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The Florida Senate

2010 Florida Statutes

SECTION 9915
Use of proceeds from qualified investments; recordkeeping.
F.S. 288.9915
1
288.9915

Use of proceeds from qualified investments; recordkeeping.

(1)

A qualified community development entity may not make cash interest payments on a long-term debt security that is a qualified investment in excess of the entity’s operating income for 6 years following the issuance of the security.

(2)

A qualified community development entity shall keep detailed records showing the use of proceeds from qualified investments to fund qualified low-income community investments.

(3)

A qualified active low-income community business, including its affiliates, may not receive more than $10 million in qualified low-income community investments under the New Markets Development Program Act.

History.

ss. 8, 15, ch. 2009-50.

1
Note.

Expires December 31, 2022, pursuant to s. 15, ch. 2009-50.