the
extent that you need additional information about this proposal, my staff and I stand ready to assist
you.
The merger of MDX and HEFT into the Transportation Authority of Miami -Dade is the mechanism to
keep tolls in check, by offering significant toll reductions, and to help fund additional transportation
projects.
Only the Florida Legislature has the power to allow its most populous county to use the revenues paid
within the County to more effectively address the transportation needs of its residents. We respectfully
ask for the Legislature to allow us to make the changes necessary for our distinct transportation needs.
Sin
Carlos A. Gimenez
Mayor, Miami -Dade
STEPHEN P. CLARK CENTER • 111 N.W. FIRST STREET 9 29TH FLOOR • MIAMI, FLORIDA 33128-1930 • (303) 375-1880
The Honorable Senator Diaz
Page 5
Attachments
c: The Honorable Governor Ron DeSantis
The Honorable Lieutenant Governor Jeanette Nunez
The Honorable Senate President Bill Galvano
The Honorable Speaker of the House Jose R. Oliva
The Honorable Representative Bryan Avila
The Honorable Miami -Dade Legislative Delegation
Shane Strum, Chief of Staff to Governor Ron DeSantis
Submitted into the puc
record f r i em(S) A
on City Clerk
STEPHEN P. CLARK CENTER • 111 N.W. FIRST STREET • 29TH FLOOR • MIAMI, FLORIDA 33128.1930 • 1305 375-1880
Greater Miami Expressway Agency (GMR)
Finance Plan of Work Program without Kendall Parkway
$663,745,000 Future Bond Funding
Scenario: Current Rates ( Without Kendall
(estimated Interest rates as of 2/812019)
Summary
D werages
Net Revenue & Coverage (in $Thousands)
250,000
Years of Non -Compliance to Bond Indenture Covenants
200,000 _ .- -� - - i� -`% i I
%
150,000 =--
100,000
50,000
0
2020 2022 2024
CIPW Pandinr
a Existing Sentor len DIS
2032
`�-
Submitted into the pubjic
record f r it 9) _ t _ Exhibit l
an City Clerk
\e
\\
--------------------------------------
`-------------------------------------
111Ima"I'�'
I I I I 1 1
2038 2040 2042 2044 2046 2048 2050 2052
Proposed Senior Principal 4faTPP Proposed Senior Net Interest -Net Revenue --- Senior DIS @ 1.50x --- Senior DIS @ 1.20x
CavbraKe Srrnmary
1.15x
Fiscal Year
Senior
2020
1.30x
2021
1.24x
2022
1.22x
2023
1.21x
2024
111%
2025
1.16x
2026
1.15x
2027
1.03x
2028
1.12x
2029
1.14x
2030
1.178
2031
1.20x
2032
1.23x
2033
1.26x
2034
1.29x
2035
1.15x
2036
1.15x
2037
1.15x
2038
1.35x
2038
1.35a
2046
2.34x
2053
2..29x
Work Program: -160,718 -112,719 -107,603 -325,585 -101,392 0 0 0 0 0 0 0 0 4808,017
uatrradad Portion: u 0 0 0 0 0 0 0 0 o a a 0 (0)
New Debt Par Amount by Tear 10MMMMI.
€:scaP:Year 2020 2021 2022 2023. 2884 _. 2835 2026 2027 2028 ION 211110 213.1 2032 Totals
IntterinV" Drawn 0 6 0 0 0 0 0 0 0 0 0 0 0 0
Bond Par Amount Issued 264,500 0 0 0 399,245 0 0 0 0 0 0 0 0 663,745
Ending Arc.ount Balances
FtM41Teor
Prior &
2121
2022
2023
2024
2025
2026
2027
2024
2029
2034
2039
2048
2053
FbwlYear
23130
W1
2022
2023
2024
2025
2426
2027
2028
2024
2030
2031
2032
Trrals
i6etmbwsexnentaxAafar
0
0
13,145
0
0
0
0
0
0
0
0
0
0
11,1.45
Paygo Funding:
0
0
87,436
0
76,693
0
0
0
0
0
0
0
0
164,129
Prior & Naw Delo Funding:
160,718
112,739
9,022
325,585
24,699
0
0
0
0
0
0
0
0
632;744
Total FwAy.
160,718
112,719
107,603
325,585
103,392
0
0
0
0
0
0
0
0
ON1017
Work Program: -160,718 -112,719 -107,603 -325,585 -101,392 0 0 0 0 0 0 0 0 4808,017
uatrradad Portion: u 0 0 0 0 0 0 0 0 o a a 0 (0)
New Debt Par Amount by Tear 10MMMMI.
€:scaP:Year 2020 2021 2022 2023. 2884 _. 2835 2026 2027 2028 ION 211110 213.1 2032 Totals
IntterinV" Drawn 0 6 0 0 0 0 0 0 0 0 0 0 0 0
Bond Par Amount Issued 264,500 0 0 0 399,245 0 0 0 0 0 0 0 0 663,745
Ending Arc.ount Balances
FtM41Teor
2020
2121
2022
2023
2024
2025
2026
2027
2024
2029
2034
2039
2048
2053
General Fund Unrestricted
141,852
141,852
141,652
141,852
141,852
144,646
145,898
147,332
148,901
150,704
235,397
320,768
91002
2,327,511
CumukrOve Excess UGFAtalloble Paygo
0
0
0
0
0
2,795
3,996
5,480
7,049
9852
93,545
178,916
768,831
2,185,660
General Fund Restricted
45,251
45,320
45,391
45,463
45,535
45,612
45,755
45,903
46,054
46,211
47,095
48,084
50,317
53,531
R&R Fund (Paygo Aoeaunt Only)
105,098
126,895
60,033
74,878
5,015
5,090
5,166
5,244
5,322
5,402
51906
6,521
8,065
10,323
Construction Fund(FinanchV)
120,962
8,968
0
24,503
0
0
0
0
0
0
0
0
0
0
5/11/2018 1 of 1 Preliminary/Subject to Change
Submitted into the public
f Wiblt 11
Greater Miami Expressway Agency (GMX) record It m(5) R
Finance Plon of Entire Work Program Including Kendall Parkway on City Clerk
$2,148,930,000 Future Bond Funding Years of Non -Compliance to Bond Indenture'
Scencido. Current Rotes J Current OPf 25X Toll Reduction on MD Sunpost Users Only Years of Non -Compliance to Bond Indenture Covenants and Cash Shortfalls
(estimated Interest rates as of 2/8/20191
Summary
Coverages
Net Revenue & Coverage (in $Thousands)
400,000
350,000
--------------------------------------------------------..
