CODING: Words stricken are deletions; words underlined are additions.
House Bill 0599




    Florida House of Representatives - 1997                 HB 599

        By the Committee on Business Development & International
    Trade and Representative Putnam





  1                      A bill to be entitled

  2         An act relating to private activity bonds;

  3         amending s. 159.804, F.S.; deleting an

  4         expiration and legislative review provision;

  5         providing an effective date.

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  7  Be It Enacted by the Legislature of the State of Florida:

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  9         Section 1.  Paragraph (a) of subsection (1) of section

10  159.804, Florida Statutes, is amended to read:

11         159.804  Allocation of state volume limitation.--The

12  division shall annually determine the amount of private

13  activity bonds permitted to be issued in this state under the

14  Code and shall make such information available upon request to

15  any person or agency.  The total amount of private activity

16  bonds authorized to be issued in this state pursuant to the

17  Code shall be initially allocated as follows on January 1 of

18  each year:

19         (1)(a)  On January 1, 1993, the first $75 million of

20  the state volume limitation shall be allocated to the

21  manufacturing facility pool established pursuant to s.

22  159.8081. This allocation shall be increased in subsequent

23  years in increments of $7.5 million as follows:  On January 1

24  of each year, if at least 75 percent of the preceding year's

25  allocation under this subsection was used to issue bonds by

26  November 15 of that year, the allocation to the pool for the

27  current year must equal the sum of the amount that was

28  allocated to the pool in the preceding year plus an additional

29  $7.5 million.  If, however, 75 percent of the preceding year's

30  allocation was not used to issue bonds by November 15, the

31  allocation to the pool for the current year must be the same

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 1997                 HB 599

    170-836-97






  1  amount as that allocated to the pool in the preceding year.

  2  This subsection expires December 31, 1997, and shall be

  3  reviewed by the Legislature in advance of that date.

  4         Section 2.  This act shall take effect upon becoming a

  5  law.

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  8                          HOUSE SUMMARY

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      Deletes an expiration provision which also provides for
10    legislative review prior to such expiration.

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