Senate Bill 7054 (2024) — Private activity bonds
SB 7054
Florida Bills
Florida Senate - 2024 SB 7054 By the Committee on Community Affairs 578-03041-24 20247054__ Page 1 of 35 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1
An act relating to private activity bonds; amending s. 2 159.608, F.S.; conforming a cross-reference; amending 3 s. 159.802, F.S.; providing legislative findings and 4 intent; amending s. 159.803, F.S.; revising and 5 defining terms; repealing s. 159.804, F.S., relating 6 to allocation of state volume limitation; creating s. 7 159.8041, F.S.; requiring the Division of Bond Finance 8 of the State Board of Administration to annually 9 determine the state volume limitation and publicize 10 such information; requiring the division, on a 11 specified date each year, to initially allocate the 12 state volume limitation in a specified manner among 13 specified pools; requiring that any portion of each 14 allocation of state volume limitation made to certain 15 pools for which the division has not issued a 16 confirmation be added to either the state allocation 17 pool or carryforward allocation pool, respectively, by 18 a certain date; requiring that any portion of the 19 state volume limitation used to issue confirmation 20 which has not been used in a specified manner or has 21 not received a carryforward confirmation or been 22 converted for the issuance of mortgage certificates be 23 added to the carryforward allocation pool; repealing 24 s. 159.805, F.S., relating to procedures for obtaining 25 allocations, requirements, limitations on allocations, 26 and issuance reports; creating s. 159.8051, F.S.; 27 establishing procedures for the issuance of private 28 activity bonds; providing requirements for notices of 29
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 2 of 35 CODING: Words stricken are deletions; words underlined are additions. intent to issue private activity bonds; requiring that 30 a separate notice of intent to issue be filed for each 31 proposed issuance of a private activity bond; creating 32 s. 159.8052, F.S.; providing procedures for the 33 evaluation, approval, and confirmation of notices of 34 intent to issue private activity bonds; providing 35 procedures for the division to follow if the amount of 36 state volume limitation requested in notices of intent 37 to issue private activity bonds exceeds the state 38 volume limitation available to issuers; providing 39 procedures for the allocation of state volume 40 limitation that subsequently becomes available for 41 allocation; providing that certain confirmations 42 expire on a specified date unless a certain 43 requirement is met; requiring that certain 44 confirmations include certain information; providing 45 that a confirmation is effective as to certain private 46 activity bonds only in specified circumstances; 47 prohibiting the effectiveness of a confirmation of 48 allocation when more private activity bonds are issued 49 than set forth in such confirmation; providing 50 requirements for the issuance of private activity 51 bonds in excess of the amount set forth in the 52 confirmation; requiring the division to cancel a 53 confirmation of allocation and reallocate the state 54 volume limitation under certain circumstances; 55 creating s. 159.8053, F.S.; prohibiting the allocation 56 of state volume limitation before an issuance report 57 is filed by or on behalf of the issuer issuing bonds 58
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 3 of 35 CODING: Words stricken are deletions; words underlined are additions. before the expiration of confirmation of allocation 59 for such bonds; providing requirements for issuance 60 reports; providing for the reversion of certain 61 unissued state volume limitation and requiring that it 62 be made available for reallocation; requiring the 63 director of the division to sign a final certification 64 of allocation after timely filing of an issuance 65 report; repealing s. 159.806, F.S., relating to 66 regional allocation pools; creating s. 159.8061, F.S.; 67 establishing affordable housing allocation pools for a 68 specified purpose; requiring that a certain allocation 69 be allocated and distributed to the regional 70 affordable housing allocation pool and distributed 71 among specified regions; providing requirements for 72 such allocations; establishing regions within the 73 regional affordable housing allocation pool; requiring 74 that, on a specified date, any portion of the 75 allocation made to such pool for which the division 76 has not issued a confirmation be added to the 77 statewide affordable housing allocation pool; 78 requiring that the pool be available for issuing 79 confirmations for affordable housing bonds to issuers 80 statewide during a specified timeframe; requiring the 81 division, on a specified date each year, to issue 82 confirmations for all notices of intent to issue 83 previously placed on the pending list for the regional 84 affordable housing pool if sufficient state volume 85 limitation is available; providing procedures for the 86 issuance of confirmations after confirmations are 87
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 4 of 35 CODING: Words stricken are deletions; words underlined are additions. issued for all notices of intent to issue previously 88 placed on the pending list for the regional housing 89 pool; providing procedures for the issuance of 90 confirmations when the division determines that the 91 amount of notices of intent to issue exceeds the state 92 volume limitation; creating s. 159.8062, F.S.; 93 establishing the corporation pool for a specified 94 timeframe each year to issue confirmations for 95 affordable housing bonds to corporations; providing 96 procedures for the issuance of confirmations; 97 providing that, prior to a specified date, the 98 corporation pool is the only pool from which a 99 corporation may receive allocations of state volume 100 limitation; providing that the corporation is not 101 required to submit a notice of intent to issue 102 affordable housing bonds or to obtain a confirmation 103 for the issuance of bonds before a specified date; 104 requiring the corporation to submit a notice of intent 105 to issue on or before a certain date for affordable 106 housing bonds that the corporation intends to issue on 107 or after a certain date; exempting the corporation 108 from a specified fee; authorizing the corporation to 109 assign a portion of its state volume limitation to 110 specified pools before a certain date each year; 111 creating s. 159.8063, F.S.; establishing the economic 112 development allocation pool; requiring that the 113 economic development allocation pool be first 114 available to issue confirmations pursuant to specified 115 procedures; requiring the economic development 116
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 5 of 35 CODING: Words stricken are deletions; words underlined are additions. allocation pool to be available for the sole purpose 117 of issuing confirmations for certain bonds during a 118 certain timeframe each year; requiring that certain 119 notices of intent to issue requesting confirmation 120 from the economic development allocation pool which 121 conform with certain requirements and are filed by a 122 certain date be forwarded to the Secretary of Commerce 123 for review and the rendering of a decision; requiring 124 the division to issue confirmation for such notices of 125 intent to issue in a specified order of priority 126 within a specified timeframe; requiring the economic 127 development pool to be available for a specified sole 128 purpose during a later specified timeframe, with 129 notification to the Department of Commerce; repealing 130 s. 159.807, F.S., relating to the state allocation 131 pool; creating s. 159.8071, F.S.; establishing the 132 state allocation pool to issue confirmations for all 133 types of private activity bonds during a specified 134 timeframe each year; repealing s. 159.8075, F.S., 135 relating to qualified mortgage credit certificates; 136 creating s. 159.80751, F.S.; authorizing an issuer to 137 convert all or a portion of its allocation of state 138 volume limitation for certain affordable housing bonds 139 to mortgage credit certificates if certain conditions 140 are met; providing requirements for the issuance of 141 mortgage credit certificates; providing that elections 142 to convert are irrevocable; requiring that mortgage 143 credit certificates be issued under a certification 144 program that meets specified requirements; requiring 145
