CS for CS for SB 770 First Engrossed (ntc) 2013770e1 1 A bill to be entitled 2 An act relating to neighborhood improvement districts; 3 amending s. 163.506, F.S.; providing that an ordinance 4 that creates a neighborhood improvement district may 5 authorize the district to exercise certain powers, in 6 addition to those already granted to such districts; 7 specifying such powers; conditioning the exercise of 8 those powers on resolution and referendum; providing 9 an effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Paragraph (i) is added to subsection (1) of 14 section 163.506, Florida Statutes, to read: 15 163.506 Local government neighborhood improvement 16 districts; creation; advisory council; dissolution.— 17 (1) After a local planning ordinance has been adopted 18 authorizing the creation of local government neighborhood 19 improvement districts, the local governing body of a 20 municipality or county may create local government neighborhood 21 improvement districts by the enactment of a separate ordinance 22 for each district, which ordinance: 23 (i) Authorizes the district to borrow money, contract 24 loans, and issue bonds, certificates, warrants, notes, or other 25 evidence of indebtedness to finance the undertaking of a capital 26 or other project for a purpose permitted by the State 27 Constitution and this part, and to pledge the funds, credit, 28 property, and special assessment power of the district for the 29 payment of such debts and bonds. Bonds that are issued under 30 this paragraph must be authorized by resolution of the board, by 31 resolution of the governing body of the municipality or county, 32 and by a referendum as described in s. 163.514(16), except that 33 for commercial districts, such referendum shall be deemed 34 approved if so approved by an affirmative vote of freeholders 35 owning more than 50 percent of the assessed value of the 36 properties represented by ballots cast. Bonds may be issued in 37 one or more series and shall bear such date or dates, be payable 38 upon demand or mature at such time or times, bear interest at 39 such rate or rates, be in such denomination or denominations, be 40 in such form, registered or not, with or without coupon, carry 41 such conversion or registration privileges, have such rank or 42 priority, be executed in such manner, be payable in such medium 43 of payment, at such place or places, and subject to such terms 44 of redemption, with or without premium, be secured in such 45 manner, and have such other characteristics as may be provided 46 by such resolution or trust indenture or mortgage issued 47 pursuant thereto. 48 Section 2. This act shall take effect July 1, 2013.