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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 private activity bonds; amending s. 2
159.608, F.S.; conforming a provision to changes made 3
by the act; amending s. 159.802, F.S.; providing 4
legislative findings and intent; amending s. 159.803, 5
F.S.; revising and defining terms; repealing s. 6
159.804, F.S., relating to allocation of state volume 7
limitation; creating s. 159.8041, F.S.; requiring the 8
Division of Bond Finance of the State Board of 9
Administration to annually determine the state volume 10
limitation and publicize such information; specifying 11
how the division must allocate the state volume 12
limitation; repealing s. 159.805, F.S., relating to 13
procedures for obtaining allocations, requirements, 14
limitations on allocations, and issuance reports; 15
creating s. 159.8051, F.S.; establishing pr ocedures 16
for the issuance of private activity bonds; providing 17
requirements for notices of intent to issue private 18
activity bonds; requiring that a separate notice of 19
intent to issue be filed for each proposed issuance of 20
a private activity bond; creating s. 159.8052, F.S.; 21
providing procedures for the evaluation, approval, and 22
confirmation of notices of intent to issue private 23
activity bonds; providing that certain confirmations 24
expire on a specified date unless a certain 25
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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
requirement is met; requiring that certain 26
confirmations include specified information; providing 27
conditions under which a confirmation of allocation is 28
effective or not effective; providing requirements for 29
the issuance of private activity bonds in excess of 30
the amount set forth in the co nfirmation; requiring 31
the division to cancel a confirmation of allocation 32
and reallocate the state volume limitation under 33
certain circumstances; creating s. 159.8053, F.S.; 34
prohibiting the allocation of state volume limitation 35
before an issuance report is filed; providing an 36
exception; providing that failure to file an issuance 37
report will result in specified action; providing 38
requirements for issuance reports; providing for the 39
reversion and reallocation of certain unissued state 40
volume limitation n; requ iring the director of the 41
division to sign a final certification of allocation 42
after timely filing of an issuance report; repealing 43
s. 159.806, F.S., relating to regional allocation 44
pools; creating s. 159.8061, F.S.; establishing 45
affordable housing allocat ion pools for a specified 46
purpose; requiring allocation and distribution of 47
specified state volume limitation during specified 48
time period annually; providing requirements for such 49
allocations; establishing regions within the regional 50
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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
affordable housing al location pool; requiring 51
allocations be transferred to the statewide affordable 52
housing allocation pool in certain circumstances; 53
providing requirements for issuance of confirmations 54
by the division; creating s. 159.8062, F.S.; 55
establishing the Florida Hou sing Finance Corporation 56
pool for a specified timeframe each year; providing 57
purpose of the pool; requiring the Florida Housing 58
Finance Corporation to use a specified pool before a 59
date certain; providing requirements for the 60
corporation's use of such pool ; authorizing the 61
corporation to assign certain state volume limitation 62
to specified pools; creating s. 159.8063, F.S.; 63
establishing the economic development allocation pool; 64
providing the availability of such pool for specified 65
purposes; providing require ments for processing 66
certain notices of intent; repealing s. 159.807, F.S., 67
relating to the state allocation pool; creating s. 68
159.8071, F.S.; establishing the state allocation pool 69
to issue confirmations for certain purposes during a 70
specified timeframe e ach year; repealing s. 159.8075, 71
F.S., relating to qualified mortgage credit 72
certificates; creating s. 159.80751, F.S.; authorizing 73
conversion of state volume limitation for certain 74
bonds to mortgage credit certificates in certain 75
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situations; providing req uirements for the issuance 76
such certificates; providing that certain expiration 77
dates do not apply under certain circumstances; 78
requiring certain unissued mortgage credit 79
certificates to automatically receive a carryforward 80
confirmation; requiring that cer tain elections and 81
certifications be filed with the division; designating 82
the director of the division to be the state official 83
authorized to make a required certification; repealing 84
s. 159.8081, F.S., relating to the Manufacturing 85
Facility Bond Pool; repe aling s. 159.8083, F.S., 86
relating to the Florida First Business allocation 87
pool; repealing s. 159.809, F.S., relating to 88
recapture of unused amounts; creating s. 159.8091, 89
F.S.; establishing the carryforward allocation pool; 90
providing the purpose of such p ool; providing 91
requirements for carryforward confirmations; repealing 92
s. 159.81, F.S., relating to unused allocations; 93
creating s. 159.8101, F.S.; requiring an issuer to 94
request and obtain carryforward confirmation from the 95
division in certain circumstance s; authorizing the 96
division to issue a carryforward confirmation when 97
certain conditions are met; providing requirements for 98
requesting a carryforward confirmation; repealing s. 99
159.8105, F.S., relating to allocation of bonds for 100
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water and wastewater infra structure projects; amending 101
s. 159.811, F.S.; conforming provisions to changes 102
made by the act; repealing s. 159.812, F.S., relating 103
to a grandfather clause; amending s. 159.814, F.S.; 104
revising requirements for applications for 105
allocations; authorizing el ectronic submission; 106
providing that certain notices of intent and 107
applications are only timely filed within specified 108
timeframes; deleting obsolete provisions; repealing s. 109
159.815, F.S., relating to rules; amending s. 159.816, 110
F.S.; revising procedures fo r the execution of a final 111
certification of allocation; amending ss. 420.504 and 112
163.2520, F.S.; conforming provisions to changes made 113
by the act; providing an effective date. 114
115
Be It Enacted by the Legislature of the State of Florida: 116
117
Section 1. Subsection (10) of section 159.608, Florida 118
Statutes, is amended to read: 119
159.608 Powers of housing finance authorities. —A housing 120
finance authority shall constitute a public body corporate and 121