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 6 of 35 CODING: Words stricken are deletions; words underlined are additions. potential issuers to certify in writing to the 146 division that the mortgage credit certification 147 program is certified under specified federal law; 148 providing that certain expiration dates do not apply 149 under certain circumstances and that certain unissued 150 mortgage credit certificates will automatically 151 receive a carryforward confirmation; requiring that 152 certain elections and certifications be filed with the 153 division; designating the director of the division as 154 the state official authorized to make a required 155 certification; repealing s. 159.8081, F.S.; relating 156 to the Manufacturing Facility Bond Pool; repealing s. 157 159.8083, F.S., relating to the Florida First Business 158 allocation pool; repealing s. 159.809, F.S., relating 159 to recapture of unused amounts; creating s. 159.8091, 160 F.S.; establishing the carryforward allocation pool 161 for the sole purpose of issuing carryforward 162 confirmations to issuers for specified projects; 163 requiring the division to issue certain carryforward 164 confirmations until a specified occurrence; requiring 165 that the amount of each carryforward confirmation be 166 the amount requested if there is sufficient state 167 volume limitation in the carryforward allocation pool; 168 requiring the division to use a specified 169 prioritization process when the aggregated amount 170 requested exceeds the available amount; providing for 171 the carryforward of certain state volume limitations; 172 repealing s. 159.81, F.S., relating to unused 173 allocations; creating s. 159.8101, F.S.; requiring an 174
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 7 of 35 CODING: Words stricken are deletions; words underlined are additions. issuer that elects to carryforward an allocation to 175 request and obtain carryforward confirmation from the 176 division; requiring the division, upon request, to 177 issue a carryforward confirmation when certain 178 conditions are met; providing requirements for 179 requesting a carryforward confirmation; repealing s. 180 159.8105, F.S., relating to allocation of bonds for 181 water and wastewater infrastructure projects; amending 182 s. 159.811, F.S.; conforming provisions to changes 183 made by the act; making technical changes; repealing 184 s. 159.812, F.S., relating to a grandfather clause; 185 amending s. 159.814, F.S.; providing requirements for 186 the form of applications for allocations; providing 187 that certain notices of intent and applications for 188 carryforward confirmation are timely filed only if 189 filed with the division within specified timeframes; 190 deleting obsolete provisions; repealing s. 159.815, 191 F.S., relating to rules; amending s. 159.816, F.S.; 192 requiring the director of the division to execute a 193 final certification of allocation following the timely 194 filing of an issuance report; amending s. 163.2520, 195 F.S.; conforming a provision to changes made by the 196 act; amending s. 420.504, F.S.; conforming provisions 197 to changes made by the act; providing an effective 198 date. 199 200 Be It Enacted by the Legislature of the State of Florida: 201 202
Section 1. Subsection (10) of
section 159.608, Florida 203
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 8 of 35 CODING: Words stricken are deletions; words underlined are additions. Statutes, is amended to read: 204 159.608 Powers of housing finance authorities.—A housing 205 finance authority shall constitute a public body corporate and 206 politic, exercising the public and essential governmental 207 functions set forth in this act, and shall exercise its power to 208 borrow only for the purpose as provided herein: 209 (10)(
a) To make loans or grant surplus funds to 210 corporations that qualify as not-for-profit corporations under 211 s. 501(c)(3) of the Internal Revenue Code of 1986, as amended, 212 and under the laws of this state, for the development of 213 affordable housing; and 214 (
b) To do anything necessary or appropriate to further the 215 purpose for which a housing finance authority is established, 216 pursuant to s. 159.602, including, as further described in s. 217 159.08751 s. 159.8075, the power to issue mortgage credit 218 certificates to the extent allocation is available for that 219 purpose to qualifying individuals in lieu of issuing qualified 220 mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal 221 Revenue Code of 1986, as amended, or a combination of the two. 222 Mortgage credit certificates may not be issued on December 30 or 223 December 31 of any year. 224
Section
Section 159.802, Florida Statutes, is amended to 225 read: 226 159.802 Purpose; legislative findings and intent.— 227
(1) The purpose of this
part is to allocate the state 228 volume limitation imposed on private activity bonds under s. 146 229 of the Code. A no private activity bond subject to the 230 limitation in s. 146 of the Code may not shall be issued in this 231 state unless a written confirmation therefor is issued pursuant 232
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(2) The Legislature finds and declares that private 234 activity bonds are used to finance improvements, projects, and 235 programs that serve important public purposes and benefit the 236 social and economic well-being of the people of this state. The 237 Legislature recognizes that the exemption of interest on private 238 activity bonds from federal income taxation and the concomitant 239 reduced interest costs have been central to the marketability of 240 such bonds. 241
(3) It is the intent of the Legislature that issuers use 242 the state volume limitation in such a manner as to maximize the 243 amount of private activity bonds that may be issued in this 244 state which will benefit the social and economic well-being of 245 the people of this state by increasing the number of 246 improvements, projects, and programs that may be financed in a 247 given year and that, to the extent that any portion of state 248 volume limitation allocated to an issuer is carried forward, it 249 be used to issue private activity bonds before its expiration. 250
Section
Section 159.803, Florida Statutes, is reordered 251 and amended to read: 252 159.803
Definitions.—As used in this part, the term: 253 (1) “Affordable housing bonds” means multifamily affordable 254 housing bonds and single-family affordable housing bonds. 255 (1) “County” means the geographic boundaries of each county 256 as established by law. 257 (16)(2) “Private activity bond” or “bond” means any bond 258 which requires an allocation pursuant to s. 146 of the Code. 259 (3) “Director” means the director of the Division of Bond 260 Finance of the State Board of Administration or his or her 261
