Florida 2022 Regular Session

Florida House Bill H0137 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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3		-	~~CS/~~HB 137 2022
	3	+	HB 137 2022
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7	7		CODING: Words stricken are deletions; words underlined are additions.
8		-	hb0137-~~01-c1~~
	8	+	hb0137-00
9	9		Page 1 of 4
10	10		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
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14	14		A bill to be entitled 1
15	15		An act relating to the Florida Housing Finance 2
16	16		Corporation revenue bonds; amending s. 420.509, F.S.; 3
17	17		designating the corporation, rather than the State 4
18	18		Board of Administration, as the state fiscal agency to 5
19	19		make determinations in connection with specified 6
20	20		bonds; authorizing the corporation's board of 7
21	21		directors, rather than the State Board of 8
22	22		Administration, to delegate to the executive director 9
23	23		of the corporation the authority and power to perform 10
24	24		that function; requiring the executive director to 11
25	25		annually report specified information to the 12
26	26		corporation's board of directors rather than the State 13
27	27		Board of Administration; revising applicable interest 14
28	28		rate limitations on bonds of the corporation; amending 15
29	29		s. 420.5092, F.S.; conforming provisions to changes 16
30	30		made by the act; providing an effective date. 17
31	31		18
32	32		Be It Enacted by the Legislature of the State of Florida: 19
33	33		20
34	34		Section 1. Subsections (2) and (4) of section 420. 509, 21
35	35		Florida Statutes, are amended to read: 22
36	36		420.509 Revenue bonds. — 23
37	37		(2) The corporation State Board of Administration is 24
38	38		designated as the state fiscal agency to make the determinations 25
39	39
40		-	~~CS/~~HB 137 2022
	40	+	HB 137 2022
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44	44		CODING: Words stricken are deletions; words underlined are additions.
45		-	hb0137-~~01-c1~~
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47	47		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
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51	51		required by s. 16, Art. VII of the State Constitution in 26
52	52		connection with the issuance of such bonds that in no state 27
53	53		fiscal year will the debt service requirements of the bonds 28
54	54		proposed to be issued , and all other bonds secured by the same 29
55		-	pledged revenues, exceed the pledged revenues available for such 30
	55	+	pledged revenues exceed , the pledged revenues available for such 30
56	56		debt service requirements. The corporation's board of directors 31
57	57		State Board of Administration may delegate to the its executive 32
58	58		director of the corporation the authority and power to perform 33
59	59		that function without further review of the agency . The 34
60	60		determinations made under pursuant to this subsection paragraph 35
61	61		are limited to a review of the matters essential to making the 36
62	62		determinations required by s. 16, Art. VII of the State 37
63	63		Constitution. The executive director shall report annually to 38
64	64		the corporation's board of directors State Board of 39
65	65		Administration and the Legislature regarding the number of bond 40
66	66		issues considered and the determination with respect thereto. 41
67	67		(4) Bonds of the corporation may: 42
68	68		(a) Bear interest at a rate or rates not exceeding the 43
69	69		interest rate limitati on set forth in s. 159.825 or s. 215.84, 44
70	70		as applicable. s. 215.84(3), unless the State Board of 45
71	71		Administration authorizes an interest rate in excess of such 46
72	72		maximum; 47
73	73		(b) Have such provisions for payment at maturity and 48
74	74		redemption before maturity at such time or times and at such 49
75	75		price or prices.; and 50
76	76
77		-	~~CS/~~HB 137 2022
	77	+	HB 137 2022
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79	79
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81	81		CODING: Words stricken are deletions; words underlined are additions.
82		-	hb0137-~~01-c1~~
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84	84		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
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88	88		(c) Be payable at such place or places within or without 51
89	89		the state as the corporation's board of directors determines by 52
90	90		resolution. 53
91	91		Section 2. Paragraph (b) of subsection (6) of section 54
92	92		420.5092, Florida Statutes, is amended to read: 55
93	93		420.5092 Florida Affordable Housing Guarantee Program. — 56
94	94		(6) 57
95	95		(b) If the claims payment obligations under affordable 58
96	96		housing guarantees from amounts on deposit in the guarantee fund 59
97	97		would cause the claims paying rating a ssigned to the guarantee 60
98	98		fund to be less than the third -highest rating classification of 61
99	99		any nationally recognized rating service, which classifications 62
100	100		being consistent with s. 215.84(3) and rules adopted thereto by 63
101	101		the State Board of Administration , the corporation shall certify 64
102	102		to the Chief Financial Officer the amount of such claims payment 65
103	103		obligations. Upon receipt of such certification, the Chief 66
104	104		Financial Officer shall transfer to the guarantee fund, from the 67
105	105		first available taxes distributed to the State Housing Trust 68
106	106		Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing 69
107	107		state fiscal year, the amount certified as necessary to meet 70
108	108		such obligations, such transfer to be subordinate to any 71
109	109		transfer referenced in paragraph (a) and not to exceed 50 72
110	110		percent of the amounts distributed to the State Housing Trust 73
111	111		Fund pursuant to s. 201.15(4)(c) and (d) during the preceding 74
112	112		state fiscal year. 75
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114		-	~~CS/~~HB 137 2022
	114	+	HB 137 2022
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118	118		CODING: Words stricken are deletions; words underlined are additions.
119		-	hb0137-~~01-c1~~
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121	121		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
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125	125		Section 3. This act shall take effect July 1, 2022. 76