reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.607 - Removal of members.

159.607 Removal of members.—A member of a housing finance authority may be removed without cause by a three-fifths vote of the governing body of the county, or for neglect of duty or misconduct in office by a majority vote of the governing body of the county. A member may be removed only after he or she has been given a copy of the charges at least 10 days prior to the hearing thereon and has had an opportunity to be heard in person or by counsel. If a member is removed, a record of the proceedings, together with the charges and findings thereon, shall be filed in the office of the clerk where the certificate of appointment for such member is filed.
History.—s. 7, ch. 78-89; s. 891, ch. 95-147.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.609 - Limitation.

159.609 Limitation.—No housing finance authority shall finance the acquisition, construction, reconstruction, or rehabilitation of any qualifying housing development for its own profit or as a source of revenue to the state or any local governmental unit, except when it is for the housing finance authorities’ offices and affordable housing.
History.—s. 9, ch. 78-89; s. 3, ch. 93-221.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.61 - No power of eminent domain.

159.61 No power of eminent domain.—No housing finance authority shall have the power to acquire any real property by the exercise of the power of eminent domain to accomplish any of the purposes specified in this act.
History.—s. 10, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.611 - Planning, zoning, and building laws.

159.611 Planning, zoning, and building laws.—Each qualifying housing development shall be subject to the planning, zoning, health, and building laws, ordinances, and regulations applicable to the place in which such qualifying housing development is situate.
History.—s. 11, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.612 - Bonds.

159.612 Bonds.—
(1) A housing finance authority may issue revenue bonds from time to time in the discretion of the housing finance authority for the purposes of this act. A housing finance authority may also issue refunding bonds for the purpose of paying, retiring, or refunding any bonds previously issued by such housing finance authority. A housing finance authority may also issue refunding bonds for the purpose of paying, retiring, or refunding any bonds previously issued by another housing finance authority if such other housing finance authority consents to the issuance of such refunding bonds. A housing finance authority may issue such types of bonds as it may determine; provided that the principal and interest on such bonds are payable solely and only from:
(a) The repayment of any loans made by the housing finance authority pursuant to the provisions of s. 159.608 or purchased by the housing finance authority pursuant to s. 159.608; or
(b) The sale of any housing loans or commitments to purchase housing loans which are purchased pursuant to s. 159.608.
(2) Any bonds issued pursuant to the provisions of this act shall be secured by a mortgage or other security device.
(3) In no event shall any bonds issued pursuant to the provisions of this act be payable from the general revenues of the housing finance authority.
(4) Neither the members of a housing finance authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds issued pursuant to the provisions hereof, and the bonds shall so state on their face, shall not be a debt of the county or the state, or any political subdivision thereof; and neither the county, nor any state or political subdivision thereof, shall be liable thereon; nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the housing finance authority.
History.—s. 12, ch. 78-89; s. 1, ch. 99-178.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.615 - Validation of bonds and proceedings.

159.615 Validation of bonds and proceedings.—A housing finance authority shall determine its authority to issue any of its bonds and the legality of all proceedings had or taken in connection therewith, in the same manner and to the same extent as provided in chapter 75 for the determination by a county, municipality, taxing district, or other political subdivision of its authority to incur bonded debt or to issue certificates of indebtedness and of the legality of all proceedings had or taken in connection therewith.
History.—s. 15, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.616 - Actions to contest validity of bonds.

159.616 Actions to contest validity of bonds.—An action or proceeding to contest the validity of any bond issued under this act, other than a proceeding pursuant to s. 159.615, must be commenced within 30 days after notification in a newspaper of general circulation within the area of the passage by the housing finance authority of the resolution authorizing the issuance of such bond.
History.—s. 16, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.617 - Remedies of an obligee of a housing finance authority.

159.617 Remedies of an obligee of a housing finance authority.—An obligee of a housing finance authority shall have the right, in addition to all other rights which may be conferred on such obligee, subject only to any contractual restrictions binding upon such obligee:
(1) By mandamus, suit, action, or proceeding at law or in equity, to compel the housing finance authority and the members, officers, agents, or employees thereof to perform each and every term, provision, and covenant contained in any contract of the housing finance authority with or for the benefit of such obligee and to require the carrying out of any or all of the covenants and agreements of the housing finance authority and the fulfillment of all duties imposed upon the housing finance authority by this act.
(2) By suit, action, or proceeding in equity, to enjoin any acts or things which may be unlawful or the violation of any of the rights of the obligee by the housing finance authority.
History.—s. 17, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.618 - Additional remedies conferrable by a housing finance authority.