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 10 of 35 CODING: Words stricken are deletions; words underlined are additions. designee. 262 (4) “Agency” means the State of Florida, any unit of local 263 government, industrial development authority, or other entity in 264 this state authorized to issue private activity bonds. 265 (5) “Priority project” means a solid waste disposal 266 facility or a sewage facility, as such terms are defined in s. 267 142 of the Code, or a water facility, as defined in s. 142 of 268 the Code, which is operated by a member-owned, not-for-profit 269 utility, or any project which is to be located in an area which 270 is an enterprise zone designated pursuant to s. 290.0065. 271 (6) “Division” means the Division of Bond Finance of the 272 State Board of Administration. 273 (11)(7) “Issued” or “issuance” has the same meaning as in 274 the Code. 275 (3)(8) “Code” means the Internal Revenue Code of 1986, as 276 amended, and the regulations and rulings issued thereunder. 277 (9) “Housing bonds” means bonds issued pursuant to s. 278 142(
d) of the Code to finance qualified residential units or 279 mortgage revenue bonds issued pursuant to s. 143 of the Code 280 which require an allocation under s. 146 of the Code. 281 (10) “Manufacturing facility” means a facility described in 282 s. 144(a)(12)(
C) of the Code. 283 (11) “Florida First Business project” means any project 284 which is certified by the Department of Commerce as eligible to 285 receive an allocation from the Florida First Business allocation 286 pool established pursuant to s. 159.8083. The Department of 287 Commerce may certify those projects proposed by a business which 288 qualify as a target industry business as defined in s. 288.005 289 or any project providing a substantial economic benefit to this 290
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The department shall develop measurement protocols and 291 performance measures to determine what competitive value a 292 project by a target industry business will bring to the state 293 pursuant to ss. 20.60(5)(a)3. and 288.061(2). 294 (13)(12) “Mortgage credit certificate” means those 295 certificates issued pursuant to s. 25 of the Code. 296 (2) “Carryforward confirmation” means a confirmation for a 297 project that qualifies for a carryforward pursuant to s. 298 146(f)(5) of the Code which authorizes the issuer to make an 299 election to carry forward such allocation of state volume 300 limitation beyond the end of the current calendar year in 301 accordance with s. 146(
f) of the Code. 302 (4) “Confirmation” means the conditional allocation of a 303 portion of the state volume limitation to an issuer, made 304 pursuant to a timely filed notice of intent to issue, which is 305 contingent upon the issuer’s timely filing of an issuance 306 report. 307 (5) “Corporation” means the Florida Housing Finance 308 Corporation created by s. 420.504. 309 (7) “Exempt facility bonds” means any bonds, except 310 multifamily affordable housing bonds, issued pursuant to s. 142 311 of the Code to finance facilities and projects that are listed 312 in s. 142(
a) of the Code which require an allocation of state 313 volume limitation under s. 146 of the Code. 314 (8) “Final certification of allocation” means the 315 certification issued by the division following the timely filing 316 of an issuance report which establishes the final amount of 317 state volume limitation allocated to an issuer for an issuance 318 of private activity bonds as required in s. 149(e)(2)(
F) of the 319
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Code. 320 (9) “Governmental unit” means the general-purpose 321 governmental unit, as defined in the Code, which provides 322 approval under the federal Tax Equity and Fiscal Responsibility 323 Act (TEFRA) for proposed issuances of private activity bonds for 324 issuers within its jurisdiction. 325 (10) “Issuance report” means the form containing the 326 information described in s. 159.8053(2) by which an issuer 327 notifies the division of its issuance of bonds pursuant to a 328 confirmation. 329 (12) “Issuer” means the State of Florida, any governmental 330 unit, a housing finance authority, an industrial development 331 authority, or any other entity in this state authorized to issue 332 private activity bonds. 333 (14) “Multifamily affordable housing bonds” means bonds 334 issued pursuant to s. 142 of the Code to finance qualified 335 residential rental projects, as described in s. 142(d)(1) of the 336 Code, which require an allocation of state volume limitation 337 under s. 146 of the Code. 338 (15) “Notice of intent to issue” means the form containing 339 the information described in s. 159.8051(2) on which an issuer 340 requests an allocation of the state volume limitation from the 341 division. 342 (17) “Redevelopment bonds” means bonds issued pursuant to 343 s. 144(
c) of the Code to be used for redevelopment purposes in 344 any designated blighted area as such terms are described in s. 345 144(c)(3) and s. 144(c)(4) of the Code. 346 (18) “Single-family affordable housing bonds” means 347 qualified mortgage revenue bonds issued pursuant to s. 143 of 348
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 13 of 35 CODING: Words stricken are deletions; words underlined are additions. the Code which require an allocation of state volume limitation 349 under s. 146 of the Code. 350 (19) “Small issue bonds” means bonds issued pursuant to s. 351 144(
a) of the Code to finance a manufacturing facility as 352 described in s. 144(a)(12)(
C) of the Code or the acquisition of 353 farmland or farm property, which require an allocation of state 354 volume limitation under s. 146 of the Code. 355 (20) “State volume limitation” means the maximum amount of 356 private activity bonds which may be issued in this state during 357 each calendar year as such limit is imposed by s. 146 of the 358 Code, and which is allocated by the division pursuant to this 359 part. 360 (21) “Student loan bonds” means bonds issued pursuant to s. 361 144(
b) of the Code to make or finance student loans which 362 require an allocation of state volume limitation under s. 146 of 363 the Code. 364 (22) “TEFRA approval” means the approval of a proposed 365 issuance of bonds by an elected official or body of elected 366 officials of the applicable governmental unit after a public 367 hearing or by a referendum of the voters within such 368 governmental unit, as required by s. 147(
f) of the Code. 369
Section
Section 159.804, Florida Statutes, is repealed. 370
Section
Section 159.8041, Florida Statutes, is created 371 to read: 372 159.8041 Allocation of state volume limitation; recapture 373 of unused amounts.— 374
(1) The division shall annually determine the state volume 375 limitation. The division shall make the state volume limitation 376 information available upon request and shall publish such 377
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(2) On January 1 of each year, the division shall initially 379 allocate the state volume limitation among the following pools: 380 (
a) Fifty percent of the state volume limitation must 381 initially be allocated among the affordable housing allocation 382 pools established in s. 159.8061 for use as provided therein. 383 (
b) Twenty-five percent of the state volume limitation must 384 initially be allocated to the corporation pool established in s. 385 159.8062 for use as provided therein. 386 (
c) Twenty-five percent of the state volume limitation must 387 initially be allocated to the economic development allocation 388 pool established in s. 159.8063 for use as provided therein. 389
(3) On October 1 of each year, any portion of each 390 allocation of state volume limitation made to the affordable 391 housing allocation pools or the economic development allocation 392 pool pursuant to subsection (2) for which the division has not 393 issued a confirmation must be added to the state allocation 394 pool. 395
(4) On December 1 of each year, any portion of the 396 allocation of state volume limitation made to the corporation 397 pool pursuant to subsection (2) or the state allocation pool 398 pursuant to subsection (3) for which the division has not issued 399 a confirmation must be added to the carryforward allocation 400 pool.