politic, exercising the public and essential governmental 122
functions set forth in this act, and shall exercise its power to 123
borrow only for the purpose as provided herein: 124
(10)(a) To make loans or grant surplus funds to 125
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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
corporations that qualify as not -for-profit corporations under 126
s. 501(c)(3) of the Internal Reve nue Code of 1986, as amended, 127
and under the laws of this state, for the development of 128
affordable housing; and 129
(b) To do anything necessary or appropriate to further the 130
purpose for which a housing finance authority is established, 131
pursuant to s. 159.602 , including, as further described in s. 132
159.80751 s. 159.8075, the power to issue mortgage credit 133
certificates to the extent allocation is available for that 134
purpose to qualifying individuals in lieu of issuing qualified 135
mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal 136
Revenue Code of 1986, as amended, or a combination of the two. 137
Mortgage credit certificates may not be issued on December 30 or 138
December 31 of any year. 139
Section 2. Section 159.802, Florida Statutes, is amended 140
to read: 141
159.802 Purpose; legislative findings and intent .— 142
(1) The purpose of this part is to allocate the state 143
volume limitation imposed on private activity bonds under s. 146 144
of the Code. A no private activity bond subject to the 145
limitation in s. 146 of the Cod e may not shall be issued in this 146
state unless a written confirmation therefor is issued pursuant 147
to this part. 148
(2) The Legislature finds and declares that private 149
activity bonds are used to finance improvements, projects, and 150
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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
programs that serve importa nt public purposes and benefit the 151
social and economic well -being of the people of this state. The 152
Legislature recognizes that the exemption of interest on private 153
activity bonds from federal income taxation and the concomitant 154
reduced interest costs have been central to the marketability of 155
such bonds. 156
(3) It is the intent of the Legislature that issuers use 157
the state volume limitation in such a manner as to maximize the 158
amount of private activity bonds that may be issued in this 159
state which will benefit the social and economic well -being of 160
the people of this state by increasing the number of 161
improvements, projects, and programs that may be financed in a 162
given year and that, to the extent that any portion of state 163
volume limitation allocated to an issuer is carried forward, it 164
be used to issue private activity bonds before its expiration. 165
Section 3. Section 159.803, Florida Statutes, is amended 166
to read: 167
159.803 Definitions. —As used in this part, the term: 168
(1) "Affordable housing bonds" means multi family 169
affordable housing bonds and single -family affordable housing 170
bonds. 171
(1) "County" means the geographic boundaries of each 172
county as established by law. 173
(16)(2) "Private activity bond" or "bond" means any bond 174
which requires an allocation pursuant to s. 146 of the Code. 175
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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
(3) "Director" means the director of the Division of Bond 176
Finance of the State Board of Administration or his or her 177
designee. 178
(4) "Agency" means the State of Florida, any unit of local 179
government, industrial development authority, or other entity in 180
this state authorized to issue private activity bonds. 181
(5) "Priority project" means a solid waste disposal 182
facility or a sewage facility, as su ch terms are defined in s. 183
142 of the Code, or a water facility, as defined in s. 142 of 184
the Code, which is operated by a member -owned, not-for-profit 185
utility, or any project which is to be located in an area which 186
is an enterprise zone designated pursuant to s. 290.0065. 187
(6) "Division" means the Division of Bond Finance of the 188
State Board of Administration. 189
(11)(7) "Issued" or "issuance" has the same meaning as in 190
the Code. 191
(3)(8) "Code" means the Internal Revenue Code of 1986, as 192
amended, and the regulations and rulings issued thereunder. 193
(9) "Housing bonds" means bonds issued pursuant to s. 194
142(d) of the Code to finance qualified residential units or 195
mortgage revenue bonds issued pursuant to s. 143 of the Code 196
which require an allocation under s. 146 of the Code. 197
(10) "Manufacturing facility" means a facility described 198
in s. 144(a)(12)(C) of the Code. 199
(11) "Florida First Business project" means any project 200
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which is certified by the Department of Commerce as eligible to 201
receive an allocation fro m the Florida First Business allocation 202
pool established pursuant to s. 159.8083. The Department of 203
Commerce may certify those projects proposed by a business which 204
qualify as a target industry business as defined in s. 288.005 205
or any project providing a s ubstantial economic benefit to this 206
state. The department shall develop measurement protocols and 207
performance measures to determine what competitive value a 208
project by a target industry business will bring to the state 209
pursuant to ss. 20.60(5)(a)3. and 288 .061(2). 210
(13)(12) "Mortgage credit certificate" means those 211
certificates issued pursuant to s. 25 of the Code. 212
(2) "Carryforward confirmation" means a confirmation for a 213
project that qualifies for a carryforward pursuant to s. 214
146(f)(5) of the Code whi ch authorizes the issuer to make an 215
election to carry forward such allocation of state volume 216
limitation beyond the end of the current calendar year in 217
accordance with s. 146(f) of the Code. 218
(4) "Confirmation" means the conditional allocation of a 219
portion of the state volume limitation to an issuer, made 220
pursuant to a timely filed notice of intent to issue, which is 221
contingent upon the issuer's timely filing of an issuance 222
report. 223
(5) "Corporation" means the Florida Housing Finance 224
Corporation created b y s. 420.504. 225
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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
(7) "Exempt facility bonds" means any bonds, except 226
multifamily affordable housing bonds, issued pursuant to s. 142 227
of the Code to finance facilities and projects that are listed 228
in s. 142(a) of the Code which require an allocation of state 229
volume limitation under s. 146 of the Code. 230
(8) "Final certification of allocation" means the 231
certification issued by the division following the timely filing 232