Fiscal Year
-
2020
1.26x
2021
1.20x
300,000
r
2023
1.20x
2024
L20x
2025
1.20x
250,000
j ------------• '
2027
1.20x
2028
♦---�t
2079
1 *wt
2030
0.79x
2031
0.79x
200,000
--------- ♦--J
2033
0.814
150,000
-
2035
0.77x
100,000
0.774
2037
0.77x
50,000
0.78x
20.3A
Q, 735;
117,248
0
24,194
0 0
0
0
0
0
0
2020 2022 2024 2026 2028 2030 2032 2034 2036 2038
2040 2042
2044 2046 2048 2050 2052 2054
Prior & Now Debt Funding:
aanwa Existing Senior Lien D/S Proposed Senior Principal 2naa4 Proposed Senior Net Interest
-Net Revenue
--- Senior D/S O 1.50x --- Senior D/S @ 1.20x
Coverage Swnmary
Prior &
Fiscal Year
Senior
2020
1.26x
2021
1.20x
2022
1.20x
2023
1.20x
2024
L20x
2025
1.20x
2026
1.20x
2027
1.20x
2028
1.044
2079
1 *wt
2030
0.79x
2031
0.79x
2032
0.80x
2033
0.814
2014
0.63A
2035
0.77x
2036
0.774
2037
0.77x
2038
0.78x
20.3A
Q, 735;
:{144 _ 0.834
2054 0..085
u
Prior &
2021
20.22
7,029
2024
2025
2026
2027
2028
2029
2014
2039
2042
RudYAW
2030
21121
2022
2023
2014 am
2026
202'1
2028
2024
2050
20)1
2012
7111411110
222,062
0
10,478
0
11012
0 0
0
0
a
0
0
0
0
111090
Paygo Funding:
0
117,248
0
24,194
0 0
0
0
0
0
0
11,129
17,055
169,626
Prior & Now Debt Funding:
205,481
130,294
298.530
276,539
179,818 163,309
81,422
10.079
38,524
164,445
142,140
73,208
0
1,763,790
Tow Fwo&w
205,481
257,621
298,530
301,745
179,818 163,309
81,422
10,079
38,524
164,445
142,140
84,337
17,055
1,544,505
Work Program: -205,481 -257,621 -296,530 -301,745 -179,818 -163,309 -81,422 -10,079 -38,524 -164,445 -142,140 -84,337 -17,055 -1,944,505
utduttded Partlaxt: 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ned Debt Par Nociant byyaar
Flt4al Year 1020 2021 20n am 2024 2025 2026 2027 2028 3030 1030 2031 2032 Totals
Int"kafCPOraw1 0 0 0 0 a 0 0 0 0 0 0 0 0 0
Bond Par Amount Issued 332,375 0 0 754,075 0 1,062,480 0 0 0 0 0 0 0 2,148,930
E nding ADoDunt Balances
FbWYAW
2030
2021
20.22
7,029
2024
2025
2026
2027
2028
2029
2014
2039
2042
2054
General Fund ulrenticted
141.852
14LM
141,832
142,852
141,852
141,852
141,852
141AS2
141,232
141,152
163Aq
122,265
222,062
276,827
A'w*WISubth*neededtoPayforDS
0
0
0
0
0
0
0
0
0
0
-112,468
.258,893
-405,679
-183,363 -1,060,403
General Fund Restricted
45,253
45,322
45,430
45,567
46,110
46,913
47,115
47,297
47,488
47,687
48,830
50,102
52,977
57,071
R&R Fund (Paygo Account Qnty)
100,386
143
14,891
3,577
4,874
7,236
10,206
17,461
19,151
21,061
0
0
0
0
Construction Fund (Financing)
129,517
0
274,890
0
650,018
491,909
414,422
407,659
373,211
212,498
0
0
0
0
5/11/2018 101`1 Prellminary/Subject to Change
Transportation Authority into the puby of Miami -Dade (TAMD) record f Ite $)fth EXHIBIT111
FT
Proposed Merger of MDx & HE
$1,145,355,OW Future Bond Funding on City Clerk
(estimoted Interest races as Of .3f 18/2019)
Summary
1020
2021
7022
2023
2028
2029
2034
Net Revenue &Coverage (In $Thousands)
2048
2053 Total
2024
2025
2026
2027
Gemirai Fund Unrestricted
141,993
Coverage SummaryFiscal
142,289
142,445
142,659
142,1181
143,112
143,330
143,659
143,981
145,M
487,509
1,683,385
year
senior
All Req.
900,000
30,421
30,666
30,698
30,838
31,397
33,211
33,076
36,661
2020
1.81x
1.0ox
378,738 1,851,193
General Fund Restricted
48,563
48,707
48,942
49,185
49,835
50,751
51,067
2021
1.81x
1.00x
'�
55,935
60,625
63,745
R&R Fund (Pa"o, Account Only)
129,101
1,313
35,314
416
2022
1.54x
1.00x
700 0DO
65,757
106,101
401,500
83,603
103,393
116,980
5/11/2018
2023
1.54x
1.00x
1 ofl
2024
LS3x
LOU
600,000....................
.•
2025
1.53x
1.00x
'�
2026
1.53x
1.00x
500 000
.....................• .......
...................
2027
S.SSx
1.00x
.......••••..................................................
• •••••••
400,000 •••• ••
�
2028
1.56x
1.00x
2038
L61x
LOOx
........................
300,000
_
2030
1AW
Lam
s-----------------
---------
2031
1.72x
1.00x
200,000 -i---•----��s•-.e------•-
•�����•�•�����•�����..s���•�����•������•.���•e
2032
1.79x
1.00x
® ■
y
2033
1.86x
OOK
100,000
"^
L OOK
0
R
2035
1.2034 811x
LOON
2020 2022 2024 2026 2028 2030
2032 2034
2036 2038 2040
2042 2044
2W
2048 2050
2052
2036
1.83x
1.07x
2037
1.85x
1.13x
aaean Existing Senior Uen D/5
aar• HEFT Acquisition
Proposed Senior Principal
2038
2.08x
1.25x
00o0o Proposed Senior Net Interest
-Same as above minus 20% Toll reduction --- Senior D/S @ 1.40x
2038
2ABX
1.750,
--- Senior D/S @ 1.20x
•••••• Combined Toll Revenues after operating costs
2048
2.Qx
154x
2053
2.3ax
2.72x
Cspltsd WON
Prior &
Fiscal year 2020 7m
2022 2028
2024 am
2038 2087
1028
no
2030
2M
3082
Took
kfrmb�Gwft 0 10,978
0 LOU
0 0
0 0
0
0
0
0
0
1.1.090
PaW Fwrdhrg: 0 184,033
0 68,621
0 18,676
75,000 1,022
3,275
6,422
1,022
3,275
6,422
367,755
Prier At Harr Debt Fundby 205,4!1 62AU
295,255 225,690
178,796 141,358
0 0
0
0
0
0
0
1,109.060
TOW Fwwhw 20504111 256,589
294255 293,323
178,796 190,034
75,000 1,022
3,275
6,422
X022
3,275
6,422
1,4VJ25
Work Program: -205,481 -256,599 -295,255 -295,323 -178,796 -160,034 -75,000 -1,022 -3,275 -6,422 .1,022 -3,275 -6,422 -1,487,925
1hNnadad Peaboast 0 0 0 0 0 0 0 0 0 0 0 0 0 (0)
FAKWYOW 3010 3071 2022 2023 2074 2025 2076 21127 7001 2029 2080 2031 2032 TstMs
bnKmvtp Ds4wa 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Bond Par Amount Issued 254,025 0 544,780 0 346,550 0 0 O O 0 0 0 0 11143,33'3
Fbaiyar
1020
2021
7022
2023
2028
2029
2034
2039
2048
2053 Total
2024
2025
2026
2027
Gemirai Fund Unrestricted
141,993
142,138
142,289
142,445
142,659
142,1181
143,112
143,330
143,659
143,981
145,M
487,509
1,683,385
2,748,081 -
External Transfer for Transportation
35,340
35,069
30,421
30,666
30,698
30,838
31,397
33,211
33,076
36,661
216,361
557,988
370,731
378,738 1,851,193
General Fund Restricted
48,563
48,707
48,942
49,185
49,835
50,751
51,067
51,368
51,681
52,006
$3,861
55,935
60,625
63,745
R&R Fund (Pa"o, Account Only)
129,101
1,313
35,314
416
31,907
43,909
159
35,070
65,757
106,101
401,500
83,603
103,393
116,980
5/11/2018
1 ofl
Prehminary/Subjectto Change
iI,1Tiittcd into the public
::cordo ite (s) ATTACHMENT 4
LkLL—
City Clerk
Section Effective upon the commencement of operations of
the transportation authority as provided for in s. 338.273(1) of
Transportation Authority Act, part I of chapter 348, Florida
Statutes, consisting of ss. 348. 0001, 348. 0002, 348. 0003, 348. 0004,
348.0005, 348.0007, 348.0008, 348.0009, 348.0010, 348.0011,
348.00115, and 348.0012, is repealed.
Section _. Section 338.271 through 338.281, Florida Statutes,
are created to read:
338.271 Short Title. -
Sections 338.271 through 338.281 shall be known and may be
cited as the "Transportation Authority Act."
338.272. Definitions. -
As used in the Transportation Authority Act, the term:
(1) "Agency of the state" means and includes the state and
any department of, or corporation, agency, or instrumentality
heretofore or hereafter created, designated, or established by,
the state.
(2) "Transportation authority" means an authority established
within a county as defined in s. 125.011(1) pursuant to the
Transportation Authority Act which is a body politic and corporate
and a public instrumentality, and an agency of the state.
(3) "Department" means the Department of Transportation.
(4) "Express written consent" means prior express written
consent given in the form of a resolution adopted by a board of
county commissioners.
(5) "Expressway" means a street or hiqhway especially designed
for through traffic, and over, from, or to which owners or
occupants of abutting land or other persons have no right or
easement or only.a limited right or easement of access, light,
air, or view by reason of the fact that their property abuts upon
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such limited access facility or for any other reason. Such highways
or streets may be facilities from which trucks, buses, and other
commercial vehicles are excluded; or they may be facilities open
to use by all customary forms of street and highway traffic.