Additionally, on December 1 of each year, any portion of 401 the state volume limitation used to issue a confirmation which 402 has not been used by an issuer for the issuance of bonds, as 403 evidenced by receipt by the division of an issuance report, or 404 which has not received a carryforward confirmation pursuant to 405 s. 159.8101(2) or been converted for the issuance of mortgage 406
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 15 of 35 CODING: Words stricken are deletions; words underlined are additions. credit certificates must be added to the carryforward allocation 407 pool. 408
Section
Section 159.805, Florida Statutes, is repealed. 409
Section
Section 159.8051, Florida Statutes, is created 410 to read: 411 159.8051 Procedures for requesting state volume limitation; 412 requirements; prohibitions.— 413
(1) Before the issuance of any private activity bond by or 414 on behalf of any issuer, such issuer shall request and obtain an 415 allocation of a portion of the state volume limitation from the 416 division through the issuance of a confirmation, except for 417 private activity bonds issued by the corporation pursuant to s. 418 159.8062(2)(
b) from the initial allocation of state volume 419 limitation made by s. 159.8041(2)(b). Such request must be made 420 through a notice of intent to issue containing the information 421 required in this
section timely filed with the division in 422 accordance with s. 159.814 by or on behalf of the issuer 423 requesting the confirmation. Any notice of intent to issue that 424 does not conform to this
section is not eligible to receive a 425 confirmation and must be rejected. 426
(2) Each notice of intent to issue must include the 427 following information: 428 (
a) The name of the issuer requesting the allocation. 429 (
b) The name and contact information of the person 430 submitting the notice of intent to issue. 431 (
c) The amount of state volume limitation requested. 432 (
d) A description of the project and the type of qualified 433 bond, as such term is defined in s. 141(
e) of the Code, 434 including the type of exempt facility, as described in s. 142(a) 435
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 16 of 35 CODING: Words stricken are deletions; words underlined are additions. of the Code, if applicable, which will be issued to finance the 436 project. 437 (
e) The county or counties in which the project will be 438 located. 439 (
f) The pool from which the allocation is requested. 440 (
g) The governmental unit that provided any required TEFRA 441 approval, and a certification that, if required, TEFRA approval 442 has been obtained. A notice of intent to issue may not be filed 443 until any required TEFRA approval has been obtained. 444 (
h) The fee required by s. 159.811. 445 (
i) An opinion or statement of counsel that the project to 446 be financed may be financed with private activity bonds and that 447 an allocation of state volume limitation is required to issue 448 such bonds. 449
(3) A separate notice of intent to issue must be filed for 450 each proposed issuance of private activity bonds. A notice of 451 intent to issue may not request an allocation of state volume 452 limitation for more than one project or more than one purpose. 453 An issuer may not request an allocation of state volume 454 limitation from multiple pools in a single notice of intent to 455 issue. 456
Section
Section 159.8052, Florida Statutes, is created 457 to read: 458 159.8052 Procedures for evaluating notices of intent to 459 issue; confirmations; requirements; limitations.— 460 (1)(
a) All notices of intent to issue filed with the 461 division must be evaluated for compliance with this part. Any 462 notice of intent to issue that conforms to the requirements of 463 s. 159.8051 is eligible to receive a confirmation and must be 464
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 17 of 35 CODING: Words stricken are deletions; words underlined are additions. approved, subject to the availability of a sufficient amount of 465 state volume limitation in the appropriate pool. Each business 466 day, the division shall compute the state volume limitation in 467 the pools for which approved notices of intent to issue were 468 received on the previous business day. The division shall issue 469 confirmations, subject to the availability of a sufficient 470 amount of state volume limitation in the appropriate pool.
The 471 amount of confirmation, if there is sufficient state volume 472 limitation available to the issuer in the appropriate pool, must 473 be in the amount requested in the approved notice of intent to 474 issue. If the amount of state volume limitation available to the 475 issuer in the appropriate pool is less than the amount requested 476 in the approved notice of intent to issue, the division must 477 issue confirmations in the order of priority established in 478 paragraph (
b) until the available state volume limitation in 479 each such applicable pool is exhausted. The division shall 480 maintain continuous records of the cumulative amount of state 481 volume limitation for which confirmations have been granted 482 pursuant to this section. 483 (
b) If the division determines that the aggregate amount of 484 state volume limitation requested in notices of intent to issue 485 received by noon of the previous business day exceeds the state 486 volume limitation available to such issuers in the applicable 487 pool, the division must assign a consecutive number to the 488 notice of intent to issue requesting allocation from such pool, 489 draw such numbers randomly to establish the priority of each 490 such notice of intent to issue, and issue confirmations in the 491 order of priority until the available state volume limitation in 492 such pool is exhausted. If the amount of state volume limitation 493
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 18 of 35 CODING: Words stricken are deletions; words underlined are additions. in the appropriate pool is insufficient to issue a confirmation 494 in the amount requested for the prioritized notice of intent to 495 issue, the division must issue a confirmation in the amount of 496 the state volume limitation available and place the balance of 497 the request on a pending list for such pool.
