The Florida Senate

255.52  Approval by State Board of Administration.--At or prior to the sale by the division, all obligations proposed to be issued by the division shall be approved by the State Board of Administration as to fiscal sufficiency. The State Board of Administration shall look to the rate coverage of all pool pledged revenues, as projected by the ¹Division of Facilities Management, with respect to all proposed and outstanding obligations issued under this act:

(1)  One hundred and ten percent of debt service charges; plus

(2)  One hundred percent of capital depreciation reserved deposits, if any; plus

(3)  One hundred percent of costs of operation and maintenance.

With respect to variable rate obligations, such evaluation shall be made at the interest rate for the date of sale determined as provided in s. 255.519.

History.--s. 19, ch. 85-349; s. 3, ch. 86-222.

¹Note.--Deleted in the reorganization of the Department of Management Services by s. 3, ch. 97-296. Section 4, ch. 97-296, requires the Division of Statutory Revision to prepare a reviser's bill for submission to the 1998 Regular Session of the Legislature substituting references to the Department of Management Services in the Florida Statutes for references to divisions, bureaus, or other units of that department.