Florida Senate - 2024 (PROPOSED BILL) SPB 7054 FOR CONSIDERATION By the Committee on Community Affairs 578-01935A-24 20247054pb 1 A bill to be entitled 2 An act relating to private activity bonds; amending s. 3 159.608, F.S.; conforming a provision to changes made 4 by the act; amending s. 159.802, F.S.; providing 5 legislative findings and intent; amending s. 159.803, 6 F.S.; revising and defining terms; repealing s. 7 159.804, F.S., relating to allocation of state volume 8 limitation; creating s. 159.8041, F.S.; requiring the 9 Division of Bond Finance of the State Board of 10 Administration to annually determine the state volume 11 limitation and publicize such information; requiring 12 the division to initially allocate the state volume 13 limitation in a specified manner among specified pools 14 annually on a specified date; requiring that any 15 portion of each allocation of state volume limitation 16 made to certain pools for which the division has not 17 issued a confirmation to be added to either the state 18 allocation pool or carryforward allocation pool, 19 respectively, by a certain date; requiring that any 20 portion of the state volume limitation used to issue 21 confirmation which has not been used in a specified 22 manner or has not received a carryforward confirmation 23 or been converted for the issuance of mortgage 24 certificates be added to the carryforward allocation 25 pool; repealing s. 159.805, F.S., relating to 26 procedures for obtaining allocations, requirements, 27 limitations on allocations, and issuance reports; 28 creating s. 159.8051, F.S.; establishing procedures 29 for the issuance of private activity bonds; providing 30 requirements for notices of intent to issue private 31 activity bonds; requiring that a separate notice of 32 intent to issue be filed for each proposed issuance of 33 a private activity bond; creating s. 159.8052, F.S.; 34 providing procedures for the evaluation, approval, and 35 confirmation of notices of intent to issue private 36 activity bonds; providing procedures for the division 37 to follow if the amount of state volume limitation 38 requested in notices of intent to issue private 39 activity bonds exceeds the state volume limitation 40 available to issuers; providing procedures for the 41 allocation of state volume limitation that 42 subsequently becomes available for allocation; 43 providing that certain confirmations expire on a 44 specified date unless a certain requirement is met; 45 requiring that certain confirmations include certain 46 information; authorizing the effectiveness of a 47 confirmation of allocation when fewer private activity 48 bonds are issued than set forth in such confirmation; 49 prohibiting the effectiveness of a confirmation of 50 allocation when more private activity bonds are issued 51 than set forth in such confirmation; providing 52 requirements for the issuance of private activity 53 bonds in excess of the amount set forth in the 54 confirmation; requiring the division to cancel a 55 confirmation of allocation and reallocate the state 56 volume limitation under certain circumstances; 57 creating s. 159.8053, F.S.; prohibiting the allocation 58 of state volume limitation before an issuance report 59 is filed by or on behalf of the issuer issuing bonds 60 before the expiration of confirmation of allocation 61 for such bonds; providing requirements for issuance 62 reports; providing for the reversion of certain 63 unissued state volume limitation and requiring that it 64 be made available for reallocation; requiring the 65 director of the division to sign a final certification 66 of allocation after timely filing of an issuance 67 report; repealing s. 159.806, F.S., relating to 68 regional allocation pools; creating s. 159.8061, F.S.; 69 establishing affordable housing allocation pools for a 70 specified purpose; requiring that a certain allocation 71 be allocated and distributed to the regional 72 affordable housing allocation pool and distributed 73 among specified regions; providing requirements for 74 such allocations; establishing regions within the 75 regional affordable housing allocation pool; requiring 76 that, on a specified date, any portion of the 77 allocation made to such pool for which the division 78 has not issued a confirmation be added to the 79 statewide affordable housing allocation pool; 80 requiring that the pool be available for issuing 81 confirmations for affordable housing bonds to issuers 82 statewide during a specified timeframe; requiring the 83 division to issue confirmations for all notices of 84 intent to issue previously placed on the pending list 85 for the regional affordable housing pool on a certain 86 date; providing procedures for the issuance of 87 confirmations when the division determines that the 88 amount of notices of intent to issue exceeds the state 89 volume limitation; creating s. 159.8062, F.S.; 90 establishing the corporation pool for a specified 91 timeframe each year to issue confirmations for 92 affordable housing bonds to corporations according to 93 certain procedures; providing that, prior to a 94 specified date, the corporation pool is the only pool 95 from which a corporation may receive allocations of 96 state volume limitation; providing that the 97 corporation is not required to submit a notice of 98 intent to issue affordable housing bonds or to obtain 99 a confirmation for the issuance of bonds before a 100 specified date; requiring the corporation to submit a 101 notice of intent to issue on or before a certain date 102 for affordable housing bonds that the corporation 103 intends to issue on or after a certain date; 104 authorizing the corporation to assign a portion of its 105 state volume limitation to specified pools before a 106 certain date each year; creating s. 159.8063, F.S.; 107 establishing the economic development allocation pool; 108 requiring that the economic development allocation 109 pool be first available to issue confirmations 110 pursuant to specified procedures; requiring the 111 economic development allocation pool to be available 112 for the sole purpose of issuing confirmations for 113 certain bonds during a certain timeframe each year; 114 requiring that certain notices of intent to issue 115 requesting confirmation from the economic development 116 allocation pool which conform with certain 117 requirements and are filed by a certain date be 118 forwarded to the Secretary of Commerce for review and 119 the rendering of a decision; repealing s. 159.807, 120 F.S., relating to the state allocation pool; creating 121 s. 159.8071, F.S.; establishing the state allocation 122 pool to issue confirmations for all types of private 123 activity bonds during a specified timeframe each year; 124 repealing s. 159.8075, F.S., relating to qualified 125 mortgage credit certificates; creating s. 159.80751, 126 F.S.; authorizing an issuer to convert all or a 127 portion of its allocation of state volume limitation 128 for certain affordable housing bonds to mortgage 129 credit certificates if certain conditions are met; 130 providing requirements for the issuance of mortgage 131 credit certificates; providing