of an issuance report which establishes the final amount of 233
state volume limitation allocated to an issuer for an issuance 234
of private activity bonds as required in s. 149(e)(2)(F) of the 235
Code. 236
(9) "Governmental unit" means the general -purpose 237
governmental unit, as defined in the Code, which provides 238
approval under the federal Tax Equity and Fisca l Responsibility 239
Act (TEFRA) for proposed issuances of private activity bonds for 240
issuers within its jurisdiction. 241
(10) "Issuance report" means the form containing the 242
information described in s. 159.8053(2) by which an issuer 243
notifies the division of it s issuance of bonds pursuant to a 244
confirmation. 245
(12) "Issuer" means the state, any governmental unit, a 246
housing finance authority, an industrial development authority, 247
or any other entity in this state authorized to issue private 248
activity bonds. 249
(14) "Multifamily affordable housing bonds" means bonds 250
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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
issued pursuant to s. 142 of the Code to finance qualified 251
residential rental projects, as described in s. 142(d)(1) of the 252
Code, which require an allocation of state volume limitation 253
under s. 146 of the C ode. 254
(15) "Notice of intent to issue" means the form containing 255
the information described in s. 159.8051(2) on which an issuer 256
requests an allocation of the state volume limitation from the 257
division. 258
(17) "Redevelopment bonds" means bonds issued pursua nt to 259
s. 144(c) of the Code to be used for redevelopment purposes in 260
any designated blighted area as such terms are described in s. 261
144(c)(3) and s. 144(c)(4) of the Code. 262
(18) "Single-family affordable housing bonds" means 263
qualified mortgage revenue bon ds issued pursuant to s. 143 of 264
the Code which require an allocation of state volume limitation 265
under s. 146 of the Code. 266
(19) "Small issue bonds" means bonds issued pursuant to s. 267
144(a) of the Code to finance a manufacturing facility as 268
described in s. 144(a)(12)(C) of the Code or the acquisition of 269
farmland or farm property, which require an allocation of state 270
volume limitation under s. 146 of the Code. 271
(20) "State volume limitation" means the maximum amount of 272
private activity bonds which may be issued in this state during 273
each calendar year as such limit is imposed by s. 146 of the 274
Code, and which is allocated by the division pursuant to this 275
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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
part. 276
(21) "Student loan bonds" means bonds issued pursuant to 277
s. 144(b) of the Code to make or finance student loans which 278
require an allocation of state volume limitation under s. 146 of 279
the Code. 280
(22) "TEFRA approval" means the approval of a proposed 281
issuance of bonds by an elected official or body of elected 282
officials of the applicable governmental unit after a public 283
hearing or by a referendum of the voters within such 284
governmental unit, as required by s. 147(f) of the Code. 285
Section 4. Section 159.804, Florida Statutes, is repealed. 286
Section 5. Section 159.8041, Florida Statutes, is created 287
to read: 288
159.8041 Allocation of state volume limitation; recapture 289
of unused amounts.— 290
(1) The division shall annually determine the state volume 291
limitation. The division shall make the state volume limitation 292
information available upon request and shall publish such 293
information on its website. 294
(2) On January 1 of each year, the division shall 295
initially allocate the state volume limitation among the 296
following pools: 297
(a) Fifty percent of the state volume limitation must 298
initially be allocated among the affordable housing allocation 299
pools established in s. 159.8061 for use as provided therein. 300
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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
(b) Twenty-five percent of the state volume limitation 301
must initially be allocated to the corporation pool established 302
in s. 159.8062 for use as provided therein. 303
(c) Twenty-five percent of the state volume limitation 304
must initially be allocated to the economic development 305
allocation pool established in s. 159.8063 fo r use as provided 306
therein. 307
(3) On October 1 of each year, any portion of each 308
allocation of state volume limitation made to the affordable 309
housing allocation pools or the economic development allocation 310
pool pursuant to subsection (2) for which the divis ion has not 311
issued a confirmation must be added to the state allocation 312
pool. 313
(4) On December 1 of each year, any portion of the 314
allocation of state volume limitation made to the corporation 315
pool pursuant to subsection (2) or the state allocation pool 316
pursuant to subsection (3) for which the division has not issued 317
a confirmation must be added to the carryforward allocation 318
pool. Additionally, on December 1 of each year, any portion of 319
the state volume limitation used to issue a confirmation which 320
has not been used by an issuer for the issuance of bonds, as 321
evidenced by receipt by the division of an issuance report, or 322
which has not received a carryforward confirmation pursuant to 323
s. 159.8101(2) or been converted for the issuance of mortgage 324
credit certificates must be added to the carryforward allocation 325
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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
pool. 326
Section 6. Section 159.805, Florida Statutes, is repealed. 327
Section 7. Section 159.8051, Florida Statutes, is created 328
to read: 329
159.8051 Procedures for requesting state volume 330
limitation; requirements; prohibitions. — 331
(1) Before the issuance of any private activity bond by or 332
on behalf of any issuer, such issuer shall request and obtain an 333
allocation of a portion of the state volume limitation from the 334
division through the issuance of a confi rmation, except for 335
private activity bonds issued by the corporation pursuant to s. 336
159.8062(2)(b) from the initial allocation of state volume 337
limitation made by s. 159.8041(2)(b). Such request must be made 338
through a notice of intent to issue containing th e information 339
required in this section timely filed with the division in 340
accordance with s. 159.814 by or on behalf of the issuer 341
requesting the confirmation. Any notice of intent to issue that 342
does not conform to this section is not eligible to receive a 343
confirmation and must be rejected. 344
(2) Each notice of intent to issue must include the 345
following information: 346
(a) The name of the issuer requesting the allocation. 347
