of the persons, firms or corporations, including municipal corporations, or any of the
utilities, businesses or services now or hereafter subject to said Gross Receipts
Taxes, from the levy and collection of said Gross Receipts Taxes as now provided in
said Chapter 203, Florida Statutes, and shall not enact any law impairing or
materially altering the rights of the holders of any bonds or certificates issued
pursuant to this Amendment or impairing or altering any covenants or agreements of
the State Board made hereunder, or having the effect of withdrawing the proceeds of
said Gross Receipts Taxes from the operation of this Amendment.
The State Board of Administration shall be and is hereby constituted as the
Fiscal Agent of the State Board to perform such duties and assume such
responsibilities under this Amendment as shall be agreed upon between the
State Board and such State Board of Administration. The State Board shall also
have power to appoint such other persons and fix their compensation for the
administration of the provisions of this Amendment as it shall deem necessary, and
the expenses of the State Board in administering the provisions of this Amendment
shall be paid out of the proceeds of bonds or certificates issued hereunder or from
said Gross Receipts Taxes deposited in said Capital Outlay Fund.
(e) No capital outlay project or any part thereof shall be financed hereunder
unless the bill authorizing such project shall specify it is financed hereunder and
shall be approved by a vote of three-fifths of the elected members of each house.
History.—S.J.R. 264, 1963; adopted 1963.
4
Note.—Section 16 of Art. IX of the Constitution of 1885, as amended, reads as
follows:
SECTION 16. Board of administration; gasoline and like taxes, distribution and
use; etc.—(a) That beginning January 1st, 1943, and for fifty (50) years thereafter,
the proceeds of two (2¢) cents per gallon of the total tax levied by state law upon
gasoline and other like products of petroleum, now known as the Second Gas Tax,
and upon other fuels used to propel motor vehicles, shall as collected be placed
monthly in the ‘State Roads Distribution Fund’ in the State Treasury and divided into
three (3) equal parts which shall be distributed monthly among the several counties
as follows: one part according to area, one part according to population, and one
part according to the counties’ contributions to the cost of state road construction in
the ratio of distribution as provided in Chapter 15659, Laws of Florida, Acts of 1931,
and for the purposes of the apportionment based on the counties’ contributions for
the cost of state road construction, the amount of the contributions established by
the certificates made in 1931 pursuant to said Chapter 15659, shall be taken and
deemed conclusive in computing the monthly amounts distributable according to
said contributions. Such funds so distributed shall be administered by the State
Board of Administration as hereinafter provided.
(b) The Governor as chairman, the State Treasurer, and the State Comptroller
shall constitute a body corporate to be known as the ‘State Board of Administration,’
which board shall succeed to all the power, control and authority of the statutory
Board of Administration. Said Board shall have, in addition to such powers as may
be conferred upon it by law, the management, control and supervision of the
proceeds of said two (2¢) cents of said taxes and all moneys and other assets which
on the effective date of this amendment are applicable or may become applicable to
the bonds of the several counties of this state, or any special road and bridge district,
or other special taxing district thereof, issued prior to July 1st, 1931, for road and
bridge purposes. The word ‘bonds’ as used herein shall include bonds, time
warrants, notes and other forms of indebtedness issued for road and bridge
purposes by any county or special road and bridge district or other special taxing
district, outstanding on July 1st, 1931, or any refunding issues thereof. Said Board
shall have the statutory powers of Boards of County Commissioners and Bond
Trustees and of any other authority of special road and bridge districts, and other
special taxing districts thereof with regard to said bonds, (except that the power to
levy ad valorem taxes is expressly withheld from said Board), and shall take over all
papers, documents and records concerning the same. Said Board shall have the
power from time to time to issue refunding bonds to mature within the said fifty (50)
year period, for any of said outstanding bonds or interest thereon, and to secure
them by a pledge of anticipated receipts from such gasoline or other fuel taxes to be
distributed to such county as herein provided, but not at a greater rate of interest
than said bonds now bear; and to issue, sell or exchange on behalf of any county or
unit for the sole purpose of retiring said bonds issued by such county, or special road
and bridge district, or other special taxing district thereof, gasoline or other fuel tax
anticipation certificates bearing interest at not more than three (3) per cent per
annum in such denominations and maturing at such time within the fifty (50) year
period as the board may determine. In addition to exercising the powers now
provided by statute for the investment of sinking funds, said Board may use the
sinking funds created for said bonds of any county or special road and bridge district,
or other unit hereunder, to purchase the matured or maturing bonds participating
herein of any other county or any other special road and bridge district, or other
special taxing district thereof, provided that as to said matured bonds, the value
thereof as an investment shall be the price paid therefor, which shall not exceed the
par value plus accrued interest, and that said investment shall bear interest at the
rate of three (3) per cent per annum.