(6) "Expressway system" means any and all expressways,
including toll roads, within the geographic boundaries of the
transportation authority and appurtenant facilities thereto,
including, but not limited to, all approaches, roads, bridges, and
avenues of access for such expressway, and public transportation
facilities.
(7) "Federal agency" means and includes the United States,
the President of the United States, and any department of, or
corporation, agency, or instrumentality heretofore or hereafter
created, designated, or established by, the United States.
(8) "Former authority" means an expressway authority within a
county as defined in s. 125.011(1) that was established pursuant
to the now repealed Florida Expressway Authority Act.
(9) "Former Homestead Extension of the Florida Turnpike" as
used in the Transportation Authority Act means that portion of
the Homestead Extension of the Florida Turnpike in existence on
the effective date of the Transportation Authority Act and which
is within the boundaries of a county as defined in s. 125.011(1).
(10) "Lane miles" as used in the Transportation Authority Act
is calculated as the length of a road times the number of lanes.
(11) "Managed lanes" shall mean a set of lanes within the toll
road cross section that are separated from the general-purpose
lanes, where the lanes are operated with a management scheme, such
as lane use restrictions or variable tollincr, based on traffic
flow, vehicle throughput, or both.
(12) "Public transportation facility" means real and personal
property, structures, improvements, buildings, personnel,
equipment, plant, vehicle parking or other facilities, rights-of-
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way, or any combination thereof used or useful for the purposes of
transporting passengers by means of a street railway, elevated
railway or quidewav, subwav, motor vehicle, motor bus, or anv bus
or other means of conveyance operated by the county where the
facilities of the transportation authority lie.
(13) "Turnpike debt" means the State of Florida Department of
Transportation Turnpike Revenue Bonds (various series),
authorized by the Amended and Restated Resolution, adopted on May
17, 2005, approving the issuance of not to exceed $4,419,997,419.20
State of Florida Department of Transportation turnpike revenue
bonds (various series) outstanding as of the effective date of the
Transportation Authority Act.
338.273 Creation of a transportation authority and transfer
of certain facilities.—
(1) The transportation authority is hereby created pursuant
to the Transportation Authority Act and shall begin operating no
later than July 1, 2020. The transfer of the facilities of the
former authority and the former Homestead Extension of the Florida
Turnpike, and all agreements, assignment of agreements, or actions
necessary to effectuate said transfer, and effectuate the
requirements of the Transportation Authority Act, shall occur prior
to July 1, 2020.
(a) The transportation authority shall assume the assets,
facilities, tangible and intangible property and any rights in such
property, and any other legal rights and liabilities of the former
authority. The transportation authority shall continue the system
of tolls of the facilities of the former authority.
(b) The transportation authority shall assume o.anership of
the former Homestead Extension of the Florida Turnpike, and all
assets, facilities, tangible and intangible property and any rights
in such property, and any other legal rights and liabilities of
the department with respect to the former Homestead Extension of
the Florida Turnpike. The transportation authority shall collect
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tolls of the facilities of the former Homestead Extension of the
Florida Turnpike. The unrestricted net position generated by the
former Homestead Extension of the Florida Turnpike up to the
effective date of the Transportation Authority Act shall remain
with the department.
(2)(a)Effective upon the commencement of operations of the
transportation authority as provided for in subsection (1),
revenues collected on the facilities of the former authoritv shall
be considered revenues of the transportation authority, but shall
be subject to the lien of the trust indentures securing the bonds
issued by the former authority. The transportation authority also
assumes all liabilitv for bonds of the former authoritv.
(b) Effective upon the commencement of operations of the
transportation authority as provided for in subsection (1),
revenues collected on the facilities of the former Homestead
Extension of the Florida Turnpike shall be considered revenues of
the transportation authority, but shall not be subject to the lien
of any trust indenture securing turnpike debt and may be pledged
as security for any debt issued by the transportation authority.
(3) In consideration for the transfer of the former Homestead
Extension of the Florida Turnpike, the transportation authority
shall issue debt and establish an escrow fund to redeem
$301,925,000 of turnpike debt. The debt issued by the
transportation authority shall benefit from a proportional share
of any debt service reserve established by the department as credit
support for the turnpike debt. The proportionate share of the
debt service reserve to be allocated by the department to the
transportation authority as support for the debt issued by the
transportation authority to redeem the turnpike debt shall be
calculated by multiplying the total amount, of the debt service
reserve supporting the turnpike debt by the percentage determined
by dividing the lane miles of the area occupied by the former
Homestead Extension of the Florida Turnpike by the total lane
miles of the Florida Turnpike, each such valuation to be fixed as
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of the effective date of the Transportation Authority Act.
(4) The transfer pursuant to this section is subject to all
terms and covenants provided for the protection of the holders of
the former authority's bonds or resolutions adopted in connection
with the issuance of such bonds. Further, the transfer shall not
impair the terms of the contract between the former authority and
the bondholders, shall not act to the detriment of the bondholders,
and does not diminish the security for the bonds. The
transportation authority shall collect toll revenues and apply them
to the payment of debt service as provided in the trust indentures
or bond resolutions securing the debt issued by the former
authority and to redeem $301,925,000 of turnpike debt as provided
for in subsection (3).
(5) After the transfer, the transportation authority may
refinance all or a portion of the former authority's outstanding
bonds.
(6) Notwithstanding any other provision to the contrary, but
subject to the provisions of subsections (2), (3) and (4), the
transportation authority:
(a) shall not require an automatic, annual increase of toll
rates by the Consumer Price Index for any of the facilities of the
former authority or the former Homestead Extension of the Florida
Turnpike until January 1, 2053.
(b) shall not establish managed lanes on any of its
facilities.
(c) shall, no later than 45 days following its first
governing board meeting, reduce the toll rates charged on the
former authority and the former Homestead Extension of the Florida
Turnpike by 20 percent of the toll rate that was charged on those
respective facilities on June 30, 2019.
(d) shall charge any vehicle with 4 or more axles a toll rate
for no more than a maximum of 3 axles.
(7)(a) Notwithstanding any other provision to the contrary,
fees generated from tolls on the facilities of the transportation
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authority may be used:
1. To pay outstanding contractual and bond obligations of the
former authority or of the department but only with respect to the
facilities of the former Homestead Extension of the Florida
Turnpike.
2. For the acquisition, planning, development, construction,
expansion, operation, maintenance, reconstruction, and restoration
of the expressway system and toll facilities of the transportation
authority, and for any other purpose or power provided by the
Transportation Authority Act.
3. To pay for projects of the former authority contained in
the former authority's most recent five-year work program.
4. Pay for projects of the former Homestead Extension of the
Florida Turnpike contained in the most recent Florida Department
of Transportation District Six five-year work program.
(b) Revenues generated annually in excess of those required
to pay the expenses in paragraph (a) shall be used by the
transportation authority to fund transit and transportation
projects within a county as defined in s. 125.011(1).
(8) Employees, officers, and members of the former authority
may not sell, dispose, encumber, transfer, or expend assets of the
former authority as reflected in the former authority's financial
statements for the fiscal year ended June 30, 2018, other than in
the ordinary course of business. For purposes of this section,
incurring debt or issuing bonds for projects contained in the
former authority's most recent five-year work program approved and
adopted prior to the effective date of the Transportation Authority
Act is not considered the ordinary course of business.
Notwithstanding the foregoing, nothing contained herein shall
prevent the former authority from designing and planning projects
contained in the former authority's most recent five-year work
program approved and adopted prior to the effective date of the
Transportation Authority Act.
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(9) Employees, officers, and members of the department or the
Florida's Turnpike Enterprise may not sell, dispose, encumber, or
transfer the former Homestead Extension of the Florida Turnpike,
or assets that are specific to the former Homestead Extension of
the Florida Turnpike, as reflected in the Florida's Turnpike
Svstem's most recent financial statement or abnlicable capital
plan.
338.274. Formation and membership. -
(1)(a) The governing body of the transportation authority
shall consist of:
1. the mayor of the county where the transportation
authoritv is located;
2. the mayors of the cities of Doral, Hialeah, Homestead,
Miami, and Miami Gardens; and
3. four persons appointed by the Governor, subject to
senate confirmation, who shall hold elected office of which:
a. two members must live in the unincorporated area south
of 8 Street and west of the Homestead Extension of the Florida
Turnpike; and
b. two members must live in municipalities within the
county, but not the same municipality or a municipality
represented pursuant to subparagraph 2.