159.618 Additional remedies conferrable by a housing finance authority.—A housing finance authority shall have power by resolution, trust indenture, or other contract to confer upon any obligee holding or representing a specified amount in bonds, the right, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in such resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction:
(1) To obtain the appointment of a receiver of any payments made pursuant to any loan agreement or sale of any loan. If such receiver is appointed, he or she may collect and receive all payments made pursuant to any such loan agreement or sale of any loan or loan commitment and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of said housing finance authority as the court shall direct.
(2) To require the housing finance authority and the members thereof to account as if it and they were the trustees of an express trust.
History.—s. 18, ch. 78-89; s. 892, ch. 95-147.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.619 - Availability of financing.

159.619 Availability of financing.—As long as a shortage of housing exists, a housing finance authority shall not unreasonably refuse to participate in the financing of any qualifying housing development upon request.
History.—s. 19, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.62 - Liabilities of a housing finance authority.

159.62 Liabilities of a housing finance authority.—In no event shall the liabilities, whether ex contractu or ex delicto, of a housing finance authority arising from the financing of any qualifying housing development be payable from any funds other than the revenues or receipts of such qualifying housing development.
History.—s. 20, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.621 - Housing bonds exempted from taxation; notes and mortgages exempted from excise tax on documents.

159.621 Housing bonds exempted from taxation; notes and mortgages exempted from excise tax on documents.—
(1) The bonds of a housing finance authority issued under this act, together with all notes, mortgages, security agreements, letters of credit, or other instruments which arise out of or are given to secure the repayment of bonds issued in connection with the financing of any housing development under this part, as well as the interest thereon and income therefrom, shall be exempt from all taxes.
(2) Any note or mortgage given in connection with a loan made by or on behalf of a housing finance authority under s. 159.608(8) is exempt from the excise tax on documents under chapter 201 if, at the time the note or mortgage is recorded, the housing finance authority records an affidavit signed by an agent of the housing authority which affirms that the loan was made by or on behalf of the housing finance authority.
The exemptions granted by this section do not apply to any tax imposed by chapter 220 on interest, income, or profits on debt obligations owned by corporations or to a deed for property financed by a housing finance authority.
History.—s. 21, ch. 78-89; s. 22, ch. 86-152; s. 6, ch. 2018-118.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.622 - Limitation on rates.

159.622 Limitation on rates.—The intent of this legislation is that consumers receive maximum possible benefits; therefore, no lending institution receiving proceeds of bond issues pursuant to this act may loan any of the proceeds of such bond issue at the rate violative of federal arbitrage regulations.
History.—s. 24, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part IV - Housing Finance Authorities (Ss. 159.601-159.623) › 159.623 - Construction of law.

159.623 Construction of law.—The provisions of this act shall be liberally construed in order to effectively carry out the purposes of this act.
History.—s. 22, ch. 78-89.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.701 - Purposes.

159.701 Purposes.—Research and development authorities, as authorized by ss. 159.701-159.7095, are created for the purpose of promoting scientific research and development in affiliation with and related to the research and development activities of one or more state-based, accredited, public or private institutions of higher education; for the purpose of financing and refinancing capital projects related to establishment of a research and development park in affiliation with one or more institutions of higher education, including facilities that complement or encourage the complete operation thereof as defined by, and in the manner provided by, the Florida Industrial Development Financing Act and by ss. 159.701-159.7095; and for the purpose of fostering the economic development and broadening the economic base of a county in affiliation with one or more institutions of higher education.
History.—s. 4, ch. 79-101; s. 1, ch. 85-313; s. 2, ch. 88-409; s. 23, ch. 89-381.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.702 - Definitions.

