| 1 | A bill to be entitled |
| 2 | An act relating to district school board bonds; |
| 3 | amending s. 1010.49, F.S.; revising provisions |
| 4 | relating to the issuance and retirement of bonds; |
| 5 | providing an effective date. |
| 6 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 9 | Section 1. Section 1010.49, Florida Statutes, is amended |
| 10 | to read: |
| 11 | 1010.49 Form and denomination of bonds.-The district |
| 12 | school board may prescribe the denomination of the bonds to be |
| 13 | issued, and such bonds may be issued with or without interest |
| 14 | coupons in the discretion of the board. The form of the bonds to |
| 15 | be issued may be prescribed by the State Board of Education on |
| 16 | the recommendation of the Department of Legal Affairs. The |
| 17 | schedule of maturities of the proposed bonds shall be determined |
| 18 | by the district school board so arranged that the total payments |
| 19 | required each year shall be as nearly equal as practicable. The |
| 20 | schedule shall provide that all bonds are to be retired within a |
| 21 | period of 20 years from the date of issuance unless a longer |
| 22 | period is required and has been specifically approved by the |
| 23 | district school board Department of Education. All bonds issued |
| 24 | under this section that bear interest in excess of 2.99 percent |
| 25 | shall be callable at the times and upon the on terms prescribed |
| 26 | by the district school board beginning not later than 10 years |
| 27 | from the date of issuance. |
| 28 | Section 2. This act shall take effect July 1, 2012. |