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





                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    

                            CHAMBER ACTION
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10                                                                

11  Senator Horne moved the following amendment:

12

13         Senate Amendment (with title amendment) 

14         Between page 4, line 31, and page 5, line 1,

15

16  insert:

17         Section 3.  Short title.--This act may be referred to

18  as the "Higher Educational Facilities Financing Act."

19         Section 4.  Findings and declarations.--It is declared

20  that for the benefit of the people of the state, the increase

21  of their commerce, welfare, and prosperity, and the

22  improvement of their health and living conditions, it is

23  essential that this and future generations of youth be given

24  the fullest opportunity to learn and to develop their

25  intellectual and mental capacities; that it is essential for

26  private institutions of higher education in the state to be

27  provided with appropriate additional means to assist such

28  youth in achieving the required levels of learning and

29  development of their intellectual and mental capacities; that

30  it is the purpose of this act to provide a measure of

31  assistance and an alternative method enabling private

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  institutions of higher education of this state to provide the

 2  facilities and structures that are sorely needed to accomplish

 3  the purposes of this act; and that it is essential to provide

 4  additional assistance to private institutions of higher

 5  education by enabling those institutions to coordinate their

 6  budgetary needs with the timing of receipt of tuition

 7  revenues.

 8         Section 5.  Definitions.--As used in this act, the

 9  term:

10         (1)  "Authority" or "educational facilities authority"

11  means the public corporation created by this act.

12         (2)  "Real property" includes all lands, including

13  improvements and fixtures thereon, and any such property

14  appurtenant thereto, or used in connection therewith and every

15  estate, interest and right, legal or equitable, therein,

16  including terms for years and liens by way of judgment,

17  mortgage, or otherwise and the indebtedness secured by such

18  liens. This definition does not affect the classification of

19  property as real property or tangible personal property for

20  purposes of ad valorem taxation under chapters 192 and 193,

21  Florida Statutes, or sales and use taxation under chapter 212,

22  Florida Statutes.

23         (3)  "Project" means a structure suitable for use as a

24  dormitory or other housing facility, dining hall, student

25  union, administration building, academic building, library,

26  laboratory, research facility, classroom, athletic facility,

27  health care facility, and maintenance, storage, or utility

28  facility, and other structures or facilities related thereto,

29  or required thereby, or required or useful for the instruction

30  of students, or the conducting of research, or the operation

31  of an institution of higher education, including parking and

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  other facilities or structures, essential for the orderly

 2  conduct of an institution of higher education and shall also

 3  include equipment and machinery and other similar items

 4  necessary for the operation of a particular facility or

 5  structure in the manner for which its use is intended, but the

 6  term does not include such items as books, fuel, supplies, or

 7  other items that are customarily considered to result in a

 8  current operating charge. The term also includes a loan in

 9  anticipation of tuition revenues by a private institution of

10  higher education.

11         (4)  "Cost," as applied to a project or any portion

12  thereof financed under this act, embraces all or any part of

13  the cost of construction and acquisition of all lands,

14  structures, real or personal property, rights, rights-of-way,

15  franchises, easements, and interests acquired or used for a

16  project, the cost of demolishing or removing any buildings or

17  structures on land so acquired, including the cost of

18  acquiring any lands to which the buildings or structures may

19  be removed, the cost of all machinery and equipment, financing

20  charges, interest before, during, and for a period of 30

21  months after completion of the construction, provisions for

22  working capital, reserves for principal, interest and rebate,

23  and for extensions, enlargements, additions and improvements,

24  cost of engineering, financial and legal services, plans,

25  specifications, studies, surveys, estimates of cost and of

26  revenues, administrative expenses, expenses necessary to

27  determining the feasibility or practicability of constructing

28  the project and other expenses as may be necessary to the

29  construction and acquisition of the project, the financing of

30  the construction and acquisition and the placing of the

31  project in operation. In the case of a loan in anticipation of

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  tuition revenues, the term "cost" means the amount of the loan

 2  in anticipation of revenues which does not exceed the amount

 3  of tuition revenues anticipated to be received by the

 4  borrowing institution of higher education in the 1-year period

 5  following the date of the loan, plus costs related to the

 6  issuance of the loans, or bonds, the proceeds of which fund

 7  the loans, and any related cost of debt service reserve funds

 8  and rebate associated therewith.

 9         (5)  "Bond" or "revenue bond" means a revenue bond of

10  the authority issued under this act, including a revenue

11  refunding bond, notwithstanding that it may be secured by

12  mortgage or the full faith and credit of a participating

13  institution of higher education or any other lawfully pledged

14  security of a participating institution of higher education.

15         (6)  "Institution of higher education" means an

16  educational institution that by virtue of law or charter is a

17  nonprofit educational institution empowered to provide a

18  project of education beyond the high school level; is not

19  owned or controlled by the state or any political subdivision,

20  agency, instrumentality, district, or municipality of the

21  state; and otherwise meets the requirements of section 196.012

22  (5), Florida Statutes.

23         (7)  "Participating institution" means an institution

24  of higher education that undertakes the financing and

25  construction or acquisition of a project or undertakes the

26  refunding or refinancing of obligations or of a mortgage or of

27  advances as provided in and permitted by this act.

28         (8)  "Loan in anticipation of tuition revenues" means a

29  loan to an institution of higher education under circumstances

30  in which tuition revenues anticipated to be received by the

31  institution in any budget year are estimated to be

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  insufficient at any time during the budget year to pay the

 2  operating expenses or other obligations of the institution in

 3  accordance with the budget of the institution.

 4         Section 6.  Creation of Higher Educational Facilities

 5  Financing Authority.--

 6         (1)  There is created a public body corporate and

 7  politic to be known as the Higher Educational Facilities

 8  Financing Authority. The authority is constituted as a public

 9  instrumentality and the exercise by the authority of the

10  powers conferred by this act is considered to be the

11  performance of an essential public function. Chapters 119 and

12  286, Florida Statutes, shall apply to the authority.