159.702 Definitions.—
(1) The following words and terms, unless the context clearly indicates a different meaning, shall have the following meaning:
(a) “Bonds” or “revenue bonds” means the bonds authorized to be issued by any authority under ss. 159.701-159.7095, which may consist of a single bond. The term “bonds” or “revenue bonds” shall also include a single bond, a promissory note or notes, or other debt obligations evidencing an obligation to repay borrowed money.
(b) “Project” means any capital project comprising a research and development park, or any part thereof, and including one or more buildings and other structures, machinery, fixtures, equipment, and any rehabilitation or addition to any building or structure and machinery and equipment, as defined in the Florida Industrial Development Financing Act.
(c) “Authority” or “research and development authority” means any of the public corporations created pursuant to ss. 159.701-159.7095.
(d) “Board” means the board of county commissioners or other body charged with governing the county.
(e) “Cost” as applied to a project shall embrace the cost of construction; land or rights in land; other property, both real and personal; machinery and equipment; financing charges, including interest; and all other costs necessary for placing the project in operation as defined in the Florida Industrial Development Financing Act. “Cost” shall also include the cost of financial consultants, accountants, legal services, engineering and architectural services, feasibility studies, and services by other consultants and such experts as may be selected by the lessee of any such project if the cost thereof shall be paid by the lessee or shall be included as a cost of the project and reimbursed from proceeds of any bonds issued to finance the cost of such project.
(f) “Florida Industrial Development Financing Act” means part II of this chapter and any amendments thereto, and the definitions contained therein shall also be applicable to ss. 159.701-159.7095 and to any bonds issued pursuant thereto.
(g) “Contiguous counties” means counties with common borders.
(2) Wherever the singular term “research and development park” appears in this part, it shall be construed to include the plural term “research and development parks.”
History.—s. 4, ch. 79-101; s. 2, ch. 85-313; s. 3, ch. 88-409.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.704 - Designation by Board of Governors of the State University System; procedure.

159.704 Designation by Board of Governors of the State University System; procedure.—
(1) The authority shall prepare and submit to the Board of Governors of the State University System a petition requesting that the authority be designated a research and development authority.
(2) The petition shall contain, but not be limited to:
(a) The resolution of the governing board of the county constituting the authority.
(b) A concept of operation of the proposed research and development park consistent with s. 159.27(7) and the purposes of ss. 159.701-159.7095.
(c) A statement of affiliation with one or more state-based, accredited, public or private institutions of higher learning with research and development capabilities.
(d) Evidence of availability of a site suitable for the projected scope of operations.
(e) Evidence of the economic feasibility of the proposed research and development park.
(f) A plan for funding the development of the proposed research and development park, including a minimum financial commitment by the authority of $50,000 in liquid assets for development purposes.
(3) Upon approval of the petition and designation as a research and development authority by the Board of Governors of the State University System, the authority shall be empowered to transact any business and exercise any power authorized by ss. 159.701-159.7095 for the purposes set out in such sections.
History.—s. 4, ch. 79-101; s. 4, ch. 85-313; s. 5, ch. 88-409; s. 18, ch. 2007-217.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.7055 - Authority reporting requirement.

159.7055 Authority reporting requirement.—Any authority which issues any revenue bonds pursuant to this part shall supply the Division of Bond Finance of the State Board of Administration with a copy of the report required pursuant to s. 103 of the Internal Revenue Code of 1954, as amended, at the times required pursuant to that section.
History.—s. 26, ch. 83-271; s. 7, ch. 86-181; s. 146, ch. 92-279; s. 55, ch. 92-326; s. 14, ch. 95-196; s. 13, ch. 2000-158.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.706 - Grandfather clause.

159.706 Grandfather clause.—Each county designated as a research and development authority on June 30, 1979, or designated by the
1
Board of Regents as a research and development authority prior to July 1, 2001, shall be entitled to continue to be designated and shall be accorded all powers conferred to designated authorities by ss. 159.701-159.7095, except that any authority not constituted and designated under the provisions of ss. 159.701-159.7095 shall be prohibited from exercising any power to issue revenue bonds or other debt obligations pursuant to s. 159.705(6) and (7).
History.—s. 4, ch. 79-101; s. 19, ch. 2007-217.
1
Note.—Abolished by s. 3, ch. 2001-170.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.707 - Credit of state or political subdivision not pledged.

