1. Art. X, Section 28, Fla. Const. Amendment I 2015 Cari L. Roth, Esq. July 20, 2016

2. Florida Land and Water Conservation Initiative  Land Acquisition Trust Fund-  Effective on July 1 of the year following passage (2015),  20 years after that effective date,  The Land Acquisition Trust Fund shall receive no less than 33 percent of net revenues derived from the existing excise tax on documents,  Funds in the Land Acquisition Trust Fund expended only for limited purposes  To pay the debt service on bonds issued pursuant to Article VII, Section 11(e). Amendment 1 passed by 74.96%

3. Florida Land Acquisition Trust Fund Receives a minimum of 33% of Net revenues* from Documentary Stamp Tax Shall be expensed only:  a. The acquisition and improvement of land, water areas, and related property interests, including conservation easements, and resources for conservation lands including wetlands, forests, and fish and wildlife habitats;  b. Wildlife management areas;  c. Lands that protect water resources and drinking water sources, including lands protecting the water quality and quantity of rivers, lakes, streams, springsheds, and lands providing recharge for groundwater and aquifer systems  d. Lands in the Everglades Agricultural Area and the Everglades Protection Area, as defined in Article II, Section 7(b);  e. Beaches and shores  f. Outdoor recreational lands, including recreational trails parks and urban open space;  g. Rural landscapes;  h. working farms and ranches;  i. historic or geologic sites;  j. Together with management, restoration of natural systems, and the enhancement of public access or recreational enjoyment of conservation lands.  II. To pay the debt service bonds issued pursuant to Article VII, S. 11(e) I. As provided by law, to finance and refinance *Net revenue is the total of documentary stamp tax collections less Department of Revenue Administrative costs

4. Other Key provisions  Requires distributions to the Land Acquisition Trust Fund for 20 years (July 1, 2015-July 1, 2035)  Prohibits commingling LATF funds with General Revenue

5. 20 year Documentary Stamp Tax Forecast and LATF Distributions ($ millions) 2015-162016-172017-182018-192019-202020-212021-222022-232023-242024-25 2,305.92462.92599.02691.62776.82867.32957.13066.83188.63316.0 2296.12453.12589.22681.82767.02857.52947.33057.03178.83306.2 $757.7$809.5$854.4$885.0$913.1$943.0$972.6$1008.8$1049.0$1091.0 Total Collections Net Collections Required Distribution to LATF 2025-262026-272027-282028-292029-302030-312031-322032-332033-342034-35 3435.83560.03688.63821.93960.04103.14251.44405.04564.24729.1 3426.03550.23678.83812.13950.24093.34241.64395.24554.44719.3 $1130.6$1171.6$1214.0$1258.0$1303.6$1350.8$1399.7$1450.4$1503.0$1557.4 Total Collections Net Collections Required Distribution to LATF

6.  HB 989 (Chapter 2016-201, Laws of Florida) Water and Land Conservation Amendment to the Florida Constitution adopted by voters in 2014 directing 33% of doc stamp revenue Rises from $823 Million to nearly $1.2 B by 2025  Distribution of Net Revenue Thru 2025-2026 FY Everglades Projects-Minimum of lesser of 25% or $200 M Springs- Minimum of lesser of 7.6% or $50 M Lake Apopka- $5 M to SJRWMD LEGACY FLORIDA

7. Questions? Cari L. Roth, Esq. (850) 999-4100 Croth@deanmead.com