The unfilled 498 portion of any such notice of intent to issue and any notices of 499 intent to issue for which there was insufficient state volume 500 limitation to issue a confirmation must be placed on the pending 501 list for the appropriate pool in the priority order established 502 in this paragraph. 503 (
c) To the extent that state volume limitation subsequently 504 becomes available for allocation in a pool, notices of intent 505 placed on the pending list for that pool pursuant to paragraph 506 (
b) must be given priority for the next available volume 507 limitation for that year before any notices of intent to issue 508 requesting allocation from that pool received by the division 509 after that day’s random selection.
On September 30 of each year, 510 any unfilled notices of intent to issue on the pending lists for 511 the economic development allocation pool or the affordable 512 housing allocation pools must be rejected and the issuer may 513 file a new notice of intent to issue with the division to 514 request a confirmation from the state allocation pool to be 515 considered pursuant to this subsection.
On November 30 of each 516 year, any unfilled notices of intent to issue on the pending 517 lists for the state allocation pool must be rejected and the 518 issuer may file a new notice of intent to issue with the 519 division to request a carryforward confirmation to be considered 520 pursuant to s. 159.8101(3). 521
(2) Each confirmation issued pursuant to s. 159.8061, s. 522
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 19 of 35 CODING: Words stricken are deletions; words underlined are additions. 159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be 523 effective on November 30 of the year in which it was issued, 524 unless the issuer obtains a carryforward confirmation pursuant 525 to s. 159.8101(2). 526
(3) A confirmation only assures an issuer of an allocation 527 of state volume limitation in such amount and for such purpose 528 as set forth therein until the expiration thereof. Each 529 confirmation granted pursuant to subsection (1) must include the 530 following information: 531 (
a) The issuer to which the allocation of state volume 532 limitation is made. 533 (
b) The amount of the allocation of state volume limitation 534 granted to the issuer. 535 (
c) The project and type of qualified bond for which bonds 536 using such allocation of state volume limitation may be issued. 537 (
d) The date on which the confirmation expires. 538 (
e) A statement that the allocation of state volume 539 limitation is conditional and may not be considered final until 540 and unless the issuer files an issuance report pursuant to s. 541 159.8053. 542 (4)(
a) A confirmation is effective as to private activity 543 bonds issued in an amount less than the amount set forth in such 544 confirmation only if the aggregate amount issued pursuant to 545 such confirmation is not less than 90 percent of the amount set 546 forth therein, together with the amounts of any carryforward 547 confirmation an issuer has for such purpose and any 548 supplementary confirmation, after subtracting any portion 549 thereof which the issuer has elected to convert for the issuance 550 of mortgage credit certificates. 551
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b) A confirmation is not effective as to private activity 552 bonds issued in an amount in excess of the amount set forth in 553 such confirmation. An issuer wishing to issue private activity 554 bonds in an amount in excess of the amount set forth in a 555 confirmation must obtain a supplementary confirmation before the 556 issuance of such bonds by filing a supplementary notice of 557 intent to issue with the division. A supplementary notice of 558 intent to issue must specify the prior confirmation to which it 559 applies and must also include all items required in s. 560 159.8051(2).
Such supplementary notice of intent to issue must 561 be filed in accordance with s. 159.814 by or on behalf of the 562 issuer to whom the confirmation was issued. The division shall 563 evaluate supplementary notices of intent to issue for compliance 564 with this part, and, to the extent sufficient state volume 565 limitation is available, the division shall issue a 566 supplementary confirmation pursuant to subsection (1).
The 567 amount of state volume limitation allocated in a supplementary 568 confirmation may be added to a prior confirmation for the same 569 project to provide an aggregate allocation of state volume 570 limitation for the issuance of private activity bonds for that 571 project. A supplementary confirmation does not alter the 572 expiration date of the initial confirmation. 573 (
c) Upon the expiration of the confirmation, or at any time 574 before such expiration that the issuer notifies the division 575 that the allocation of state volume limitation in such 576 confirmation is no longer necessary, the division shall cancel 577 such confirmation and the allocation of state volume limitation 578 provided therein must be made available for reallocation 579 pursuant to this part. 580
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Section
Section 159.8053, Florida Statutes, is created 581 to read: 582 159.8053 Issuance reports; final certification of 583 allocation.— 584
(1) Except for an allocation of state volume limitation 585 that has been converted to the issuance of mortgage credit 586 certificates pursuant to s. 159.80751, no portion of the state 587 volume limitation may be allocated before the filing of an 588 issuance report with the division by or on behalf of the issuer 589 issuing bonds no later than the date on which the confirmation 590 for such bonds expires. An issuer’s failure to file an issuance 591 report before the expiration of a confirmation will result in 592 the loss of such state volume limitation, regardless of whether 593 the issuer has issued bonds pursuant to such confirmation. 594
(2) Each issuance report must include all of the following 595 information: 596 (
a) The name of the issuer issuing such bonds. 597 (
b) The confirmation pursuant to which the bonds are being 598 issued. 599 (
c) The amount of state volume limitation used by such 600 issuance. 601 (
d) The name and series designation of the bonds. 602 (
e) The principal amount of bonds issued. 603 (
f) The date of issuance and the amount of proceeds 604 distributed at issuance. 605 (
g) The purpose for which the bonds were issued, including 606 the private business or entity that will benefit from or use the 607 proceeds of the bonds; the name of the project, if known; the 608 location of the project; whether the project is an acquisition 609
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 22 of 35 CODING: Words stricken are deletions; words underlined are additions. of an existing facility or new construction; and the number 610 products manufactured or the number of residential units, if 611 applicable. 612 (
h) The name, role, and contact information of the person 613 submitting the issuance report. 614
(3) At issuance, any portion of the state volume limitation 615 granted in such confirmation that is unissued, except in the 616 case of a carryforward confirmation, immediately reverts to the 617 pool from which the allocation was made and must be made 618 available for reallocation. 619
(4) Following the timely filing of an issuance report, the 620 director of the division shall sign the final certification of 621 allocation. The final certification of allocation may not be 622 issued before the timely receipt of an issuance report pursuant 623 to subsection (1). 624
Section
Section 159.806, Florida Statutes, is repealed. 625
Section
Section 159.8061, Florida Statutes, is created 626 to read: 627 159.8061 Affordable housing allocation pools.— 628 (1)(
a) The following affordable housing allocation pools 629 are hereby established: 630 1. The regional affordable housing allocation pool. 631 2. The statewide affordable housing allocation pool. 632 (
b) The affordable housing allocation pools are available 633 solely for issuing confirmations for affordable housing bonds 634 pursuant to the procedures specified in this
section and s. 635 159.8052. 636 (2)(
a) From January 1 through May 31 of each year, the 637 allocation made pursuant to s. 159.8041(2)(
a) must be allocated 638
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 23 of 35 CODING: Words stricken are deletions; words underlined are additions. to the regional affordable housing allocation pool and 639 distributed among the regions established in paragraph (b). The 640 allocation distributed to each region must be available solely 641 to issue confirmations for affordable housing bonds to issuers 642 located within such region on a first-come, first-served basis 643 for projects located within such region.