159.707 Credit of state or political subdivision not pledged.—
(1) The revenue bonds issued by the authority shall not be deemed to constitute a debt, liability, or obligation of any authority or county or of the state or any political subdivision, and such revenue bonds or debt obligations shall be payable solely from revenues derived from the sale, operation, or leasing of a project or projects.
(2) All bonds issued under the provisions of ss. 159.701-159.7095 shall have, and are declared to have, all the qualities and incidents, including negotiability, of investment securities under the Uniform Commercial Code.
(3) Bonds may be issued under the provisions of ss. 159.701-159.7095 without obtaining, except as otherwise provided in ss. 159.701-159.7095, the consent of any department, commission, board, bureau, or agency of the state and without any other proceedings or the happening of any conditions, except those which are specifically required by the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.
History.—s. 4, ch. 79-101.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.708 - Tax exemption.

159.708 Tax exemption.—The exercise of all powers granted by ss. 159.701-159.7095 in all respects will be for the benefit of the people of the state, for the increase of their industry and prosperity and the improvement of their health and living conditions, and for the provision of gainful employment and will constitute the performance of essential public functions. The authority shall not be required to pay any taxes on any project or any other property owned by the authority under the provisions of ss. 159.701-159.7095 or upon the income therefrom. The bonds issued under the provisions of ss. 159.701-159.7095, their transfer, and the income therefrom (including any profit made on the sale thereof), and all notes, mortgages, security agreements, letters of credit, or other instruments which arise out of or are given to secure the repayment of bonds issued in connection with a project financed under this part, shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state. Nothing in this section, however, shall be construed as exempting from taxation or assessments the leasehold interest of any lessee in any project or any other property or interest owned by any lessee. The exemption granted by this section shall not be applicable to any tax imposed by chapter 220 on interest, income, or profits on debt obligations owned by corporations.
History.—s. 4, ch. 79-101; s. 23, ch. 86-152.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.709 - Powers of ss. 159.701-159.7095 supplemental.

159.709 Powers of ss. 159.701-159.7095 supplemental.—The powers conferred by ss. 159.701-159.7095 shall be in addition and supplementary to existing powers and statutes, and these sections shall not be construed as repealing any of the provisions of any other law, general or local.
History.—s. 4, ch. 79-101.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part V - Research and Development Authorities (Ss. 159.701-159.7095) › 159.7095 - Issuance of bonds.

159.7095 Issuance of bonds.—The bonds issued under ss. 159.701-159.7095 may be validated in the manner prescribed by chapter 75.
History.—s. 4, ch. 79-101.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.801 - Short title.

159.801 Short title.—This part may be cited as the “Florida Private Activity Bond Allocation Act.”
History.—s. 1, ch. 85-282.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.802 - Purpose.

159.802 Purpose.—The purpose of this part is to allocate the state volume limitation imposed on private activity bonds under s. 146 of the Code. No private activity bond subject to the limitation in s. 146 of the Code shall be issued in this state unless a written confirmation therefor is issued pursuant to this part.
History.—s. 1, ch. 85-282; s. 1, ch. 87-222.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.803 - Definitions.