4. Appointees shall serve on a 4 -year rotational basis,
except that the term of two of the initial appointments made by
the Governor shall be for 2 years.
(b) Members of the governing body of the transportation
authority may be removed from office by the Governor for
misconduct, malfeasance, misfeasance, or nonfeasance in office.
(2) The governing body of the transportation authority shall
elect one of its members as its chair and shall elect a secretary
and a treasurer who need not be members of the transportation
authoritv. The chair, secretary, and treasurer shall hold their
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offices at the will of the transportation authoritv. The chair
shall hold said office for a term of 2 years. A simple majority of
the governing body of the transportation authority constitutes a
quorum, and the vote of a majority of those members present is
necessary for the governing body to take any action. A vacancy on
the transportation authority shall not impair the right of a quorum
of the transportation authority to exercise all of the rights and
perform all of the duties of the transportation authority.
(3) Upon the effective date of his or her appointment, or as
soon thereafter as practicable, each appointed member of the
transportation authority shall enter upon his or her duties.
(4)(a) The transportation authority may employ an executive
secretary, an executive director, its own counsel and legal staff,
technical experts, and such engineers and employees, permanent or
temporary, as it may require and shall determine the
qualifications and fix the compensation of such persons, firms,
or corporations. The transportation authority may employ a fiscal
agent or agents; however, the transportation authority must
solicit sealed proposals from at least three persons, firms, or
corporations for the performance of any services as fiscal agents.
The transportation authority may delegate to one or more of its
agents or employees such of its power as it deems necessary,
subject always to the supervision and control of the
transportation authority.
(b) Members of the transportation authority are entitled to
receive from the transportation authority their travel and other
necessary expenses incurred in connection with the business of
the transportation authority as provided in s. 112.061, but they
may not draw salaries or other compensation.
(c) Members of the transportation authority shall comply with
the applicable financial disclosure requirements of s. 8, Art. II
of the State Constitution.
(5) A member or the executive director of the transportation
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authority may not:
1. Personally represent another person or entity for
compensation before the transportation authority for a period of
2 years after vacation of his or her position.
2. After retirement or termination, have an emplovment or
contractual relationship with a business entity other than an
agency, as defined in s. 112.312, in connection with a contract
in which the member or executive director Dersonally and
substantially participated through decision, approval,
disapproval, recommendation, rendering of advice, or
investigation while he or she was a member or employee of the
transportation authority.
(6) The transportation authority's general counsel shall
serve as the transportation authority's ethics officer.
(7) Transportation authority board members, employees, and
consultants who hold positions that may influence transportation
authority decisions shall refrain from engaging in any
relationship that may adversely affect their judgment in carrying
out transportation authority business. To prevent such conflicts
of interest and preserve the integrity and transparency of the
transportation authority to the public, the following disclosures
must be made annually on a disclosure form:
1. Any relationship that a board member, employee, or
consultant has which affords a current or future financial benefit
to such board member, employee, or consultant, or to a relative
or business associate of such board member, employee, or
consultant, and which a reasonable person would conclude has the
potential. to create a prohibited conflict of interest. As used in
this subsection, the term "relative" has the same meaning as
rovided in s. 112.312.
2. Whether a relative of such board member, employee, or
consultant is a registered lobbyist and, if so, the names of such
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lobbyist's clients. Such names shall be provided in writing to
the ethics officer.
3. Any and all interests in real property that such board
member, employee, or consultant has, or that an immediate family
member of such board member, employee, or consultant has, if such
real property is located in, or within a 1/2 -mile radius of, any
actual or prospective transportation authority roadway project.
The executive director shall provide a corridor map and a property
ownership list reflecting the ownership of all real property
within the disclosure area, or an alignment map with a list of
associated owners, to all board members, employees, and
consultants.
(8) The disclosure forms filed as required under paragraph
4)(c) must be reviewed bV the ethics officer or, if a form is
filed by the general counsel, by the executive director.
(9) The conflict of interest process shall be outlined in
the transportation authoritv's code of ethics. The code of ethics
policy shall be reviewed and updated by the ethics officer and
presented for board approval at least once every 2 years.
Employees shall be adequately informed and trained on the code of
ethics and shall continuallv participate in onQoinQ ethics
education.
(10) Employees and consults of the transportation authority
are prohibited from serving on the governing body of the
transportation authority while employed by or under contract with
the transportation authority.
(11) The requirements of paragraphs (5)-(10) are in addition
to reauirements that the members and the executive director of
the transportation authority are required to follow under chapter
112.
(12) Violations of paragraphs (5), (7), and (10) are
ishable in accordance with s. 112.317.
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(13) A finding of a violation of this subsection or chapter
112, or failure to comply within 90 days after receiving a notice
of failure to comply with financial disclosure requirements,
results in immediate termination from the governing body of the
transportation authority.
338.275. Purpose and Powers. -
(1)(a) The transportation authority may acquire, hold,
construct, improve, maintain, operate, and own an expressway
system.
(b) The transportation authority, in the construction of an
expressway system, shall construct expressways. Construction of
an expressway system may be completed in segments, phases, or
stages, in a manner which will permit the expansion of these
segments, phases, or stages to the desired expressway
configuration. The transportation authority, in the construction
of an expressway system, may construct any extensions of,
additions to, or improvements to, the expressway system or
appurtenant facilities, including all necessary approaches, roads,
bridges, and avenues of access, with such changes, modifications,
or revisions of the project that are deemed desirable and proper.
The transportation authority may only add additional expressways
to an expressway system, under the terms and conditions set forth
in the Transportation Authority Act, with the prior express
written consent of the board of county commissioners of the county
located within the geographic boundaries of the transportation
authority, and only if such additional expressways are financially
feasible, and are compatible with the existing plans, projects,
and programs of the transportation authority.
(2) The transportation authority may exercise all powers
necessary, appurtenant, convenient, or incidental to the carrying
out of its purposes, including, but not limited to, the following
rights and powers:
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(a) To sue and be sued, implead and be impleaded, and complain
and defend in all courts.
(b) To adopt, use, and alter at will a corporate seal.
(c) To acquire, purchase, hold, lease as lessee, and use any
franchise or property, real, personal, or mixed, tangible or
intangible, or any interest therein necessary or desirable for
carrying out the purposes of the transportation authority and to
sell, lease as lessor, transfer, and dispose of any property or
interest therein at any time acquired by it.
(d) To enter into and make leases, either as lessee or as
lessor, in order to carry out the right to lease as set forth in
this section.
(e) To fix, alter, charge, establish, and collect tolls,
rates, fees, rentals, and other charges for the services and
facilities system, which tolls, rates, fees, rentals, and other
charges must always be sufficient to comply with any covenants
made with the holders of any bonds issued pursuant to the
Transportation Authority Act, as well as to redeem $301,925,000
of turnpike debt as provided for in s. 338.273(3).
(f) To borrow money, make and issue negotiable notes, bonds,
refund bonds and other evidence of indebtedness, either in
temporary or definitive form, of the transportation authority,
which bonds or other evidence of indebtedness may be issued
pursuant to the State Bond Act, or in the alternative, pursuant
to the provisions of s. 338.276 (2) , to finance an expressway system
within the geographic boundaries of the transportation authority,
and to provide for the security of the bonds or other evidence of
indebtedness and the rights and remedies of the holders of the
bonds or other evidence of indebtedness. Any bonds or other
evidence of indebtedness pledging the full faith and credit of the
state shall only be issued pursuant to the State Bond Act. The
transportation authority may refund any bonds previously issued,
to the extent allowable by federal tax laws, to finance or
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refinance an expressway system regardless of whether the bonds
being refunded were issued by such transportation authority, an
agency of the state, or a county.
(q) To enter contracts and to execute all instruments
necessary or convenient for the carrying on of its business.
(h) Without limitation of the foregoing, to borrow money and
accept grants from, and to enter into contracts, leases, or other
transactions with, any federal agency, the state, any agency of
the state, county, or any other public body of the state.
i) To have the power of eminent domain, including the
procedural powers granted under chapters 73 and 74.
(j) To pledge, hypothecate, or otherwise encumber all or any
part of the revenues, tolls, rates, fees, rentals, or other charges
or receipts of the transportation authority, as security for all
or anv of the oblicrations of the transportation authoritv.