13         (2)  The authority shall consist of five members to be

14  appointed by the Governor, subject to confirmation by the

15  Senate. One member shall be a trustee, director, officer, or

16  employee of an institution of higher education. Of the members

17  first appointed, one shall serve for 1 year, one for 2 years,

18  one for 3 years, one for 4 years, and one for 5 years, and in

19  each case until his or her successor is appointed and has

20  qualified. Thereafter, the Governor shall appoint for terms of

21  5 years each a member or members to succeed those whose terms

22  expire. The Governor shall fill any vacancy for an unexpired

23  term. A member of the authority is eligible for reappointment.

24  Any member of the authority may be removed by the Governor for

25  misfeasance, malfeasance, or willful neglect of duty. Each

26  member of the authority before entering upon his or her duties

27  shall take and subscribe to the oath or affirmation required

28  by the State Constitution. A record of each oath must be filed

29  in the office of the Department of State and with the

30  authority.

31         (3)  The authority shall annually elect one of its

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  members as chair and one as vice chair, and shall also appoint

 2  an executive director who is not a member of the authority and

 3  who serves at the pleasure of the authority and receives

 4  compensation as fixed by the authority.  The duties of the

 5  executive director may be discharged under a contract with the

 6  Independent Colleges and Universities of Florida, a

 7  not-for-profit corporation representing the independent

 8  colleges and universities of the state, or any successor

 9  corporation or other such entity providing similar

10  representation, chosen by the authority, or an agency or other

11  entity representing independent colleges and universities

12  providing such services, in which case the entity shall

13  designate a person to perform those duties.

14         (4)  The executive director shall keep a record of the

15  proceedings of the authority and shall be custodian of all

16  books, documents, and papers filed with the authority and of

17  the minute book or journal of the authority and of its

18  official seal. He or she may cause copies to be made of all

19  minutes and other records and documents of the authority and

20  may give certificates under the official seal of the authority

21  to the effect that the copies are true copies, and all persons

22  dealing with the authority may rely upon the certificates.

23         (5)  A majority of the members of the authority

24  constitutes a quorum, and the affirmative vote of a majority

25  of the members present at a meeting of the authority is

26  necessary for any action taken by the authority.  A vacancy in

27  the membership of the authority may not impair the right of a

28  quorum to exercise all the rights and perform all the duties

29  of the authority. Any action taken by the authority under this

30  act may be authorized by resolution at any regular or special

31  meeting, and each resolution shall take effect immediately and

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  need not be published or posted.

 2         (6)  The members of the authority shall receive no

 3  compensation for the performance of their duties, but each

 4  member shall be paid his or her necessary expenses incurred

 5  while engaged in the performance of his or her duties.

 6         (7)  The authority is assigned to the Department of

 7  Education for administrative purposes.

 8         Section 7.  Powers of authority.--The purpose of the

 9  authority is to assist institutions of higher education in the

10  construction, financing, and refinancing of projects

11  throughout the state and for this purpose the authority may:

12         (1)  Exercise all powers granted to corporations under

13  the Florida Business Corporation Act, chapter 607, Florida

14  Statutes.

15         (2)  Have perpetual succession as a body politic and

16  corporate and adopt bylaws for the regulation of its affairs

17  and the conduct of its business.

18         (3)  Adopt an official seal and alter the same at its

19  pleasure.

20         (4)  Maintain an office at any place in the state that

21  it may designate.

22         (5)  Sue and be sued in its own name, and plead and be

23  impleaded.

24         (6)  Make and execute financing agreements, leases, as

25  lessee or as lessor, contracts, deeds, and other instruments

26  necessary or convenient in the exercise of the powers and

27  functions of the authority under this act, including contracts

28  with persons, firms, corporations, federal and state agencies,

29  and other authorities, which state agencies and other

30  authorities are hereby authorized to enter into contracts and

31  otherwise cooperate with the authority to facilitate the

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  financing, construction, leasing, or sale of any project or

 2  the institution of any program; engage in sale-leaseback,

 3  lease-purchase, lease-leaseback, or other undertakings and

 4  provide for the sale of certificates of participation incident

 5  thereto; enter into interlocal agreements in the manner

 6  provided in section 163.01, Florida Statutes.

 7         (7)  Determine the location and character of any

 8  project to be financed under this act and may:

 9         (a)  Construct, reconstruct, maintain, repair, operate,

10  lease as lessee or lessor, and regulate the project;

11         (b)  Enter into contracts for any of those purposes;

12         (c)  Enter into contracts for the management and

13  operation of a project; and

14         (d)  Designate a participating institution of higher

15  education as its agent to determine the location and character

16  of a project undertaken by a participating institution of

17  higher education under this act and, as the agent of the

18  authority, construct, reconstruct, maintain, repair, operate,

19  own, lease as lessee or lessor, and regulate the project, and,

20  as the agent of the authority, enter into contracts for any of

21  those purposes, including contracts for the management and

22  operation of the project.

23         (8)  Issue bonds, bond anticipation notes, and other

24  obligations of the authority for any of its corporate

25  purposes, including the providing of funds to pay all or any

26  part of the cost of any project, and to fund or refund the

27  cost of any project as provided in this act.

28         (9)  Generally fix and revise and charge and collect

29  rates, rents, fees, and charges for the use of and for the

30  services furnished or to be furnished by a project or any

31  portion thereof and to contract with any person, partnership,

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  association, or corporation or other body public or private in

 2  respect thereof.

 3         (10)  Establish rules and regulations for the use of a

 4  project or any portion thereof and designate a participating

 5  institution of higher education as its agent to establish

 6  rules and regulations for the use of a project undertaken by

 7  the participating institution of higher education.

 8         (11)  Employ consulting engineers, architects,

 9  attorneys, accountants, construction and financial experts,

10  superintendents, managers, and other employees and agents as

11  may be necessary in its judgment, and fix their compensation.

