Florida Senate - 2014                                     SB 510
       
       
        
       By Senator Ring
       
       
       
       
       
       29-00692A-14                                           2014510__
    1                        A bill to be entitled                      
    2         An act relating to local government neighborhood
    3         improvement districts; amending s. 163.506, F.S.;
    4         providing that an ordinance that creates a local
    5         government neighborhood improvement district may
    6         authorize the district to incur certain debts and
    7         pledge the funds, credit, property, and special
    8         assessment power of the district to pay such debts for
    9         the purpose of financing certain projects; providing
   10         conditions on the exercise of such power; providing an
   11         effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Paragraph (i) is added to subsection (1) of
   16  section 163.506, Florida Statutes, to read:
   17         163.506 Local government neighborhood improvement
   18  districts; creation; advisory council; dissolution.—
   19         (1) After a local planning ordinance has been adopted
   20  authorizing the creation of local government neighborhood
   21  improvement districts, the local governing body of a
   22  municipality or county may create local government neighborhood
   23  improvement districts by the enactment of a separate ordinance
   24  for each district, which ordinance:
   25         (i) Authorizes the district to borrow money, contract
   26  loans, and issue bonds, certificates, warrants, notes, or other
   27  evidence of indebtedness to finance the undertaking of a capital
   28  or other project for a purpose permitted by the State
   29  Constitution and this part, and to pledge the funds, credit,
   30  property, and special assessment power of the district for the
   31  payment of such debts and bonds.
   32         1. Loans contracted by the district pursuant to this
   33  paragraph may not have a term that exceeds the life of the
   34  project secured by the loan.
   35         2. Bonds issued by the district pursuant to this paragraph
   36  must be authorized by resolution of the board, by resolution of
   37  the governing body of the municipality or county, and by a
   38  referendum as described in s. 163.514(16). For commercial
   39  districts, such referendum is deemed approved if approved by an
   40  affirmative vote of freeholders owning more than 50 percent of
   41  the assessed value of the properties represented by ballots
   42  cast. As provided by resolution or trust indenture, or a
   43  mortgage issued pursuant thereto, bonds may be issued in one or
   44  more series and must bear the specified date or dates; be
   45  payable upon demand or mature at the specified time or times;
   46  bear interest at the specified rate or rates; be in the
   47  specified denomination or denominations; be in the specified
   48  form, registered or not, with or without coupon; carry specified
   49  conversion or registration privileges; have the specified rank
   50  or priority; be executed in the specified manner; be payable in
   51  the specified medium of payment, at such place or places, and
   52  subject to the specified terms of redemption, with or without
   53  premium; be secured in the specified manner; and have other
   54  characteristics as may be specified.
   55         Section 2. This act shall take effect July 1, 2014.