Florida Senate - 2021                                    SB 1160
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       39-01549-21                                           20211160__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Housing Finance
    3         Corporation; amending s. 420.509, F.S.; designating
    4         the corporation, rather than the State Board of
    5         Administration, as the state fiscal agency to make
    6         determinations in connection with specified bonds;
    7         authorizing the corporation board of directors, rather
    8         than the State Board of Administration, to delegate to
    9         its executive director the authority and power to
   10         perform that function; requiring the executive
   11         director to annually report specified information to
   12         the board of directors, rather than the State Board of
   13         Administration; authorizing bonds of the corporation
   14         to bear interest at a rate or rates not exceeding
   15         specified interest rate limitations, as applicable;
   16         amending s. 420.512, F.S.; deleting a prohibition on
   17         service providers making contributions in excess of
   18         $100 to candidates for membership on the State Board
   19         of Administration other than the Governor; amending s.
   20         420.5092, F.S.; conforming a provision to changes made
   21         by the act; providing an effective date.
   22          
   23  Be It Enacted by the Legislature of the State of Florida:
   24  
   25         Section 1. Subsections (2) and (4) of section 420.509,
   26  Florida Statutes, are amended to read:
   27         420.509 Revenue bonds.—
   28         (2) The corporation State Board of Administration is
   29  designated as the state fiscal agency to make the determinations
   30  required by s. 16, Art. VII of the State Constitution in
   31  connection with the issuance of such bonds that in no state
   32  fiscal year will the debt service requirements of the bonds
   33  proposed to be issued and all other bonds secured by the same
   34  pledged revenues exceed the pledged revenues available for such
   35  debt service requirements. The board of directors State Board of
   36  Administration may delegate to its executive director the
   37  authority and power to perform that function without further
   38  review of the agency. The determinations pursuant to this
   39  paragraph are limited to a review of the matters essential to
   40  making the determinations required by s. 16, Art. VII of the
   41  State Constitution. The executive director shall report annually
   42  to the board State Board of Administration and the Legislature
   43  regarding the number of bond issues considered and the
   44  determination with respect thereto.
   45         (4) Bonds of the corporation may:
   46         (a) Bear interest at a rate or rates not exceeding the
   47  interest rate limitation set forth in s. 159.825 or s. 215.84,
   48  as applicable s. 215.84(3), unless the State Board of
   49  Administration authorizes an interest rate in excess of such
   50  maximum;
   51         (b) Have such provisions for payment at maturity and
   52  redemption before maturity at such time or times and at such
   53  price or prices; and
   54         (c) Be payable at such place or places within or without
   55  the state as the board determines by resolution.
   56         Section 2. Paragraphs (a) and (c) of subsection (5) of
   57  section 420.512, Florida Statutes, are amended to read:
   58         420.512 Conflicts of interest.—
   59         (5) Service providers shall comply with the following
   60  standards of conduct as a condition of eligibility to be
   61  considered or retained to provide services. For purposes of
   62  paragraphs (a), (b), and (c) only, the term “service provider”
   63  means and is limited to a law firm, an investment bank, or a
   64  credit underwriter, and the agents, officers, principals, and
   65  professional employees of the service provider.
   66         (a) A service provider may not make contributions in any
   67  amounts, directly or indirectly, for or on behalf of candidates
   68  for Governor, nor shall any service provider make a contribution
   69  in excess of $100 to any candidate for a member of the State
   70  Board of Administration other than the Governor in Florida while
   71  the service provider is included in an applicant pool from which
   72  service providers are selected to provide services to the
   73  corporation, while the service provider provides services to the
   74  corporation, and for the longer of a period of 2 years
   75  thereafter or for a period through the next general election for
   76  Governor.
   77         (c) Service providers shall provide to the corporation a
   78  statement that the service provider has not contributed to
   79  candidates for Governor or contributed in excess of the amounts
   80  allowed by this section for a member of the State Board of
   81  Administration or engaged in fundraising activities for or on
   82  behalf of candidates for Governor in Florida since the effective
   83  date of this section or during the 24 months preceding the
   84  service provider’s application to provide services to the
   85  corporation, whichever period is shorter.
   86         Section 3. Paragraph (b) of subsection (6) of section
   87  420.5092, Florida Statutes, is amended to read:
   88         420.5092 Florida Affordable Housing Guarantee Program.—
   89         (6)
   90         (b) If the claims payment obligations under affordable
   91  housing guarantees from amounts on deposit in the guarantee fund
   92  would cause the claims paying rating assigned to the guarantee
   93  fund to be less than the third-highest rating classification of
   94  any nationally recognized rating service, which classifications
   95  being consistent with s. 215.84(3) and rules adopted thereto by
   96  the State Board of Administration, the corporation shall certify
   97  to the Chief Financial Officer the amount of such claims payment
   98  obligations. Upon receipt of such certification, the Chief
   99  Financial Officer shall transfer to the guarantee fund, from the
  100  first available taxes distributed to the State Housing Trust
  101  Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing
  102  state fiscal year, the amount certified as necessary to meet
  103  such obligations, such transfer to be subordinate to any
  104  transfer referenced in paragraph (a) and not to exceed 50
  105  percent of the amounts distributed to the State Housing Trust
  106  Fund pursuant to s. 201.15(4)(c) and (d) during the preceding
  107  state fiscal year.
  108         Section 4. This act shall take effect July 1, 2021.