that elections to 132 convert are irrevocable; requiring that mortgage 133 credit certificates be issued under a certification 134 program that meets specified requirements; requiring 135 potential issuers to certify in writing to the 136 division that the mortgage credit certification 137 program is certified under specified federal law; 138 providing that certain expiration dates do not apply 139 under certain circumstances and that certain unissued 140 mortgage credit certificates will automatically 141 receive a carryforward confirmation; requiring that 142 certain elections and certifications be filed with the 143 division; designating the director of the division to 144 be the state official authorized to make a required 145 certification; amending s. 159.8081, F.S.; conforming 146 a provision to changes made by the act; repealing s. 147 159.8083, F.S., relating to the Florida First Business 148 allocation pool; repealing s. 159.809, F.S., relating 149 to recapture of unused amounts; creating s. 159.8091, 150 F.S.; establishing the carryforward allocation pool 151 for the sole purpose of issuing carryforward 152 confirmations to issuers for specified projects; 153 requiring the division to issue certain carryforward 154 confirmations until a specified occurrence; requiring 155 that the amount of each carryforward confirmation be 156 the amount requested if there is sufficient state 157 volume limitation in the carryforward allocation pool; 158 requiring the division to use a specified 159 prioritization process when the aggregated amount 160 requested exceeds the available amount; providing for 161 the carryforward of certain state volume limitations; 162 repealing s. 159.81, F.S., relating to unused 163 allocations; creating s. 159.8101, F.S.; requiring an 164 issuer that elects to carryforward an allocation to 165 request and obtain carryforward confirmation from the 166 division; requiring the division, upon request, to 167 issue a carryforward confirmation when certain 168 conditions are met; providing requirements for 169 requesting a carryforward confirmation; repealing s. 170 159.8105, F.S., relating to allocation of bonds for 171 water and wastewater infrastructure projects; amending 172 s. 159.811, F.S.; conforming provisions to changes 173 made by the act; making technical changes; repealing 174 s. 159.812, F.S., relating to a grandfather clause; 175 amending s. 159.814, F.S.; providing requirements for 176 the form of applications for allocations; providing 177 that certain notices of intent and applications for 178 carryforward confirmation are timely filed only if 179 filed with the division within specified timeframes; 180 deleting obsolete provisions; repealing s. 159.815, 181 F.S., relating to rules; amending s. 159.816, F.S.; 182 requiring the director of the division to execute a 183 final certification of allocation following the timely 184 filing of an issuance report; amending s. 420.504, 185 F.S.; conforming provisions to changes made by the 186 act; amending s. 163.2520, F.S.; conforming a 187 provision to changes made by the act; providing an 188 effective date. 189 190 Be It Enacted by the Legislature of the State of Florida: 191 192 Section 1.Subsection (10) of section 159.608, Florida 193 Statutes, is amended to read: 194 159.608Powers of housing finance authorities.A housing 195 finance authority shall constitute a public body corporate and 196 politic, exercising the public and essential governmental 197 functions set forth in this act, and shall exercise its power to 198 borrow only for the purpose as provided herein: 199 (10)(a)To make loans or grant surplus funds to 200 corporations that qualify as not-for-profit corporations under 201 s. 501(c)(3) of the Internal Revenue Code of 1986, as amended, 202 and under the laws of this state, for the development of 203 affordable housing; and 204 (b)To do anything necessary or appropriate to further the 205 purpose for which a housing finance authority is established, 206 pursuant to s. 159.602, including, as further described in s. 207 159.08751 s. 159.8075, the power to issue mortgage credit 208 certificates to the extent allocation is available for that 209 purpose to qualifying individuals in lieu of issuing qualified 210 mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal 211 Revenue Code of 1986, as amended, or a combination of the two. 212 Mortgage credit certificates may not be issued on December 30 or 213 December 31 of any year. 214 Section 2.Section 159.802, Florida Statutes, is amended to 215 read: 216 159.802Purpose; legislative findings and intent. 217 (1)The purpose of this part is to allocate the state 218 volume limitation imposed on private activity bonds under s. 146 219 of the Code. A no private activity bond subject to the 220 limitation in s. 146 of the Code may not shall be issued in this 221 state unless a written confirmation therefor is issued pursuant 222 to this part. 223 (2)The Legislature finds and declares that private 224 activity bonds are used to finance improvements, projects, and 225 programs that serve important public purposes and benefit the 226 social and economic well-being of the people of this state. The 227 Legislature recognizes that the exemption of interest on private 228 activity bonds from federal income taxation and the concomitant 229 reduced interest costs have been central to the marketability of 230 such bonds. 231 (3)It is the intent of the Legislature that issuers use 232 the state volume limitation in such a manner as to maximize the 233 amount of private activity bonds that may be issued in this 234 state which will benefit the social and economic well-being of 235 the people of this state by increasing the number of 236 improvements, projects, and programs that may be financed in a 237 given year and that, to the extent that any portion of state 238 volume limitation allocated to an issuer is carried forward, it 239 be used to issue private activity bonds before its expiration. 240 Section 3.Section 159.803, Florida Statutes, is reordered 241 and amended to read: 242 159.803Definitions.As used in this part, the term: 243 (1)Affordable housing bonds means multifamily affordable 244 housing bonds and single-family affordable housing bonds. 245 (1)County means the geographic boundaries of each county 246 as established by law. 247 (16)(2)Private activity bond or bond means any bond 248 which requires an allocation pursuant to s. 146 of the Code. 249 (3)Director means the director of the Division of Bond 250 Finance of the State Board of Administration or his or her 251 designee. 252 (4)Agency means the State of Florida, any unit of local 253 government, industrial development authority, or other entity in 254 this state authorized to issue private activity bonds. 255 (5)Priority project means a solid waste disposal 256 facility or a sewage facility, as such terms are defined in s. 257 142 of the Code, or a water facility, as defined in s. 142 of 258 the Code, which is operated by a member-owned, not-for-profit 259 utility, or any project which is to be located in an area which 260 is an enterprise zone designated pursuant to s. 290.0065. 