12         (12)  Receive and accept from any public agency loans

13  or grants for or in aid of the construction of a project or

14  any portion thereof, and receive and accept loans, grants,

15  aid, or contributions from any source of either money,

16  property, labor, or other things of value, to be held, used,

17  and applied only for the purposes for which the loans, grants,

18  aid, and contributions are made.

19         (13)  Mortgage any project and the site thereof for the

20  benefit of the holders of revenue bonds issued to finance

21  projects or those providing credit for that purpose.

22         (14)  Make loans to any participating institution of

23  higher education for the cost of a project, including a loan

24  in anticipation of tuition revenues, in accordance with an

25  agreement between the authority and the participating

26  institution of higher education; but no loan may exceed the

27  total cost of the project as determined by the participating

28  institution of higher education and approved by the authority.

29         (15)  Make loans to a participating institution of

30  higher education to refund outstanding obligations, mortgages,

31  or advances issued, made, or given by the participating

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  institution of higher education for the cost of a project.

 2         (16)  Charge to and equitably apportion among

 3  participating institutions of higher education its

 4  administrative costs and expenses incurred in the exercise of

 5  the powers and duties conferred by this act.

 6         (17)  Contract with an entity representing independent

 7  colleges and universities as its agent to assist the authority

 8  in screening applications of institutions of higher education

 9  for loans under this act and receive any recommendations the

10  entity may make.

11         (18)  Do all things necessary or convenient to carry

12  out the purposes of this act.

13         Section 8.  Payment of expenses.--All expenses incurred

14  in carrying out this act are payable solely from funds

15  provided under the authority of this act, and no liability or

16  obligation may be incurred by the authority beyond the extent

17  to which moneys have been provided under this act.

18         Section 9.  Acquisition of real property.--The

19  authority may directly, or by and through a participating

20  institution of higher education as its agent, acquire by

21  purchase or lease solely from funds provided under this act,

22  or by gift or devise, any lands, structures, property, real or

23  personal, rights, rights-of-way, franchises, easements, and

24  other interests in lands, including lands lying underwater,

25  and riparian rights, which are located within or outside the

26  state as it may consider necessary or convenient for the

27  construction or operation of a project, upon terms and at

28  prices as are considered by it to be reasonable and that can

29  be agreed upon between it and the owner thereof, and to take

30  title thereto in the name of the authority or in the name of a

31  participating institution of higher education as its agent or

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  as an owner and borrower.

 2         Section 10.  Conveyance of title or interest to

 3  participating institutions.--When the principal of and

 4  interest on revenue bonds of the authority issued to finance

 5  the cost of a particular project or projects at a

 6  participating institution of higher education, including any

 7  revenue refunding bonds issued to refund and refinance the

 8  revenue bonds, have been fully paid and retired, or when

 9  adequate provision has been made to pay fully and retire them,

10  and all other conditions of the resolution or trust agreement

11  authorizing and securing the revenue bonds have been satisfied

12  and the lien of the resolution or trust agreement has been

13  released in accordance with the provisions thereof, the

14  authority shall promptly execute deeds and conveyances

15  necessary and required to convey title to the project or

16  projects to the participating institution of higher education,

17  free and clear of all liens and encumbrances.

18         Section 11.  Criteria and requirements.--In undertaking

19  any project under this act, the authority shall be guided by

20  and shall observe the following criteria and requirements;

21  however, the determination of the authority as to compliance

22  with the criteria and requirements is final and conclusive:

23         (1)  The project, in the determination of the

24  authority, is appropriate to the needs and circumstances of,

25  and shall make a significant contribution to the purposes of,

26  the authority and this act as set forth in the findings and

27  declarations, and shall serve a public purpose by advancing

28  the prosperity and general welfare of the state and its

29  people.

30         (2)  A financing agreement for a project may not be

31  entered into with a participating institution that is not

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  financially responsible and fully capable of and willing to

 2  fulfill its obligations under the financing agreement,

 3  including the obligations to make payments in the amounts and

 4  at the times required; to operate, repair, and maintain at its

 5  own expense the project owned or leased; and to serve the

 6  purposes of this act and any other responsibilities that may

 7  be imposed under the financing agreement. In determining the

 8  financial responsibility of the participating institution,

 9  consideration must be given to the party's ratio of current

10  assets to current liabilities; net worth; endowments; pledges;

11  earning trends; coverage of all fixed charges; the nature of

12  the project involved; its inherent stability; any guarantee of

13  the obligations by some other financially responsible

14  corporation, firm, or person; means by which the bonds are to

15  be marketed to the public; and other factors determinative of

16  the capability of the participating institution, financially

17  and otherwise, to fulfill its obligations consistently with

18  the purposes of this act.  In making findings and

19  determinations, the authority may rely upon the

20  recommendations of the entity representing independent

21  colleges and universities.

22         (3)  Adequate provision must be made for the operation,

23  repair, and maintenance of the project at the expense of the

24  owner or lessee and for the payment of principal of and

25  interest on the bonds.

26         (4)  The costs to be paid from the proceeds of the

27  bonds are costs of a project within the meaning of this act,

28  except for payments included in the purposes for which revenue

29  refunding bonds may be issued under this act.

30         Section 12.  Approval required to issue bonds.--The

31  authority is created for the purpose of promoting higher

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  education and issuing bonds on behalf of the state, and the

 2  Governor may approve any bonds issued by the authority which

 3  require approval under federal law.

 4         Section 13.  Agreements of sale, lease, or loan.--

 5         (1)  A project financed under this act may not be

 6  operated by the authority or any other governmental agency,

 7  except that the authority may temporarily operate or cause to

 8  be operated all or any part of a project to protect its

 9  interest therein, pending any leasing or sale of the project.

10  A project acquired or constructed by the authority, unless

11  sold or contracted to be sold, must be leased to one or more

12  persons, firms, or private corporations for operation and

13  maintenance in a manner as will effectuate the purposes of

14  this act, under an agreement of sale, installment sale, lease

15  or loan, in form and substance not inconsistent herewith. Any

16  agreement may provide, among other provisions, that:

17         (a)  The owner or lessee shall at its own expense

18  operate, repair, and maintain the project sold or leased

19  thereunder.

