Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1150
       
       
       
       
       
       
                                Barcode 521394                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/09/2012           .                                
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       The Committee on Budget Subcommittee on Finance and Tax (Altman)
       recommended the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 29 - 34
    4  and insert:
    5         (1) For the period from the issuance of the qualified
    6  investment to the 7th anniversary of such issuance, a qualified
    7  community development entity may not make cash interest payments
    8  on a long-term debt security that is a qualified investment, but
    9  not in excess of the entity’s cumulative operating income as of
   10  the date of the cash interest payment. For purposes of
   11  calculating operating income under this section, the interest
   12  expense on the security is disregarded for 6 years following the
   13  issuance of the security.