Florida Senate - 2017 SB 930
By Senator Baxley
12-01233A-17 2017930__
1 A bill to be entitled
2 An act relating to access to capital; amending s.
3 215.84, F.S.; redefining the term “revenue bonds”;
4 amending s. 288.9602, F.S.; revising legislative
5 findings; amending s. 288.9604, F.S.; expanding the
6 authority of the Florida Development Finance
7 Corporation to function within the corporate limits of
8 this state as opposed to the corporate limits of an
9 agency with which it has entered into an interlocal
10 agreement; authorizing meetings of the directors of
11 the corporation to be conducted through
12 teleconference; ratifying certain actions taken by the
13 board of directors of the Florida Development Finance
14 Corporation on a specified date without regard to
15 vacancies on the board; amending s. 288.9605, F.S.;
16 deleting a requirement that interlocal agreements
17 entered into by the corporation be executed pursuant
18 to specified provisions of ch. 163, F.S.; authorizing
19 the execution of documents by electronic signature;
20 amending s. 288.9606, F.S.; increasing the maximum
21 maturation date for specified bonds, notes, or other
22 forms of indebtedness; deleting a requirement that the
23 Florida Development Finance Corporation receive
24 authority to issue revenue bonds from a public agency;
25 specifying that bonds issued by the corporation are
26 not a debt, liability, or obligation of the state or
27 of any political subdivision thereof; providing
28 requirements for the issuance of specified bonds;
29 amending s. 288.9610, F.S.; revising the entities to
30 which the corporation must submit an annual report;
31 providing an effective date.
32
33 Be It Enacted by the Legislature of the State of Florida:
34
35 Section 1. Paragraph (b) of subsection (2) of section
36 215.84, Florida Statutes, is amended to read:
37 215.84 Government bonds; maximum rate of interest.—
38 (2) As used in this section and s. 215.845:
39 (b) “Bonds” includes:
40 1. “General obligation bonds,” which are obligations
41 secured by the full faith and credit of a governmental unit or
42 payable from the proceeds of ad valorem taxes of a governmental
43 unit.
44 2. “Revenue bonds,” which are obligations of a governmental
45 unit issued to pay the cost of a self-liquidating project or
46 improvements thereof, or combination of one or more projects or
47 improvements thereof, and payable from the earnings of such
48 project and any other special funds authorized to be pledged as
49 additional security therefor, except for bonds issued to finance
50 projects under part II, part III, or part V of chapter 159,
51 projects under part X of chapter 288, or health facilities under
52 part III of chapter 154.
53 3. “Bond anticipation notes,” which are notes issued by a
54 governmental unit in anticipation of the issuance of general
55 obligation or revenue bonds.
56 4. “Limited revenue bonds,” which are obligations issued by
57 a governmental unit to pay the cost of a project or improvement
58 thereof, or combination of one or more projects or improvements
59 thereof, and payable from funds of a governmental unit,
60 exclusive of ad valorem taxes, special assessments, or earnings
61 from such projects or improvements.
62 5. “Special assessment bonds,” which are bonds that provide
63 for capital improvements and are paid in whole or in part by
64 levying and collecting special assessments on the abutting,
65 adjoining, contiguous, or other specially benefited property.
66 Section 2. Subsection (8) of section 288.9602, Florida
67 Statutes, is amended to read:
68 288.9602 Findings and declarations of necessity.—The
69 Legislature finds and declares that:
70 (8) In order to efficiently and effectively achieve the
71 purposes of this act, it is necessary and in the public interest
72 to create a special development finance authority to provide
73 access to capital cooperate and act in conjunction with, but
74 separate from the entitlements approval process of, public
75 agencies of this state and local governments of this state,
76 through interlocal agreements pursuant to the Florida Interlocal
77 Cooperation Act of 1969, in the promotion and advancement of
78 projects related to economic development, including
79 redevelopment of brownfield areas, throughout the state.
80 Section 3. Subsection (1) and paragraph (b) of subsection
81 (3) of section 288.9604, Florida Statutes, are amended to read:
82 288.9604 Creation of the authority.—
83 (1) There is created a public body corporate and politic
84 known as the “Florida Development Finance Corporation.” The
85 corporation shall be constituted as a public instrumentality,
86 and the exercise by the corporation of the powers conferred by
87 this act shall be deemed and held to be the performance of an
88 essential public function. The corporation has the power to
89 function within the corporate limits of this state any public
90 agency with which it has entered into an interlocal agreement
91 for any of the purposes of this act.
92 (3)
93 (b) The powers of the corporation shall be exercised by its
94 the directors thereof. A majority of the directors constitutes a
95 quorum for the purposes of conducting business and exercising
96 the powers of the corporation and for all other purposes.
97 Meetings of the directors may be conducted by teleconference.
98 Action may be taken by the corporation upon a vote of a majority
99 of the directors present, unless in any case the bylaws require
100 a larger number. A Any person may be appointed as director if he
101 or she resides, owns or is engaged in business, which means
102 owning a business, practices practicing a profession, performs
103 or performing a service for compensation, or serves serving as
104 an officer or director of a corporation or other business entity
105 in this so engaged, within the state.
106 Section 4. The adoption of Resolution No. 15-01 on April 7,
107 2015, by the directors of the Florida Development Finance
108 Corporation to ratify certain actions of the directors,
109 officers, and employees of the corporation which were in
110 furtherance of the purposes of the act, as defined in s.