20         (b)  The payments or rent payable under the agreement

21  will in the aggregate be not less than an amount sufficient to

22  pay all of the interest, principal, and redemption premiums,

23  if any, on the bonds that will be issued by the authority to

24  pay the cost of the project sold or leased thereunder.

25         (c)  The owner or lessee shall pay all other costs

26  incurred by the authority in connection with the financing,

27  construction, and administration of the project sold or

28  leased, except as may be paid out of the proceeds of bonds or

29  otherwise, including, but without being limited to, insurance

30  costs, the cost of administering the bond resolution

31  authorizing the bonds and any trust agreement securing the

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  bonds, and the fees and expenses of the authority, trustees,

 2  paying agents, attorneys, consultants, and others.

 3         (d)  The term of an agreement will terminate not

 4  earlier than the date on which all bonds and all other

 5  obligations incurred by the authority in connection with the

 6  project sold or leased thereunder are paid in full, including

 7  interest, principal, and redemption premiums, if any, or on

 8  which adequate funds for payment are deposited in trust.

 9         (e)  The owner or lessee's obligation to pay payments

10  or rent is not subject to cancellation, termination, or

11  abatement until payment of the bonds or provision for payment

12  is made.

13         (2)  An agreement may contain additional provisions

14  that in the determination of the authority are necessary to

15  effectuate the purposes of this act, including provisions for

16  extensions of the term and renewals of the sale or the lease

17  and vesting in the lessee an option to purchase the project

18  leased thereunder pursuant to any terms and conditions

19  consistent with this act that are prescribed in the lease;

20  however, except as is otherwise expressly stated in the

21  agreement and except to provide for any contingencies

22  involving the damaging, destruction, or condemnation of the

23  project or any substantial portion thereof, an option to

24  purchase may not be exercised unless all bonds issued for the

25  project, including all principal, interest, and redemption

26  premiums, if any, and all other obligations incurred by the

27  authority in connection with the project have been paid in

28  full or sufficient funds have been deposited in trust or

29  sufficient arrangements have been made for payment. However,

30  the purchase price of the project may not be less than an

31  amount sufficient to pay in full all of the bonds, including

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  all principal, interest, and redemption premium, if any,

 2  issued for the project then outstanding and all other

 3  obligations incurred by the authority in connection with the

 4  project.

 5         Section 14.  Notes of authority.--The authority may

 6  issue its negotiable notes for any corporate purpose and renew

 7  any notes by the issuance of new notes, whether the notes to

 8  be renewed have or have not matured. The authority may issue

 9  notes partly to renew notes or to discharge other obligations

10  then outstanding and partly for any other purpose. The notes

11  may be authorized, sold, executed, and delivered in the same

12  manner as bonds. Any resolution authorizing notes of the

13  authority or any issue thereof may contain any provisions that

14  the authority is authorized to include in any resolution

15  authorizing revenue bonds of the authority or any issue

16  thereof, and the authority may include in any notes any terms,

17  covenants, or conditions that it is authorized to include in

18  any bonds. All the notes must be payable solely from the

19  revenues of the project to be financed, subject only to any

20  contractual rights of the holders of any of its notes or other

21  obligations then outstanding.

22         Section 15.  Revenue bonds.--

23         (1)  The authority may issue its negotiable revenue

24  bonds for any corporate purpose, including the provision of

25  funds to pay all or any part of the cost of any project. In

26  anticipation of the sale of revenue bonds, the authority may

27  issue negotiable bond anticipation notes and may renew them

28  from time to time, but the maximum maturity of any note,

29  including renewals thereof, may not exceed 5 years from the

30  date of issue of the original note. The notes must be paid

31  from any revenues of the authority available therefor or of

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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  the project and not otherwise pledged, or from the proceeds of

 2  sale of the revenue bonds of the authority in anticipation of

 3  which they were issued. The notes must be issued in the same

 4  manner as the revenue bonds. The notes and the resolution

 5  authorizing them may contain any provisions, conditions, or

 6  limitations that a bond resolution of the authority may

 7  contain.

 8         (2)  The revenue bonds and notes of every issue must be

 9  payable solely out of revenues of the authority, including the

10  provision of funds of the participating institution to pay all

11  or any part of the cost of any project, subject only to any

12  agreements with the holders of particular revenue bonds or

13  notes pledging any particular revenues. Notwithstanding that

14  revenue bonds and notes may be payable from a special fund,

15  they are for all purposes negotiable instruments, subject only

16  to the provisions of the revenue bonds and notes for

17  registration.

18         (3)  The revenue bonds may be issued as serial bonds or

19  as term bonds; or the authority may issue bonds of both types.

20  The revenue bonds must be authorized by resolution of the

21  authority; must bear the date of issuance, the date of

22  maturity, not exceeding 50 years from issuance, and the

23  interest rate of the bonds, which may be a variable rate,

24  notwithstanding any limitation in other laws relating to

25  maximum interest rates; must be payable at a specified time;

26  must be in specified denominations; must be in specified form,

27  carry registration privileges, be executed in a specified

28  manner, be payable in lawful money of the United States at a

29  specified place, and be subject to the terms of redemption, as

30  the resolution may provide. The revenue bonds or notes may be

31  sold at public or private sale for the price the authority

                                  16
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  determines. Pending preparation of the definitive bonds, the

 2  authority may issue interim receipts or certificates that may

 3  be exchanged for the definitive bonds. In case any officer

 4  whose signature, or a facsimile of whose signature, appears on

 5  any bonds or coupons ceases to be that officer before the

 6  delivery of the bonds, the signature or facsimile is

 7  nevertheless valid and sufficient for all purposes as if he or

 8  she had remained in office until delivery. The authority may

 9  also provide for the authentication of the bonds by a trustee

10  or fiscal agent. The bonds may be issued in coupon form or in

11  registered form, or both, as the authority may determine, and

12  provision may be made for the registration of any coupon bonds

13  as to principal alone and also as to both principal and

14  interest; for the reconversion into coupon bonds of any bonds

15  registered as to both principal and interest; and for the

16  interchange of registered and coupon bonds. The authority may

17  sell the bonds either at public or private sale, and for the

18  price it determines will best effectuate the purpose of this

19  act, notwithstanding any limitation in other laws relating to

20  the maximum interest rate permitted for bonds or limitations

21  on the manner by which bonds are sold.