The amount of volume 644 limitation distributed to each region within the regional 645 affordable housing allocation pool must be an amount 646 proportional to the ratio of the population of the region to the 647 total population of this state. 648 (
b) The following regions are established within the 649 regional affordable housing allocation pool for the purposes of 650 this allocation: 651 1. Region 1, consisting of Bay, Calhoun, Columbia, Dixie, 652 Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, 653 Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, 654 Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washington 655 Counties. 656 2. Region 2, consisting of Alachua, Baker, Bradford, Clay, 657 Duval, Flagler, Nassau, Putnam, St. Johns, and Union Counties. 658 3.
Region 3, consisting of Citrus, Hernando, Levy, Marion, 659 Pasco, and Pinellas Counties. 660 4. Region 4, consisting of Hardee, Lake, Manatee, Polk, and 661 Sumter Counties. 662 5. Region 5, consisting of Orange, Osceola, and Seminole 663 Counties. 664 6. Region 6, consisting of Brevard, Glades, Highlands, 665 Indian River, Martin, Okeechobee, St. Lucie, and Volusia 666 Counties. 667
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 24 of 35 CODING: Words stricken are deletions; words underlined are additions. 7. Region 7, consisting of Hillsborough County. 668 8. Region 8, consisting of Charlotte, Collier, DeSoto, 669 Hendry, Lee, Monroe, and Sarasota Counties. 670 9. Region 9, consisting of Palm Beach County. 671 10. Region 10, consisting of Broward County. 672 11. Region 11, consisting of Miami-Dade County. 673
(3) On June 1 of each year, any portion of the allocation 674 made to the regional affordable allocation pool pursuant to 675 subsection (2) for which the division has not issued a 676 confirmation must be added to the statewide affordable housing 677 allocation pool. On and after June 1 of each year, any portion 678 of such allocation for which a confirmation is relinquished by 679 the issuer receiving such allocation before the expiration 680 thereof must be added to the statewide affordable housing 681 allocation pool. 682
(4) From June 1 through September 30 of each year, the 683 statewide affordable housing allocation pool must be available 684 for issuing confirmations for affordable housing bonds to 685 issuers statewide as provided in this subsection. 686 (
a) On June 1 of each year, if a sufficient amount of state 687 volume limitation is available in the statewide affordable 688 housing allocation pool, the division must issue confirmations 689 for all notices of intent to issue previously placed on the 690 pending list for the regional affordable housing pool pursuant 691 to s. 159.8052(1)(
b) during such year. After confirmations have 692 been issued for all notices of intent to issue previously placed 693 on the pending list for the regional affordable housing pool 694 pursuant to s. 159.8052(1)(b), the statewide affordable housing 695 allocation pool must be available to issue confirmations on a 696
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 25 of 35 CODING: Words stricken are deletions; words underlined are additions. first-come, first-served basis. Notwithstanding s. 697 159.8052(1)(c), if the amount of state volume limitation 698 available in the statewide affordable housing allocation pool is 699 insufficient to issue a confirmation for each such notice of 700 intent to issue, the division must issue confirmations in the 701 priority order established in paragraph (b). 702 (
b) If the division determines that the aggregate amount 703 requested in the notices of intent to issue placed on the 704 pending list for the regional affordable housing pool pursuant 705 to s. 159.8052(1)(
b) during such year exceeds the state volume 706 limitation available in the statewide affordable housing 707 allocation pool on June 1, the division must issue confirmations 708 for any such notices of intent to issue for multifamily 709 affordable housing bonds in the priority order established in 710 this paragraph, and then, subject to the availability of state 711 volume limitation, must issue confirmations for any such notices 712 of intent to issue for single-family affordable housing bonds in 713 the priority order established in this paragraph until the 714 available state volume limitation is exhausted.
In establishing 715 the priority of each such notice of intent, the division shall 716 first assign a consecutive number to each such notice of intent 717 to issue for multifamily affordable housing bonds and draw such 718 numbers randomly to establish the priority of each such notice 719 of intent to issue. The division shall assign a consecutive 720 number to each such notice of intent to issue for single-family 721 affordable housing bonds and draw such numbers randomly to 722 establish the priority of each such notice of intent to issue. 723
Section
Section 159.8062, Florida Statutes, is created 724 to read: 725
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 26 of 35 CODING: Words stricken are deletions; words underlined are additions. 159.8062 Florida housing finance corporation pool.— 726
(1) From January 1 through September 30 of each year, the 727 corporation pool is established and shall be available for the 728 sole purpose of issuing confirmations for affordable housing 729 bonds to the corporation and its assigns pursuant to the 730 procedures specified in s. 159.8052. Before October 1 of any 731 year, the corporation pool is the only pool from which a 732 corporation may receive any allocation of state volume 733 limitation. 734 (2)(
a) Notwithstanding s. 159.8051(1), before October 1 of 735 any year, the corporation need not submit a notice of intent to 736 issue or obtain a confirmation for the issuance of affordable 737 housing bonds using the state volume limitation allocated to 738 this pool pursuant to s. 159.8041(2)(b). 739 (
b) For affordable housing bonds that the corporation 740 intends to issue on or after October 1 of any year, the 741 corporation must submit a notice of intent to issue no later 742 than September 30 of such year, and the division shall issue a 743 confirmation not exceeding the amount of state volume limitation 744 then available in the corporation pool. The corporation is not 745 subject to the fee required under s. 159.811 for notices of 746 intent to issue submitted pursuant to this paragraph. 747
(3) Prior to June 1 of each year, the corporation may, in 748 its discretion, assign any portion of the state volume 749 limitation in the corporation pool to the affordable housing 750 allocation pools. 751
Section
Section 159.8063, Florida Statutes, is created 752 to read: 753 159.8063 Economic development allocation pool.— 754
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 27 of 35 CODING: Words stricken are deletions; words underlined are additions.