(c) The said board shall annually use said funds in each county account, first, to
pay current principal and interest maturing, if any, of said bonds and gasoline or
other fuel tax anticipation certificates of such county or special road and bridge
district, or other special taxing district thereof; second, to establish a sinking fund
account to meet future requirements of said bonds and gasoline or other fuel tax
anticipation certificates where it appears the anticipated income for any year or
years will not equal scheduled payments thereon; and third, any remaining balance
out of the proceeds of said two (2¢) cents of said taxes shall monthly during the year
be remitted by said board as follows: Eighty (80%) per cent to the State Road
Department for the construction or reconstruction of state roads and bridges within
the county, or for the lease or purchase of bridges connecting state highways within
the county, and twenty (20%) per cent to the Board of County Commissioners of
such county for use on roads and bridges therein.
(d) Said board shall have the power to make and enforce all rules and
regulations necessary to the full exercise of the powers hereby granted and no
legislation shall be required to render this amendment of full force and operating
effect from and after January 1st, 1943. The Legislature shall continue the levies of
said taxes during the life of this Amendment, and shall not enact any law having the
effect of withdrawing the proceeds of said two (2¢) cents of said taxes from the
operation of this amendment. The board shall pay refunding expenses and other
expenses for services rendered specifically for, or which are properly chargeable to,
the account of any county from funds distributed to such county; but general
expenses of the board for services rendered all the counties alike shall be prorated
among them and paid out of said funds on the same basis said tax proceeds are
distributed among the several counties; provided, report of said expenses shall be
made to each Regular Session of the Legislature, and the Legislature may limit the
expenses of the board.
History.—Added, S.J.R. 324, 1941; adopted 1942.
5
Note.—Prior to its amendment by C.S. for H.J.R. 3576, 1972, subsection (d)
read as follows:
(d) SCHOOL BONDS. Article XII, Section 18, of the Constitution of 1885, as
amended, as it existed immediately before this revision becomes effective is
adopted by this reference as part of this revision as completely as though
incorporated herein verbatim, except bonds or tax anticipation certificates hereafter
issued thereunder may bear interest not in excess of five per cent per annum or such
higher interest as may be authorized by statute passed by a three-fifths vote of each
house of the legislature. Bonds issued pursuant to this subsection (d) shall be
payable primarily from revenues as provided in Article XII, Section 18, of the
Constitution of 1885, as amended, and if authorized by law, may be additionally
secured by pledging the full faith and credit of the state without an election. When
authorized by law, bonds issued pursuant to Article XII, Section 18, of the
Constitution of 1885, as amended, and bonds issued pursuant to this subsection
(d), may be refunded by the issuance of bonds additionally secured by the full faith
and credit of the state only at a lower net average interest cost rate.
