Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. SB 770
       
       
       
       
       
       
                                Barcode 826528                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  02/28/2012           .                                
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       The Committee on Budget Subcommittee on Finance and Tax
       (Gardiner) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 54 and 55
    4  insert:
    5         Section 3. Notwithstanding the revisions made to chapter
    6  205, Florida Statutes, by this act, a county or municipality
    7  that imposes a local business tax as of March 9, 2012, pursuant
    8  to chapter 205, Florida Statutes, may continue to levy such tax
    9  in the same manner and with the same rates and classifications
   10  as are in effect on March 9, 2012, to the extent necessary to
   11  meet all obligations to, or for the benefit of, holders of bonds
   12  or certificates that were issued before March 9, 2012, and for
   13  which taxes levied pursuant to chapter 205, Florida Statutes,
   14  are expressly identified and pledged as security, separate from
   15  any other pledge of non-ad valorem revenues. Expenditures of
   16  revenues from tax levies continued pursuant to this section are
   17  limited to meeting obligations required by bonds or certificates
   18  that were issued before March 9, 2012. Revenues collected in
   19  excess of amounts necessary to meet obligations of bonds or
   20  certificates must be refunded to taxpayers in proportion to the
   21  amount of taxes paid by each taxpayer. A county or municipality
   22  may not pledge revenues derived from local business taxes
   23  imposed under chapter 205, Florida Statutes, as security for
   24  bonds or certificates issued on or after March 9, 2012.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27         And the title is amended as follows:
   28         Delete line 18
   29  and insert:
   30         conforming provisions; authorizing a county or
   31         municipality to continue, under certain circumstances,
   32         to levy taxes repealed under the act in order to meet
   33         all obligations to holders of bonds or certificates;
   34         providing an effective date.