22         (4)  Any resolution authorizing any revenue bonds may

23  contain provisions, which are a part of the contract with the

24  holders of the revenue bonds to be authorized, as to:

25         (a)  Pledging of all or any part of the revenues of a

26  project or any revenue-producing contract made by the

27  authority with any individual, partnership, corporation, or

28  association or other body, public or private, to secure the

29  payment of the revenue bonds or of any particular issue of

30  revenue bonds, subject to any agreements with bondholders as

31  may then exist.

                                  17
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1         (b)  The rentals, fees, and other charges to be

 2  charged, and the amounts to be raised in each year thereby,

 3  and the use and disposition of the revenues.

 4         (c)  The setting aside of reserves or sinking funds and

 5  the regulation and disposition thereof.

 6         (d)  Limitations on the right of the authority or its

 7  agent to restrict and regulate the use of the project.

 8         (e)  Limitations on the purpose to which the proceeds

 9  of sale of any issue of revenue bonds then or thereafter to be

10  issued may be applied and pledging the proceeds to secure the

11  payment of the revenue bonds or any issue of the revenue

12  bonds.

13         (f)  Limitations on the issuance of additional bonds,

14  the terms upon which additional bonds may be issued and

15  secured, and the refunding of outstanding bonds.

16         (g)  The procedure, if any, by which the terms of any

17  contract with bondholders may be amended or abrogated,

18  including the amount of bonds the holders of which must

19  consent thereto and the manner in which consent may be given.

20         (h)  Limitations on the amount of moneys derived from

21  the project to be expended for operating, administrative, or

22  other expenses of the authority.

23         (i)  The acts or omissions to act that constitute a

24  default in the duties of the authority to holders of its

25  obligations and providing the rights and remedies of the

26  holders in the event of a default.

27         (j)  The mortgaging of or granting of a security

28  interest in the project or the site thereof for the purpose of

29  securing the bondholders.

30         (5)  Neither the members of the authority nor any

31  person executing the revenue bonds or notes is liable

                                  18
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  personally on the revenue bonds or notes or is subject to any

 2  personal liability or accountability by reason of the issuance

 3  thereof.

 4         (6)  The authority may purchase its bonds or notes out

 5  of any funds available therefor. The authority may hold,

 6  pledge, cancel, or resell the bonds, subject to and in

 7  accordance with agreements with bondholders.

 8         (7)  Incident to its powers to issue bonds and notes,

 9  the authority may enter into interest rate swap agreements,

10  collars, caps, forward securities purchase agreements, delayed

11  delivery bond purchase agreements, and any other financial

12  agreements considered to be in the best interest of the

13  authority.

14         (8)  Bonds may be issued under this act without

15  obtaining, except as otherwise expressly provided in this act,

16  the consent of any department, division, commission, board,

17  body, bureau, or agency of the state or any local government,

18  and without any other proceedings or the happening of any

19  conditions or things other than those proceedings, conditions,

20  or things that are specifically required by this act and the

21  resolution authorizing the issuance of bonds or the trust

22  agreement securing them.

23         Section 16.  Authority reporting requirement.--

24         (1)  Any authority that issues any revenue bonds under

25  this act shall supply the Division of Bond Finance of the

26  State Board of Administration with a copy of the report

27  required in s. 103 of the Internal Revenue Code of 1954, as

28  amended, at the times required under that section.

29         (2)  The Division of Bond Finance shall, upon receipt,

30  provide a copy of the information supplied under subsection

31  (1) to the Department of Education.

                                  19
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1         Section 17.  Covenants.--Any resolution authorizing the

 2  issuance of bonds may contain any covenants the authority

 3  considers advisable, including those provisions set forth in

 4  section 13(4), and all those covenants constitute valid and

 5  legally binding and enforceable contracts between the

 6  authority and the bondholders, regardless of the time of

 7  issuance thereof. The covenants may include, without

 8  limitation, covenants concerning the disposition of the bond

 9  proceeds, the use and disposition of project revenues, the

10  pledging of revenues and assessments, the obligations of the

11  authority with respect to the operation of the project and the

12  maintenance of adequate project revenues, the issuance of

13  additional bonds, the appointment, powers, and duties of

14  trustees and receivers, the acquisition of outstanding bonds

15  and obligations, restrictions on the establishing of competing

16  projects or facilities, restrictions on the sale or disposal

17  of the assets and property of the authority, the maintenance

18  of deposits to assure the payment of the bonds issued

19  hereunder, acceleration upon default, the execution of

20  necessary instruments, the procedure for amending or

21  abrogating covenants with the bondholders, and any other

22  covenants considered necessary for the security of the

23  bondholders.

24         Section 18.  Validity of bonds; validation

25  proceedings.--Any bonds issued by the authority are

26  incontestable in the hands of bona fide purchasers or holders

27  for value and are not invalid because of any irregularity or

28  defect in the proceedings for the issue and sale thereof.