159.803 Definitions.—As used in this part, the term:
(1) “County” means the geographic boundaries of each county as established by law.
(2) “Private activity bond” or “bond” means any bond which requires an allocation pursuant to s. 146 of the Code.
(3) “Director” means the director of the Division of Bond Finance of the State Board of Administration or his or her designee.
(4) “Agency” means the State of Florida, any unit of local government, industrial development authority, or other entity in this state authorized to issue private activity bonds.
(5) “Priority project” means a solid waste disposal facility or a sewage facility, as such terms are defined in s. 142 of the Code, or a water facility, as defined in s. 142 of the Code, which is operated by a member-owned, not-for-profit utility, or any project which is to be located in an area which is an enterprise zone designated pursuant to s. 290.0065.
(6) “Division” means the Division of Bond Finance of the State Board of Administration.
(7) “Issued” or “issuance” has the same meaning as in the Code.
(8) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and rulings issued thereunder.
(9) “Housing bonds” means bonds issued pursuant to s. 142(d) of the Code to finance qualified residential units or mortgage revenue bonds issued pursuant to s. 143 of the Code which require an allocation under s. 146 of the Code.
(10) “Manufacturing facility” means a facility described in s. 144(a)(12)(C) of the Code.
(11) “Florida First Business project” means any project which is certified by the Department of Commerce as eligible to receive an allocation from the Florida First Business allocation pool established pursuant to s. 159.8083. The Department of Commerce may certify those projects proposed by a business which qualify as a target industry business as defined in s. 288.005 or any project providing a substantial economic benefit to this state. The department shall develop measurement protocols and performance measures to determine what competitive value a project by a target industry business will bring to the state pursuant to ss. 20.60(5)(a)3. and 288.061(2).
(12) “Mortgage credit certificate” means those certificates issued pursuant to s. 25 of the Code.
History.—s. 1, ch. 85-282; s. 8, ch. 86-181; s. 2, ch. 87-222; s. 1, ch. 92-127; s. 147, ch. 92-279; s. 55, ch. 92-326; s. 60, ch. 94-136; s. 1436, ch. 95-147; s. 6, ch. 95-416; s. 2, ch. 96-210; s. 7, ch. 96-320; s. 39, ch. 2000-210; s. 7, ch. 2004-381; s. 2, ch. 2010-136; s. 52, ch. 2011-142; s. 12, ch. 2023-173.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.806 - Regional allocation pools.

159.806 Regional allocation pools.—
(1) Each region listed in s. 159.804(2) has an allocation pool for issuing written confirmations of allocation for private activity bonds. In issuing such written confirmations, the division must first use the allocation pool for the region in which the agency issuing such bonds or on whose behalf such bonds are being issued is located, except prior to June 1, when the state allocation pool or the Florida First Business allocation pool must be used to finance priority projects until such allocation is exhausted. Unless otherwise agreed to by the affected agencies, when such bonds are to be issued by an agency whose boundaries include more than one region, the division must first issue an allocation from the allocation pool for the region in which the project is to be located.
(2) Except as provided in subsection (1), no portion of a regional allocation pool may be used by an agency in another region.
History.—s. 1, ch. 85-282; s. 5, ch. 87-222; s. 4, ch. 92-127; s. 4, ch. 2000-353.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.8083 - Florida First Business allocation pool.

159.8083 Florida First Business allocation pool.—The Florida First Business allocation pool is hereby established. The Florida First Business allocation pool shall be available solely to provide written confirmation for private activity bonds to finance Florida First Business projects certified by the Department of Economic Opportunity as eligible to receive a written confirmation. Allocations from such pool shall be awarded statewide pursuant to procedures specified in s. 159.805, except that the provisions of s. 159.805(2), (3), and (6) do not apply. Florida First Business projects that are eligible for a carryforward do not lose their allocation pursuant to s. 159.809(3) on October 1, or pursuant to s. 159.809(4) on November 16, if they have applied for and have been granted a carryforward by the division pursuant to s. 159.81(1). In issuing written confirmations of allocations for Florida First Business projects, the division shall use the Florida First Business allocation pool. If allocation is not available from the Florida First Business allocation pool, the division shall issue written confirmations of allocations for Florida First Business projects pursuant to s. 159.806 or s. 159.807, in such order. For the purpose of determining priority within a regional allocation pool or the state allocation pool, notices of intent to issue bonds for Florida First Business projects to be issued from a regional allocation pool or the state allocation pool shall be considered to have been received by the division at the time it is determined by the division that the Florida First Business allocation pool is unavailable to issue confirmation for such Florida First Business project. If the total amount requested in notices of intent to issue private activity bonds for Florida First Business projects exceeds the total amount of the Florida First Business allocation pool, the director shall forward all timely notices of intent to issue, which are received by the division for such projects, to the Department of Economic Opportunity, which shall render a decision as to which notices of intent to issue are to receive written confirmations.
History.—s. 11, ch. 95-416; s. 9, ch. 96-320; s. 8, ch. 2000-353; s. 54, ch. 2011-142; s. 43, ch. 2012-116.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.809 - Recapture of unused amounts.

