CS for CS for SB 770                       First Engrossed (ntc)
    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.
   11  Be It Enacted by the Legislature of the State of Florida:
   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.