(k) To do all acts and things necessary or convenient for the
conduct of its business and the general welfare of the
transportation authority in order to carry out the powers granted
to it by law.
(3) Any provision of law to the contrary notwithstanding, the
consent of any municipality is not necessary for any project of
the transportation authority, whether or not the project lies in
whole or in part within the boundaries of the municipality, if the
project is consistent with the locally adopted comprehensive plan.
However, if a project is inconsistent with the affected municipal
comprehensive plan, the project may not proceed without a hearing
pursuant to ss. 120.569 and 120.57, at which it is determined that
the project is consistent with the adopted metropolitan planning
organization transportation improvement plan, if any, and the
applicable strategic regional plan, and at which regional
interests are determined to clearly override the interests of the
municipality.
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(4) The transportation authority shall comply with all
statutory requirements of general application which relate to the
filing of any report or documentation required by law, including
the requirements of ss. 189.015, 189.016, 189.051, and 189.08.
(5) The transportation authority shall not undertake any
construction that is inconsistent with the metropolitan planning
organization's transportation improvement program and the county's
comprehensive plan.
(6) The transportation authority may finance or refinance
the planning, design, acquisition, construction, extension,
rehabilitation, equipping, preservation, maintenance, or
improvement of a public transportation facility or transportation
facilities owned or operated by the county, an intermodal facility
or facilities, multimodal corridor or corridors, including, but
not limited to, bicycle facilities or greenways that will improve
transportation services within the county, or any programs or
projects that will improve the levels of service on an expressway
system, subject to approval of the governing body of such county
after public hearing.
(7) The governing body of the county may enter into an
interlocal agreement with the transportation authority pursuant
to chapter 163, for the joint performance or performance by either
governmental entity of any corporate function of the county or
transportation authority necessary or appropriate to enable the
transportation authority to fulfill the powers and purposes of
this part and promote the efficient and effective transportation
of persons and goods in such county.
(8) The Legislature declares that there is a public need for
the rapid construction of safe and efficient transportation
facilities for traveling within the state and that it is in the
public's interest to provide for public-private partnership
agreements to effectuate the construction of additional' safe,
convenient, and economical transportation facilities.
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(a) Notwithstanding any other provision to the contrary, the
transportation authority may receive or solicit proposals and
enter into agreements with private entities, or consortia thereof,
for the building, operation, ownership, or financing of
transportation authority transportation facilities or new
transportation facilities within the jurisdiction of the
transportation authority which increase transportation capacity.
The transportation authority may not sell or lease any
transportation facility owned by the transportation authority,
without providing the analysis required in s. 334.30(6) (e)2. to
the Legislative Budget Commission created pursuant to s. 11.90 for
review and approval prior to awarding a contract on a lease of an
existing toll facilitv. The transportation authoritv is authorized
to adopt rules to implement this subsection and shall, by rule,
establish an application fee for the submission of unsolicited
proposals under this subsection. The fee must be sufficient to pay
the costs of evaluating the proposals. The transportation
authority may engage private consultants to assist in the
evaluation. Before approval, the transportation authority must
determine that a proposed project:
1. Is in the public's best interest.
2. Would not recruire state funds to be used unless the prosect
is on or provides increased mobility on the State Highway System.
3. Would have adequate safeguards to ensure that no
additional costs or service disruptions would-be realized by the
traveling public and residents of the state in the event of default
or the cancellation of the agreement by the transportation
authoritv.
4. Would have adequate safeguards in place to ensure that the
department, the transportation authority, or the private entity
has the opportunity to add capacity to the proposed project and
other transportation facilities serving similar oricrins and
destinations.
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5. Would be owned by the transportation authority upon
etion or termination of the agreement.
(b) The transportation authority shall ensure that all
reasonable costs to the state which are related to transportation
facilities that are not part of the State Highway System are borne
by the private entity. The transportation authority shall also
ensure that all reasonable costs to the state and substantially
affected local governments and utilities related to the private
transportation facility are borne by the private entity for
transportation facilities that are owned by private entities.
(c) The transportation authority may request proposals for
public-private transportation projects or, if it receives an
unsolicited proposal, it must publish a notice in the Florida
Administrative Register and a newspaper of general circulation in
the county in which it is located at least once a week for 2 weeks,
stating that it has received the proposal and will accept, for 60
days after the initial date of publication, other proposals for
the same project purpose. A copy of the notice must be mailed to
each local government in the affected areas. After the public
notification period has expired, the transportation authority
shall rank the proposals in order of preference. In ranking the
proposals, the transportation authority shall consider
professional qualifications, general business terms, innovative
engineering or cost -reduction terms, finance plans, and the need
for state funds to deliver the proposal. If the transportation
authority is not satisfied with the results of the negotiations,
it may, at its sole discretion, terminate negotiations with the
r. if these neaotiations are unsuccessful, the
transportation authority may go to the second and lower -ranked
firms, in order, using the same procedure. If only one proposal
is received, the transportation authority may negotiate in good
faith, and if it is not satisfied with the results, it mav, at its
sole discretion, terminate negotiations with the proposer. The
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transportation authority may, at its discretion, reject all
proposals at any point in the process up to completion of a
contract with the proposer.
(d) Agreements entered into pursuant to this subsection may
authorize the public-private entity to impose tolls or fares for
the use of the facility. However, the amount and use of toll or
fare revenues shall be regulated by the transportation authority
to avoid unreasonable costs to users of the facility.
(e) Each public-private transportation facility constructed
pursuant to this subsection shall comply with all requirements of
federal, state, and local laws; state, regional, and local
comprehensive plans; the transportation authority's rules,
policies, procedures, and standards for transportation facilities;
and any other conditions that the transportation authority
determines to be in the public's best interest.
(f) The transportation authority may exercise any power
ssessed by it, includincr eminent domain, to facilitate the
development and construction of transportation projects pursuant
to this subsection. The transportation authority may pay all or
part of the cost of operating and maintaining the facility or may
provide services to the private entitv for which it receives full
or partial reimbursement for services rendered.
338.276. Bonds. -
(1) Bonds may be issued on behalf of the transportation
authority as provided by the State Bond Act.
(2)(a) The transportation authority may also issue bonds
pursuant to this part, which do not pledge the full faith and
credit of the state in such principal amount as, in the opinion
of the transportation authority, is necessary to provide
sufficient moneys for achieving its corporate purposes.
(b) The bonds of the transportation authority issued pursuant
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to the provisions of this part, whether on original issuance or
refunding, must be authorized by resolution of the transportation
authority, after approval of the issuance of the bonds at a public
hearing, and may be either term or serial bonds, shall bear such
date or dates, mature at such time or times, bear interest at such
rate or rates, be payable semiannually, be in such denominations,
be in such form, either coupon or fully registered, shall carry
such registration, exchangeability and interchangeability
privileges, be payable in such medium of payment and at such place
or places, be subject to such terms of redemption and be entitled
to such priorities on the. revenues, rates, fees, rentals, or other
charges or receipts of the transportation authority, as such
resolution or any resolution subsequent thereto may provide. The
bonds must be executed by such officers as the transportation
authority determines under the requirements of s. 279.06.
(c) Said bonds shall be sold by the transportation authority
at public sale by competitive bid. However, if the transportation
authority, after receipt of a written recommendation from a
financial adviser, shall determine by official action after public
hearing by a two-thirds vote of all voting members of the
transportation authority that a negotiated sale of the bonds is
in the best interest of the transportation authority; the
transportation authority may negotiate for sale of the bonds with
the underwriter or underwriters designated by the transportation
authority and the county in which the transportation authority
exists. The transportation authority shall provide specific
findings in a resolution as to the reasons requiring the negotiated
sale, which resolution shall incorporate and have attached thereto
the written recommendation of the financial adviser required by
this subsection.
(d) Any such resolution or resolutions authorizing any bonds
hereunder which do not pledge the full faith and credit of the
state may contain provisions that are part of the contract with
Submitted into the pub i
record fid
on / City Clerk
the holders of the bonds, as the transportation authorit
determines proper. In addition, the transportation authority may
enter into trust indentures or other agreements with its fiscal
agent, or with any bank or trust company within or without the
state, as.security for such bonds, and may, under the agreements,
assign and pledge the revenues, rates, fees, rentals, tolls, or
other charges or receipts of the transportation authority.
