In letter to Warren Bloom, trustee for the Garcon Point Bridge bondholder, State Sen. Doug Broxson explained why a proposed deal to turn over the bridge to Florida Turnpike System fell apart during the 2018 legislative session.
Broxson sponsored the Senate bill and Rep. Jayer Williamson presented the House version. The bills proposed bills the state be allowed to take the findings of a feasibility study and begin negotiations with bond representatives in determining the value of your asset. If purchased, the bridge would have been placed in the Florida Turnpike System, requiring a new bond issuance and allowing the retirement of bonds issued to the current bondholders.
In the its last committee meeting, the House eliminated all language related to the study and mandated a price certain of assets of the Authority, arbitrarily re-set the toll rates, and required that the State would offer cash for the purchase. This proposal did not include any appropriation and was not part of the House’s budget submitted to the Senate for consideration. With no appropriation included in the legislation, the bill died.
“Our office has worked diligently over the last several years to find an equitable solution for the citizens of Florida and the bondholders,†Broxson wrote Bloom. “It was our goal through legislation to place your bondholders in a position to receive a legitimate offer from the State based on the considerations outlined in the 2017 FDOT study.â€
Broxson committed to re-file the bill for the 2019 session. He asked that the Santa Rosa County Bridge Authority not increase the bridge toll to $5.
He wrote, “It is our intention to convene a conference between the parties to discuss proposals for resolving this issue.â€