261 (6)Division means the Division of Bond Finance of the 262 State Board of Administration. 263 (11)(7)Issued or issuance has the same meaning as in 264 the Code. 265 (3)(8)Code means the Internal Revenue Code of 1986, as 266 amended, and the regulations and rulings issued thereunder. 267 (9)Housing bonds means bonds issued pursuant to s. 268 142(d) of the Code to finance qualified residential units or 269 mortgage revenue bonds issued pursuant to s. 143 of the Code 270 which require an allocation under s. 146 of the Code. 271 (10)Manufacturing facility means a facility described in 272 s. 144(a)(12)(C) of the Code. 273 (11)Florida First Business project means any project 274 which is certified by the Department of Commerce as eligible to 275 receive an allocation from the Florida First Business allocation 276 pool established pursuant to s. 159.8083. The Department of 277 Commerce may certify those projects proposed by a business which 278 qualify as a target industry business as defined in s. 288.005 279 or any project providing a substantial economic benefit to this 280 state. The department shall develop measurement protocols and 281 performance measures to determine what competitive value a 282 project by a target industry business will bring to the state 283 pursuant to ss. 20.60(5)(a)3. and 288.061(2). 284 (13)(12)Mortgage credit certificate means those 285 certificates issued pursuant to s. 25 of the Code. 286 (2)Carryforward confirmation means a confirmation for a 287 project that qualifies for a carryforward pursuant to s. 288 146(f)(5) of the Code which authorizes the issuer to make an 289 election to carry forward such allocation of state volume 290 limitation beyond the end of the current calendar year in 291 accordance with s. 146(f) of the Code. 292 (4)Confirmation means the conditional allocation of a 293 portion of the state volume limitation to an issuer, made 294 pursuant to a timely filed notice of intent to issue, which is 295 contingent upon the issuers timely filing of an issuance 296 report. 297 (5)Corporation means the Florida Housing Finance 298 Corporation created by s. 420.504. 299 (7)Exempt facility bonds means any bonds, except 300 multifamily affordable housing bonds, issued pursuant to s. 142 301 of the Code to finance facilities and projects that are listed 302 in s. 142(a) of the Code which require an allocation of state 303 volume limitation under s. 146 of the Code. 304 (8)Final certification of allocation means the 305 certification issued by the division following the timely filing 306 of an issuance report which establishes the final amount of 307 state volume limitation allocated to an issuer for an issuance 308 of private activity bonds as required in s. 149(e)(2)(F) of the 309 Code. 310 (9)Governmental unit means the general-purpose 311 governmental unit, as defined in the Code, which provides 312 approval under the federal Tax Equity and Fiscal Responsibility 313 Act (TEFRA) for proposed issuances of private activity bonds for 314 issuers within its jurisdiction. 315 (10)Issuance report means the form containing the 316 information described in s. 159.8053(2) by which an issuer 317 notifies the division of its issuance of bonds pursuant to a 318 confirmation. 319 (12)Issuer means the State of Florida, any governmental 320 unit, a housing finance authority, an industrial development 321 authority, or any other entity in this state authorized to issue 322 private activity bonds. 323 (14)Multifamily affordable housing bonds means bonds 324 issued pursuant to s. 142 of the Code to finance qualified 325 residential rental projects, as described in s. 142(d)(1) of the 326 Code, which require an allocation of state volume limitation 327 under s. 146 of the Code. 328 (15)Notice of intent to issue means the form containing 329 the information described in s. 159.8051(2) on which an issuer 330 requests an allocation of the state volume limitation from the 331 division. 332 (17)Redevelopment bonds means bonds issued pursuant to 333 s. 144(c) of the Code to be used for redevelopment purposes in 334 any designated blighted area as such terms are described in s. 335 144(c)(3) and s. 144(c)(4) of the Code. 336 (18)Single-family affordable housing bonds means 337 qualified mortgage revenue bonds issued pursuant to s. 143 of 338 the Code which require an allocation of state volume limitation 339 under s. 146 of the Code. 340 (19)Small issue bonds means bonds issued pursuant to s. 341 144(a) of the Code to finance a manufacturing facility as 342 described in s. 144(a)(12)(C) of the Code or the acquisition of 343 farmland or farm property, which require an allocation of state 344 volume limitation under s. 146 of the Code. 345 (20)State volume limitation means the maximum amount of 346 private activity bonds which may be issued in this state during 347 each calendar year as such limit is imposed by s. 146 of the 348 Code, and which is allocated by the division pursuant to this 349 part. 350 (21)Student loan bonds means bonds issued pursuant to s. 351 144(b) of the Code to make or finance student loans which 352 require an allocation of state volume limitation under s. 146 of 353 the Code. 354 (22)TEFRA approval means the approval of a proposed 355 issuance of bonds by an elected official or body of elected 356 officials of the applicable governmental unit after a public 357 hearing or by a referendum of the voters within such 358 governmental unit, as required by s. 147(f) of the Code. 359 Section 4.Section 159.804, Florida Statutes, is repealed. 360 Section 5.Section 159.8041, Florida Statutes, is created 361 to read: 362 159.8041Allocation of state volume limitation; recapture 363 of unused amounts. 364 (1)The division shall annually determine the state volume 365 limitation. The division shall make the state volume limitation 366 information available upon request and shall publish such 367 information on its website. 368 (2)On January 1 of each year, the division shall initially 369 allocate the state volume limitation among the following pools: 370 (a)Fifty percent of the state volume limitation must 371 initially be allocated among the affordable housing allocation 372 pools established in s. 159.8061 for use as provided therein. 373 (b)Twenty-five percent of the state volume limitation must 374 initially be allocated to the corporation pool established in s. 375 159.8062 for use as provided therein. 376 (c)Twenty-five percent of the state volume limitation must 377 initially be allocated to the economic development allocation 378 pool established in s. 159.8063 for use as provided therein. 