(e) Any of the bonds issued pursuant to this part are
negotiable instruments and have all the qualities and incidents
of negotiable instruments under the law merchant and the
negotiable instruments law of the state.
(f) Notwithstanding any of the provisions of this part, each
project, building, or facility which has been or will be financed
by the issuance of bonds or other evidence of indebtedness and
that does not vledge the full faith and credit of the state under
this part and any refinancing thereof is approved for purposes of
s. 11(f), Art. VII of the State Constitution.
338.277. Acquisition of lands and property. -
(1) The transportation authority may acquire such rights,
title, or interest in private or public property and such property
rights, including easements, rights of access, air, view, and
light, by gift, devise, purchase, or condemnation by eminent
domain proceedings, as the transportation authority may deem
necessary for any of the purposes provided for in the
Transportation Authority Act , including, but not limited to, any
lands reasonably necessary for securing.applicable permits, areas
necessanr for management of access, borrow pits, drainage ditches,
water retention areas, rest areas, replacement access for
landowners whose access is impaired due to the construction of an
expressway system, and replacement rights-of-way for relocated
rail and utility facilities; for existing, proposed, or
anticipated transportation facilities on the expressway system or
Submitted into the public
record fNI
t s), t
on City Clerk
in a transportation corridor desicznated by the transportation
authority; or for the purposes of screening, relocation, removal,
or disposal of junkyards and scrap metal processing facilities.
The transportation authority may also condemn any material and
property necessary for such purposes.
(2) The transportation authority and its authorized agents,
contractors, and employees are authorized to enter upon any lands,
waters, and premises, upon giving reasonable notice to the
landowner, for the purpose of making surveys, soundings,
drillings, appraisals, environmental assessments including phase
I and phase II environmental surveys, archaeological assessments,
and such other examinations as are necessary for the acquisition
of private or public property and property rights, including
rights of access, air, view, and light, by gift, devise, purchase,
or condemnation by eminent domain proceedings or as are necessary
for the transportation authority to perform its duties and
functions; and any such entry shall not be deemed a trespass or
an entry that would constitute a taking in an` eminent domain
proceeding. The transportation authority shall make reimbursement
for any actual damage to such lands, water, and premises as a
result of such activities. .Any entry authorized by this subsection
shall be in compliance with the premises protections and landowner
liability provisions contained in s. 472.029.
(3) The right of eminent domain conferred to the
transportation authority must be exercised by the transportation
authority in the manner provided by law.
(4) When the transportation authority acquires property for
an exoresswav system or in a transuortation corridor as defined
in s. 334.03, it is not subject to any liability imposed by chapter
376 or chapter 403 for preexisting soil or groundwater
contamination due solely to its ownership. This subsection does
not affect the rights or liabilities of any past or future owners
of the acquired property nor does it affect the liability of any
Submitted into the public
record fo ite (s i ,.) A�
on y City Clerk
governmental entity for the results of its actions which create
or exacerbate a pollution source. The transportation authority and
the Department of Environmental Protection may enter into
interagency agreements for the performance, funding, and
reimbursement of the investigative and remedial acts necessary for
property acquired by the transportation authority.
338.278. Cooperation with other units, boards, agencies, and
individuals. -
Express authority and power is given and granted to any
county, municipality, drainage district, road and bridge district,
school district, or other political subdivision, board,
commission, or individual in or of this state to enter into
contracts, leases, conveyances, or other agreements with the
transportation authority within the provisions and purposes of
Transportation Authority Act. A transportation authority may enter
into contracts, leases, conveyances, and other agreements, to the
extent consistent with chapters 334, 335, 338, and 339 and other
provisions of the laws of the state and with 23 U.S.C. ss. 101 et
seq., with any political subdivision, agency, or instrumentality
of the state and any and all federal agencies, corporations, and
individuals, for the purpose of carrying out the provisions of the
Transportation Authority Act.
338.279. Covenant of the state. -
The state does hereby pledge to, and agrees with, any person,
firm, corporation, or federal or state agency subscribing to or
acquiring the bonds to be issued by the transportation authority
that the state will not limit or alter the rights herebv vested
in the transportation authority and the department until all bonds
at any time issued, together with the interest thereon, are fully
paid and discharged, insofar as the same affects the rights of the
holders of bonds issued hereunder. The state does further pledae
!ubmi++cd into the public
fo ite (s)
On City Clerk
to, and agrees with, the United States that, in the event
federal aqency constructs, or contributes any funds for the
completion, extension, or improvement of, an expressway system or
any part or portion thereof, the state will not alter or limit the
rights and powers of the transportation authority and the
department in any manner which would be inconsistent with the
continued maintenance and operation of the expressway system or
the completion, extension, or improvement thereof or which would
be inconsistent with the due performance of any agreement between
the transportation authority and any such federal agency, and the
transportation authority and the department shall continue to have
and may exercise all powers granted so long as the same shall be
necessary or desirable for carrying out the purposes of the
transportation authority and the purposes of the United States in
the completion, extension, or improvement of the expressway system
or any part or portion thereof.
338.280. Exemption from taxation.—
The effectuation of the authorized purposes of the
transportation authority is in all respects for the benefit of the
people of the state, for the increase of their commerce and
prosperity, and for the improvement of their health and living
conditions. For this reason, the transportation authority is not
required to pay any taxes or assessments of any kind or nature
whatsoever upon any property acquired by it or used by it for such
purposes or upon any revenues at any time received by it. The
bonds issued by or on behalf of the transportation authority,
their transfer, and the income therefrom, including any profits
made on the sale thereof, are exempt from taxation of any kind by
the state or by any political subdivision or other taxing agency
or instrumentality thereof. The exemption granted by this section
does not apply to any tax imposed under chapter 220 on interest,
income, or profits on debt obligations owned by corporations.
Submitter? into the pu1'�
record i�. - ite z s) - L_
on City Clerk
338.281. Public accountability. -
The transportation authority shall post the following
information on its website:
1) Audited financial statements and any interim financial
reports.
(2) Board and committee meeting agendas, meeting packets, and
(3) Bond covenants for any outstanding bond issues.
(4) Transportation authority budgets.
(5) Transportation authority contracts. For purposes of this
subsection, the term "contract" means a written agreement or
purchase order issued for the purchase of goods or services or a
written agreement for the receipt of state or federal financial
assistance.
(6) Transportation authority expenditure data, which must
include the name of the payee, the date of the expenditure, and
the amount of the expenditure. Such data must be searchable by
name of the payee, name of the paying agency, and fiscal year and
must be downloadable in a format that allows offline analysis.
(7) Information relating to current, recently completed, and
future projects on transportation authority facilities.
Section _ The department is directed to (i) negotiate with
the transportation authority to refine the details of the
transference of the Homestead Extension of the Florida Turnpike,
including ensuring that the Turnpike and TAMD roadways and system
remains continuous and seamless and at the same level of road
standard, and (ii) provide a report back to the Senate President,
House Speaker and members of the legislative delegation of the
county in which the transportation authority is located by no
Submitted into the public
FIX 01 d fIOT it S)
on Vlk City Clerk
later than November 1, 2019 indicating whether an agreement
related to the issues set forth in (i) above has been reached and
detailing the terms of the agreement, or alternatively detailing
the current status of the negotiations. The transportation
authority may provide a response to the report to the Senate
President, House Speaker and members of the legislative delegation
no later than December 1, 2019.
Section . This act shall take effect July 1, 2019.
MIAWWDE
Memorandum OM
Date: April 8, 2019
Submitted into the public
record f it m(s) To: Honorable Chairwoman Audrey M. Edmonson re �1t �s) City Clerk
and Members, Board of County Commissioners
From: Carlos A. Gimene
Mayor
Subject: Update on the Transportation Authority of Miami -Dade
In previous communications to the Board, I introduced a plan to create the Transportation
Authority of Miami -Dade (TAMD), which would merge the operations of the Miami -Dade
Expressway Authority (MDX) and the Homestead Extension of the Turnpike (HEFT) in order to
offer a 20 percent discount on tolls for all commuters on these roadways — saving more than $4
billion over 33 years. Over the same time period, TAMD would fund and construct the Kendall
Parkway, not apply Consumer Price Index inflation adjustments on HEFT commuters — thereby
saving those toll payers $4.5 billion — and be able to provide $1.85 billion in funding for other
transportation and transits projects.
