ENROLLED 2023 Legislature CS for SB 598 2023598er 1 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. 6 243.53, F.S.; specifying when the term for a new 7 appointee to the Higher Educational Facilities 8 Financing Authority begins; defining the term 9 “communications media technology”; revising a 10 requirement for when action may be taken by the 11 authority; authorizing the authority to conduct 12 meetings and workshops by means of communications 13 media technology; providing notice requirements for 14 meetings and workshops; amending s. 243.54, F.S.; 15 authorizing the authority to contract with an entity 16 to assist with administrative matters; amending s. 17 243.58, F.S.; prohibiting the authority from entering 18 into a financing agreement with a participating 19 institution for a project if at the time the agreement 20 is executed certain conditions exist; amending s. 21 243.73, F.S.; revising the timeframe within which the 22 authority is required to submit a report to the 23 Governor and the Legislature; providing an effective 24 date. 25 26 Be It Enacted by the Legislature of the State of Florida: 27 28 Section 1. Section 243.51, Florida Statutes, is amended to 29 read: 30 243.51 Findings and declarations.—It is the purpose of ss. 31 243.50-243.77 to providea measure ofassistance and an 32 alternative method for enabling private institutions of higher 33 education inofthis state to provide the facilities and 34 structures that they need and to enable those institutions to 35 coordinate their budgetary needs with the timing of receipt of 36 tuition revenues. The necessity of the public interest of the 37 provisions hereinafter enacted is hereby declared as a matter of 38 legislative determination. 39 Section 2. Subsections (2) and (5) of section 243.53, 40 Florida Statutes, are amended to read: 41 243.53 Creation of Higher Educational Facilities Financing 42 Authority.— 43 (2) The authority shall consist of five members to be 44 appointed by the Governor, subject to confirmation by the 45 Senate. One member shall be a trustee, director, officer, or 46 employee of an institution of higher education. Of the members 47 first appointed, one shall serve for 1 year, one for 2 years, 48 one for 3 years, one for 4 years, and one for 5 years, and in 49 each case until his or her successor is appointed and has 50 qualified. Thereafter, the Governor shall appoint for terms of 5 51 years each a member or members to succeed those whose terms 52 expire, beginning on the later of the dates on which the current 53 term expires or the date of appointment by the Governor. The 54 Governor shall fill any vacancy for an unexpired term. A member 55 of the authority is eligible for reappointment. Any member of 56 the authority may be removed by the Governor for misfeasance, 57 malfeasance, or willful neglect of duty. Each member of the 58 authority before entering upon his or her duties shall take and 59 subscribe to the oath or affirmation required by the State 60 Constitution. A record of each oath must be filed in the office 61 of the Department of State and with the authority. 62 (5)(a) As used in this subsection, the term “communications 63 media technology” means telephone conference, video conference, 64 or other communications technology by which all persons 65 attending a public meeting or workshop may audibly communicate. 66 (b) A majority of the members of the authority constitutes 67 a quorum, and the affirmative vote of a majority of the members 68 participating in thepresent at ameeting of the authority is 69 necessary for any action taken by the authority. A vacancy in 70 the membership of the authority does not impair the right of a 71 quorum to exercise all the rights and perform all the duties of 72 the authority. Any action taken by the authority under ss. 73 243.50-243.77 may be authorized by resolution at any regular or 74 special meeting, and each resolution takesshall takeeffect 75 immediately and doesneednot need to be published or posted. 76 The authority may conduct public meetings and workshops by means 77 of communications media technology. The notice for any such 78 public meeting or workshop must state that the meeting or 79 workshop will be conducted through the use of communications 80 media technology, must specify how persons interested in 81 attending may do so, and must provide a location where 82 communications media technology facilities are available. The 83 participation by an officer, a board member, or any other 84 representative of a member public agency in a meeting or 85 workshop conducted through communications media technology 86 constitutes that individual’s presence at such meeting or 87 workshop. 88 Section 3. Subsection (16) of section 243.54, Florida 89 Statutes, is amended to read: 90 243.54 Powers of the authority.—The purpose of the 91 authority is to assist institutions of higher education in 92 constructing, financing, and refinancing projects throughout the 93 state and, for this purpose, the authority may: 94 (16) Contract with an entity as its agent to assist the 95 authority with administrative matters and in screening 96 applications of institutions of higher education for loans under 97 ss. 243.50-243.77 and receive any recommendations the entity may 98 make. 99 Section 4. Subsection (2) of section 243.58, Florida 100 Statutes, is amended to read: 101 243.58 Criteria and requirements.—In undertaking any 102 project under ss. 243.50-243.77, the authority shall be guided 103 by and shall observe the following criteria and requirements: 104 (2) A financing agreement for a project may not be entered 105 into with a participating institution that is not, at the time 106 such agreement is executed, financially responsible and fully 107 capable of and willing to fulfill its obligations under the 108 financing agreement, including the obligations to make payments 109 in the amounts and at the times required; to operate, repair, 110 and maintain at its own expense the project owned or leased; and 111 to serve the purposes of ss. 243.50-243.77 and any other 112 responsibilities that may be imposed under the financing 113 agreement. In determining the financial responsibility of the 114 participating institution, consideration willmustbe given to 115 the party’s ratio of current assets to current liabilities; net 116 worth; endowments; pledges; earning trends; coverage of all 117 fixed charges; the nature of the project involved; its inherent 118 stability; any guarantee of the obligations by some other 119 financially responsible corporation, firm, or person; means by 120 which the bonds are to be marketed to the public; and other 121 factors determinative of the capability of the participating 122 institution, financially and otherwise, to fulfill its 123 obligations consistently with the purposes of ss. 243.50-243.77. 124 Section 5. Subsection (1) of section 243.73, Florida 125 Statutes, is amended to read: 126 243.73 Reports; audits.— 127 (1) The authority shall submit to the Governor and the 128 presiding officers of each house of the Legislature, within 62129 months after the end of its fiscal year, a complete and detailed 130 report setting forth: 131 (a) Its operations and accomplishments. 132 (b) Its receipts and expenditures during its fiscal year in 133 accordance with the categories or classifications established by 134 the authority for its operating and capital outlay purposes. 135 (c) Its assets and liabilities at the end of its fiscal 136 year and the status of reserve, special, or other funds. 137 (d) A schedule of its bonds outstanding at the end of its 138 fiscal year, together with a statement of the principal amounts 139 of bonds issued and redeemed during the fiscal year. 140 (e) Any other information the authority deems appropriate. 141 Section 6. This act shall take effect July 1, 2023.