379 (3)On October 1 of each year, any portion of each 380 allocation of state volume limitation made to the affordable 381 housing allocation pools or the economic development allocation 382 pool pursuant to subsection (2) for which the division has not 383 issued a confirmation must be added to the state allocation 384 pool. 385 (4)On December 1 of each year, any portion of the 386 allocation of state volume limitation made to the corporation 387 pool pursuant to subsection (2) or the state allocation pool 388 pursuant to subsection (3) for which the division has not issued 389 a confirmation must be added to the carryforward allocation 390 pool. Additionally, on December 1 of each year, any portion of 391 the state volume limitation used to issue a confirmation which 392 has not been used by an issuer for the issuance of bonds, as 393 evidenced by receipt by the division of an issuance report, or 394 which has not received a carryforward confirmation pursuant to 395 s. 159.8101(2) or been converted for the issuance of mortgage 396 credit certificates must be added to the carryforward allocation 397 pool. 398 Section 6.Section 159.805, Florida Statutes, is repealed. 399 Section 7.Section 159.8051, Florida Statutes, is created 400 to read: 401 159.8051Procedures for requesting state volume limitation; 402 requirements; prohibitions. 403 (1)Before the issuance of any private activity bond by or 404 on behalf of any issuer, such issuer shall request and obtain an 405 allocation of a portion of the state volume limitation from the 406 division through the issuance of a confirmation, except for 407 private activity bonds issued by the corporation pursuant to s. 408 159.8062(2)(b) from the initial allocation of state volume 409 limitation made by s. 159.8041(2)(b). Such request must be made 410 through a notice of intent to issue containing the information 411 required in this section timely filed with the division in 412 accordance with s. 159.814 by or on behalf of the issuer 413 requesting the confirmation. Any notice of intent to issue that 414 does not conform to this section is not eligible to receive a 415 confirmation and must be rejected. 416 (2)Each notice of intent to issue must include the 417 following information: 418 (a)The name of the issuer requesting the allocation. 419 (b)The name and contact information of the person 420 submitting the notice of intent to issue. 421 (c)The amount of state volume limitation requested. 422 (d)A description of the project and the type of qualified 423 bond, as such term is defined in s. 141(e) of the Code, 424 including the type of exempt facility, as described in s. 142(a) 425 of the Code, if applicable, which will be issued to finance the 426 project. 427 (e)The county or counties in which the project will be 428 located. 429 (f)The pool from which the allocation is requested. 430 (g)The governmental unit that provided any required TEFRA 431 approval, and a certification that, if required, TEFRA approval 432 has been obtained. A notice of intent to issue may not be filed 433 until any required TEFRA approval has been obtained. 434 (h)The fee required by s. 159.811. 435 (i)An opinion or statement of counsel that the project to 436 be financed may be financed with private activity bonds and that 437 an allocation of state volume limitation is required to issue 438 such bonds. 439 (3)A separate notice of intent to issue must be filed for 440 each proposed issuance of private activity bonds. A notice of 441 intent to issue may not request an allocation of state volume 442 limitation for more than one project or more than one purpose. 443 An issuer may not request an allocation of state volume 444 limitation from multiple pools in a single notice of intent to 445 issue. 446 Section 8.Section 159.8052, Florida Statutes, is created 447 to read: 448 159.8052Procedures for evaluating notices of intent to 449 issue; confirmations; requirements; limitations. 450 (1)(a)All notices of intent to issue filed with the 451 division must be evaluated for compliance with this part. Any 452 notice of intent to issue that conforms to the requirements of 453 s. 159.8051 is eligible to receive a confirmation and must be 454 approved, subject to the availability of a sufficient amount of 455 state volume limitation in the appropriate pool. Each business 456 day, the division shall compute the state volume limitation in 457 the pools for which approved notices of intent to issue were 458 received on the previous business day. The division shall issue 459 confirmations, subject to the availability of a sufficient 460 amount of state volume limitation in the appropriate pool. The 461 amount of confirmation, if there is sufficient state volume 462 limitation available to the issuer in the appropriate pool, must 463 be in the amount requested in the approved notice of intent to 464 issue. If the amount of state volume limitation available to the 465 issuer in the appropriate pool is less than the amount requested 466 in the approved notice of intent to issue, the division must 467 issue confirmations in the order of priority established in 468 paragraph (b) until the available state volume limitation in 469 each such applicable pool is exhausted. The division shall 470 maintain continuous records of the cumulative amount of state 471 volume limitation for which confirmations have been granted 472 pursuant to this section. 473 (b)If the division determines that the aggregate amount of 474 state volume limitation requested in notices of intent to issue 475 received by noon of the previous business day exceeds the state 476 volume limitation available to such issuers in the applicable 477 pool, the division must assign a consecutive number to the 478 notice of intent to issue requesting allocation from such pool, 479 draw such numbers randomly to establish the priority of each 480 such notice of intent to issue, and issue confirmations in the 481 order of priority until the available state volume limitation in 482 such pool is exhausted. If the amount of state volume limitation 483 in the appropriate pool is insufficient to issue a confirmation 484 in the amount requested for the prioritized notice of intent to 485 issue, the division must issue a confirmation in the amount of 486 the state volume limitation available and place the balance of 487 the request on a pending list for such pool. The unfilled 488 portion of any such notice of intent to issue and any notices of 489 intent to issue for which there was insufficient state volume 490 limitation to issue a confirmation must be placed on the pending 491 list for the appropriate pool in the priority order established 492 in this paragraph. 493 (c)To the extent that state volume limitation subsequently 494 becomes available for allocation in a pool, notices of intent 495 placed on the pending list for that pool pursuant to paragraph 496 (b) must be given priority for the next available volume 497 limitation for that year before any notices of intent to issue 498 requesting allocation from that pool received by the division 499 after that days random selection. On September 30 of each year, 500 any unfilled notices of intent to issue on the pending lists for 501 the economic development allocation pool or the affordable 502 housing allocation pools must be rejected and the issuer may 503 file a new notice of intent to issue with the division to 504 request a confirmation from the state allocation pool to be 505 considered pursuant to this subsection. On November 30 of each 506 year, any unfilled notices of intent to issue on the pending 507 lists for the state allocation pool must be rejected and the 508 issuer may file a new notice of intent to issue with the 509 division to request a carryforward confirmation to be considered 510 pursuant to s. 159.8101(3). 