FLOYD M. KELTON, APPELLANT,
v.
DIVISION OF BOND FINANCE OF THE DEPARTMENT OF GENERAL SERVICES OF THE STATE OF FLORIDA, APPELLEE
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The Florida Supreme Court affirmed the validation of $54,000,000 in Hillsborough County Expressway bonds, holding that the Division of Bond Finance need only comply with state bond issuance notice requirements under Florida Statutes § 75.061, not the separate notice requirements applicable to expressway authorities under § 348.542.
The Division of Bond Finance need only comply with the notice requirements of Florida Statutes § 75.061. Compliance with § 75.061 is sufficient when the Division issues state bonds pledging the full faith and credit of the State under Article XII, Section 9(c)(5) of the Florida Constitution, and § 348.542 does not apply to such state bond issuances.
[1] The Division of Bond Finance may issue bonds pledging the general credit of the State of Florida pursuant to Article XII, Section 9(c)(5) of the Florida Constitution.
[2] Florida Statutes Chapter 348 does not apply to the issuance of state bonds pledging the full faith and credit of the State.
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Join FLexlaw to unlock all legal intelligence“The Constitution of the State of Florida, as revised in 1968, Article XII, Section 9(c) (5), authorizes the Division of Bond Finance to issue bonds pledging the general credit of the State of Florida. We agree with appellee that it was never intended that Florida Statutes Chapter 348 F.S.A. would apply to the issuance of state bonds pledging the full faith and credit of the State such as those in the instant case.”
Establishes that state bond issuance under the Florida Constitution is distinct from expressway authority bond issuance and that Chapter 348 does not apply to state bonds.
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Join FLexlaw to unlock all legal intelligenceThe Division of Bond Finance issued $54,000,000 in bonds on behalf of the Tampa-Hillsborough County Expressway Authority, pledging the general credit …
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This cause is before us on direct appeal to review the decision of the Circuit Court, Leon County, validating Hillsborough County Expressway bonds in the amount of $54,000,000.00.
On appeal to this Court it is contended that even though the Department of Bond Finance has met the notice requirements of Florida Statutes § 75.061 the Department must still comply with the requirements of Florida Statutes § 348.542 regarding notice. In support of this contention, it is urged that the Department of Bond Finance is acting as an agent on behalf of the Tampa-Hillsborough County Expressway Authority and is, therefore, bound to comply with the same notice requirements as would the Expressway Authority.
The Constitution of the State of Florida, as revised in 1968, Article XII, Section 9(c) (5), authorizes the Division of Bond Finance to issue bonds pledging the general credit of the State of Florida. We agree with appellee that it was never intended that Florida Statutes Chapter 348 F.S.A. would apply to the issuance of state bonds pledging the full faith and credit of the State such as those in the instant case. The admitted compliance by the Division of Bond Finance with the notice requirements of Florida Statutes § 75.06, F.S.A. is sufficient.
Accordingly, the judgment of the lower court validating the bonds in question is affirmed.
It is so ordered.
ADKINS, Acting C. J., McCAIN, J., and DREW, Retired Justice, concur.
DEKLE, J., dissents.
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Platts v. Div. OF Bond Fin. OF the Dep't OF Gen. Servs. of the State of Fla., 275 So. 2d 231 (Fla. 1973)…lure to satisfy the law regarding the giving of any prior notice to the public concerning the location of the bridge project or in formulating the local and state agreements concerning its financing. Compare Kelton v. Division of Bond Finance, Fla., 261 So. 2d 813. The $7,000,000 issue of bonds is payable primarily from rentals secured by a lien on the net tolls of the project and the uncommitted eighty per cent surplus [*232] gasoline tax funds accruing to the Department of Transportation for use in Volusia…