Bill Text: FL H1305 | 2011 | Regular Session | Introduced

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Bill Title: Gilchrist County

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [H1305 Detail]

Download: Florida-2011-H1305-Introduced.html

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HB 1305

1	A bill to be entitled
2	An act relating to Gilchrist County; amending chapter 90-
3	467, Laws of Florida; authorizing the School Board of
4	Gilchrist County to issue bonds to finance and refinance
5	the construction of educational facilities and purchase of
6	equipment; authorizing the school board to issue refunding
7	bonds and bond anticipation notes; requiring the school
8	board to pay the principal of, premium for, and interest
9	on such bonds out of racetrack moneys and jai alai fronton
10	moneys that accrue annually to Gilchrist County and are
11	allocated to the school board and from certain other
12	moneys of the school board; providing for the investment
13	of the proceeds of the sale of bonds; making the bonds
14	legal investments, lawful collateral for public deposits,
15	and negotiable instruments; providing that a referendum is
16	not required to exercise any powers under the act, unless
17	required by the State Constitution; affirming the
18	distribution of racetrack moneys and jai alai fronton
19	moneys that accrue to Gilchrist County and are allocated
20	to the district school board and the board of county
21	commissioners; providing construction; providing an
22	effective date.
23
24	Be It Enacted by the Legislature of the State of Florida:
25
26	Section 1.  Sections 1, 2, 3, 5, and 6 of chapter 90-467,
27	Laws of Florida, are amended to read:
28	Section 1.  Authority to finance and refinance educational
29	facilities and equipment construct classrooms at Bell High
30	School.-The District School Board of Gilchrist County may
31	implement a program to finance and refinance educational
32	facilities and equipment within the district construct
33	classrooms at Bell High School.
34	Section 2.  Authority to issue bonds to finance
35	construction.-
36	(1)  The District School Board of Gilchrist County may
37	issue bonds in one or more series in an aggregate principal
38	amount not exceeding $1,000,000 to pay all or any portion of the
39	cost of constructing capital improvements or repairs to
40	educational facilities and to purchase equipment for educational
41	facilities located within Gilchrist County classrooms at Bell
42	High School. The school board shall specify the rate or rates of
43	interest of the bonds and shall specify the date or dates of
44	maturity of the bonds, which may be no later than 30 20 years
45	after the date of issuance.
46	(2)  Prior to issuing bonds pursuant to this section, the
47	school board must:
48	(a)  Specify if the bonds are registrable as to principal
49	only or principal and interest or in fully registered form;
50	(b)  Determine the denominations of the bonds; and
51	(c)  Determine the place where the bonds may be redeemed
52	which may be at a bank or a trust company.
53	(3)  The school board may provide that the bonds be
54	redeemed before maturity. Prior to the issuance of such bonds,
55	the school board must specify the terms and conditions under
56	which they may be redeemed and the prices payable if such bonds
57	are redeemed before maturity.
58	(4)  The school board may enter into a trust agreement with
59	a bank or a trust company to provide for payment of the bonds.
60	(5)  Bonds issued pursuant to this section must bear the
61	manual or facsimile signatures of the chairman and the secretary
62	of the school board. However, at least one of the signatures
63	must be manually executed upon each bond. If there are coupons
64	attached to the bonds, the coupons must bear the facsimile
65	signatures of the chairman and the secretary of the school
66	board. Bonds issued pursuant to this section must be imprinted
67	with the seal of the school board.
68	(6)  The bonds may be sold either at public or private sale
69	by competitive or negotiated sale and at such prices and subject
70	to such terms and conditions as the school board determines to
71	be in its best interest as long as the terms and conditions
72	comply with applicable state statutes.
73	Section 3.  Authority to issue refunding bonds.-Subject to
74	the limitations of section 2, the District School Board of
75	Gilchrist County may issue refunding bonds to refund all or any
76	series or any maturity of a bond bonds issued to pay for the
77	cost of constructing classrooms at Bell High School. The
78	refunding bonds may must be issued in an amount sufficient to
79	pay:
80	(1)  The principal of the refunding bonds;
81	(2)  The interest due and payable on the refunding bonds to
82	and including the first date upon which they are callable prior
83	to maturity, or the dates upon which the principal thereof
84	matures;
85	(3)  The redemption premium, if any, on the refunding
86	bonds; and
87	(4)  Any expenses of the issuance and sale of the refunding
88	bonds.
89	Section 5.  Security for bonds and notes.-During the period
90	bonds and notes issued by the District School Board of Gilchrist
91	County pursuant to this act are outstanding, the school board
92	shall annually pledge all or a $100,000 of the portion of the
93	racetrack moneys and jai alai fronton moneys that annually
94	accrue to Gilchrist County pursuant to chapters 550 and 551,
95	Florida Statutes, and are annually allocated to the school board
96	pursuant to chapter 63-942, Laws of Florida, as amended by
97	section 12 of this act as security for the payment of the
98	principal of, the premium for, if any, and the interest on such
99	bonds and notes. The school board shall pay the principal of,
100	the premium for, and the interest on such bonds and notes from
101	such moneys and from any other moneys legally available for that
102	purpose.
103	Section 6.  Amounts Cost of classroom construction payable
104	from bond proceeds.-The cost of the classroom construction
105	project for which bonds may be issued pursuant to this act may
106	not exceed $1,000,000. The cost of the projects project for
107	which bonds may be issued includes, without limitation, the cost
108	of acquiring, constructing, installing, and equipping the
109	educational facilities and equipment classrooms; the cost of
110	real property acquired for the project; legal, engineering,
111	fiscal, and architectural fees; fees of other experts or
112	consultants employed by the school board; the costs of
113	engineering or architectural studies, surveys, plans, and
114	designs; the administrative costs of issuing, advertising, and
115	selling the bonds; the capitalization of interest for 1 year
116	after completion of the project; the creation and capitalization
117	of reasonable reserves for debt service on the bonds, if any;
118	bond discount, if any; the cost of municipal bond insurance; and
119	any other costs that are necessary, incidental, or appurtenant
120	to the purposes authorized under this section.
121	Section 2.  In the event of a conflict of the provisions of
122	this act with the provisions of any other act, the provisions of
123	this act shall control to the extent of such conflict.
124	Section 3.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.