(b) The name and contact information of the person 348
submitting the notice of intent to issue. 349
(c) The amount of state volume limitation requested. 350
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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
(d) A description of the project and the type of qualified 351
bond, as such term is defined in s. 141(e) of the Code, 352
including the type of exempt facility, as described in s. 142(a) 353
of the Code, if applicable, which will be issued to finance the 354
project. 355
(e) The county or counties in which the project will be 356
located. 357
(f) The pool from which the allocation is requested. 358
(g) The governmental unit that provided any required TEFRA 359
approval, and a certification that, if required, TEFRA approval 360
has been obtained. A notice of intent to issue may not be filed 361
until any required TEFRA approval has been obtained. 362
(h) The fee required by s. 159.811. 363
(i) An opinion or a statement of counsel that t he project 364
to be financed may be financed with private activity bonds and 365
that an allocation of state volume limitation is required to 366
issue such bonds. 367
(3) A separate notice of intent to issue must be filed for 368
each proposed issuance of private activity bonds. A notice of 369
intent to issue may not request an allocation of state volume 370
limitation for more than one project or more than one purpose. 371
An issuer may not request an allocation of state volume 372
limitation from multiple pools in a single notice of in tent to 373
issue. 374
Section 8. Section 159.8052, Florida Statutes, is created 375
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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
to read: 376
159.8052 Procedures for evaluating notices of intent to 377
issue; confirmations; requirements; limitations. — 378
(1)(a) All notices of intent to issue filed with the 379
division must be evaluated for compliance with this part. Any 380
notice of intent to issue that conforms to the requirements of 381
s. 159.8051 is eligible to receive a confirmation and must be 382
approved, subject to the availability of a sufficient amount of 383
state volume limitation in the appropriate pool. Each business 384
day, the division shall compute the state volume limitation in 385
the pools for which approved notices of intent to issue were 386
received on the previous business day. The division shall issue 387
confirmations, subject to the availability of a sufficient 388
amount of state volume limitation in the appropriate pool. The 389
amount of confirmation, if there is sufficient state volume 390
limitation available to the issuer in the appropriate pool, must 391
be in the amount requested in the approved notice of intent to 392
issue. If the amount of state volume limitation available to the 393
issuer in the appropriate pool is less than the amount requested 394
in the approved notice of intent to issue, the division must 395
issue confirmations in the o rder of priority established in 396
paragraph (b) until the available state volume limitation in 397
each such applicable pool is exhausted. The division shall 398
maintain continuous records of the cumulative amount of state 399
volume limitation for which confirmations have been granted 400
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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
pursuant to this section. 401
(b) If the division determines that the aggregate amount 402
of state volume limitation requested in notices of intent to 403
issue received by noon of the previous business day exceeds the 404
state volume limitation avai lable to such issuers in the 405
applicable pool, the division must assign a consecutive number 406
to the notice of intent to issue requesting allocation from such 407
pool, draw such numbers randomly to establish the priority of 408
each such notice of intent to issue, and issue confirmations in 409
the order of priority until the available state volume 410
limitation in such pool is exhausted. If the amount of state 411
volume limitation in the appropriate pool is insufficient to 412
issue a confirmation in the amount requested for the prioritized 413
notice of intent to issue, the division must issue a 414
confirmation in the amount of the state volume limitation 415
available and place the balance of the request on a pending list 416
for such pool. The unfilled portion of any such notice of intent 417
to issue and any notices of intent to issue for which there was 418
insufficient state volume limitation to issue a confirmation 419
must be placed on the pending list for the appropriate pool in 420
the priority order established in this paragraph. 421
(c) To the extent that state volume limitation 422
subsequently becomes available for allocation in a pool, notices 423
of intent placed on the pending list for that pool pursuant to 424
paragraph (b) must be given priority for the next available 425
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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
volume limitation for that year before any notices of intent to 426
issue requesting allocation from that pool received by the 427
division after that day's random selection. On September 30 of 428
each year, any unfilled notices of intent to issue on the 429
pending lists for the economic development allocati on pool or 430
the affordable housing allocation pools must be rejected and the 431
issuer may file a new notice of intent to issue with the 432
division to request a confirmation from the state allocation 433
pool to be considered pursuant to this subsection. On November 434
30 of each year, any unfilled notices of intent to issue on the 435
pending lists for the state allocation pool must be rejected and 436
the issuer may file a new notice of intent to issue with the 437
division to request a carryforward confirmation to be considered 438
pursuant to s. 159.8101(3). 439
(2) Each confirmation issued pursuant to s. 159.8061, s. 440
159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be 441
effective on November 30 of the year in which it was issued, 442
unless the issuer obtains a carryforward confirmation pursuant 443
to s. 159.8101(2). 444
(3) A confirmation only assures an issuer of an allocation 445
of state volume limitation in such amount and for such purpose 446
as set forth therein until the expiration thereof. Each 447
confirmation granted pursuant to su bsection (1) must include the 448
following information: 449
(a) The issuer to which the allocation of state volume 450
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limitation is made. 451
(b) The amount of the allocation of state volume 452
limitation granted to the issuer. 453
(c) The project and type of qualified b ond for which bonds 454
using such allocation of state volume limitation may be issued. 455