(1) The economic development allocation pool is hereby 755 established and is available for issuing confirmations pursuant 756 to the procedures specified in this
section and s. 159.8052. 757
(2) The economic development allocation pool must, at all 758 times, first be available to issue confirmations for those 759 portions of a private activity bond requiring an allocation of 760 state volume limitation under s. 146(
m) of the Code and to issue 761 confirmations to state issuers and, thereafter, be available as 762 provided in subsection (3). 763 (3)(
a) From January 1 through May 31 of each year, the 764 economic development allocation pool must be available for the 765 sole purpose of issuing confirmations for exempt facility bonds, 766 small issue bonds, student loan bonds, and redevelopment bonds 767 to issuers statewide in the priority order established by the 768 Secretary of Commerce as provided in this paragraph. 769 Notwithstanding s. 159.8052(1), any notice of intent to issue 770 requesting a confirmation from the economic development 771 allocation pool which conforms to the requirements of s. 772 159.8051 and is filed with the division before May 1 must be 773 forwarded to the Secretary of Commerce for review.
The Secretary 774 of Commerce shall render a decision on or before May 15 as to 775 the order in which such notices of intent to issue are to 776 receive a confirmation. The division shall issue confirmations 777 for such notices of intent to issue in the order of priority 778 established by the Secretary of Commerce within 3 business days 779 after receipt of such decision. 780 (
b) The economic development allocation pool must be 781 available from June 1 through September 30 of each year for the 782 sole purpose of issuing confirmations for exempt facility bonds, 783
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 28 of 35 CODING: Words stricken are deletions; words underlined are additions. small issue bonds, student loan bonds, and redevelopment bonds 784 to issuers statewide on a first-come, first-served basis with 785 notification to the Department of Commerce. 786
Section
Section 159.807, Florida Statutes, is repealed. 787
Section
Section 159.8071, Florida Statutes, is created 788 to read: 789 159.8071 State allocation pool.—The state allocation pool 790 is hereby established and must be available to issue 791 confirmations pursuant to the procedures specified in s. 792 159.8052, and to issue confirmations for bonds to issuers 793 statewide on a first-come, first-served basis for all types of 794 private activity bonds from October 1 through November 30 of 795 each year. 796
Section
Section 159.8075, Florida Statutes, is 797 repealed. 798
Section
Section 159.80751, Florida Statutes, is created 799 to read: 800 159.80751 Qualified mortgage credit certificates.— 801
(1) On or before November 30 of each year, an issuer may 802 elect in writing to the division to convert all or a portion of 803 its allocation of state volume limitation for single-family 804 affordable housing bonds to mortgage credit certificates, 805 provided such election is made before the expiration date of the 806 confirmation granting such allocation. Each issuer shall provide 807 notice of any election made under this
section to the governing 808 body of the county for which the issuer was created. Such 809 election is irrevocable. 810
(2) All mortgage credit certificates must be issued under a 811 certification program that is designed to ensure that the 812
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 29 of 35 CODING: Words stricken are deletions; words underlined are additions. requirements of s. 25 of the Code, specifically s. 25(f)(4), are 813 complied with and that meets all requirements adopted by the 814 United States Secretary of the Treasury as set out in applicable 815 regulations. Any potential issuer of mortgage credit 816 certificates must certify in writing to the division that the 817 mortgage credit certification program is certified under s. 25 818 of the Code, specifically s. 25(f)(4). 819
(3) For that portion of the confirmation that an issuer has 820 elected to use for mortgage credit certificates before the 821 expiration thereof, the expiration dates in s. 159.8052(2) do 822 not apply and any unissued mortgage credit certificates will 823 automatically receive a carryforward confirmation. 824
(4) The election referenced in subsection (1) and the 825 certification referenced in subsection (2) must be filed with 826 the division in accordance with s. 159.814. The director of the 827 division is the state official designated to make the 828 certification required by Temporary Regulation 1.25-4T(
d) under 829 the Code. 830
Section
Section 159.8081, Florida Statutes, is 831 repealed. 832
Section
Section 159.8083, Florida Statutes, is 833 repealed. 834
Section
Section 159.809, Florida Statutes, is repealed. 835
Section
Section 159.8091, Florida Statutes, is created 836 to read: 837 159.8091 Carryforward allocation pool.— 838
(1) The carryforward allocation pool is hereby established. 839 The carryforward allocation pool is available for the sole 840 purpose of issuing carryforward confirmations to issuers 841
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 30 of 35 CODING: Words stricken are deletions; words underlined are additions. statewide for projects that are entitled under the Code to a 842 carryforward of state volume limitation past the end of the 843 calendar year pursuant to requests that meet the requirements of 844 s. 159.8101(3). 845
(2) On December 15 of each year, or, if December 15 is not 846 a business day, the first business day thereafter, the division 847 shall issue carryforward confirmations as provided for in 848 subsection (3) until the state volume limitation in the 849 carryforward allocation pool is exhausted. 850
(3) The amount of each carryforward confirmation, if there 851 is sufficient state volume limitation in the carryforward 852 allocation pool, must be the amount requested. If the division 853 determines that the aggregate amount of state volume limitation 854 requested for carryforward confirmations pursuant to this 855
section exceeds the amount available in the carryforward 856 allocation pool, the division must assign a consecutive number 857 to each such request, shall draw such numbers randomly to 858 establish the priority of each request, and shall issue 859 carryforward confirmations until the total amount of state 860 volume limitation is exhausted. Any requests in excess of the 861 state volume limitation may not be given any priority in the 862 following calendar year.