159.809 Recapture of unused amounts.—
(1) On June 1 of each year, any portion of each allocation made pursuant to s. 159.804(4) for which the division has not issued a written confirmation shall be added to the Florida First Business allocation pool.
(2) On July 1 of each year, any portion of each allocation made pursuant to s. 159.804(2) for which the division has not issued a written confirmation shall be added to the Florida First Business allocation pool. On July 1 of each year, any portion of each allocation made pursuant to s. 159.804(3) for which the division has not issued a written confirmation or has not received an issuance report shall be added to the Florida First Business allocation pool. On and after July 2 of each year, any portion of such allocations for which a written confirmation has been issued and which confirmation expires or is relinquished by the agency receiving the allocation, shall be added to the state allocation pool.
(3) On October 1 of each year, any portion of the allocation made to the Florida First Business allocation pool pursuant to s. 159.804(5), subsection (1), or subsection (2), which is eligible for carryforward pursuant to s. 146(f) of the Code but which has not been certified for carryforward by the Department of Economic Opportunity, shall be returned to the Florida First Business allocation pool.
(4) On November 16 of each year, any portion of the allocation, made pursuant to s. 159.804(1), s. 159.804(5), or subsection (1), subsection (2), or subsection (3), other than as provided in s. 159.8083, for which an issuance report for bonds utilizing such an allocation has not been received by the division prior to that date shall be added to the state allocation pool.
History.—s. 1, ch. 85-282; s. 7, ch. 87-222; s. 8, ch. 92-127; s. 12, ch. 95-416; s. 6, ch. 96-210; s. 6, ch. 2000-353; s. 55, ch. 2011-142.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.8105 - Allocation of bonds for water and wastewater infrastructure projects.

159.8105 Allocation of bonds for water and wastewater infrastructure projects.—The division shall review the allocation of private activity bonds to determine the availability of additional allocation and reallocation of bonds for water and wastewater infrastructure projects.
History.—s. 1, ch. 2016-226.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.811 - Fees; trust fund.

159.811 Fees; trust fund.—
(1) There shall be imposed a nonrefundable fee on each notice of intent to issue a private activity bond filed with the division pursuant to s. 159.805(1). No notice of intent to issue a private activity bond shall be accepted by the division unless and until the fee has been paid. The division shall establish a fee which shall be an amount sufficient to cover all expenses of maintaining the allocation system in this part. In calculating the fee, any unexpended trust fund balance remaining unexpended prior to setting the fee shall be deducted from the amount appropriated. The amount of the fee shall not exceed $500 and may be adjusted no more than once every 6 months.
(2) This section shall take effect July 1, 1985, and shall apply to any notice of intent to issue received by the division on or after said date.
History.—s. 1, ch. 85-282; s. 1, ch. 93-162; s. 15, ch. 94-265; s. 1, ch. 97-94.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.812 - Grandfather clause.

159.812 Grandfather clause.—
(1) Any written confirmation or carryforward issued by the division pursuant to Executive Orders 84-181, 84-244, or 85-20 concerning the total yearly allocation of private activity bonds for 1984 and 1985, or any successors to such orders issued prior to or after the effective date of this part, shall not be affected in any way by this part.
(2) Any written confirmation or carryforward issued by the division pursuant to Executive Orders 86-176, 86-211, 86-235, or 86-242 concerning the total yearly allocation of private activity bonds for 1986 and 1987, or any successors to such orders issued prior to or after the January 1, 1988, amendments contained in chapter 87-222, Laws of Florida, to this part, shall not be affected in any way by said amendments to this part.
History.—s. 1, ch. 85-282; s. 9, ch. 87-222.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.813 - Future federal amendments.

159.813 Future federal amendments.—In the event that the Code is amended or replaced, or amendments or successor provisions to the Code are proposed which are or would be inconsistent with this part or which would have the effect of impeding the purposes of this part or the purposes for which bonds are authorized to be issued under the laws of this state, the Governor may issue an executive order that shall revise the allocation system provided in this part to be consistent with the Code as amended or as proposed to be amended or replaced. The authority granted to the Governor under this section may be exercised for allocation of any volume limitation imposed by any enacted or proposed federal law or regulation upon bonds authorized to be issued in this state. If such executive order is issued, the division shall notify the President of the Senate and Minority Leader of the Senate and the Speaker of the House of Representatives and Minority Leader of the House of Representatives in writing of such an order and the reasons such order was issued, within 10 days of the issuance of the order. Any such order shall remain effective until this part is amended to be consistent with federal law or the regulations issued thereunder. If any such order is issued based upon proposed amendments or successor provisions to the Code, the allocation system provided in this part and the system provided under any such order shall be administered concurrent with one another, to the extent feasible, as long as may be required due to the pendency of any proposed amendments or successor provisions to the Code.
History.—s. 1, ch. 85-282; s. 11, ch. 86-181; s. 10, ch. 87-222.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.814 - Form of applications for allocations; requirements.

