HB 435

1	A bill to be entitled
2	An act relating to Gilchrist County; amending chapter
3	90-467, Laws of Florida; authorizing the School Board
4	of Gilchrist County to issue bonds to finance and
5	refinance the construction of educational facilities
6	and purchase of equipment; authorizing the school
7	board to issue refunding bonds and bond anticipation
8	notes; requiring the school board to pay the principal
9	of, premium for, and interest on such bonds out of
10	racetrack moneys and jai alai fronton moneys that
11	accrue annually to Gilchrist County and are allocated
12	to the school board and from certain other moneys of
13	the school board; providing for the investment of the
14	proceeds of the sale of bonds; making the bonds legal
15	investments, lawful collateral for public deposits,
16	and negotiable instruments; providing that a
17	referendum is not required to exercise any powers
18	under the act, unless required by the State
19	Constitution; affirming the distribution of racetrack
20	moneys and jai alai fronton moneys that accrue to
21	Gilchrist County and are allocated to the district
22	school board and the board of county commissioners;
23	providing construction; providing an effective date.
24
25	Be It Enacted by the Legislature of the State of Florida:
26
27	Section 1.  Sections 1, 2, 3, 5, and 6 of chapter 90-467,
28	Laws of Florida, are amended to read:
29	Section 1.  Authority to finance and refinance educational
30	facilities and equipment construct classrooms at Bell High
31	School.-The District School Board of Gilchrist County may
32	implement a program to finance and refinance educational
33	facilities and equipment within the district construct
34	classrooms at Bell High School.
35	Section 2.  Authority to issue bonds to finance
36	construction.-
37	(1)  The District School Board of Gilchrist County may
38	issue bonds in one or more series in an aggregate principal
39	amount not exceeding $1,000,000 to pay all or any portion of the
40	cost of constructing capital improvements or repairs to
41	educational facilities and to purchase equipment for educational
42	facilities located within Gilchrist County classrooms at Bell
43	High School. The school board shall specify the rate or rates of
44	interest of the bonds and shall specify the date or dates of
45	maturity of the bonds, which may be no later than 30 20 years
46	after the date of issuance.
47	(2)  Prior to issuing bonds pursuant to this section, the
48	school board must:
49	(a)  Specify if the bonds are registrable as to principal
50	only or principal and interest or in fully registered form;
51	(b)  Determine the denominations of the bonds; and
52	(c)  Determine the place where the bonds may be redeemed
53	which may be at a bank or a trust company.
54	(3)  The school board may provide that the bonds be
55	redeemed before maturity. Prior to the issuance of such bonds,
56	the school board must specify the terms and conditions under
57	which they may be redeemed and the prices payable if such bonds
58	are redeemed before maturity.
59	(4)  The school board may enter into a trust agreement with
60	a bank or a trust company to provide for payment of the bonds.
61	(5)  Bonds issued pursuant to this section must bear the
62	manual or facsimile signatures of the chairman and the secretary
63	of the school board. However, at least one of the signatures
64	must be manually executed upon each bond. If there are coupons
65	attached to the bonds, the coupons must bear the facsimile
66	signatures of the chairman and the secretary of the school
67	board. Bonds issued pursuant to this section must be imprinted
68	with the seal of the school board.
69	(6)  The bonds may be sold either at public or private sale
70	by competitive or negotiated sale and at such prices and subject
71	to such terms and conditions as the school board determines to
72	be in its best interest as long as the terms and conditions
73	comply with applicable state statutes.
74	Section 3.  Authority to issue refunding bonds.-Subject to
75	the limitations of section 2, the District School Board of
76	Gilchrist County may issue refunding bonds to refund all or any
77	series or any maturity of a bond bonds issued to pay for the
78	cost of constructing classrooms at Bell High School. The
79	refunding bonds may must be issued in an amount sufficient to
80	pay:
81	(1)  The principal of the refunding bonds;
82	(2)  The interest due and payable on the refunding bonds to
83	and including the first date upon which they are callable prior
84	to maturity, or the dates upon which the principal thereof
85	matures;
86	(3)  The redemption premium, if any, on the refunding
87	bonds; and
88	(4)  Any expenses of the issuance and sale of the refunding
89	bonds.
90	Section 5.  Security for bonds and notes.-During the period
91	bonds and notes issued by the District School Board of Gilchrist
92	County pursuant to this act are outstanding, the school board
93	shall annually pledge all or a $100,000 of the portion of the
94	racetrack moneys and jai alai fronton moneys that annually
95	accrue to Gilchrist County pursuant to chapters 550 and 551,
96	Florida Statutes, and are annually allocated to the school board
97	pursuant to chapter 63-942, Laws of Florida, as amended by
98	section 12 of this act as security for the payment of the
99	principal of, the premium for, if any, and the interest on such
100	bonds and notes. The school board shall pay the principal of,
101	the premium for, and the interest on such bonds and notes from
102	such moneys and from any other moneys legally available for that
103	purpose.
104	Section 6.  Amounts Cost of classroom construction payable
105	from bond proceeds.-The cost of the classroom construction
106	project for which bonds may be issued pursuant to this act may
107	not exceed $1,000,000. The cost of the projects project for
108	which bonds may be issued includes, without limitation, the cost
109	of acquiring, constructing, installing, and equipping the
110	educational facilities and equipment classrooms; the cost of
111	real property acquired for the project; legal, engineering,
112	fiscal, and architectural fees; fees of other experts or
113	consultants employed by the school board; the costs of
114	engineering or architectural studies, surveys, plans, and
115	designs; the administrative costs of issuing, advertising, and
116	selling the bonds; the capitalization of interest for 1 year
117	after completion of the project; the creation and capitalization
118	of reasonable reserves for debt service on the bonds, if any;
119	bond discount, if any; the cost of municipal bond insurance; and
120	any other costs that are necessary, incidental, or appurtenant
121	to the purposes authorized under this section.
122	Section 2.  In the event of a conflict of the provisions of
123	this act with the provisions of any other act, the provisions of
124	this act shall control to the extent of such conflict.
125	Section 3.  This act shall take effect upon becoming a law.

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