29  Before the issuance of any bonds, the authority shall publish

30  a notice at least once in a newspaper or newspapers published

31  or of general circulation in the county or counties in the

                                  20
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  state in which the project will be located, stating the date

 2  of adoption of the resolution authorizing the obligations, the

 3  amount, maximum rate of interest, and maturity of the

 4  obligations, and the purpose in general terms for which the

 5  obligations are to be issued, and further stating that no

 6  action or proceeding questioning the validity of the

 7  obligations or of the proceedings authorizing the issuance

 8  thereof, or of any covenants made therein, must be instituted

 9  within 20 days after the first publication of the notice, or

10  the validity of the obligations, proceedings, and covenants

11  may not be thereafter questioned in any court. If no action or

12  proceeding is instituted within the 20-day period, then the

13  validity of the obligations, proceedings, and covenants is

14  conclusive, and all persons or parties whatsoever are forever

15  barred from questioning the validity of the obligations,

16  proceedings, or covenants in any court. Notwithstanding this

17  section, the bonds, notes, or other obligations issued by the

18  authority and the obligations of any participating

19  institution, or others providing credit for the obligations,

20  who may be before the jurisdiction of the court, must be

21  validated in the manner provided by chapter 75, Florida

22  Statutes, and the jurisdiction of the action may be in the

23  jurisdiction of the circuit court where the project is to be

24  located, or in the discretion of the authority, in the county

25  seat of state government.

26         Section 19.  Act furnishes full authority for issuance

27  of bonds.--This act constitutes full authority for the

28  issuance of bonds and the exercise of the powers of the

29  authority provided in this act. Any bonds issued by the

30  authority are not secured by the full faith and credit of the

31  state and do not constitute an obligation, either general or

                                  21
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  special, of the state.

 2         Section 20.  Security of bondholders.--In the

 3  discretion of the authority any revenue bonds issued under

 4  this act may be secured by a trust agreement by and between

 5  the authority and a corporate trustee or trustees, which may

 6  be any trust company or bank having the powers of a trust

 7  company within or without the state. The trust agreement or

 8  the resolution providing for the issuance of revenue bonds may

 9  pledge or assign the revenues to be received or the proceeds

10  of any contract or contracts pledged and may convey or

11  mortgage the project or any portion thereof. The trust

12  agreement or resolution providing for the issuance of revenue

13  bonds may contain provisions for protecting and enforcing the

14  rights and remedies of the bondholders as may be reasonable

15  and proper and not in violation of law, including particularly

16  those provisions specifically authorized by this act to be

17  included in any resolution of the authority authorizing

18  revenue bonds. Any bank or trust company incorporated under

19  the laws of this state or of any other state or the United

20  States which may legally act as depository of the proceeds of

21  bonds or of revenues or other moneys or security may furnish

22  indemnifying bonds or pledge securities required by the

23  authority, if any. Any trust agreement may set forth the

24  rights and remedies of the bondholders and of the trustee or

25  trustees, and may restrict the individual right of action by

26  bondholders. In addition any trust agreement or resolution may

27  contain any other provisions the authority may consider

28  reasonable and proper for the security of the bondholders. All

29  expenses incurred in carrying out the trust agreement or

30  resolution may be treated as a part of the cost of the

31  operation of a project.

                                  22
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1         Section 21.  Payment of bonds.--Revenue bonds issued

 2  under this act may not be considered to constitute a debt or

 3  liability of the authority, any municipality, the state or any

 4  political subdivision thereof or a pledge of the faith and

 5  credit of the state, of the authority, of any municipality or

 6  of any political subdivision, but are payable solely from

 7  revenues of the authority pertaining to the project relating

 8  to the issue; payments by participating institutions of higher

 9  education, banks, insurance companies, or others under letters

10  of credit or purchase agreements; investment earnings from

11  funds or accounts maintained under the bond resolution;

12  insurance proceeds; loan funding deposits; proceeds of sales

13  of education loans; proceeds of refunding obligations; and

14  fees, charges, and other revenues of the authority from the

15  project.  All revenue bonds must contain on the face thereof a

16  statement to the effect that neither the authority, any

17  municipality, the state, nor any political subdivision thereof

18  is obligated to pay the bond or the interest thereon except

19  from revenues of the project or the portion thereof for which

20  they are issued, and that neither the faith and credit nor the

21  taxing power of the authority, any municipality, the state, or

22  any political subdivision thereof is pledged to the payment of

23  the principal of or the interest on the bonds. The issuance of

24  revenue bonds under this act may not directly or indirectly or

25  contingently obligate the authority, any municipality, the

26  state, or any political subdivision thereof to levy or to

27  pledge any form of taxation therefor or to make any

28  appropriation for their payment.

29         Section 22.  Rates, rents, fees, and charges.--

30         (1)  The authority may fix, revise, charge, and collect

31  rates, rents, fees, and charges for the use of and for the

                                  23
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  services furnished or to be furnished by each project and may

 2  contract with any person, partnership, association or

 3  corporation, or other body, public or private, in respect

 4  thereof. The rates, rents, fees, and charges must be fixed and

 5  adjusted in respect of the aggregate of rates, rents, fees,

 6  and charges from the project so as to provide funds sufficient

 7  with other revenues, if any:

 8         (a)  To pay the cost of maintaining, repairing, and

 9  operating the project and each portion thereof, to the extent

10  that the payment of the cost has not otherwise been adequately

11  provided for.

12         (b)  To pay the principal of and the interest on

13  outstanding revenue bonds of the authority issued in respect

14  of the project as the bonds become due and payable.

15         (c)  To create and maintain reserves required or

16  provided for in any resolution authorizing, or trust agreement

17  securing, the revenue bonds of the authority. The rates,

18  rents, fees, and charges are not subject to supervision or

19  regulation by any department, commission, board, body, bureau,

20  or agency of this state other than the authority.

