SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Horne moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 8, between lines 17 and 18,

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16  insert:

17         Section 8.  Subsection (3) is added to section 218.25,

18  Florida Statutes, to read:

19         218.25  Limitation of shared funds; holders of bonds

20  protected; limitation on use of second guaranteed entitlement

21  for counties.--

22         (3)  As an additional assurance to holders of bonds

23  issued before March 8, 2000, which are secured by the

24  guaranteed entitlement or second guaranteed entitlement for

25  counties, or bonds issued to refund such bonds which mature no

26  later than the bonds that they refunded and which result in a

27  reduction of debt service payable in each fiscal year, it is

28  the intent of the Legislature that, to the extent the

29  elimination of tax sources dedicated to funding the guaranteed

30  entitlement or the second guaranteed entitlement for counties

31  or a reduction in the rate of assessment of such taxes results

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    





 1  in an inability of a county to pay debt service on such bonds,

 2  the Legislature will provide alternative funding sources in an

 3  amount sufficient to pay any deficit in the amount required

 4  for such debt service. This commitment of the Legislature is

 5  contingent on the county first using any funds available under

 6  this part for the payment of such debt service.

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 8  (Redesignate subsequent sections.)

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

12  And the title is amended as follows:

13         On page 2, line 1, following the semicolon

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15  insert:

16         amending s. 218.25, F.S.; providing additional

17         assurance to holders of bonds secured by shared

18         funds;

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