6
Note.—Section 18, Art. XII of the Constitution of 1885, as amended, reads as
follows:
SECTION 18. School bonds for capital outlay, issuance.—
(a) Beginning January 1, 1965 and for thirty-five years thereafter, the first
proceeds of the revenues derived from the licensing of motor vehicles to the extent
necessary to comply with the provisions of this amendment, shall, as collected, be
placed monthly in the county capital outlay and debt service school fund in the state
treasury, and used only as provided in this amendment. Such revenue shall be
distributed annually among the several counties in the ratio of the number of
instruction units in each county in each year computed as provided herein. The
amount of the first revenues derived from the licensing of motor vehicles to be so set
aside in each year and distributed as provided herein shall be an amount equal in the
aggregate to the product of four hundred dollars multiplied by the total number of
instruction units in all the counties of Florida. The number of instruction units in each
county in each year for the purposes of this amendment shall be the greater of (1)
the number of instruction units in each county for the school fiscal year 1951-52
computed in the manner heretofore provided by general law, or (2) the number of
instruction units in such county for the school fiscal year computed in the manner
heretofore or hereafter provided by general law and approved by the state board of
education (hereinafter called the state board), or (3) the number of instruction units
in each county on behalf of which the state board of education has issued bonds or
motor vehicle tax anticipation certificates under this amendment which will produce
sufficient revenues under this amendment to equal one and one-third times the
aggregate amount of principal of and interest on such bonds or motor vehicle tax
anticipation certificates which will mature and become due in such year, computed in
the manner heretofore or hereafter provided by general law and approved by the
state board.
Such funds so distributed shall be administered by the state board as now
created and constituted by Section 3 of Article XII [now s. 2, Article IX] of the
Constitution of Florida. For the purposes of this amendment, said state board, as
now constituted, shall continue as a body corporate during the life of this amendment
and shall have all the powers provided in this amendment in addition to all other
constitutional and statutory powers related to the purposes of this amendment
heretofore or hereafter conferred upon said board.
(b) The state board shall, in addition to its other constitutional and statutory
powers, have the management, control and supervision of the proceeds of the first
part of the revenues derived from the licensing of motor vehicles provided for in
subsection (a). The state board shall also have power, for the purpose of obtaining
funds for the use of any county board of public instruction in acquiring, building,
constructing, altering, improving, enlarging, furnishing, or equipping capital outlay
projects for school purposes, to issue bonds or motor vehicle tax anticipation
certificates, and also to issue such bonds or motor vehicle tax anticipation
certificates to pay, fund or refund any bonds or motor vehicle tax anticipation
certificates theretofore issued by said state board. All such bonds shall bear interest
at not exceeding four and one-half per centum per annum and shall mature serially
in annual installments commencing not more than three years from the date of
issuance thereof and ending not later than thirty years from the date of issuance or
January 1, 2000, A.D., whichever is earlier. All such motor vehicle tax anticipation
certificates shall bear interest at not exceeding four and one-half per centum per
annum and shall mature prior to January 1, 2000, A.D. The state board shall have
power to determine all other details of said bonds or motor vehicle tax anticipation
certificates and to sell at public sale after public advertisement, or exchange said
bonds or motor vehicle tax anticipation certificates, upon such terms and conditions
as the state board shall provide.
The state board shall also have power to pledge for the payment of the principal
of and interest on such bonds or motor vehicle tax anticipation certificates, including
refunding bonds or refunding motor vehicle tax anticipation certificates, all or any
part from the anticipated revenues to be derived from the licensing of motor vehicles
provided for in this amendment and to enter into any covenants and other
agreements with the holders of such bonds or motor vehicle tax anticipation
certificates at the time of the issuance thereof concerning the security thereof and
the rights of the holders thereof, all of which covenants and agreements shall
constitute legally binding and irrevocable contracts with such holders and shall be
fully enforceable by such holders in any court of competent jurisdiction.
No such bonds or motor vehicle tax anticipation certificates shall ever be issued
by the state board until after the adoption of a resolution requesting the issuance
thereof by the county board of public instruction of the county on behalf of which
such obligations are to be issued. The state board of education shall limit the amount
of such bonds or motor vehicle tax anticipation certificates which can be issued on
ARTICLE XII CONSTITUTION OF THE STATE OF FLORIDA ARTICLE XII
58