(d) The date on which the confirmation expires. 456
(e) A statement that the allocation of state volume 457
limitation is conditional and may not be considered final until 458
and unless the issuer files an issuance report pursuant to s. 459
159.8053. 460
(4)(a) A confirmation is effective as to private activity 461
bonds issued in an amount less than the amount set forth in such 462
confirmation only if the aggregate amount issued pursuant to 463
such confirmation is not less than 90 percent of the amount set 464
forth therein, together with the amounts of any carryforward 465
confirmation an issuer has for such purpose and any 466
supplementary confirmation, after subtracting any portion 467
thereof which the issue r has elected to convert for the issuance 468
of mortgage credit certificates. 469
(b) A confirmation is not effective as to private activity 470
bonds issued in an amount in excess of the amount set forth in 471
such confirmation. An issuer wishing to issue private act ivity 472
bonds in an amount in excess of the amount set forth in a 473
confirmation must obtain a supplementary confirmation before the 474
issuance of such bonds by filing a supplementary notice of 475
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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
intent to issue with the division. A supplementary notice of 476
intent to issue must specify the prior confirmation to which it 477
applies and must also include all items required in s. 478
159.8051(2). Such supplementary notice of intent to issue must 479
be filed in accordance with s. 159.814 by or on behalf of the 480
issuer to whom the confirmation was issued. The division shall 481
evaluate supplementary notices of intent to issue for compliance 482
with this part, and, to the extent sufficient state volume 483
limitation is available, the division shall issue a 484
supplementary confirmation pursuant to subsection (1). The 485
amount of state volume limitation allocated in a supplementary 486
confirmation may be added to a prior confirmation for the same 487
project to provide an aggregate allocation of state volume 488
limitation for the issuance of private activity bonds for that 489
project. A supplementary confirmation does not alter the 490
expiration date of the initial confirmation. 491
(c) Upon the expiration of the confirmation, or at any 492
time before such expiration that the issuer notifies the 493
division that the allocat ion of state volume limitation in such 494
confirmation is no longer necessary, the division shall cancel 495
such confirmation and the allocation of state volume limitation 496
provided therein must be made available for reallocation 497
pursuant to this part. 498
Section 9. Section 159.8053, Florida Statutes, is created 499
to read: 500
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159.8053 Issuance reports; final certification of 501
allocation.— 502
(1) Except for an allocation of state volume limitation 503
that has been converted to the issuance of mortgage credit 504
certificates pursuant to s. 159.80751, no portion of the state 505
volume limitation may be allocated before the filing of an 506
issuance report with the division by or on behalf of the issuer 507
issuing bonds no later than the date on which the confirmation 508
for such bonds expir es. An issuer's failure to file an issuance 509
report before the expiration of a confirmation will result in 510
the loss of such state volume limitation, regardless of whether 511
the issuer has issued bonds pursuant to such confirmation. 512
(2) Each issuance report must include all of the following 513
information: 514
(a) The name of the issuer issuing such bonds. 515
(b) The confirmation pursuant to which the bonds are being 516
issued. 517
(c) The amount of state volume limitation used by such 518
issuance. 519
(d) The name and series designation of the bonds. 520
(e) The principal amount of bonds issued. 521
(f) The date of issuance and the amount of proceeds 522
distributed at issuance. 523
(g) The purpose for which the bonds were issued, including 524
the private business or entity that wil l benefit from or use the 525
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proceeds of the bonds; the name of the project, if known; the 526
location of the project; whether the project is an acquisition 527
of an existing facility or new construction; and the number 528
products manufactured or the number of reside ntial units, if 529
applicable. 530
(h) The name, role, and contact information of the person 531
submitting the issuance report. 532
(3) At issuance, any portion of the state volume 533
limitation granted in such confirmation that is unissued, except 534
in the case of a car ryforward confirmation, immediately reverts 535
to the pool from which the allocation was made and must be made 536
available for reallocation. 537
(4) Following the timely filing of an issuance report, the 538
director of the division shall sign the final certification of 539
allocation. The final certification of allocation may not be 540
issued before the timely receipt of an issuance report pursuant 541
to subsection (1). 542
Section 10. Section 159.806, Florida Statutes, is 543
repealed. 544
Section 11. Section 159.8061, Florida St atutes, is created 545
to read: 546
159.8061 Affordable housing allocation pools. — 547
(1)(a) The following affordable housing allocation pools 548
are established: 549
1. The regional affordable housing allocation pool. 550
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2. The statewide affordable housing allocation pool. 551
(b) The affordable housing allocation pools are available 552
solely for issuing confirmations for affordable housing bonds 553
pursuant to the procedures specified in this section and s. 554
159.8052. 555
(2)(a) From January 1 through May 31 of each year, the 556
allocation made pursuant to s. 159.8041(2)(a) must be allocated 557
to the regional affordable housing allocation pool and 558
distributed among the regions established in paragraph (b). The 559
allocation distributed to each region must be available solely 560
to issue confirmations for affordable housing bonds to issuers 561
located within such region on a first -come, first-served basis 562
for projects located within such region. The amount of volume 563
limitation distributed to each region within the regional 564
affordable housing al location pool must be an amount 565
proportional to the ratio of the population of the region to the 566
total population of this state. 567
(b) The following regions are established within the 568
regional affordable housing allocation pool for the purposes of 569
this allocation: 570
1. Region 1, consisting of Bay, Calhoun, Columbia, Dixie, 571
Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, 572
Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, 573
Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washing ton 574
Counties. 575
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2. Region 2, consisting of Alachua, Baker, Bradford, Clay, 576
Duval, Flagler, Nassau, Putnam, St. Johns, and Union Counties. 577
3. Region 3, consisting of Citrus, Hernando, Levy, Marion, 578
Pasco, and Pinellas Counties. 579
4. Region 4, consisting o f Hardee, Lake, Manatee, Polk, 580
and Sumter Counties. 581
5. Region 5, consisting of Orange, Osceola, and Seminole 582
Counties. 583
6. Region 6, consisting of Brevard, Glades, Highlands, 584
Indian River, Martin, Okeechobee, St. Lucie, and Volusia 585
Counties. 586
7. Region 7, consisting of Hillsborough County. 587
8. Region 8, consisting of Charlotte, Collier, DeSoto, 588
Hendry, Lee, Monroe, and Sarasota Counties. 589
9. Region 9, consisting of Palm Beach County. 590
10. Region 10, consisting of Broward County. 591
11. Region 11, cons isting of Miami-Dade County. 592
(3) On June 1 of each year, any portion of the allocation 593
made to the regional affordable allocation pool pursuant to 594
subsection (2) for which the division has not issued a 595
confirmation must be added to the statewide affordab le housing 596
allocation pool. On and after June 1 of each year, any portion 597
of such allocation for which a confirmation is relinquished by 598
the issuer receiving such allocation before the expiration 599
thereof must be added to the statewide affordable housing 600
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allocation pool. 601
(4) From June 1 through September 30 of each year, the 602
statewide affordable housing allocation pool must be available 603
for issuing confirmations for affordable housing bonds to 604
issuers statewide as provided in this subsection. 605
(a) On June 1 of each year, if a sufficient amount of 606
state volume limitation is available in the statewide affordable 607
housing allocation pool, the division must issue confirmations 608
for all notices of intent to issue previously placed on the 609
pending list for the regi onal affordable housing pool pursuant 610
to s. 159.8052(1)(b) during such year. After confirmations have 611
been issued for all notices of intent to issue previously placed 612
on the pending list for the regional affordable housing pool 613
pursuant to s. 159.8052(1)(b ), the statewide affordable housing 614
allocation pool must be available to issue confirmations on a 615
first-come, first-served basis. Notwithstanding s. 616
159.8052(1)(c), if the amount of state volume limitation 617
available in the statewide affordable housing allo cation pool is 618
insufficient to issue a confirmation for each such notice of 619
intent to issue, the division must issue confirmations in the 620
priority order established in paragraph (b). 621
(b) If the division determines that the aggregate amount 622
requested in the notices of intent to issue placed on the 623
pending list for the regional affordable housing pool pursuant 624
to s. 159.8052(1)(b) during such year exceeds the state volume 625
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limitation available in the statewide affordable housing 626
allocation pool on June 1, th e division must issue confirmations 627
for any such notices of intent to issue for multifamily 628
affordable housing bonds in the priority order established in 629
this paragraph, and then, subject to the availability of state 630
volume limitation, must issue confirmat ions for any such notices 631
of intent to issue for single -family affordable housing bonds in 632
the priority order established in this paragraph until the 633
available state volume limitation is exhausted. In establishing 634
the priority of each such notice of intent , the division shall 635
first assign a consecutive number to each such notice of intent 636
to issue for multifamily affordable housing bonds and draw such 637
numbers randomly to establish the priority of each such notice 638
of intent to issue. The division shall assig n a consecutive 639
number to each such notice of intent to issue for single -family 640
affordable housing bonds and draw such numbers randomly to 641
establish the priority of each such notice of intent to issue. 642
Section 12. Section 159.8062, Florida Statutes, is created 643
to read: 644
159.8062 Florida Housing Finance Corporation pool. — 645
(1) From January 1 through September 30 of each year, the 646
corporation pool is established and shall be available for the 647
sole purpose of issuing confirmations for affordable housing 648
bonds to the corporation and its assigns pursuant to the 649
procedures specified in s. 159.8052. Before October 1 of any 650
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year, the corporation pool is the only pool from which the 651
corporation may receive any allocation of state volume 652
limitation. 653
(2)(a) Notwithstanding s. 159.8051(1), before October 1 of 654
any year, the corporation need not submit a notice of intent to 655
issue or obtain a confirmation for the issuance of affordable 656
housing bonds using the state volume limitation allocated to 657
this pool pursuant t o s. 159.8041(2)(b). 658
(b) For affordable housing bonds that the corporation 659
intends to issue on or after October 1 of any year, the 660
corporation must submit a notice of intent to issue no later 661
than September 30 of such year, and the division shall issue a 662
confirmation not exceeding the amount of state volume limitation 663
then available in the corporation pool. The corporation is not 664
subject to the fee required under s. 159.811 for notices of 665
intent to issue submitted pursuant to this paragraph. 666
(3) Prior to June 1 of each year, the corporation may, in 667
its discretion, assign any portion of the state volume 668
limitation in the corporation pool to the affordable housing 669
allocation pools. 670
Section 13. Section 159.8063, Florida Statutes, is created 671
to read: 672
159.8063 Economic development allocation pool. — 673
(1) The economic development allocation pool is 674
established and is available for issuing confirmations pursuant 675
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to the procedures specified in this section and s. 159.8052. 676
(2) The economic development all ocation pool must, at all 677
times, first be available to issue confirmations for those 678
portions of a private activity bond requiring an allocation of 679
state volume limitation under s. 146(m) of the Code and to issue 680
confirmations to state issuers and, thereaf ter, be available as 681
provided in subsection (3). 682
(3)(a) From January 1 through May 31 of each year, the 683
economic development allocation pool must be available for the 684
sole purpose of issuing confirmations for exempt facility bonds, 685