21         (2)  A sufficient amount of the revenues derived in

22  respect of a project, except the part of the revenues

23  necessary to pay the cost of maintenance, repair, and

24  operation and to provide reserves and for renewals,

25  replacements, extensions, enlargements, and improvements

26  provided for in the resolution authorizing the issuance of any

27  revenue bonds of the authority or in the trust agreement

28  securing them must be set aside at regular intervals as

29  provided in the resolution or trust agreement in a sinking or

30  other similar fund that is hereby pledged to, and charged

31  with, the payment of the principal of and the interest on the

                                  24
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  revenue bonds as they become due and the redemption price or

 2  the purchase price of bonds retired by call or purchase as

 3  therein provided. The pledge must be valid and binding from

 4  the time when the pledge is made; the rates, rents, fees,

 5  charges, and other revenues or other moneys so pledged and

 6  thereafter received by the authority must immediately be

 7  subject to the lien of the pledge without any physical

 8  delivery thereof or further act, and the lien of any pledge is

 9  valid and binding as against all parties having claims of any

10  kind in tort, contract, or otherwise against the authority,

11  irrespective of whether the parties have notice thereof.

12  Neither the resolution nor any trust agreement by which a

13  pledge is created need be filed or recorded except in the

14  records of the authority.

15         (3)  The use and disposition of moneys to the credit of

16  a sinking or other similar fund must be subject to the

17  resolution authorizing the issuance of the bonds or of the

18  trust agreement. Except as may otherwise be provided in the

19  resolution or the trust agreement, the sinking or other

20  similar fund must be a fund for all revenue bonds issued to

21  finance projects at a particular institution for higher

22  education without distinction or priority of one over another.

23  However, the authority in any resolution or trust agreement

24  may provide that the sinking or other similar fund be the fund

25  for a particular project at an institution for higher

26  education and for the revenue bonds issued to finance a

27  particular project, and may, additionally, permit and provide

28  for the issuance of revenue bonds having a subordinate lien in

29  respect of the security authorized to other revenue bonds of

30  the authority, and, in such case, the authority may create

31  separate sinking or other similar funds in respect of the

                                  25
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  subordinate lien bonds.

 2         Section 23.  Trust funds.--All moneys received under

 3  the authority of this act, whether as proceeds from the sale

 4  of bonds or as revenues, are considered to be trust funds to

 5  be held and applied solely as provided in this act. Any

 6  officer with whom, or any bank or trust company with which,

 7  the moneys are deposited shall act as trustee of the moneys

 8  and shall hold and apply them for the purposes of this act,

 9  subject to the regulations this act and the resolution

10  authorizing the bonds of any issue or the trust agreement

11  securing the bonds provides.

12         Section 24.  Remedies of bondholders.--Any holder of

13  revenue bonds issued under this act or any of the coupons

14  appertaining thereto, and the trustee or trustees under any

15  trust agreement, except to the extent the rights given may be

16  restricted by any resolution authorizing the issuance of, or

17  any such trust agreement securing, the bonds, may, either at

18  law or in equity, by suit, action, mandamus, or other

19  proceedings, protect and enforce any rights under the laws of

20  the state or granted hereunder or under the resolution or

21  trust agreement, and may enforce and compel the performance of

22  all duties required by this act or by the resolution or trust

23  agreement to be performed by the authority or by any officer,

24  employee, or agent thereof, including the fixing, charging,

25  and collecting of the rates, rents, fees, and charges

26  authorized and required by the provisions of the resolution or

27  trust agreement to be fixed, established, and collected.

28         Section 25.  Tax exemption.--The exercise of the powers

29  granted by this act will be in all respects for the benefit of

30  the people of this state, for the increase of their commerce,

31  education, welfare, and prosperity, and for the improvement of

                                  26
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  their health and living conditions, and because the operation

 2  and maintenance of a project by the authority or its agent or

 3  the owner or lessee thereof, as authorized in this act, will

 4  constitute the performance of an essential public function,

 5  neither the authority nor its agent is required to pay any

 6  taxes or assessments upon or in respect of a project or any

 7  property acquired or used by the authority or its agent under

 8  the provisions of this act or upon the income therefrom, and

 9  any bonds issued under this act, any security therefor, their

10  transfer, and the income therefrom, including any profit made

11  on the sale thereof, and all notes, mortgages, security

12  agreements, letters of credit, or other instruments that arise

13  out of or are given to secure the repayment of bonds issued in

14  connection with a project financed under this part, shall at

15  all times be free from taxation by the state or any local

16  unit, political subdivision, or other instrumentality of the

17  state. The exemption granted by this section is not applicable

18  to any tax imposed by chapter 220, Florida Statutes, on

19  interest, income, or profits or on debt obligations owned by

20  corporations.

21         Section 26.  Refunding bonds.--

22         (1)  The authority may provide for the issuance of

23  revenue bonds of the authority for the purpose of refunding

24  any revenue bonds of the authority then outstanding, including

25  the payment of any redemption premium thereon and any interest

26  accrued or to accrue to the earliest or subsequent date of

27  redemption, purchase, or maturity of the revenue bonds, and,

28  if considered advisable by the authority, for the additional

29  purpose of paying all or any part of the cost of constructing

30  and acquiring additions, improvements, extensions, or

31  enlargements of a project or any portion thereof.

                                  27
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1         (2)  The proceeds of any revenue bonds issued for the

 2  purpose of refunding outstanding revenue bonds may be applied

 3  to the purchase or retirement at maturity or redemption of the

 4  outstanding revenue bonds either on their earliest or any

 5  subsequent redemption date or upon the purchase or at the

 6  maturity thereof and may, pending the application, be placed

 7  in escrow to be applied to the purchase or retirement at

 8  maturity or redemption on the date as may be determined by the

 9  authority.

10         (3)  Any escrowed proceeds, pending use, may be

11  invested and reinvested in direct obligations of the United

12  States of America, or in certificates of deposit or time

13  deposits secured by direct obligations of the United States,

14  or other investments as the resolution authorizing the

15  issuance and sale of the bonds, or the trust agreement, may

16  provide, maturing at the time or times as shall be appropriate

17  to assure the prompt payment, as to principal, interest, and

18  redemption premium, if any, of the outstanding revenue bonds

19  to be so refunded. The interest, income, and profits, if any,

20  earned or realized on any such investment may also be applied

21  to the payment of the outstanding revenue bonds to be so

22  refunded. After the terms of the escrow have been fully

23  satisfied and carried out, any balance of the proceeds and

24  interest, income and profits, if any, earned or realized on

25  the investments thereof may be returned to the authority or to

26  the participating institution for use by it in any lawful

27  manner.

