Florida Senate - 2014              PROPOSED COMMITTEE SUBSTITUTE
       Bill No. SB 510
       
       
       
       
       
                               Ì207354)Î207354                          
       
       576-02870-14                                                    
       Proposed Committee Substitute by the Committee on Appropriations
       (Appropriations Subcommittee on Finance and Tax)
    1                        A bill to be entitled                      
    2         An act relating to local government neighborhood
    3         improvement districts; amending s. 163.506, F.S.;
    4         providing that an ordinance that creates a local
    5         government neighborhood improvement district may
    6         authorize the district to incur certain debts and
    7         pledge the special assessment power of the district to
    8         pay such debts for the purpose of financing certain
    9         capital projects; providing conditions on the exercise
   10         of such power; providing an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Paragraph (i) is added to subsection (1) of
   15  section 163.506, Florida Statutes, to read:
   16         163.506 Local government neighborhood improvement
   17  districts; creation; advisory council; dissolution.—
   18         (1) After a local planning ordinance has been adopted
   19  authorizing the creation of local government neighborhood
   20  improvement districts, the local governing body of a
   21  municipality or county may create local government neighborhood
   22  improvement districts by the enactment of a separate ordinance
   23  for each district, which ordinance:
   24         (i) May authorize the district to borrow money, contract
   25  loans, and issue bonds, certificates, warrants, notes, or other
   26  evidence of indebtedness to finance the undertaking of a capital
   27  project for a purpose permitted by the State Constitution and
   28  this part, and to pledge the special assessment power of the
   29  district for the payment of such debts and bonds.
   30         1. Loans contracted by the district pursuant to this
   31  paragraph may not have a term that exceeds the life of the
   32  project secured by the loan.
   33         2. Bonds issued by the district pursuant to this paragraph
   34  must be authorized by resolution of the board, by resolution of
   35  the governing body of the municipality or county, and by a
   36  referendum as described in s. 163.514(16). As provided by
   37  resolution or trust indenture, or a mortgage issued pursuant
   38  thereto, bonds may be issued in one or more series and must bear
   39  the specified date or dates; be payable upon demand or mature at
   40  the specified time or times; bear interest at the specified rate
   41  or rates; be in the specified denomination or denominations; be
   42  in the specified form, registered or not, with or without
   43  coupon; carry specified conversion or registration privileges;
   44  have the specified rank or priority; be executed in the
   45  specified manner; be payable in the specified medium of payment,
   46  at such place or places, and subject to the specified terms of
   47  redemption, with or without premium; be secured in the specified
   48  manner; and have other characteristics as may be specified.
   49         Section 2. This act shall take effect July 1, 2014.