HOUSE AMENDMENT |
Bill No. HB 703 CS |
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CHAMBER ACTION |
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Representative Attkisson offered the following: |
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Amendment (with title amendment) |
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Between line(s) 5022 and 5023, insert: |
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Section 70. Part VIII of chapter 159, Florida Statutes, |
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consisting of sections 159.831, 159.832, 159.833, 159.834, and |
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159.835, is created to read: |
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159.831 Popular name.--This part may be known by the |
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popular name the “Florida Qualified Public Educational |
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Facilities Private Activity Bond Allocation Act.”
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159.832 Purpose.--The purpose of this part is to allocate |
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the state volume limitation imposed by s. 142(k)(5)(A) of the |
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Code on private activity bonds to finance qualified public |
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educational facilities. No private activity bond subject to the |
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limitation in s. 142(k)(5)(A) of the Code shall be issued in |
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this state unless a written confirmation therefor is issued |
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pursuant to this part.
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159.833 Definitions.--As used in this part, the term:
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(1) “Board” means the State Board of Education, created |
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pursuant to s. 2, Art. IX of the State Constitution.
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(2) “Code” means the Internal Revenue Code of 1986, as |
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amended, and the regulations and rulings issued thereunder.
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(3) “Commissioner” means the Commissioner of Education.
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(4) “Department” means the Department of Education, |
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created pursuant to s. 20.15.
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(5) “Issued” has the same meaning as in the Code.
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(6) “Private activity bond” means any bond described in s. |
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141 of the Code.
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(7) “Qualified public educational facility” means a |
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facility described in s. 142(k)(1) of the Code. |
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159.834 Allocation of state volume limitation.--
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(1) By January 1, 2004, the board shall establish a |
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program for allocating the state volume limitation imposed by s. |
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142(k)(5)(A) of the Code on private activity bonds to finance |
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qualified public educational facilities. Such program shall |
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include objective criteria to be considered in determining |
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whether to grant a request for such volume limitation, |
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including, but not limited to, the need for a qualified public |
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educational facility in the area proposed in the application, |
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the number of students to be served by such facility, and the |
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cost-effectiveness of the proposed facility. The program shall |
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be administered by the department.
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(2) The department shall annually determine the amount of |
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private activity bonds for qualified public educational |
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facilities permitted to be issued in this state under s. |
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142(k)(5) of the Code and shall make such information available |
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upon request to any person or agency.
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(3) The department shall ensure that any volume limitation |
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unused at the end of each calendar year is carried forward |
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pursuant to s. 142(k)(5)(B)(ii) of the Code.
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(4) The commissioner shall sign any certificate required |
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by the Code relating to the allocation of the state volume |
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limitation on private activity bonds to finance qualified public |
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educational facilities.
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159.835 Rules.--The board and the department shall adopt |
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any rules necessary to ensure the orderly implementation and |
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administration of this part. |
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================= T I T L E A M E N D M E N T ================= |
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Between line(s) 226 and 227, insert: |
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creating pt. VIII of ch. 159, F.S., the "Florida Qualified |
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Public Educational Facilities Private Activity Bond |
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Allocation Act"; providing purpose and definitions; |
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providing for allocation of state volume limitation on |
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private activity bonds to finance qualified public |
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educational facilities; providing for rules; |