The Florida Senate

288.713  Capital participation instruments.--

(1)  The board may issue capital participation instruments in the form of stock or equity investments repayable solely from revenues derived from underlying equity or loans made to black business enterprises and any payments from an insurer or guarantor of loans.

(2)  The board may authorize counties and municipalities to issue bonds to finance loan pools developed under s. 288.712 repayable solely from revenues derived from the underlying loans and any payments from an insurer or guarantor of the loans. The board shall have the power and authority to authorize the issuance of the bonds in the manner granted by ss. 215.57-215.83, except the following provisions shall control:

(a)  The bonds may be sold at either public or private sale.

(b)  All bonds issued under authority of this act shall state on the face thereof that the bonds are payable, both as to principal and interest, solely out of the revenues pledged, including any insurance or guaranties as to revenues, and do not constitute an obligation, either general or special, of the state or of any local government.

(c)  Any pledge of earnings, revenues, or other moneys made by a local government shall be valid and binding from the time the pledge is made. The earnings, revenues, or other moneys so pledged and thereafter received by the agency shall immediately be subject to the lien of that pledge without any physical delivery thereof or further act. The lien of the pledge shall be valid and binding as against the local government irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded or filed pursuant to the Uniform Commercial Code.

History.--ss. 15, 32, ch. 85-104; s. 28, ch. 94-322.