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
HB 7069 2024
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; specifying
12 how the division must allocate the state volume
13 limitation; repealing s. 159.805, F.S., relating to
14 procedures for obtaining allocations, requirements,
15 limitations on allocations, and issuance reports;
16 creating s. 159.8051, F.S.; establishing procedures
17 for the issuance of private activity bonds; providing
18 requirements for notices of intent to issue private
19 activity bonds; requiring that a separate notice of
20 intent to issue be filed for each proposed issuance of
21 a private activity bond; creating s. 159.8052, F.S.;
22 providing procedures for the evaluation, approval, and
23 confirmation of notices of intent to issue private
24 activity bonds; providing that certain confirmations
25 expire on a specified date unless a certain
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26 requirement is met; requiring that certain
27 confirmations include specified information; providing
28 conditions under which a confirmation of allocation is
29 effective or not effective; providing requirements for
30 the issuance of private activity bonds in excess of
31 the amount set forth in the confirmation; requiring
32 the division to cancel a confirmation of allocation
33 and reallocate the state volume limitation under
34 certain circumstances; creating s. 159.8053, F.S.;
35 prohibiting the allocation of state volume limitation
36 before an issuance report is filed; providing an
37 exception; providing that failure to file an issuance
38 report will result in specified action; providing
39 requirements for issuance reports; providing for the
40 reversion and reallocation of certain unissued state
41 volume limitation n; requiring the director of the
42 division to sign a final certification of allocation
43 after timely filing of an issuance report; repealing
44 s. 159.806, F.S., relating to regional allocation
45 pools; creating s. 159.8061, F.S.; establishing
46 affordable housing allocation pools for a specified
47 purpose; requiring allocation and distribution of
48 specified state volume limitation during specified
49 time period annually; providing requirements for such
50 allocations; establishing regions within the regional
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51 affordable housing allocation pool; requiring
52 allocations be transferred to the statewide affordable
53 housing allocation pool in certain circumstances;
54 providing requirements for issuance of confirmations
55 by the division; creating s. 159.8062, F.S.;
56 establishing the Florida Housing Finance Corporation
57 pool for a specified timeframe each year; providing
58 purpose of the pool; requiring the Florida Housing
59 Finance Corporation to use a specified pool before a
60 date certain; providing requirements for the
61 corporation's use of such pool; authorizing the
62 corporation to assign certain state volume limitation
63 to specified pools; creating s. 159.8063, F.S.;
64 establishing the economic development allocation pool;
65 providing the availability of such pool for specified
66 purposes; providing requirements for processing
67 certain notices of intent; repealing s. 159.807, F.S.,
68 relating to the state allocation pool; creating s.
69 159.8071, F.S.; establishing the state allocation pool
70 to issue confirmations for certain purposes during a
71 specified timeframe each year; repealing s. 159.8075,
72 F.S., relating to qualified mortgage credit
73 certificates; creating s. 159.80751, F.S.; authorizing
74 conversion of state volume limitation for certain
75 bonds to mortgage credit certificates in certain
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76 situations; providing requirements for the issuance
77 such certificates; providing that certain expiration
78 dates do not apply under certain circumstances;
79 requiring certain unissued mortgage credit
80 certificates to automatically receive a carryforward
81 confirmation; requiring that certain elections and
82 certifications be filed with the division; designating
83 the director of the division to be the state official
84 authorized to make a required certification; repealing
85 s. 159.8081, F.S., relating to the Manufacturing
86 Facility Bond Pool; repealing s. 159.8083, F.S.,
87 relating to the Florida First Business allocation
88 pool; repealing s. 159.809, F.S., relating to
89 recapture of unused amounts; creating s. 159.8091,
90 F.S.; establishing the carryforward allocation pool;
91 providing the purpose of such pool; providing
92 requirements for carryforward confirmations; repealing
93 s. 159.81, F.S., relating to unused allocations;
94 creating s. 159.8101, F.S.; requiring an issuer to
95 request and obtain carryforward confirmation from the
96 division in certain circumstances; authorizing the
97 division to issue a carryforward confirmation when
98 certain conditions are met; providing requirements for
99 requesting a carryforward confirmation; repealing s.
100 159.8105, F.S., relating to allocation of bonds for
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101 water and wastewater infrastructure projects; amending
102 s. 159.811, F.S.; conforming provisions to changes
103 made by the act; repealing s. 159.812, F.S., relating
104 to a grandfather clause; amending s. 159.814, F.S.;
105 revising requirements for applications for
106 allocations; authorizing electronic submission;
107 providing that certain notices of intent and
108 applications are only timely filed within specified
109 timeframes; deleting obsolete provisions; repealing s.
