Bill Text: FL S1712 | 2018 | Regular Session | Enrolled

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Bill Title: Postsecondary Revenue Bonds and Debt

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2018-03-21 - Chapter No. 2018-28 [S1712 Detail]

Download: Florida-2018-S1712-Enrolled.html

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       ENROLLED
       2018 Legislature                                         SB 1712
       
       
       
       
       
       
                                                             20181712er
    1  
    2         An act relating to postsecondary revenue bonds and
    3         debt; amending s. 1010.62, F.S.; authorizing state
    4         universities to use specified moneys to pay debt
    5         service on revenue bonds if required by a specified
    6         federal program; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (a) of subsection (2) of section
   11  1010.62, Florida Statutes, is amended to read:
   12         1010.62 Revenue bonds and debt.—
   13         (2)(a) The Board of Governors may request the issuance of
   14  revenue bonds pursuant to the State Bond Act and s. 11(d), Art.
   15  VII of the State Constitution to finance or refinance capital
   16  outlay projects permitted by law. Revenue bonds may be secured
   17  by or payable only from those revenues authorized for such
   18  purpose, including the Capital Improvement Trust Fund fee, the
   19  building fee, the health fee, the transportation access fee,
   20  hospital revenues, or those revenues derived from or received in
   21  relation to sales and services of auxiliary enterprises or
   22  component units of the university, including, but not limited
   23  to, housing, transportation, health care, research or research
   24  related activities, food service, retail sales, athletic
   25  activities, or other similar services, other revenues
   26  attributable to the projects to be financed or refinanced, any
   27  other revenue approved by the Legislature for facilities
   28  construction or for securing revenue bonds issued pursuant to s.
   29  11(d), Art. VII of the State Constitution, or any other revenues
   30  permitted by law. Revenues from the activity and service fee and
   31  the athletic fee may be used to pay and secure revenue bonds
   32  except that the annual debt service shall not exceed an amount
   33  equal to 5 percent of the fees collected during the most recent
   34  12 consecutive months for which collection information is
   35  available prior to the sale of the bonds. The assets of a
   36  university foundation and the earnings thereon may also be used
   37  to pay and secure revenue bonds of the university or its direct
   38  support organizations. Revenues from royalties and licensing
   39  fees may also be used to pay and secure revenue bonds so long as
   40  the facilities being financed are functionally related to the
   41  university operation or direct-support organization reporting
   42  such royalties and licensing fees. Revenue bonds may not be
   43  secured by or be payable from, directly or indirectly, tuition,
   44  the financial aid fee, sales and services of educational
   45  departments, revenues from grants and contracts, except for
   46  money received for overhead and indirect costs and other moneys
   47  not required for the payment of direct costs, or any other
   48  operating revenues of a state university. However, moneys due to
   49  the state university from the federal government for the payment
   50  of grants and contracts may be used to pay debt service on
   51  revenue bonds only as required through the United States
   52  Department of Education’s Historically Black College and
   53  University Capital Financing Program. Revenues from one
   54  auxiliary enterprise may not be used to secure revenue bonds of
   55  another unless the Board of Governors, after review and
   56  analysis, determines that the facilities being financed are
   57  functionally related to the auxiliary enterprise revenues being
   58  used to secure such revenue bonds.
   59         Section 2. This act shall take effect July 1, 2018.