Bill Text: FL S1342 | 2011 | Regular Session | Introduced

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Bill Title: School District Financing

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [S1342 Detail]

Download: Florida-2011-S1342-Introduced.html

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       Florida Senate - 2011                                    SB 1342
       
       
       
       By Senator Flores
       
       
       
       
       38-00979A-11                                          20111342__
    1                        A bill to be entitled                      
    2         An act relating to school district financing; amending
    3         s. 1010.49, F.S.; authorizing a district school board
    4         issuing a bond to determine the schedule of maturities
    5         of the bond; deleting a provision requiring payments
    6         on a bond to be as nearly equal as practicable;
    7         extending to 30 years from 20 years the maximum
    8         permissible term of a bond that may be issued by a
    9         district school board without approval from the
   10         Department of Education; providing that a bond is
   11         callable at such times and upon such terms as
   12         prescribed by the district school board; deleting a
   13         requirement for bonds bearing an interest rate greater
   14         than a certain rate to be callable after a certain
   15         period of time after issuance; amending s. 1011.73,
   16         F.S.; extending the maximum duration of the levy of ad
   17         valorem taxes approved by the electors of a school
   18         district for the operating expenses of the district;
   19         providing an effective date.
   20  
   21  Be It Enacted by the Legislature of the State of Florida:
   22  
   23         Section 1. Section 1010.49, Florida Statutes, is amended to
   24  read:
   25         1010.49 Form and denomination of bonds.—The district school
   26  board may prescribe the denomination of the bonds to be issued,
   27  and such bonds may be issued with or without interest coupons in
   28  the discretion of the board. The form of the bonds to be issued
   29  may be prescribed by the State Board of Education on the
   30  recommendation of the Department of Legal Affairs. The schedule
   31  of maturities of the proposed bonds shall be determined by the
   32  district school board so arranged that the total payments
   33  required each year shall be as nearly equal as practicable. The
   34  schedule shall provide that all bonds are to be retired within a
   35  period of 30 20 years from the date of issuance unless a longer
   36  period is required and has been specifically approved by the
   37  Department of Education. All bonds issued under this section are
   38  that bear interest in excess of 2.99 percent shall be callable
   39  at such times and upon such on terms as prescribed by the
   40  district school board beginning not later than 10 years from the
   41  date of issuance.
   42         Section 2. Subsection (2) of section 1011.73, Florida
   43  Statutes, is amended to read:
   44         1011.73 District millage elections.—
   45         (2) MILLAGE AUTHORIZED NOT TO EXCEED 8 4 YEARS.—The
   46  district school board, pursuant to resolution adopted at a
   47  regular meeting, shall direct the county commissioners to call
   48  an election at which the electors within the school district may
   49  approve an ad valorem tax millage as authorized under s.
   50  1011.71(9). Such election may be held at any time, except that
   51  not more than one such election shall be held during any 12
   52  month period. Any millage so authorized shall be levied for a
   53  period not in excess of 8 4 years or until changed by another
   54  millage election, whichever is earlier. If any such election is
   55  invalidated by a court of competent jurisdiction, such
   56  invalidated election shall be considered not to have been held.
   57         Section 3. This act shall take effect July 1, 2011.