110 159.815, F.S., relating to rules; amending s. 159.816,
111 F.S.; revising procedures for the execution of a final
112 certification of allocation; amending ss. 420.504 and
113 163.2520, F.S.; conforming provisions to changes made
114 by the act; providing an effective date.
115
116 Be It Enacted by the Legislature of the State of Florida:
117
118 Section 1. Subsection (10) of section 159.608, Florida
119 Statutes, is amended to read:
120 159.608 Powers of housing finance authorities.—A housing
121 finance authority shall constitute a public body corporate and
122 politic, exercising the public and essential governmental
123 functions set forth in this act, and shall exercise its power to
124 borrow only for the purpose as provided herein:
125 (10)(a) To make loans or grant surplus funds to
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126 corporations that qualify as not-for-profit corporations under
127 s. 501(c)(3) of the Internal Revenue Code of 1986, as amended,
128 and under the laws of this state, for the development of
129 affordable housing; and
130 (b) To do anything necessary or appropriate to further the
131 purpose for which a housing finance authority is established,
132 pursuant to s. 159.602, including, as further described in s.
133 159.80751 s. 159.8075, the power to issue mortgage credit
134 certificates to the extent allocation is available for that
135 purpose to qualifying individuals in lieu of issuing qualified
136 mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal
137 Revenue Code of 1986, as amended, or a combination of the two.
138 Mortgage credit certificates may not be issued on December 30 or
139 December 31 of any year.
140 Section 2. Section 159.802, Florida Statutes, is amended
141 to read:
142 159.802 Purpose; legislative findings and intent.—
143 (1) The purpose of this part is to allocate the state
144 volume limitation imposed on private activity bonds under s. 146
145 of the Code. A no private activity bond subject to the
146 limitation in s. 146 of the Code may not shall be issued in this
147 state unless a written confirmation therefor is issued pursuant
148 to this part.
149 (2) The Legislature finds and declares that private
150 activity bonds are used to finance improvements, projects, and
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151 programs that serve important public purposes and benefit the
152 social and economic well-being of the people of this state. The
153 Legislature recognizes that the exemption of interest on private
154 activity bonds from federal income taxation and the concomitant
155 reduced interest costs have been central to the marketability of
156 such bonds.
157 (3) It is the intent of the Legislature that issuers use
158 the state volume limitation in such a manner as to maximize the
159 amount of private activity bonds that may be issued in this
160 state which will benefit the social and economic well-being of
161 the people of this state by increasing the number of
162 improvements, projects, and programs that may be financed in a
163 given year and that, to the extent that any portion of state
164 volume limitation allocated to an issuer is carried forward, it
165 be used to issue private activity bonds before its expiration.
166 Section 3. Section 159.803, Florida Statutes, is amended
167 to read:
168 159.803 Definitions.—As used in this part, the term:
169 (1) "Affordable housing bonds" means multifamily
170 affordable housing bonds and single-family affordable housing
171 bonds.
172 (1) "County" means the geographic boundaries of each
173 county as established by law.
174 (16)(2) "Private activity bond" or "bond" means any bond
175 which requires an allocation pursuant to s. 146 of the Code.
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176 (3) "Director" means the director of the Division of Bond
177 Finance of the State Board of Administration or his or her
178 designee.
179 (4) "Agency" means the State of Florida, any unit of local
180 government, industrial development authority, or other entity in
181 this state authorized to issue private activity bonds.
182 (5) "Priority project" means a solid waste disposal
183 facility or a sewage facility, as such terms are defined in s.
184 142 of the Code, or a water facility, as defined in s. 142 of
185 the Code, which is operated by a member-owned, not-for-profit
186 utility, or any project which is to be located in an area which
187 is an enterprise zone designated pursuant to s. 290.0065.
188 (6) "Division" means the Division of Bond Finance of the
189 State Board of Administration.
190 (11)(7) "Issued" or "issuance" has the same meaning as in
191 the Code.
192 (3)(8) "Code" means the Internal Revenue Code of 1986, as
193 amended, and the regulations and rulings issued thereunder.
194 (9) "Housing bonds" means bonds issued pursuant to s.
195 142(d) of the Code to finance qualified residential units or
196 mortgage revenue bonds issued pursuant to s. 143 of the Code
197 which require an allocation under s. 146 of the Code.
198 (10) "Manufacturing facility" means a facility described
199 in s. 144(a)(12)(C) of the Code.
200 (11) "Florida First Business project" means any project
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201 which is certified by the Department of Commerce as eligible to
202 receive an allocation from the Florida First Business allocation
203 pool established pursuant to s. 159.8083. The Department of
204 Commerce may certify those projects proposed by a business which
205 qualify as a target industry business as defined in s. 288.005
206 or any project providing a substantial economic benefit to this
207 state. The department shall develop measurement protocols and
208 performance measures to determine what competitive value a
209 project by a target industry bu