511 (2)Each confirmation issued pursuant to s. 159.8061, s. 512 159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be 513 effective on November 30 of the year in which it was issued, 514 unless the issuer obtains a carryforward confirmation pursuant 515 to s. 159.8101(2). 516 (3)A confirmation only assures an issuer of an allocation 517 of state volume limitation in such amount and for such purpose 518 as set forth therein until the expiration thereof. Each 519 confirmation granted pursuant to subsection (1) must include the 520 following information: 521 (a)The issuer to which the allocation of state volume 522 limitation is made. 523 (b)The amount of the allocation of state volume limitation 524 granted to the issuer. 525 (c)The project and type of qualified bond for which bonds 526 using such allocation of state volume limitation may be issued. 527 (d)The date on which the confirmation expires. 528 (e)A statement that the allocation of state volume 529 limitation is conditional and may not be considered final until 530 and unless the issuer files an issuance report pursuant to s. 531 159.8053. 532 (4)(a)A confirmation is effective as to private activity 533 bonds issued in an amount less than the amount set forth in such 534 confirmation only if the aggregate amount issued pursuant to 535 such confirmation is not less than 90 percent of the amount set 536 forth therein, together with the amounts of any carryforward 537 confirmation an issuer has for such purpose and any 538 supplementary confirmation, after subtracting any portion 539 thereof which the issuer has elected to convert for the issuance 540 of mortgage credit certificates. 541 (b)A confirmation is not effective as to private activity 542 bonds issued in an amount in excess of the amount set forth in 543 such confirmation. An issuer wishing to issue private activity 544 bonds in an amount in excess of the amount set forth in a 545 confirmation must obtain a supplementary confirmation before the 546 issuance of such bonds by filing a supplementary notice of 547 intent to issue with the division. A supplementary notice of 548 intent to issue must specify the prior confirmation to which it 549 applies and must also include all items required in s. 550 159.8051(2). Such supplementary notice of intent to issue must 551 be filed in accordance with s. 159.814 by or on behalf of the 552 issuer to whom the confirmation was issued. The division shall 553 evaluate supplementary notices of intent to issue for compliance 554 with this part, and, to the extent sufficient state volume 555 limitation is available, the division shall issue a 556 supplementary confirmation pursuant to subsection (1). The 557 amount of state volume limitation allocated in a supplementary 558 confirmation may be added to a prior confirmation for the same 559 project to provide an aggregate allocation of state volume 560 limitation for the issuance of private activity bonds for that 561 project. A supplementary confirmation does not alter the 562 expiration date of the initial confirmation. 563 (c)Upon the expiration of the confirmation, or at any time 564 before such expiration that the issuer notifies the division 565 that the allocation of state volume limitation in such 566 confirmation is no longer necessary, the division shall cancel 567 such confirmation and the allocation of state volume limitation 568 provided therein must be made available for reallocation 569 pursuant to this part. 570 Section 9.Section 159.8053, Florida Statutes, is created 571 to read: 572 159.8053Issuance reports; final certification of 573 allocation. 574 (1)Except for an allocation of state volume limitation 575 that has been converted to the issuance of mortgage credit 576 certificates pursuant to s. 159.80751, no portion of the state 577 volume limitation may be allocated before the filing of an 578 issuance report with the division by or on behalf of the issuer 579 issuing bonds no later than the date on which the confirmation 580 for such bonds expires. An issuers failure to file an issuance 581 report before the expiration of a confirmation will result in 582 the loss of such state volume limitation, regardless of whether 583 the issuer has issued bonds pursuant to such confirmation. 584 (2)Each issuance report must include all of the following 585 information: 586 (a)The name of the issuer issuing such bonds. 587 (b)The confirmation pursuant to which the bonds are being 588 issued. 589 (c)The amount of state volume limitation used by such 590 issuance. 591 (d)The name and series designation of the bonds. 592 (e)The principal amount of bonds issued. 593 (f)The date of issuance and the amount of proceeds 594 distributed at issuance. 595 (g)The purpose for which the bonds were issued, including 596 the private business or entity that will benefit from or use the 597 proceeds of the bonds; the name of the project, if known; the 598 location of the project; whether the project is an acquisition 599 of an existing facility or new construction; and the number 600 products manufactured or the number of residential units, if 601 applicable. 602 (h)The name, role, and contact information of the person 603 submitting the issuance report. 604 (3)At issuance, any portion of the state volume limitation 605 granted in such confirmation that is unissued, except in the 606 case of a carryforward confirmation, immediately reverts to the 607 pool from which the allocation was made and must be made 608 available for reallocation. 609 (4)Following the timely filing of an issuance report, the 610 director of the division shall sign the final certification of 611 allocation. The final certification of allocation may not be 612 issued before the timely receipt of an issuance report pursuant 613 to subsection (1). 614 Section 10.Section 159.806, Florida Statutes, is repealed. 615 Section 11.Section 159.8061, Florida Statutes, is created 616 to read: 617 159.8061Affordable housing allocation pools. 618 (1)(a)The following affordable housing allocation pools 619 are hereby established: 620 1.The regional affordable housing allocation pool. 621 2.The statewide affordable housing allocation pool. 622 (b)The affordable housing allocation pools are available 623 solely for issuing confirmations for affordable housing bonds 624 pursuant to the procedures specified in this section and s. 625 159.8052. 626 (2)(a)From January 1 through May 31 of each year, the 627 allocation made pursuant to s. 159.8041(2)(a) must be allocated 628 to the regional affordable housing allocation pool and 629 distributed among the regions established in paragraph (b). The 630 allocation distributed to each region must be available solely 631 to issue confirmations for affordable housing bonds to issuers 632 located within such region on a first-come, first-served basis 633 for projects located within such region. The amount of volume 634 limitation distributed to each region within the regional 635 affordable housing allocation pool must be an amount 636 proportional to the ratio of the population of the region to the 637 total population of this state. 