159.814 Form of applications for allocations; requirements.—All notices of intent to issue for an allocation and applications for a carryforward shall be made in such form as may be prescribed by the division. No notices of intent to issue for allocations of the private activity bond volume limitation for any calendar year shall be accepted prior to January 1 of that calendar year. All notices of intent to issue or application for a carryforward shall be mailed by certified mail return receipt requested or by overnight common carrier delivery service. No notice of intent to issue or application for carryforward shall be accepted by hand delivery from the issuing authority, attorneys, or other parties. All notices of intent to issue or applications for a carryforward shall be received in a standard business size envelope devoid of markings, colors, or other attention gathering devices except for the return address.
History.—s. 1, ch. 85-282.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.815 - Rules.

159.815 Rules.—The division shall prescribe any rules necessary to ensure the orderly implementation and administration of this act.
History.—s. 1, ch. 85-282.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VI - Private Activity Bonds (Ss. 159.801-159.816) › 159.816 - Certificate as to state volume limitation.

159.816 Certificate as to state volume limitation.—The director shall sign the certificate required pursuant to s. 149(e)(2)(F) of the Code.
History.—s. 11, ch. 87-222.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.821 - Short title.

159.821 Short title.—This act shall be known and may be cited as the “Taxable Bond Act of 1987.”
History.—s. 1, ch. 87-237.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.822 - Legislative findings; purpose.

159.822 Legislative findings; purpose.—
(1) The ability of governmental units to issue bonds is essential to their ability to finance public improvements and other projects and programs that serve important public purposes and benefit the social and economic well-being of the people of the state.
(2) The exemption of interest on such bonds from federal income taxation has been a major feature of bonds issued by governmental units, by reducing interest costs to governmental units and enhancing the marketability of the bonds.
(3) The Internal Revenue Code of 1986, as amended, substantially curtails the purposes for, and conditions under which, bonds may be issued with interest exempt from federal income taxation, with the result that in order to provide financing for those purposes or under those conditions governmental units must in some instances, and in other instances may find it in their best interest to, issue bonds which bear interest not exempt from federal income taxation.
(4) Under the constitution and laws of the state, governmental units have the power to issue bonds that bear interest subject to federal income taxation, but currently lack procedures and other guidelines by which they may structure such financings for the applicable market or otherwise achieve the lowest effective borrowing cost or terms most suitable to the governmental unit, the project, or the financing program.
(5) The purpose to be achieved by taxable bonds in compliance with the provisions of this act are predominantly designed to serve the public purposes stated in this section, to supplement and complement the purposes established in other statutes authorizing the issuance to bonds, and such purposes under the State Constitution of providing for the health, safety, and welfare of the people.
History.—s. 1, ch. 87-237.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.823 - Definitions.

159.823 Definitions.—As used in this act, the following words and terms shall have the following meanings, unless some other meaning is plainly intended:
(1) “Act” means the “Taxable Bond Act of 1987.”
(2) “Bonds” means any bonds, debentures, notes, warrants, bond anticipation notes, tax anticipation notes, commercial paper, or other evidence of indebtedness or lease, installment purchase contracts, or other agreements or certificates of participation therein issued by or on behalf of a governmental unit.
(3) “Foreign currency” means currency, Eurodollars, or money other than the legal tender of the United States.
(4) “Governing body” means the governing body or board of the governmental unit.
(5) “Governmental unit” means the state, any department, board, commission, or other agency of the state, or any county, municipality, special district, or other political subdivision of the state, heretofore or hereafter created, or any board, commission, authority, or other public agency or instrumentality which is now or hereafter authorized by law to issue bonds. Nothing herein shall be deemed to give any department, board, commission, or other agency of the state any additional authority to issue bonds or take any action independently and without acting by or through the Division of Bond Finance if the participation of the Division of Bond Finance is otherwise required by the statutes under authority of which the bonds are issued.
(6) “State” means the State of Florida.
(7) “State Board of Administration” means the State Board of Administration created by and referred to in s. 4, Art. IV, of the State Constitution.
(8) “Taxable bonds” means bonds the interest on which is not, in any manner, exempt from federal income taxation or excludable from gross income for federal income tax purposes.
History.—s. 1, ch. 87-237; s. 18, ch. 2013-15.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.824 - Conflicts.