The State Legislature is currently considering two bills: Senate Bill (SB) 898 and House Bill (HB)
385, which create a new State agency in Miami -Dade County called the "Greater Miami
Expressway Agency" (GMX) to absorb the assets, liabilities and operations of MDX when it is
dissolved, which both bills contemplate. The HEFT will remain part of the Florida Turnpike. Upon
full implementation of the transfer of MDX operations to GMX, the two bills call for a 25 percent
toll rebate to any GMX SunPass toll payer whose vehicle is registered in Miami -Dade County.
We have been monitoring the development of the two bills, contrasting the benefits to the public
that GMX offers versus what TAMD can provide, and estimating the probable future fiscal impacts
of the proposed legislation. Some of the distinctions between the TAMD and GMX proposals, and
some of our concerns as to GMX's ability to provide needed toll relief and transportation
infrastructure, are as follows:
1) The 20 percent toll reduction on the TAMD benefits all commuters on both MDX and
HEFT roadways. GMX's 25 percent toll relief benefits only those using MDX roadways
who use SunPass and whose vehicles are registered in Miami -Dade — meaning that it will
benefit only about 72 percent of the commuters on MDX-built roadways and none of the
HEFT commuters. Also, it is perceived, if not in fact reality, that many of the economically
disadvantaged among the commuting public are more cash reliant, i.e., don't have
SunPasses, and, therefore, would not benefit proportionally from the 25 percent reduction
of SunPass tolls.
2) Under the TAMD proposal, the overall savings to toll payers while traveling in Miami -Dade
is projected to be $8.5 billion over 33 years. GMX is prohibited from raising tolls until July
1, 2029, unless needed to comply with bond indenture mandates. Assuming full
compliance to the bond indenture over the 10 -year period (2020 through 2029), the
amount of overall savings under the GMX plan would amount to about $475 million.
Submitted into the public
Honorable Chairwoman Audrey M. Edmonson record f Item(s)
and Members, Board of County Commissioners on a CityClerk
Page 2
3) The TAMD proposal provides for the completion of MDX's currently authorized $808
million five-year work program, which includes significant life and safety projects. The two
bills do not specifically address its completion through GMX. Also, the two bills do not
address the Kendall Parkway, which is not part of the MDX's current work program other
than the funding of a NEPA study.
4) Our financial projections, which are developed based on engineering reports detailing
expected work program sequencing and construction costs, reasonable assumptions of
accessing the financial markets to fund construction and actual audited financial data,
demonstrate that with a 25 percent toll rebate program in place:
a. GMX will not be able to complete MDX's work program (approved and adopted on
December 5, 2017) because it will not be compliant with bond indenture
requirements, which will prevent it from accessing public bond markets to fund
work program projects. (See attached Exhibit 1).
b. The Kendall Parkway is not currently in MDX's work program, but it is a major
undertaking that has the support of the community and the Board of County
Commissioners. GMX will absolutely not be able to fund the Kendall Parkway.
(See attached Exhibit II).
5) SB 898 permits the raising of tolls beginning on July 1, 2029. We believe that delaying the
Kendall Parkway in order to be funded by future toll increases will effectively kill the project
because of rising land costs in Miami -Dade County.
We have also attached Exhibit III, which shows that TAMD can afford to fund its promises to our
community.
We look forward to discussing this matter further with the Board at tomorrow's Commission
Meeting.
Attachments
c: Abigail Price -Williams, County Attorney
Geri Bonzon-Keenan, First Assistant County Attorney
Office of the Mayor Senior Staff
Jennifer Moon, Director, Office of Management and Budget
Alice Bravo, Director, Department of Transportation and Public Works
Linda L. Cave, Acting Director, Clerk of the Board
Greater Miami Expressway Agency (GMi)
Finance Plan of Work Program without Kendall Parkway
$663, 745,000 Future @anti Funding
Scenario. Cumnt Rates Without Kendall
(estimated Interest rotes as of218120191
Summary
Net Revenue & Coverage (in $Thousands)
250,000
Years of Non -Compliance to Bond indenture Covenants
200,000 ---.� - �i ♦♦♦ i t
QWW Finding
Submitted into the pub
record fhr it (s) Exhibits
�_
on City Cie*
Cuvaraga Samrruuy
Prim &
'IOOdR
Fiscal Year
Senior
2020
1.30x
2021
1.24x
2022
1.22x
2023
1.21x
2024
1 19M
2025
1.16x
2026
1.15x
2027
tt
2028
1.12x
2029
L]Ax___
2030
1.17x
2031
1.20x
2032
1.23x
2033
1.26x
t,-------------------------------------
1.29w
2035
1.15x
2036
1.15x
2037
1.15x
2038
1.35x
2038
1.35x
2048
t
2053
2.29At
Tota FwWbw
1110,718
112,719
107',1108
325,505 19%W 0
0
0
0
0
0
0
0 1111111
t
105,098
126,895
60,033
74,878
5,015
5,090
5,166
5,244
5,322
5,402
5,906
6,521
8,065
10,323
Construction Fund (Financing)
120,962
8,968
0
24,503
0
0
0
0
0
0
0
0
0
0
2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
2042 2044 2046
2048 2050 2052
aaaon Existing Senior Uen D/S Proposed Senior Principal > Proposed Senior Net Interest -Net Revenue
--- Senior D/S @ 1.50x
--- Senior D/S @ 1.20x
Cuvaraga Samrruuy
Prim &
'IOOdR
Fiscal Year
Senior
2020
1.30x
2021
1.24x
2022
1.22x
2023
1.21x
2024
1 19M
2025
1.16x
2026
1.15x
2027
1.03x
2028
1.12x
2029
L]Ax___
2030
1.17x
2031
1.20x
2032
1.23x
2033
1.26x
2034
1.29w
2035
1.15x
2036
1.15x
2037
1.15x
2038
1.35x
2038
1.35x
2048
2.14x
2053
2.29At
/iardl'iber
Prim &
'IOOdR
2021
am
2Q
2�_ G
2027
21W
f1
2000
2031
2032 Tools
Rohobwmxmrmmratnto
0
a
mm
h O 0
0
0
0
0
0
0
0 1,1.'1145
Prap Funding:
0
0
87,436
0 76,693 0
0
0
0
0
0
0
0 164,129
Prior & Now Dek Amoy
160,728
112,719
9,07!2
325,5115 24,69111 0
O
0
0
0
0
0
0 IBM"
Tota FwWbw
1110,718
112,719
107',1108
325,505 19%W 0
0
0
0
0
0
0
0 1111111
Work Program: -160,718 -112,719 -107,603 -325,585 -101,392 0 0 0 0 0 0 0 0 -808,017
Urda""Forrrar,: 0 0 0 0 0 0 0 0 0 0 a 0 0 (0)
Drtbt Par Amount bW Year
ParilYwr 20Q1 2022 21W 20Q4 4iS 2026 20117 10211 21129 2000 2W1 2002 TOW
ditlerMrUl Davus 0 0 0 0 0 0 0 0 0 0 0 0 d 0
Bond Par Amount Issued 264,500 0 0 0 399,245 0 0 0 0 0 0 0 0 663,745
h�ntE�akrtnoes
Fincaiyew
��
2020
2021
21W
202E
2024
2023
2026
2027
2028
2029
2034
2039
2048
2053
Genera Fuad Urratrteted
141,1152
1411852
141,852
141,1152
141,852
144,646
149,11411
147,332
148,901
150,704
23S,997
3241811
910,682
2,327,511
CumufaNreExcess USFAvoildblePoygo
0
0
0
0
0
2,795
3,996
5,480
7,049
8,852
93,S4S
178,916
758,831
2,185,660
General Fund Restricted
45,251
45,320
45,391
45,463
45,535
45,612
45,755
45,903
46,054
46,211
47,095
48,084
50,317
53,531
R&R Fund (Paygo Account Only)
105,098
126,895
60,033
74,878
5,015
5,090
5,166
5,244
5,322
5,402
5,906
6,521
8,065
10,323
Construction Fund (Financing)
120,962
8,968
0
24,503
0
0
0
0
0
0
0
0
0
0
5/11/2018 101`1 Preliminary/Sub)ect to Change
Greater Miami Expressway Agency (GMX)
Finance Pian of Entire Work Program Including Kendall Parkway
$2,148,930,000 Future Bond Funding
Scenorlo., Current Rates I Current CIP f 25% Toll Reduction on MD Sunpass Users Only
(estimated Interest rotes as of 2/8/2019/
Summary
CvmraM
Net Revenue & Coverage (in $Thousands)
400,000
Submitted into the public
record fLLf s _
UnExhibit 11
City Clerk
Years of Non -Compliance to Bond Indenture Covenants
Years of Non -Compliance to Bond Indenture Covenants and Cash Shortfalls
350,000 -------------------------_----------__----__-------_------
i
300,000
250,000 --� '� ---- - -.