638 (b)The following regions are established within the 639 regional affordable housing allocation pool for the purposes of 640 this allocation: 641 1.Region 1, consisting of Bay, Calhoun, Columbia, Dixie, 642 Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, 643 Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, 644 Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washington 645 Counties. 646 2.Region 2, consisting of Alachua, Baker, Bradford, Clay, 647 Duval, Flagler, Nassau, Putnam, St. Johns, and Union Counties. 648 3.Region 3, consisting of Citrus, Hernando, Levy, Marion, 649 Pasco, and Pinellas Counties. 650 4.Region 4, consisting of Hardee, Lake, Manatee, Polk, and 651 Sumter Counties. 652 5.Region 5, consisting of Orange, Osceola, and Seminole 653 Counties. 654 6.Region 6, consisting of Brevard, Glades, Highlands, 655 Indian River, Martin, Okeechobee, St. Lucie, and Volusia 656 Counties. 657 7.Region 7, consisting of Hillsborough County. 658 8.Region 8, consisting of Charlotte, Collier, DeSoto, 659 Hendry, Lee, Monroe, and Sarasota Counties. 660 9.Region 9, consisting of Palm Beach County. 661 10.Region 10, consisting of Broward County. 662 11.Region 11, consisting of Miami-Dade County. 663 (3)On June 1 of each year, any portion of the allocation 664 made to the regional affordable allocation pool pursuant to 665 subsection (2) for which the division has not issued a 666 confirmation must be added to the statewide affordable housing 667 allocation pool. On and after June 1 of each year, any portion 668 of such allocation for which a confirmation is relinquished by 669 the issuer receiving such allocation before the expiration 670 thereof must be added to the statewide affordable housing 671 allocation pool. 672 (4)From June 1 through September 30 of each year, the 673 statewide affordable housing allocation pool must be available 674 for issuing confirmations for affordable housing bonds to 675 issuers statewide as provided in this subsection. 676 (a)On July 1 of each year, if a sufficient amount of state 677 volume limitation is available in the statewide affordable 678 housing allocation pool, the division must issue confirmations 679 for all notices of intent to issue previously placed on the 680 pending list for the regional affordable housing pool pursuant 681 to s. 159.8052(1)(b) during such year. After confirmations have 682 been issued for all notices of intent to issue previously placed 683 on the pending list for the regional affordable housing pool 684 pursuant to s. 159.8052(1)(b), the statewide affordable housing 685 allocation pool must be available to issue confirmations on a 686 first-come, first-served basis. Notwithstanding s. 687 159.8052(1)(c), if the amount of state volume limitation 688 available in the statewide affordable housing allocation pool is 689 insufficient to issue a confirmation for each such notice of 690 intent to issue, the division must issue confirmations in the 691 priority order established in paragraph (b). 692 (b)If the division determines that the aggregate amount 693 requested in the notices of intent to issue placed on the 694 pending list for the regional affordable housing pool pursuant 695 to s. 159.8052(1)(b) during such year exceeds the state volume 696 limitation available in the statewide affordable housing 697 allocation pool on June 1, the division must issue confirmations 698 for any such notices of intent to issue for multifamily 699 affordable housing bonds in the priority order established in 700 this paragraph, and then, subject to the availability of state 701 volume limitation, must issue confirmations for any such notices 702 of intent to issue for single-family affordable housing bonds in 703 the priority order established in this paragraph until the 704 available state volume limitation is exhausted. In establishing 705 the priority of each such notice of intent, the division shall 706 first assign a consecutive number to each such notice of intent 707 to issue for multifamily affordable housing bonds and draw such 708 numbers randomly to establish the priority of each such notice 709 of intent to issue. The division shall assign a consecutive 710 number to each such notice of intent to issue for single-family 711 affordable housing bonds and draw such numbers randomly to 712 establish the priority of each such notice of intent to issue. 713 Section 12.Section 159.8062, Florida Statutes, is created 714 to read: 715 159.8062Florida housing finance corporation pool. 716 (1)From January 1 through September 30 of each year, the 717 corporation pool is established and shall be available for the 718 sole purpose of issuing confirmations for affordable housing 719 bonds to the corporation and its assigns pursuant to the 720 procedures specified in s. 159.8052. Before October 1 of any 721 year, the corporation pool is the only pool from which a 722 corporation may receive any allocation of state volume 723 limitation. 724 (2)(a)Notwithstanding s. 159.8051(1), before October 1 of 725 any year, the corporation need not submit a notice of intent to 726 issue or obtain a confirmation for the issuance of affordable 727 housing bonds using the state volume limitation allocated to 728 this pool pursuant to s. 159.8041(2)(b). 729 (b)For affordable housing bonds that the corporation 730 intends to issue on or after October 1 of any year, the 731 corporation must submit a notice of intent to issue no later 732 than September 30 of such year, and the division shall issue a 733 confirmation not exceeding the amount of state volume limitation 734 then available in the corporation pool. The corporation is not 735 subject to the fee required under s. 159.811 for notices of 736 intent to issue submitted pursuant to this paragraph. 737 (3)Prior to June 1 of each year, the corporation may, in 738 its discretion, assign any portion of the state volume 739 limitation in the corporation pool to the affordable housing 740 allocation pools. 741 Section 13.Section 159.8063, Florida Statutes, is created 742 to read: 743 159.8063Economic development allocation pool. 744 (1)The economic development allocation pool is hereby 745 established and is available for issuing confirmations pursuant 746 to the procedures specified in this section and s. 159.8052. 747 (2)The economic development allocation pool must, at all 748 times, first be available to issue confirmations for those 749 portions of a private activity bond requiring an allocation of 750 state volume limitation under s. 146(m) of the Code and to issue 751 confirmations to state issuers and, thereafter, be available as 752 provided in subsection (3). 753 (3)(a)From January 1 through May 31 of each year, the 754 economic development allocation pool must be available for the 755 sole purpose of issuing confirmations for exempt facility bonds, 756 small issue bonds, student loan bonds, and redevelopment bonds 757 to issuers statewide in the priority order established by the 758 Secretary of Commerce as provided in this paragraph. 