159.824 Conflicts.—Any provision of law, whether special or general, which imposes limitations or restrictions on the issuance of taxable bonds or is otherwise in conflict with this act with respect to the issuance of taxable bonds is expressly superseded by this act to the extent of such conflict. This act is supplemental to all other provisions of state law governing the issuance of bonds by any governmental unit and, except as otherwise provided in this act, the provisions of state law governing the issuance of bonds by any governmental unit shall continue to apply to the issuance by such governmental unit of taxable bonds. Nothing herein shall be deemed to broaden or otherwise alter any provisions of state law as they relate to the issuance of bonds the interest on which is, in some manner, exempt from federal income taxation. Furthermore, any bonds subject to the state volume limitation in s. 146 of the Internal Revenue Code of 1986, as amended, shall continue to be so subject notwithstanding the provisions of this act.
History.—s. 1, ch. 87-237.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.826 - Sale of bonds.

159.826 Sale of bonds.—If the governing body shall by resolution or ordinance adopted at a public meeting determine that a negotiated sale of the taxable bonds is in the best interest of the governmental unit, the governmental unit may negotiate for the sale of the taxable bonds. In the resolution or ordinance authorizing the negotiated sale, the governmental unit shall provide specific findings as to the reasons for the negotiated sale. Nothing herein shall be deemed to give any department, board, commission, or other agency of the state any additional authority to negotiate for the sale of the taxable bonds independently and without acting by or through the Division of Bond Finance, if the participation of the Division of Bond Finance in such negotiated sale is otherwise required by the statutes under authority of which the bonds are issued.
History.—s. 1, ch. 87-237.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.827 - Pledging credit.

159.827 Pledging credit.—
(1) The issuance of taxable bonds by a governmental unit for any purpose permitted under the statutes under authority of which such taxable bonds are issued is declared to constitute a lawful and public purpose. So long as the payment of such taxable bonds is not secured by a pledge of any ad valorem taxing power of the governmental unit issuing such taxable bonds or by any revenues of such governmental unit derived other than from the sale, operation, or leasing of the project financed with such taxable bonds or from the investment or reinvestment of proceeds of such taxable bonds, such taxable bonds shall not constitute on the part of any such governmental unit a lending or using of its taxing power or credit to or for the benefit of any corporation, association, partnership, or person.
(2) When the governing body of the governmental unit issuing the bonds finds and determines that the issuance of the bonds serves a public purpose, the issuance of the bonds shall be deemed to be for a paramount public purpose and the investment of bond proceeds, moneys from which such bonds are payable, and moneys pledged as security therefor in securities and obligations of any corporation, association, partnership, or person shall be deemed to be merely incidental to the paramount public purpose of the borrowing.
History.—s. 1, ch. 87-237.
2023 Florida Statutes › Title XI - County Organization and Intergovernmental Relations › Chapter 159 - Bond Financing › Part VII - Taxable Bonds (Ss. 159.821-159.8291) › 159.828 - Use of proceeds of bonds.

159.828 Use of proceeds of bonds.—The proceeds of an issue of taxable bonds and the investment earnings thereon shall be used, in the manner, and to the extent specified in the ordinance or resolution providing for the issuance of the bonds, by the governmental unit issuing the bonds for a purpose specified for the issuance of bonds in the statutes under authority of which the bonds are issued. Notwithstanding the preceding sentence, invested or reinvested proceeds of an issue of taxable bonds shall be deemed to have been expended for a purpose specified for the issuance of bonds in the statutes under authority of which the bonds are issued if the earnings thereon and proceeds of liquidation of the investments acquired with such proceeds, to the extent received by the governmental unit and not applied to pay debt service on the bonds, are applied toward such purpose.
History.—s. 1, ch. 87-237.