200,000 '-�------r.,
150,000
-205,481
FisralYear
65
AR
1001000
4
i
A
1.20x
2022
II I
tt
1.20x
20x4
1.20x
■■n
1.20x
2026
1.20x
2027
1.20x
2020 2022 2024 2026
2028 2030 2032 2034 2036 2038
2040 2042
2044 2046 2048 2050 2052
ar• Existing senior Lien D/S
Proposed Senior Principal Proposed Senior Net Interest
-Net Revenue
--- Senior D/S @ 1.50x --- Senior D/S @ 1.20x
2054
Coverage Saram"
-205,481
FisralYear
senior
2020
1.26x
2021
1.20x
2022
1.20x
2023
1.20x
20x4
1.20x
2025
1.20x
2026
1.20x
2027
1.20x
2028
1.04X
1.029
l .rlfw
2030
0.79x
2031
0.79x
2032
O.SOx
2033
O.Six
3034 _
0 03X
2035
0.77x
2036
0.77x
2037
0.77x
2038
0.78x
203E
G.7Sx
204A
0,83x
2054
*Aft
Capital Funding
-205,481
-257,621
-298,530
-301,745
-179,818
-163,309
-81,422
-10,079
-38,524
-164,445
-142,140
-84,337
-17,055
-1,944,505
Unhusded Pardon:
Prior &
0
a
0
0
0
0
0
0
0
0
0
0
0
F&ATeer
2020
2=1
2022
2023
2024
2025
207E
2047
2028
2029
7030
201
2D32
Tabus
Reimbuaxements/Grants_
0
10,071
0
1,012
0
0
0
0
0
0
0
0
0
11AIM
Paygo Funding:
0
117,248
0
24,194
0
0
0
0
0
0
0
11,129
17,055
169,626
Prior & Now Debt Funding:
205 481
150,291
298,530
276,539
179,818
163,3D9
81,422
30,07!
38,524
164,445
142,140
7$1208
0
1,763,790
Toad Funding:
205,481
257,621
296,530
301,745
179,818
163,309
81,422
10,079
38,524
164,445
142,140
84,337
17,055
1,944,505
Work Program:
-205,481
-257,621
-298,530
-301,745
-179,818
-163,309
-81,422
-10,079
-38,524
-164,445
-142,140
-84,337
-17,055
-1,944,505
Unhusded Pardon:
a
0
a
0
0
0
0
0
0
0
0
0
0
0
New Debt Par Amount by Year
_.
Fl"l Yea,
202+0
M1
2012
2023
2024
7025
2436
1027
2029
2029
2W
2M
211111112
Took
Interlrn/U DrawA
0
0
0
0
0
0
0
D
0
0
0
0
0
0
Bond Par Amount Issued
332,375
0
0
754,075
0
1,062,480
0
0
0
0
0
0
0.
2,148,930
Ending AccpuM Wgnces
Fi€* Yeu
2020
M1
2022
2023
2014
2025
2026
2M7
20Q8
2029
2634
2039
2048
2054
Gen" Fund UnrestritUd
1410852
141,852
141,852
141,852
141,852
141,852
141,852
141,152
141,052
141,852
163,447
103,255
222.062
27€,017
Shortfall ISuhsidyneeded toPayforDS
0
0
0
0
0
0
0
0
0
0
-212,468
-258,893
-405,679
-183,363 -1,060,403
General Fund Restricted
45,253
45,322
45,430
45,567
46,110
46,913
47,115
47,297
47,488
47,687
48,830
50,102
52,977
57,078
R&R Fund (Paygo Account Only)
100,386
143
14,891
3,577
4,874
7,236
10,206
17,461
19,151
21,061
0
0
0
0
Construction Fund (Financing)
129,517
0
274,890
0
650,018
491,909
414,422
407,659
373,211
212,498
0
0
0
0
5/11/2018 1 of 1 Preliminary/Subject to Change
Transpurtaticm Authority of Miami -Dade (TAMD) Submitted into the public EKHIBITN
Proposed Merger of MDX & HEFT record f0 lte S�
$1,145,355,800 Future Bond Funding
fesWmated Interest rates as of 3/18/2019) on ) City Clerk
Summary
[averages
Net Revenue & Coverage (in $Thousands)
CoverageS-nn-V
Fiscal Year
senior
All Req.
900.000
2020
1.81x
1.00X
800,000
2021
1.81x
1.00X
2022
1.54x
1.00X
700,000
2023
1.54x
1.00X
2024
1.5ft
Lam
600,000
.............•••• ..........
2025
1.53x
1.00X
2026
1.53x
1.00X
5W.000•••
..
... ••••••
•• ••••
2027
1.55x
1.00X
400,000
.......
... •••'............ ...
2028
1.56x
1.00x
2029
L61x
1.00x
......................•
300,000
_
2030
1.67x
1.00X
2031
1.72x
1.00x
200,000 _=����_..�
s�l�€_�_e�����_���
�■.��® �����®
_�®�
�e��____����
���
®
���_
r
2033
1.86x
S.00x
100,000
t�
i� let
•^r
^
0
2034
2035
1.94x
1.81x
OO
1.00X
L
2020 2022
2024 2026
2028 2030
2032
2034
2036
2038 2040 2042
2044
2046
2048 2050
2052
2036
1.83x
1.07x
2037
1.85x
1.13x
sowon Existing Senior Uen
D/S
HEFT Acquisition
Proposed senior Principal
2038
2.08x
1.25x
oeoo6 Proposed Senior Net Interest
-Same
as above minus 20% Toll reduction
--- Senior D/S @ 1.40x
2038
2.03x
L25X
---Senior D/S @1.20x
••••••
Combined Toll Revenues after operating costs
20"
2'62x
2'S4x
2053
2.83X
2.72x
Capltai FumAing
prior &
f3 -MW Year
2404@
1011
2093
2=
2038
1027
207111
1023
z=
2091
1032
TO$*
0
X071
0
1,011
0
0
0
0
0
0
0
0
0
11 w
Paygo Funding:
0
184,033
0
68,621
0
18,676
75,000
1,022
3,275
6,422
1,022
3;275
6,422
U71M
Prior & Naw Debt FtmdMg:
206,481
62,448
MBS
225,190
178,796
141,350
0
0
0
0
0
0
0
1,109,014
Total Ftawilr d;
20504111
256.09
295,256
7951323
170,796
160,034
751000
1,022
3,275
6,422
1,022
3,275
6,422
1A&7.9> S
Work Program:
-205,481
-256,599
-295,255
-295,323
-178,796
-160,034
-75,000
-1,022
-3,275
-6,422
-1,022
-3,275
-6,422
-1,487,925
U0&wtMd Parrott
0
0
0
0
0
0
0
0
_0
0
0
0
0
Piari'fwr
710
3M
2022
am
20,94
2025
20221
2027
I=
2029
2030
2031
2002
Te4eia
"NOWWQOrom
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bond Per Amount Issued
254,025
0
544,780
0
346,550
0
0
0
0
0
0
0
0
1,145,353
111111901 V
2010
2021
2022
2023
1014
2023
2026
2027
2001
2029
2094
20139
2049
ZOS3
Total
Gwwwel Find Unrestricted
141,99')
142,198
142,289
142,445
142,669
142,881
143,112
143,350
143,659
143,911
145,7!0
487,509
1,633,905
2,748,083
External Transfer for Transportation 35,340
35,069
30,421
30,666
30,698
30,838
31,397
33,211
33,076
36,661
216,361
557,948
370,731
374736
1,851,193
General Fund Restricted
48,563
48,707
48,942
49,185
49,835
$0,751
51,067
51,368
51,681
52,006
53,861
55,935
60,625
63,745
R&R Fund (Paygo Account Only)
129,101
1,313
35,314
416
31,907
43,909
159
35,070
65,757
106,101
401,500
99,603
103,393
116,980
5/11/2018 101`1 Prellminary/Sub)ect to Change