111 288.9603, Florida Statutes, is deemed valid and binding to
112 ratify such actions as of the original date those actions were
113 taken without regard to any board vacancies occurring on or
114 after January 1, 2008.
115 Section 5. Paragraph (e) of subsection (2) of section
116 288.9605, Florida Statutes, is amended, and paragraph (x) is
117 added to that subsection, to read:
118 288.9605 Corporation powers.—
119 (2) The corporation is authorized and empowered to:
120 (e) Enter into interlocal agreements pursuant to s.
121 163.01(7) with public agencies of this state for the exercise of
122 any power, privilege, or authority consistent with the purposes
123 of this act.
124 (x) Execute and deliver documents, agreements, and
125 instruments in accordance with and to the extent authorized by
126 the Electronic Signature Act of 1996, Part I of chapter 688.
127 Section 6. Subsections (1), (2), and (3), of section
128 288.9606, Florida Statutes, are amended to read:
129 288.9606 Issue of revenue bonds.—
130 (1) When authorized by a public agency pursuant to s.
131 163.01(7), The corporation has power in its corporate capacity,
132 in its discretion, to issue revenue bonds or other evidences of
133 indebtedness which a public agency has the power to issue, from
134 time to time to finance the undertaking of any purpose of this
135 act, including, without limiting the generality thereof, the
136 payment of principal and interest upon any advances for surveys
137 and plans or preliminary loans, and has the power to issue
138 refunding bonds for the payment or retirement of bonds
139 previously issued. Bonds issued pursuant to this section shall
140 bear the name “Florida Development Finance Corporation Revenue
141 Bonds.” The security for such bonds may be based upon such
142 revenues as are legally available. In anticipation of the sale
143 of such revenue bonds, the corporation may issue bond
144 anticipation notes and may renew such notes from time to time,
145 but the maximum maturity of any such note, including renewals
146 thereof, may not exceed 5 years from the date of issuance of the
147 original note. Such notes shall be paid from any revenues of the
148 corporation available therefor and not otherwise pledged or from
149 the proceeds of sale of the revenue bonds in anticipation of
150 which they were issued. Any bond, note, or other form of
151 indebtedness issued pursuant to this act shall mature no later
152 than the end of the 40th 30th fiscal year after the fiscal year
153 in which the bond, note, or other form of indebtedness was
154 issued.
155 (2) Bonds issued under this section do not constitute an
156 indebtedness within the meaning of any constitutional or
157 statutory debt limitation or restriction, and are not subject to
158 the provisions of any other law or charter relating to the
159 authorization, issuance, or sale of bonds. Bonds issued under
160 the provisions of this act are declared to be for an essential
161 public and governmental purpose. Bonds issued under this act,
162 the interest on which is exempt from income taxes of the United
163 States, together with interest thereon and income therefrom, are
164 exempted from all taxes, except those taxes imposed by chapter
165 220, on interest, income, or profits on debt obligations owned
166 by corporations, pursuant to s. 159.31. Bonds issued under this
167 part are not a debt, liability, or obligation of the state or
168 any political subdivision of the state, and do not pledge the
169 faith and credit of the corporation or the state, or any
170 political subdivision of the state, but are payable solely from
171 the revenues provided for that purpose. Each bond issued under
172 this part must state on its face that the corporation is not
173 obligated to pay the principal of or the interest on the bond
174 from the revenues and proceeds pledged for that purpose, and
175 that neither the faith and credit nor the taxing power of the
176 corporation or the state, or of any political subdivision of the
177 state, is pledged to the payment of the principal of or the
178 interest on such bonds.
179 (3) Bonds issued under this section shall be authorized by
180 a public agency of this state pursuant to the terms of an
181 interlocal agreement, unless such bonds are issued pursuant to
182 subsection (7); may be issued in one or more series; and must
183 shall bear such date or dates, be payable upon demand or mature
184 at such time or times, bear interest rate or rates, be in such
185 denomination or denominations, be in such form either with or
186 without coupon or registered, carry such conversion or
187 registration privileges, have such rank or priority, be executed
188 in such manner, be payable in such medium of payments at such
189 place or places, be subject to such terms of redemption, with or
190 without premium, be secured in such manner, and have such other
191 characteristics as may be provided by the corporation. Bonds
192 issued under this section may be sold in such manner, either at
193 public or private sale, and for such price as the corporation
194 may determine will effectuate the purpose of this act.
195 Section 7. Section 288.9610, Florida Statutes, is amended
196 to read:
197 288.9610 Annual reports of Florida Development Finance
198 Corporation.—On or before 90 days after the close of the Florida
199 Development Finance Corporation’s fiscal year, the corporation
200 shall submit to the Governor, the Legislature, the Auditor
201 General, and the governing body of each public entity for which
202 the corporation issues revenue bonds pursuant to s. 288.9606
203 with which it has entered into an interlocal agreement a
204 complete and detailed report setting forth:
205 (1) The results of any audit conducted pursuant to s.
206 11.45.
207 (2) The activities, operations, and accomplishments of the
208 Florida Development Finance Corporation, including the number of
209 businesses assisted by the corporation.
210 (3) Its assets, liabilities, income, and operating expenses
211 at the end of its most recent fiscal year, including a
212 description of all of its outstanding revenue bonds.
213 Section 8. This act shall take effect July 1, 2017.
214