Bill Text: FL S1168 | 2014 | Regular Session | Introduced

---

Bill Title: Municipal Bonds

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2014-05-02 - Died in Community Affairs [S1168 Detail]

Download: Florida-2014-S1168-Introduced.html

---

       Florida Senate - 2014                                    SB 1168
       
       
        
       By Senator Garcia
       
       
       
       
       
       38-01283-14                                           20141168__
    1                        A bill to be entitled                      
    2         An act relating to municipal bonds; amending s.
    3         166.121, F.S.; requiring approval by referendum for
    4         the issuance of certain municipal bonds; amending s.
    5         100.341, F.S.; providing ballot requirements for
    6         certain municipal bond referenda; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (1) of section 166.121, Florida
   12  Statutes, is amended to read:
   13         166.121 Issuance of bonds.—
   14         (1) Bonds issued under this part shall be authorized by
   15  resolution or ordinance of the governing body and, if required
   16  by the State Constitution or if the amount of the proposed bond
   17  series exceeds $50 million, by affirmative vote of the electors
   18  of the municipality. Such bonds may be issued in one or more
   19  series and shall bear such date or dates, be payable upon demand
   20  or mature at such time or times, bear interest at such rate or
   21  rates, be in such denomination or denominations, be in such
   22  form, registered or not, with or without coupon, carry such
   23  conversion or registration privileges, have such rank or
   24  priority, be executed in such manner, be payable in such medium
   25  of payment, at such place or places, and be subject to such
   26  terms of redemption, with or without premium, be secured in such
   27  manner, and have such other characteristics as may be provided
   28  by such resolution or ordinance or trust indenture or mortgage
   29  issued pursuant thereto.
   30         Section 2. Section 100.341, Florida Statutes, is amended to
   31  read:
   32         100.341 Bond referendum ballot.—The ballots used in bond
   33  referenda shall include a printed description of the issuance of
   34  bonds to be voted on as prescribed by the authority calling the
   35  referendum. A separate statement of each issue of bonds to be
   36  approved, giving the amount of the bonds and interest rate
   37  thereon, together with other details necessary to inform the
   38  electors, shall be printed on the ballots in connection with the
   39  question “For Bonds” and “Against Bonds.” Ballots used in
   40  municipal bond referenda for the issuance of a bond series in
   41  excess of $50 million shall also include the total amount
   42  bonded, the total amount of interest paid thereon, and the cost
   43  to service the debt.
   44         Section 3. This act shall take effect July 1, 2014.