small issue bonds, student loan bonds, and redevelopment bonds 686
to issuers statewide in the priority order established by the 687
Secretary of Commerce as provided in this paragraph. 688
Notwithstanding s. 159.8052(1), any notice of intent to issue 689
requesting a confirmation from the economic development 690
allocation pool which conforms to the requirements of s. 691
159.8051 and is filed with the division before May 1 must be 692
forwarded to the Secretary of Commerce for review. The Secretary 693
of Commerce shall render a decision on or before May 15 as to 694
the order in which such notices of intent to issue are to 695
receive a confirmation. The division shall issue confirmations 696
for such notices of intent to issue in the order of priority 697
established by the Secretary of Commerce within 3 business days 698
after receipt of such decision. 699
(b) The economic development allocation pool must be 700
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available from June 1 through September 30 of each year for the 701
sole purpose of issuing confirmations for exempt facility bonds, 702
small issue bonds, student loan bonds, a nd redevelopment bonds 703
to issuers statewide on a first -come, first-served basis with 704
notification to the Department of Commerce. 705
Section 14. Section 159.807, Florida Statutes, is 706
repealed. 707
Section 15. Section 159.8071, Florida Statutes, is created 708
to read: 709
159.8071 State allocation pool. —The state allocation pool 710
is established and must be available to issue confirmations 711
pursuant to the procedures specified in s. 159.8052, and to 712
issue confirmations for bonds to issuers statewide on a first -713
come, first-served basis for all types of private activity bonds 714
from October 1 through November 30 of each year. 715
Section 16. Section 159.8075, Florida Statutes, is 716
repealed. 717
Section 17. Section 159.80751, Florida Statutes, is 718
created to read: 719
159.80751 Qualified mortgage credit certificates. — 720
(1) On or before November 30 of each year, an issuer may 721
elect in writing to the division to convert all or a portion of 722
its allocation of state volume limitation for single -family 723
affordable housing bonds to m ortgage credit certificates, 724
provided such election is made before the expiration date of the 725
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confirmation granting such allocation. Each issuer shall provide 726
notice of any election made under this section to the governing 727
body of the county for which the issuer was created. Such 728
election is irrevocable. 729
(2) All mortgage credit certificates must be issued under 730
a certification program that is designed to ensure that the 731
requirements of s. 25 of the Code, specifically s. 25(f)(4), are 732
complied with and tha t meets all requirements adopted by the 733
United States Secretary of the Treasury as set out in applicable 734
regulations. Any potential issuer of mortgage credit 735
certificates must certify in writing to the division that the 736
mortgage credit certification progra m is certified under s. 25 737
of the Code, specifically s. 25(f)(4). 738
(3) For that portion of the confirmation that an issuer 739
has elected to use for mortgage credit certificates before the 740
expiration thereof, the expiration dates in s. 159.8052(2) do 741
not apply and any unissued mortgage credit certificates will 742
automatically receive a carryforward confirmation. 743
(4) The election referenced in subsection (1) and the 744
certification referenced in subsection (2) must be filed with 745
the division in accordance with s . 159.814. The director of the 746
division is the state official designated to make the 747
certification required by Temporary Regulation 1.25 -4T(d) under 748
the Code. 749
Section 18. Section 159.8081, Florida Statutes, is 750
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repealed. 751
Section 19. Section 159.8083, Florida Statutes, is 752
repealed. 753
Section 20. Section 159.809, Florida Statutes, is 754
repealed. 755
Section 21. Section 159.8091, Florida Statutes, is created 756
to read: 757
159.8091 Carryforward allocation pool. — 758
(1) The carryforward allocation pool is est ablished. The 759
carryforward allocation pool is available for the sole purpose 760
of issuing carryforward confirmations to issuers statewide for 761
projects that are entitled under the Code to a carryforward of 762
state volume limitation past the end of the calendar year 763
pursuant to requests that meet the requirements of s. 764
159.8101(3). 765
(2) On December 15 of each year, or, if December 15 is not 766
a business day, the first business day thereafter, the division 767
shall issue carryforward confirmations as provided for in 768
subsection (3) until the state volume limitation in the 769
carryforward allocation pool is exhausted. 770
(3) The amount of each carryforward confirmation, if there 771
is sufficient state volume limitation in the carryforward 772
allocation pool, must be the amount req uested. If the division 773
determines that the aggregate amount of state volume limitation 774
requested for carryforward confirmations pursuant to this 775
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section exceeds the amount available in the carryforward 776
allocation pool, the division must assign a consecuti ve number 777
to each such request, shall draw such numbers randomly to 778
establish the priority of each request, and shall issue 779
carryforward confirmations until the total amount of state 780
volume limitation is exhausted. Any requests in excess of the 781
state volume limitation may not be given any priority in the 782
following calendar year. If any state volume limitation remains 783
in the carryforward allocation pool after issuing carryforward 784
confirmations for all requests filed pursuant to s. 159.8101, 785
the division must make such remaining state volume limitation 786
available to the corporation to be carried forward for the 787
issuance of affordable housing bonds in subsequent years as 788
provided by the Code. Thereafter, any remaining state volume 789
limitation not used as provided in subsection (2) must be 790
carried forward to the next calendar year to the extent 791
permitted by the Code. 792
Section 22. Section 159.81, Florida Statutes, is repealed. 793
Section 23. Section 159.8101, Florida Statutes, is created 794
to read: 795
159.8101 Applications for a carryforward; carryforward 796
confirmations.— 797
(1) Any issuer that wishes to elect to carryforward an 798
allocation of state volume limitation under s. 146(f) of the 799
Code must first request and obtain a carryforward confirmation 800
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from the division. 801