28         (4)  The portion of the proceeds of any revenue bonds

29  issued for the additional purpose of paying all or any part of

30  the cost of constructing and acquiring additions,

31  improvements, extensions, or enlargements of a project may be

                                  28
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  invested and reinvested in direct obligations of the United

 2  States, or in certificates of deposit or time deposits secured

 3  by direct obligations of the United States, or other

 4  investments as the resolution authorizing the issuance and

 5  sale of the bonds, or the trust agreement, may provide,

 6  maturing not later than the time or times when the proceeds

 7  will be needed for the purpose of paying all or any part of

 8  the cost. The interest, income, and profits, if any, earned or

 9  realized on the investment may be applied to the payment of

10  all or any part of the cost or may be used by the authority or

11  the participating institution in any lawful manner.

12         (5)  All refunding revenue bonds are subject to this

13  act in the same manner and to the same extent as other revenue

14  bonds issued under this act.

15         Section 27.  Legal investment.--Bonds issued by the

16  authority under this act are made securities in which all

17  public officers and public bodies of the state and its

18  political subdivisions, all insurance companies, trust

19  companies, banking associations, investment companies,

20  executors, administrators, trustees, and other fiduciaries may

21  properly and legally invest funds, including capital in their

22  control or belonging to them. The bonds are made securities

23  that may properly and legally be deposited with and received

24  by any state or municipal officer or any agency or political

25  subdivision of the state for any purpose for which the deposit

26  of bonds or obligations of the state is now or may hereafter

27  be authorized by law.

28         Section 28.  Reports.--Within the first 90 days of each

29  calendar year, the authority shall make a report to the

30  Department of Education of its activities for the preceding

31  calendar year. Each report must set forth a complete operating

                                  29
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  and financial statement covering its operations during the

 2  year. The authority shall cause an audit of its books and

 3  accounts to be made at least once each year by a certified

 4  public accountant and the cost of the audit shall be paid by

 5  the authority from funds available to it under this act.

 6         Section 29.  State agreement.--The state agrees with

 7  the holders of any obligations issued under this act, and with

 8  those parties who may enter into contracts with the authority

 9  under this act, that the state will not limit or alter the

10  rights vested in the authority until the obligations, together

11  with the interest thereon, are fully met and discharged and

12  the contracts are fully performed on the part of the

13  authority. However, this act does not preclude any limitation

14  or alteration if adequate provision is made by law for the

15  protection of the holders of the obligations of the authority

16  or those entering into contracts with the authority. The

17  authority is authorized to include this pledge and undertaking

18  for the state in any obligations or contracts.

19         Section 30.  Alternative means.--This act provides an

20  additional and alternative method for the doing of the things

21  authorized, and shall be regarded as supplemental and

22  additional to powers conferred by other laws; but the issuance

23  of notes, certificates of participation, revenue bonds, and

24  revenue refunding bonds under this act need not comply with

25  the requirements of any other law applicable to the issuance

26  of bonds or such obligations. Except as otherwise expressly

27  provided in this act, the powers granted to the authority

28  under this act are not subject to the supervision or

29  regulation of, or require the approval or consent of, any

30  municipality or political subdivision or any commission,

31  board, body, bureau, official, or agency thereof or of the

                                  30
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  state.

 2         Section 31.  Liberal construction.--This act shall be

 3  liberally construed to effectively carry out its purposes.

 4         Section 32.  Act controlling.--To the extent that this

 5  act is inconsistent with any general statute or special act or

 6  parts thereof, this act controls.

 7         Section 33.  Subsection (5) of section 196.012, Florida

 8  Statutes, is amended to read:

 9         196.012  Definitions.--For the purpose of this chapter,

10  the following terms are defined as follows, except where the

11  context clearly indicates otherwise:

12         (5)  "Educational institution" means a federal, state,

13  parochial, church, or private school, college, or university

14  conducting regular classes and courses of study required for

15  eligibility to certification by, accreditation to, or

16  membership in the State Department of Education of Florida,

17  Southern Association of Colleges and Schools, or the Florida

18  Council of Independent Schools; a nonprofit private school the

19  principal activity of which is conducting regular classes and

20  courses of study accepted for continuing postgraduate dental

21  education credit by a board of the Division of Medical Quality

22  Assurance; educational direct-support organizations created

23  pursuant to ss. 229.8021, 240.299, and 240.331; and facilities

24  located on the property of eligible entities which will become

25  owned by those entities on a date certain; and institutions of

26  higher education as defined under and participating in the

27  Higher Educational Facilities Financing Act created pursuant

28  to chapter 2000-   , Laws of Florida.

29

30  (Redesignate subsequent sections.)

31

                                  31
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                                                  SENATE AMENDMENT

    Bill No. HB 289, 1st Eng.

    Amendment No.    





 1  ================ T I T L E   A M E N D M E N T ===============

 2  And the title is amended as follows:

 3         On page 1, line 10, after the semicolon,

 4

 5  insert:

 6         providing findings and declarations; creating

 7         the Higher Educational Facilities Financing

 8         Authority; providing for its powers; providing

 9         for criteria for and covenants relating to the

10         authorization of the issuance of notes and

11         revenue bonds not obligating the full faith and

12         credit of the authority, any municipality, the

13         state, or any political subdivision thereof;

14         providing for loans from revenue bonds to

15         participating institutions; requiring

16         bond-validation proceedings; providing for

17         trust funds and remedies of bondholders;

18         providing for a tax exemption; providing for

19         agreement of the state; providing other powers

20         and authorities incident thereto; requiring

21         reports and audits; amending s. 196.012, F.S.;

22         providing that institutions funded by this act

23         are educational institutions for purposes of

24         state taxation;

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