Florida Senate - 2023 SB 598
By Senator Martin
33-00423-23 2023598__
1 A bill to be entitled
2 An act relating to higher educational facilities
3 financing; amending s. 243.51, F.S.; modifying
4 legislative findings and declarations regarding the
5 Higher Education Facilities Financing Act; amending s.
6 243.52, F.S.; revising the definition of the term
7 “institution of higher education”; amending s. 243.53,
8 F.S.; specifying when the term for a new appointee to
9 the Higher Educational Facilities Financing Authority
10 begins; defining the term “communications media
11 technology”; revising a requirement for when action
12 may be taken by the authority; authorizing the
13 authority to conduct meetings and workshops by means
14 of communications media technology; providing notice
15 requirements for meetings and workshops; amending s.
16 243.54, F.S.; authorizing the authority to contract
17 with an entity to assist with administrative matters;
18 amending s. 243.58, F.S.; prohibiting the authority
19 from entering into a financing agreement with a
20 participating institution for a project if at the time
21 the agreement is executed certain conditions exist;
22 amending s. 243.73, F.S.; revising the timeframe
23 within which the authority is required to submit a
24 report to the Governor and the Legislature; providing
25 an effective date.
26
27 Be It Enacted by the Legislature of the State of Florida:
28
29 Section 1. Section 243.51, Florida Statutes, is amended to
30 read:
31 243.51 Findings and declarations.—It is the purpose of ss.
32 243.50-243.77 to provide a measure of assistance and an
33 alternative method for enabling private institutions of higher
34 education in of this state to provide the facilities and
35 structures that they need and to enable those institutions to
36 coordinate their budgetary needs with the timing of receipt of
37 tuition revenues. The necessity of the public interest of the
38 provisions hereinafter enacted is hereby declared as a matter of
39 legislative determination.
40 Section 2. Subsection (6) of section 243.52, Florida
41 Statutes, is amended to read:
42 243.52 Definitions.—As used in ss. 243.50-243.77, the term:
43 (6) “Institution of higher education” means an educational
44 institution that by virtue of law or charter is an accredited,
45 nonprofit educational institution empowered to provide a program
46 of education beyond the high school level independent nonprofit
47 college or university which is located in and chartered by the
48 state; which is accredited by the Commission on Colleges of the
49 Southern Association of Colleges and Schools; which grants
50 baccalaureate degrees; and that which is not a state university
51 or Florida College System institution.
52 Section 3. Subsections (2) and (5) of section 243.53,
53 Florida Statutes, are amended to read:
54 243.53 Creation of Higher Educational Facilities Financing
55 Authority.—
56 (2) The authority shall consist of five members to be
57 appointed by the Governor, subject to confirmation by the
58 Senate. One member shall be a trustee, director, officer, or
59 employee of an institution of higher education. Of the members
60 first appointed, one shall serve for 1 year, one for 2 years,
61 one for 3 years, one for 4 years, and one for 5 years, and in
62 each case until his or her successor is appointed and has
63 qualified. Thereafter, the Governor shall appoint for terms of 5
64 years each a member or members to succeed those whose terms
65 expire, beginning on the later of the dates on which the current
66 term expires or the date of appointment by the Governor. The
67 Governor shall fill any vacancy for an unexpired term. A member
68 of the authority is eligible for reappointment. Any member of
69 the authority may be removed by the Governor for misfeasance,
70 malfeasance, or willful neglect of duty. Each member of the
71 authority before entering upon his or her duties shall take and
72 subscribe to the oath or affirmation required by the State
73 Constitution. A record of each oath must be filed in the office
74 of the Department of State and with the authority.
75 (5)(a) As used in this subsection, the term “communications
76 media technology” means telephone conference, video conference,
77 or other communications technology by which all persons
78 attending a public meeting or workshop may audibly communicate.
79 (b) A majority of the members of the authority constitutes
80 a quorum, and the affirmative vote of a majority of the members
81 participating in the present at a meeting of the authority is
82 necessary for any action taken by the authority. A vacancy in
83 the membership of the authority does not impair the right of a
84 quorum to exercise all the rights and perform all the duties of
85 the authority. Any action taken by the authority under ss.
86 243.50-243.77 may be authorized by resolution at any regular or
87 special meeting, and each resolution takes shall take effect
88 immediately and does need not need to be published or posted.
89 The authority may conduct public meetings and workshops by means
90 of communications media technology. The notice for any such
91 public meeting or workshop must state that the meeting or
92 workshop will be conducted through the use of communications
93 media technology, must specify how persons interested in
94 attending may do so, and must provide a location where
95 communications media technology facilities are available. The
96 participation by an officer, a board member, or any other
97 representative of a member public agency in a meeting or
98 workshop conducted through communications media technology
99 constitutes that individual’s presence at such meeting or
100 workshop.
101 Section 4. Subsection (16) of section 243.54, Florida
102 Statutes, is amended to read:
103 243.54 Powers of the authority.—The purpose of the
104 authority is to assist institutions of higher education in
105 constructing, financing, and refinancing projects throughout the
106 state and, for this purpose, the authority may:
107 (16) Contract with an entity as its agent to assist the
108 authority with administrative matters and in screening
109 applications of institutions of higher education for loans under
110 ss. 243.50-243.77 and receive any recommendations the entity may
111 make.
112 Section 5. Subsection (2) of section 243.58, Florida
113 Statutes, is amended to read:
114 243.58 Criteria and requirements.—In undertaking any
115 project under ss. 243.50-243.77, the authority shall be guided
116 by and shall observe the following criteria and requirements:
117 (2) A financing agreement for a project may not be entered
118 into with a participating institution that is not, at the time
119 such agreement is executed, financially responsible and fully
120 capable of and willing to fulfill its obligations under the
121 financing agreement, including the obligations to make payments
122 in the amounts and at the times required; to operate, repair,
123 and maintain at its own expense the project owned or leased; and
124 to serve the purposes of ss. 243.50-243.77 and any other
125 responsibilities that may be imposed under the financing
126 agreement. In determining the financial responsibility of the
127 participating institution, consideration will must be given to
128 the party’s ratio of current assets to current liabilities; net
129 worth; endowments; pledges; earning trends; coverage of all
130 fixed charges; the nature of the project involved; its inherent
131 stability; any guarantee of the obligations by some other
132 financially responsible corporation, firm, or person; means by
133 which the bonds are to be marketed to the public; and other
134 factors determinative of the capability of the participating
135 institution, financially and otherwise, to fulfill its
136 obligations consistently with the purposes of ss. 243.50-243.77.
137 Section 6. Subsection (1) of section 243.73, Florida
138 Statutes, is amended to read:
139 243.73 Reports; audits.—
140 (1) The authority shall submit to the Governor and the
141 presiding officers of each house of the Legislature, within 6 2
142 months after the end of its fiscal year, a complete and detailed
143 report setting forth:
144 (a) Its operations and accomplishments.
145 (b) Its receipts and expenditures during its fiscal year in
146 accordance with the categories or classifications established by
147 the authority for its operating and capital outlay purposes.
148 (c) Its assets and liabilities at the end of its fiscal
149 year and the status of reserve, special, or other funds.
150 (d) A schedule of its bonds outstanding at the end of its
151 fiscal year, together with a statement of the principal amounts
152 of bonds issued and redeemed during the fiscal year.
153 (e) Any other information the authority deems appropriate.
154 Section 7. This act shall take effect July 1, 2023.