Florida Senate - 2012                                     SB 750
       
       
       
       By Senator Flores
       
       
       
       
       38-00687-12                                            2012750__
    1                        A bill to be entitled                      
    2         An act relating to bonds; amending s. 1010.49, F.S.;
    3         requiring that a district school board determine the
    4         schedule of maturities of proposed bonds; authorizing
    5         the district school board to approve a longer period
    6         before bonds are to be retired; providing that all
    7         bonds are callable at times and on terms prescribed by
    8         the district school board; providing an effective
    9         date.
   10  
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Section 1010.49, Florida Statutes, is amended to
   14  read:
   15         1010.49 Form and denomination of bonds.—The district school
   16  board may prescribe the denomination of the bonds to be issued,
   17  and such bonds may be issued with or without interest coupons in
   18  the discretion of the board. The form of the bonds to be issued
   19  may be prescribed by the State Board of Education on the
   20  recommendation of the Department of Legal Affairs. The district
   21  school board shall determine the schedule of maturities of the
   22  proposed bonds shall be so arranged that the total payments
   23  required each year shall be as nearly equal as practicable. The
   24  schedule shall provide that all bonds are to be retired within a
   25  period of 20 years after from the date of issuance unless a
   26  longer period is required and has been specifically approved by
   27  the district school board Department of Education. All bonds
   28  issued under this section are that bear interest in excess of
   29  2.99 percent shall be callable at times and on terms prescribed
   30  by the district school board beginning not later than 10 years
   31  from the date of issuance.
   32         Section 2. This act shall take effect July 1, 2012.