Senate Bill sb2046

    Florida Senate - 2001                                  SB 2046

    By Senator Constantine





    9-1178-01                                               See HB

  1                      A bill to be entitled

  2         An act relating to school district finance;

  3         creating s. 236.255, F.S.; creating the School

  4         District Guarantee Program; allowing district

  5         school boards to request the financial backing

  6         of the state or county in the issuance of

  7         certificates of participation; providing that

  8         such financial backing by the state or county

  9         is optional and contingent on funds set aside

10         for that purpose; providing an effective date.

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

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14         Section 1.  Section 236.255, Florida Statutes, is

15  created to read:

16         236.255  School District Guarantee Program.--The School

17  District Guarantee Program is created. The purpose of the

18  program is to provide school districts a means to enhance

19  their credit and borrowing capacity to the extent of their

20  authorized millage for the purpose of issuing certificates of

21  participation. A district school board may request the

22  financial backing of the state or county in the issuance of

23  certificates of participation. Any such financial backing by

24  the state or county is optional and shall be limited to the

25  financial backing of amounts in excess of 50 percent of the

26  school board's authorized millage. However, nothing in this

27  section allows a district school board to exceed the payment

28  limits established in s. 236.25(2)(e). The school board must

29  submit its request to the State Board of Education or the

30  board of county commissioners, as applicable. The State Board

31  of Education or the board of county commissioners may grant

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    Florida Senate - 2001                                  SB 2046
    9-1178-01                                               See HB




  1  such financial backing based on the availability of funds

  2  appropriated or otherwise set aside for that purpose.

  3         Section 2.  This act shall take effect July 1, 2001.

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  6                          HOUSE SUMMARY

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      Creates the School District Guarantee Program to give
  8    school districts a means to enhance their credit and
      borrowing capacity to the extent of their authorized
  9    millage for the purpose of issuing certificates of
      participation. Allows district school boards to request
10    the financial backing of the state or county in the
      issuance of certificates of participation. Provides that
11    such financial backing by the state or county is optional
      and contingent on funds set aside for that purpose.
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CODING: Words stricken are deletions; words underlined are additions.