759 Notwithstanding s. 159.8052(1), any notice of intent to issue 760 requesting a confirmation from the economic development 761 allocation pool which conforms to the requirements of s. 762 159.8051 and is filed with the division before May 1 must be 763 forwarded to the Secretary of Commerce for review. The Secretary 764 of Commerce shall render a decision on or before May 15 as to 765 the order in which such notices of intent to issue are to 766 receive a confirmation. The division shall issue confirmations 767 for such notices of intent to issue in the order of priority 768 established by the Secretary of Commerce within 3 business days 769 after receipt of such decision. 770 (b)The economic development allocation pool must be 771 available from June 1 through September 30 of each year for the 772 sole purpose of issuing confirmations for exempt facility bonds, 773 small issue bonds, student loan bonds, and redevelopment bonds 774 to issuers statewide on a first-come, first-served basis with 775 notification to the Department of Commerce. 776 Section 14.Section 159.807, Florida Statutes, is repealed. 777 Section 15.Section 159.8071, Florida Statutes, is created 778 to read: 779 159.8071State allocation pool.The state allocation pool 780 is hereby established and must be available to issue 781 confirmations pursuant to the procedures specified in s. 782 159.8052, and to issue confirmations for bonds to issuers 783 statewide on a first-come, first-served basis for all types of 784 private activity bonds from October 1 through November 30 of 785 each year. 786 Section 16.Section 159.8075, Florida Statutes, is 787 repealed. 788 Section 17.Section 159.80751, Florida Statutes, is created 789 to read: 790 159.80751Qualified mortgage credit certificates. 791 (1)On or before November 30 of each year, an issuer may 792 elect in writing to the division to convert all or a portion of 793 its allocation of state volume limitation for single-family 794 affordable housing bonds to mortgage credit certificates, 795 provided such election is made before the expiration date of the 796 confirmation granting such allocation. Each issuer shall provide 797 notice of any election made under this section to the governing 798 body of the county for which the issuer was created. Such 799 election is irrevocable. 800 (2)All mortgage credit certificates must be issued under a 801 certification program that is designed to ensure that the 802 requirements of s. 25 of the Code, specifically s. 25(f)(4), are 803 complied with and that meets all requirements adopted by the 804 United States Secretary of the Treasury as set out in applicable 805 regulations. Any potential issuer of mortgage credit 806 certificates must certify in writing to the division that the 807 mortgage credit certification program is certified under s. 25 808 of the Code, specifically s. 25(f)(4). 809 (3)For that portion of the confirmation that an issuer has 810 elected to use for mortgage credit certificates before the 811 expiration thereof, the expiration dates in s. 159.8052(2) do 812 not apply and any unissued mortgage credit certificates will 813 automatically receive a carryforward confirmation. 814 (4)The election referenced in subsection (1) and the 815 certification referenced in subsection (2) must be filed with 816 the division in accordance with s. 159.814. The director of the 817 division is the state official designated to make the 818 certification required by Temporary Regulation 1.25-4T(d) under 819 the Code. 820 Section 18.Subsection (1) of section 159.8081, Florida 821 Statutes, is amended to read: 822 159.8081Manufacturing facility bond pool. 823 (1)There is established the manufacturing facility bond 824 pool. The manufacturing facility bond pool shall be available 825 solely to provide written confirmations for private activity 826 bonds to finance manufacturing facility projects. Allocations 827 from this pool shall be awarded statewide, except as provided in 828 this section, pursuant to the procedures specified in s. 829 159.805, except that the provisions of s. 159.805(2) and (3) do 830 not apply. In issuing written confirmations of allocations for 831 manufacturing facility projects, the division shall use the 832 manufacturing facility bond pool. If allocation is not available 833 from the manufacturing facility bond pool, the division shall 834 issue written confirmations of allocations for manufacturing 835 facility projects pursuant to s. 159.806 or s. 159.807, in that 836 order. For the purpose of determining priority within a regional 837 allocation pool or the state allocation pool, notices of intent 838 to issue bonds for manufacturing facility projects to be issued 839 from a regional allocation pool or the state allocation pool 840 shall be considered to have been received by the division at the 841 time it is determined by the division that the manufacturing 842 facility bond pool is unavailable to issue confirmation for such 843 manufacturing facility project. 844 Section 19.Section 159.8083, Florida Statutes, is 845 repealed. 846 Section 20.Section 159.809, Florida Statutes, is repealed. 847 Section 21.Section 159.8091, Florida Statutes, is created 848 to read: 849 159.8091Carryforward allocation pool. 850 (1)The carryforward allocation pool is hereby established. 851 The carryforward allocation pool is available for the sole 852 purpose of issuing carryforward confirmations to issuers 853 statewide for projects that are entitled under the Code to a 854 carryforward of state volume limitation past the end of the 855 calendar year pursuant to requests that meet the requirements of 856 s. 159.8101(3). 857 (2)On December 15 of each year, or, if December 15 is not 858 a business day, the first business day thereafter, the division 859 shall issue carryforward confirmations as provided for in 860 subsection (3) until the state volume limitation in the 861 carryforward allocation pool is exhausted. 862 (3)The amount of each carryforward confirmation, if there 863 is sufficient state volume limitation in the carryforward 864 allocation pool, must be the amount requested. If the division 865 determines that the aggregate amount of state volume limitation 866 requested for carryforward confirmations pursuant to this 867 section exceeds the amount available in the carryforward 868 allocation pool, the division must assign a consecutive number 869 to each such request, shall draw such numbers randomly to 870 establish the priority of each request, and shall issue 871 carryforward confirmations until the total amount of state 872 volume limitation is exhausted. Any requests in excess of the 873 state volume limitation may not be given any priority in the 874 following calendar year. If any state volume limitation remains 875 in the carryforward allocation pool after issuing carryforward 876 confirmations for all requests filed pursuant to s. 159.8101, 877 the division must make such remaining state volume limitation 878 available to the corporation to be carried forward for the 879 issuance of affordable housing bonds in subsequent years as 880 provided by the Code. Thereafter, any remaining state volume 881 limitation not used as provided in subsection (2) must be 882 carried forward to the next calendar year to the extent 883 permitted by the Code. 884 Section 22.Section 159.81, Florida Statutes, is repealed. 