If any state volume limitation remains 863 in the carryforward allocation pool after issuing carryforward 864 confirmations for all requests filed pursuant to s. 159.8101, 865 the division must make such remaining state volume limitation 866 available to the corporation to be carried forward for the 867 issuance of affordable housing bonds in subsequent years as 868 provided by the Code. Thereafter, any remaining state volume 869 limitation not used as provided in subsection (2) must be 870
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 31 of 35 CODING: Words stricken are deletions; words underlined are additions. carried forward to the next calendar year to the extent 871 permitted by the Code. 872
Section
Section 159.81, Florida Statutes, is repealed. 873
Section
Section 159.8101, Florida Statutes, is created 874 to read: 875 159.8101 Applications for a carryforward; carryforward 876 confirmations.— 877
(1) Any issuer that wishes to elect to carryforward an 878 allocation of state volume limitation under s. 146(
f) of the 879 Code must first request and obtain a carryforward confirmation 880 from the division. 881
(2) The division shall, when requested, issue a 882 carryforward confirmation for those confirmations issued 883 pursuant to this part for those projects that qualify for a 884 carryforward pursuant to s. 146(
f) of the Code, provided that 885 such request includes an opinion of bond counsel that such 886 allocation of state volume limitation will be used for a 887 carryforward purpose pursuant to s. 146(f)(5) of the Code and is 888 received by the division at least 3 business days before the 889 expiration of such confirmation. 890
(3) A request for a carryforward confirmation must be made 891 by filing with the division a notice of intent to issue meeting 892 all requirements of this
section and s. 159.8051(2). Such 893 request must include an opinion of bond counsel that such 894 allocation of state volume limitation will be used for a 895 carryforward purpose pursuant to s. 146(f)(5) of the Code. All 896 such requests must be timely filed with the division in 897 accordance with s. 159.814 by or on behalf of the issuer 898 requesting to carryforward an allocation of state volume 899
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 32 of 35 CODING: Words stricken are deletions; words underlined are additions. limitation. 900
Section
Section 159.8105, Florida Statutes, is 901 repealed. 902
Section 25. Subsection (1) of
section 159.811, Florida 903 Statutes, is amended to read: 904 159.811 Fees; trust fund.— 905
(1) There shall be imposed a nonrefundable fee on each 906 notice of intent to issue a private activity bond filed with the 907 division pursuant to s. 159.8051 s. 159.805(1). A No notice of 908 intent to issue may not a private activity bond shall be 909 accepted by the division unless and until the fee has been paid. 910 The division shall establish a fee, which may be revised from 911 time to time, must shall be an amount sufficient to cover all 912 expenses of maintaining the allocation system in this part.
In 913 calculating the fee, any unexpended trust fund balance remaining 914 unexpended prior to setting the fee shall be deducted from the 915 amount appropriated. The amount of the fee may shall not exceed 916 $500 and may be adjusted no more than once every 6 months. The 917 fee must be included the division’s
schedule of fees and 918 expenses in s. 215.65(3). 919
Section
Section 159.812, Florida Statutes, is repealed. 920
Section
Section 159.814, Florida Statutes, is amended 921 to read: 922 159.814 Form of applications for allocations; 923 requirements.—All notices of intent to issue for an allocation 924 and applications, requests for a carryforward confirmations, and 925 issuance reports must shall be made in such form as may be 926 prescribed by the division. All such forms may be filed 927 electronically through a portal on the division’s website at 928
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 33 of 35 CODING: Words stricken are deletions; words underlined are additions. such time as the division establishes such portal through which 929 such forms and the fee required by s. 159.811 may be submitted. 930 Notices No notices of intent to issue for allocations of the 931 private activity bond volume limitation for any calendar year 932 may not shall be accepted before prior to January 1 of that 933 calendar year.
Notices of intent to issue requesting a 934 confirmation from the affordable housing allocation pools, the 935 economic development allocation pool, or the corporation pool 936 are considered timely only if filed with the division on or 937 before September 30 of that calendar year, or, if September 30 938 is not a business day, the last business day before September 939 30.
Notices of intent to issue requesting a confirmation from 940 the state allocation pool are considered timely only if filed 941 with the division from October 1 through November 30 of that 942 calendar year, or, if November 30 is not a business day, the 943 last business day before November 30.
Applications for a 944 carryforward confirmation pursuant to s. 159.8091(1) are 945 considered timely only if filed with the division from December 946 1 through December 15 of that calendar year, or, if December 15 947 is not a business day, the last business day before December 15 948 All notices of intent to issue or application for a carryforward 949 shall be mailed by certified mail return receipt requested or by 950 overnight common carrier delivery service.
No notice of intent 951 to issue or application for carryforward shall be accepted by 952 hand delivery from the issuing authority, attorneys, or other 953 parties. All notices of intent to issue or applications for a 954 carryforward shall be received in a standard business size 955 envelope devoid of markings, colors, or other attention 956 gathering devices except for the return address. 957
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Section
Section 159.815, Florida Statutes, is repealed. 958
Section
Section 159.816, Florida Statutes, is amended 959 to read: 960 159.816 Certification Certificate as to state volume 961 limitation.—Following the timely filing of an issuance report, 962 the director of the division shall execute a final certification 963 of allocation sign the certificate required pursuant to s. 964 149(e)(2)(
F) of the Code. 965
Section 30. Subsection (3) of
section 163.2520, Florida 966 Statutes, is amended to read: 967 163.2520 Economic incentives.— 968
(3) Prior to June 1 each year, areas designated by a local 969 government as urban infill and redevelopment areas shall be 970 given a priority in the allocation of private activity bonds 971 from the state pool pursuant to s. 159.8071 s. 159.807. 972
Section 31. Subsection (2) of
section 420.504, Florida 973 Statutes, is amended to read: 974 420.504 Public corporation; creation, membership, terms, 975 expenses.— 976
(2) The corporation is constituted as a public 977 instrumentality, and the exercise by the corporation of the 978 power conferred by this act is considered to be the performance 979 of an essential public function. The corporation is an agency 980 for the purposes of s. 120.52 and is a state agency for purposes 981 of s. 159.807(4). The corporation is subject to
chapter 119, 982 subject to exceptions applicable to the corporation, and to the 983 provisions of
chapter 286; however, the corporation is shall be 984 entitled to provide notice of internal review committee meetings 985 for competitive proposals or procurement to applicants by mail, 986
Florida Senate - 2024 SB 7054 578-03041-24 20247054__ Page 35 of 35 CODING: Words stricken are deletions; words underlined are additions. facsimile, or publication on an Internet website, rather than by 987 means of publication. The corporation is not governed by
chapter 988 607 or
chapter 617, but by the provisions of this part. If for 989 any reason the establishment of the corporation is deemed in 990 violation of law, such provision is severable and the remainder 991 of this act remains in full force and effect. 992