Florida Senate - 2022                                     SB 196
       By Senator Rodriguez
       39-00404B-22                                           2022196__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Housing Finance
    3         Corporation; amending s. 420.509, F.S.; designating
    4         the corporation, rather than the State Board of
    5         Administration, as the state fiscal agency to make
    6         determinations in connection with specified bonds;
    7         authorizing the corporation’s board of directors,
    8         rather than the State Board of Administration, to
    9         delegate to its executive director the authority and
   10         power to perform that function; requiring the
   11         executive director to annually report specified
   12         information to the board of directors, rather than the
   13         State Board of Administration; revising applicable
   14         interest rate limitations on bonds of the corporation;
   15         amending s. 420.5092, F.S.; conforming a provision to
   16         changes made by the act; providing an effective date.
   18  Be It Enacted by the Legislature of the State of Florida:
   20         Section 1. Subsections (2) and (4) of section 420.509,
   21  Florida Statutes, are amended to read:
   22         420.509 Revenue bonds.—
   23         (2) The corporation State Board of Administration is
   24  designated as the state fiscal agency to make the determinations
   25  required by s. 16, Art. VII of the State Constitution in
   26  connection with the issuance of such bonds that in no state
   27  fiscal year will the debt service requirements of the bonds
   28  proposed to be issued and all other bonds secured by the same
   29  pledged revenues exceed the pledged revenues available for such
   30  debt service requirements. The corporation’s board of directors
   31  State Board of Administration may delegate to its executive
   32  director the authority and power to perform that function
   33  without further review of the agency. The determinations
   34  pursuant to this subsection paragraph are limited to a review of
   35  the matters essential to making the determinations required by
   36  s. 16, Art. VII of the State Constitution. The executive
   37  director shall report annually to the board State Board of
   38  Administration and the Legislature regarding the number of bond
   39  issues considered and the determination with respect thereto.
   40         (4) Bonds of the corporation may:
   41         (a) Bear interest at a rate or rates not exceeding the
   42  interest rate limitation set forth in s. 159.825 or s. 215.84,
   43  as applicable s. 215.84(3), unless the State Board of
   44  Administration authorizes an interest rate in excess of such
   45  maximum;
   46         (b) Have such provisions for payment at maturity and
   47  redemption before maturity at such time or times and at such
   48  price or prices; and
   49         (c) Be payable at such place or places within or without
   50  the state as the board determines by resolution.
   51         Section 2. Paragraph (b) of subsection (6) of section
   52  420.5092, Florida Statutes, is amended to read:
   53         420.5092 Florida Affordable Housing Guarantee Program.—
   54         (6)
   55         (b) If the claims payment obligations under affordable
   56  housing guarantees from amounts on deposit in the guarantee fund
   57  would cause the claims paying rating assigned to the guarantee
   58  fund to be less than the third-highest rating classification of
   59  any nationally recognized rating service, which classifications
   60  being consistent with s. 215.84(3) and rules adopted thereto by
   61  the State Board of Administration, the corporation shall certify
   62  to the Chief Financial Officer the amount of such claims payment
   63  obligations. Upon receipt of such certification, the Chief
   64  Financial Officer shall transfer to the guarantee fund, from the
   65  first available taxes distributed to the State Housing Trust
   66  Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing
   67  state fiscal year, the amount certified as necessary to meet
   68  such obligations, such transfer to be subordinate to any
   69  transfer referenced in paragraph (a) and not to exceed 50
   70  percent of the amounts distributed to the State Housing Trust
   71  Fund pursuant to s. 201.15(4)(c) and (d) during the preceding
   72  state fiscal year.
   73         Section 3. This act shall take effect July 1, 2022.