HB 137 2022
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hb0137-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the Florida Housing Finance 2
Corporation revenue bonds; amending s. 420.509, F.S.; 3
designating the corporation, rather than the State 4
Board of Administration, as the state fiscal agency to 5
make determinations in connection with specified 6
bonds; authorizing the corporation's board of 7
directors, rather than the State Board of 8
Administration, to delegate to the executive director 9
of the corporation the authority and power to perform 10
that function; requiring the executive director to 11
annually report specified information to the 12
corporation's board of directors rather than the State 13
Board of Administration; revising applicable interest 14
rate limitations on bonds of the corporation; amending 15
s. 420.5092, F.S.; conforming provisions to changes 16
made by the act; providing an effective date. 17
18
Be It Enacted by the Legislature of the State of Florida: 19
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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
HB 137 2022
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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 the its executive 32
director of the corporation the authority and power to perform 33
that function without further review of the agency . The 34
determinations made under pursuant to this subsection paragraph 35
are limited to a review of the matters essential to making the 36
determinations required by s. 16, Art. VII of the State 37
Constitution. The executive director shall report annually to 38
the corporation's board of directors State Board of 39
Administration and the Legislature regarding the number of bond 40
issues considered and the determination with respect thereto. 41
(4) Bonds of the corporation may: 42
(a) Bear interest at a rate or rates not exceeding the 43
interest rate limitati on set forth in s. 159.825 or s. 215.84, 44
as applicable. s. 215.84(3), unless the State Board of 45
Administration authorizes an interest rate in excess of such 46
maximum; 47
(b) Have such provisions for payment at maturity and 48
redemption before maturity at such time or times and at such 49
price or prices.; and 50
HB 137 2022
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(c) Be payable at such place or places within or without 51
the state as the corporation's board of directors determines by 52
resolution. 53
Section 2. Paragraph (b) of subsection (6) of section 54
420.5092, Florida Statutes, is amended to read: 55
420.5092 Florida Affordable Housing Guarantee Program. — 56
(6) 57
(b) If the claims payment obligations under affordable 58
housing guarantees from amounts on deposit in the guarantee fund 59
would cause the claims paying rating a ssigned to the guarantee 60
fund to be less than the third -highest rating classification of 61
any nationally recognized rating service, which classifications 62
being consistent with s. 215.84(3) and rules adopted thereto by 63
the State Board of Administration , the corporation shall certify 64
to the Chief Financial Officer the amount of such claims payment 65
obligations. Upon receipt of such certification, the Chief 66
Financial Officer shall transfer to the guarantee fund, from the 67
first available taxes distributed to the State Housing Trust 68
Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing 69
state fiscal year, the amount certified as necessary to meet 70
such obligations, such transfer to be subordinate to any 71
transfer referenced in paragraph (a) and not to exceed 50 72
percent of the amounts distributed to the State Housing Trust 73
Fund pursuant to s. 201.15(4)(c) and (d) during the preceding 74
state fiscal year. 75
HB 137 2022
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Section 3. This act shall take effect July 1, 2022. 76