885 Section 23.Section 159.8101, Florida Statutes, is created 886 to read: 887 159.8101Applications for a carryforward; carryforward 888 confirmations. 889 (1)Any issuer that wishes to elect to carryforward an 890 allocation of state volume limitation under s. 146(f) of the 891 Code must first request and obtain a carryforward confirmation 892 from the division. 893 (2)The division shall, when requested, issue a 894 carryforward confirmation for those confirmations issued 895 pursuant to this part for those projects that qualify for a 896 carryforward pursuant to s. 146(f) of the Code, provided that 897 such request includes an opinion of bond counsel that such 898 allocation of state volume limitation will be used for a 899 carryforward purpose pursuant to s. 146(f)(5) of the Code and is 900 received by the division at least 3 business days before the 901 expiration of such confirmation. 902 (3)A request for a carryforward confirmation must be made 903 by filing with the division a notice of intent to issue meeting 904 all requirements of this section and s. 159.8051(2). Such 905 request must include an opinion of bond counsel that such 906 allocation of state volume limitation will be used for a 907 carryforward purpose pursuant to s. 146(f)(5) of the Code. All 908 such requests must be timely filed with the division in 909 accordance with s. 159.814 by or on behalf of the issuer 910 requesting to carryforward an allocation of state volume 911 limitation. 912 Section 24.Section 159.8105, Florida Statutes, is 913 repealed. 914 Section 25.Subsection (1) of section 159.811, Florida 915 Statutes, is amended to read: 916 159.811Fees; trust fund. 917 (1)There shall be imposed a nonrefundable fee on each 918 notice of intent to issue a private activity bond filed with the 919 division pursuant to s. 159.8051 s. 159.805(1). A No notice of 920 intent to issue may not a private activity bond shall be 921 accepted by the division unless and until the fee has been paid. 922 The division shall establish a fee, which may be revised from 923 time to time, must shall be an amount sufficient to cover all 924 expenses of maintaining the allocation system in this part. In 925 calculating the fee, any unexpended trust fund balance remaining 926 unexpended prior to setting the fee shall be deducted from the 927 amount appropriated. The amount of the fee may shall not exceed 928 $500 and may be adjusted no more than once every 6 months. The 929 fee must be included the divisions schedule of fees and 930 expenses in s. 215.65(3). 931 Section 26.Section 159.812, Florida Statutes, is repealed. 932 Section 27.Section 159.814, Florida Statutes, is amended 933 to read: 934 159.814Form of applications for allocations; 935 requirements.All notices of intent to issue for an allocation 936 and applications, requests for a carryforward confirmations, and 937 issuance reports must shall be made in such form as may be 938 prescribed by the division. All such forms may be filed 939 electronically through a portal on the divisions website at 940 such time as the division establishes such portal through which 941 such forms and the fee required by s. 159.811 may be submitted. 942 Notices No notices of intent to issue for allocations of the 943 private activity bond volume limitation for any calendar year 944 may not shall be accepted before prior to January 1 of that 945 calendar year. Notices of intent to issue requesting a 946 confirmation from the affordable housing allocation pools, the 947 economic development allocation pool, or the Corporation pool 948 are considered timely only if filed with the division on or 949 before September 30 of that calendar year, or, if September 30 950 is not a business day, the last business day before September 951 30. Notices of intent to issue requesting a confirmation from 952 the state allocation pool are considered timely only if filed 953 with the division from October 1 through November 30 of that 954 calendar year, or, if November 30 is not a business day, the 955 last business day before November 30. Applications for a 956 carryforward confirmation pursuant to s. 159.8091(1) are 957 considered timely only if filed with the division from December 958 1 through December 15 of that calendar year, or, if December 15 959 is not a business day, the last business day before December 15 960 All notices of intent to issue or application for a carryforward 961 shall be mailed by certified mail return receipt requested or by 962 overnight common carrier delivery service. No notice of intent 963 to issue or application for carryforward shall be accepted by 964 hand delivery from the issuing authority, attorneys, or other 965 parties. All notices of intent to issue or applications for a 966 carryforward shall be received in a standard business size 967 envelope devoid of markings, colors, or other attention 968 gathering devices except for the return address. 969 Section 28.Section 159.815, Florida Statutes, is repealed. 970 Section 29.Section 159.816, Florida Statutes, is amended 971 to read: 972 159.816Certification Certificate as to state volume 973 limitation.Following the timely filing of an issuance report, 974 the director of the division shall execute a final certification 975 of allocation sign the certificate required pursuant to s. 976 149(e)(2)(F) of the Code. 977 Section 30.Subsection (2) of section 420.504, Florida 978 Statutes, is amended to read: 979 420.504Public corporation; creation, membership, terms, 980 expenses. 981 (2)The corporation is constituted as a public 982 instrumentality, and the exercise by the corporation of the 983 power conferred by this act is considered to be the performance 984 of an essential public function. The corporation is an agency 985 for the purposes of s. 120.52 and is a state agency for purposes 986 of s. 159.807(4). The corporation is subject to chapter 119, 987 subject to exceptions applicable to the corporation, and to the 988 provisions of chapter 286; however, the corporation is shall be 989 entitled to provide notice of internal review committee meetings 990 for competitive proposals or procurement to applicants by mail, 991 facsimile, or publication on an Internet website, rather than by 992 means of publication. The corporation is not governed by chapter 993 607 or chapter 617, but by the provisions of this part. If for 994 any reason the establishment of the corporation is deemed in 995 violation of law, such provision is severable and the remainder 996 of this act remains in full force and effect. 997 Section 31.Subsection (3) of section 163.2520, Florida 998 Statutes, is amended to read: 999 163.2520Economic incentives. 1000 (3)Prior to June 1 each year, areas designated by a local 1001 government as urban infill and redevelopment areas shall be 1002 given a priority in the allocation of private activity bonds 1003 from the state pool pursuant to s. 159.8071 s. 159.807. 1004 Section 32.This act shall take effect January 1, 2025.