(2) The division shall, when requested, issue a 802
carryforward confirmation for those confirmations issued 803
pursuant to this part for those projects that qualify for a 804
carryforward pursuant to s. 146(f) of the Code, provided that 805
such request includes an opinion of bond counsel that such 806
allocation of state volume limitation will be used for a 807
carryforward purpose pursuant to s. 146(f)(5) of the Code and is 808
received by the division at least 3 business days before the 809
expiration of such confirmation. 810
(3) A request for a carryforward confirmation must be made 811
by filing with the division a notice of intent to issue meeting 812
all requirements of this section and s. 159.8051(2). Such 813
request must include an opinion of bond counsel that such 814
allocation of state v olume limitation will be used for a 815
carryforward purpose pursuant to s. 146(f)(5) of the Code. All 816
such requests must be timely filed with the division in 817
accordance with s. 159.814 by or on behalf of the issuer 818
requesting to carryforward an allocation of state volume 819
limitation. 820
Section 24. Section 159.8105, Florida Statutes, is 821
repealed. 822
Section 25. Subsection (1) of section 159.811, Florida 823
Statutes, is amended to read: 824
159.811 Fees; trust fund. — 825
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(1) There shall be imposed a nonrefundable fee on each 826
notice of intent to issue a private activity bond filed with the 827
division pursuant to s. 159.8051 s. 159.805(1). A No notice of 828
intent to issue may not a private activity bond shall be 829
accepted by the division unless and until the fee has been paid. 830
The division shall establish a fee, which may be revised from 831
time to time, must shall be an amount sufficient to cover all 832
expenses of maintaining the allocation system in this part. In 833
calculating the fee, any unexpended trust fund balance remaining 834
unexpended prior to setting the fee shall be deducted from the 835
amount appropriated. The amount of the fee may shall not exceed 836
$500 and may be adjusted no more than once every 6 months. The 837
fee must be included the division's schedule of fees and 838
expenses in s. 215.65(3). 839
Section 26. Section 159.812, Florida Statutes, is 840
repealed. 841
Section 27. Section 159.814, Florida Statutes, is amended 842
to read: 843
159.814 Form of applications for allocations; 844
requirements.—All notices of intent to issue , requests for an 845
allocation and applications for a carryforward confirmations, 846
and issuance reports must shall be made in such form as may be 847
prescribed by the division. All such forms may be filed 848
electronically through a portal on the division's website at 849
such time as the division establishes such portal through which 850
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such forms and the fee required by s. 159.811 may be submitted. 851
Notices No notices of intent to issue for allocations of the 852
private activity bond volume limitation for any calendar year 853
may not shall be accepted before prior to January 1 of that 854
calendar year. Notices of intent to issue requesting a 855
confirmation from the affordable housing allocation pools , the 856
economic development allocation pool, or the corporation pool 857
are considered timely only if filed with the division on or 858
before September 30 of that calendar year, or, if September 30 859
is not a business day, the last business day before September 860
30. Notices of intent to issue requesting a confirmation from 861
the state allocation pool are considered timely only if filed 862
with the division from October 1 through November 30 of that 863
calendar year, or, if November 30 is not a business day, the 864
last business day before November 30. Applications for a 865
carryforward confirmation pursuant to s. 159.8091(1) are 866
considered timely only if filed with the division from December 867
1 through December 15 of that calendar year, or, if December 15 868
is not a business day, the last business day before December 15 869
All notices of intent to issue or application for a carryforward 870
shall be mailed by certified mail return receipt requested or by 871
overnight common carrier delivery service. No notice of intent 872
to issue or application fo r carryforward shall be accepted by 873
hand delivery from the issuing authority, attorneys, or other 874
parties. All notices of intent to issue or applications for a 875
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carryforward shall be received in a standard business size 876
envelope devoid of markings, colors, or other attention 877
gathering devices except for the return address . 878
Section 28. Section 159.815, Florida Statutes, is 879
repealed. 880
Section 29. Section 159.816, Florida Statutes, is amended 881
to read: 882
159.816 Certification Certificate as to state volume 883
limitation.—Following the timely filing of an issuance report, 884
the director of the division shall execute a final certification 885
of allocation sign the certificate required pursuant to s. 886
149(e)(2)(F) of the Code . 887
Section 30. Subsection (2) of section 420.504, Florida 888
Statutes, is amended to read: 889
420.504 Public corporation; creation, membership, terms, 890
expenses.— 891
(2) The corporation is constituted as a public 892
instrumentality, and the exercise by the corporation of the 893
power conferred by this act i s considered to be the performance 894
of an essential public function. The corporation is an agency 895
for the purposes of s. 120.52 and is a state agency for purposes 896
of s. 159.807(4). The corporation is subject to chapter 119, 897
subject to exceptions applicable to the corporation, and to the 898
provisions of chapter 286; however, the corporation is shall be 899
entitled to provide notice of internal review committee meetings 900
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for competitive proposals or procurement to applicants by mail, 901
facsimile, or publication on an Internet website, rather than by 902
means of publication. The corporation is not governed by chapter 903
607 or chapter 617, but by the provisions of this part. If for 904
any reason the establishment of the corporation is deemed in 905
violation of law, such provision i s severable and the remainder 906
of this act remains in full force and effect. 907
Section 31. Subsection (3) of section 163.2520, Florida 908
Statutes, is amended to read: 909
163.2520 Economic incentives. — 910
(3) Prior to June 1 each year, areas designated by a lo cal 911
government as urban infill and redevelopment areas shall be 912
given a priority in the allocation of private activity bonds 913
from the state pool pursuant to s. 159.8071 s. 159.807. 914
Section 32. This act shall take effect January 1, 2025. 915