Bill Text: FL S1160 | 2021 | Regular Session | Introduced
Bill Title: Florida Housing Finance Corporation
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2021-04-30 - Died in Community Affairs [S1160 Detail]
Download: Florida-2021-S1160-Introduced.html
Florida Senate - 2021 SB 1160
By Senator Rodriguez
39-01549-21 20211160__
1 A bill to be entitled
2 An act relating to the Florida Housing Finance
3 Corporation; amending s. 420.509, F.S.; designating
4 the corporation, rather than the State Board of
5 Administration, as the state fiscal agency to make
6 determinations in connection with specified bonds;
7 authorizing the corporation board of directors, rather
8 than the State Board of Administration, to delegate to
9 its executive director the authority and power to
10 perform that function; requiring the executive
11 director to annually report specified information to
12 the board of directors, rather than the State Board of
13 Administration; authorizing bonds of the corporation
14 to bear interest at a rate or rates not exceeding
15 specified interest rate limitations, as applicable;
16 amending s. 420.512, F.S.; deleting a prohibition on
17 service providers making contributions in excess of
18 $100 to candidates for membership on the State Board
19 of Administration other than the Governor; amending s.
20 420.5092, F.S.; conforming a provision to changes made
21 by the act; providing an effective date.
22
23 Be It Enacted by the Legislature of the State of Florida:
24
25 Section 1. Subsections (2) and (4) of section 420.509,
26 Florida Statutes, are amended to read:
27 420.509 Revenue bonds.—
28 (2) The corporation State Board of Administration is
29 designated as the state fiscal agency to make the determinations
30 required by s. 16, Art. VII of the State Constitution in
31 connection with the issuance of such bonds that in no state
32 fiscal year will the debt service requirements of the bonds
33 proposed to be issued and all other bonds secured by the same
34 pledged revenues exceed the pledged revenues available for such
35 debt service requirements. The board of directors State Board of
36 Administration may delegate to its executive director the
37 authority and power to perform that function without further
38 review of the agency. The determinations pursuant to this
39 paragraph are limited to a review of the matters essential to
40 making the determinations required by s. 16, Art. VII of the
41 State Constitution. The executive director shall report annually
42 to the board State Board of Administration and the Legislature
43 regarding the number of bond issues considered and the
44 determination with respect thereto.
45 (4) Bonds of the corporation may:
46 (a) Bear interest at a rate or rates not exceeding the
47 interest rate limitation set forth in s. 159.825 or s. 215.84,
48 as applicable s. 215.84(3), unless the State Board of
49 Administration authorizes an interest rate in excess of such
50 maximum;
51 (b) Have such provisions for payment at maturity and
52 redemption before maturity at such time or times and at such
53 price or prices; and
54 (c) Be payable at such place or places within or without
55 the state as the board determines by resolution.
56 Section 2. Paragraphs (a) and (c) of subsection (5) of
57 section 420.512, Florida Statutes, are amended to read:
58 420.512 Conflicts of interest.—
59 (5) Service providers shall comply with the following
60 standards of conduct as a condition of eligibility to be
61 considered or retained to provide services. For purposes of
62 paragraphs (a), (b), and (c) only, the term “service provider”
63 means and is limited to a law firm, an investment bank, or a
64 credit underwriter, and the agents, officers, principals, and
65 professional employees of the service provider.
66 (a) A service provider may not make contributions in any
67 amounts, directly or indirectly, for or on behalf of candidates
68 for Governor, nor shall any service provider make a contribution
69 in excess of $100 to any candidate for a member of the State
70 Board of Administration other than the Governor in Florida while
71 the service provider is included in an applicant pool from which
72 service providers are selected to provide services to the
73 corporation, while the service provider provides services to the
74 corporation, and for the longer of a period of 2 years
75 thereafter or for a period through the next general election for
76 Governor.
77 (c) Service providers shall provide to the corporation a
78 statement that the service provider has not contributed to
79 candidates for Governor or contributed in excess of the amounts
80 allowed by this section for a member of the State Board of
81 Administration or engaged in fundraising activities for or on
82 behalf of candidates for Governor in Florida since the effective
83 date of this section or during the 24 months preceding the
84 service provider’s application to provide services to the
85 corporation, whichever period is shorter.
86 Section 3. Paragraph (b) of subsection (6) of section
87 420.5092, Florida Statutes, is amended to read:
88 420.5092 Florida Affordable Housing Guarantee Program.—
89 (6)
90 (b) If the claims payment obligations under affordable
91 housing guarantees from amounts on deposit in the guarantee fund
92 would cause the claims paying rating assigned to the guarantee
93 fund to be less than the third-highest rating classification of
94 any nationally recognized rating service, which classifications
95 being consistent with s. 215.84(3) and rules adopted thereto by
96 the State Board of Administration, the corporation shall certify
97 to the Chief Financial Officer the amount of such claims payment
98 obligations. Upon receipt of such certification, the Chief
99 Financial Officer shall transfer to the guarantee fund, from the
100 first available taxes distributed to the State Housing Trust
101 Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing
102 state fiscal year, the amount certified as necessary to meet
103 such obligations, such transfer to be subordinate to any
104 transfer referenced in paragraph (a) and not to exceed 50
105 percent of the amounts distributed to the State Housing Trust
106 Fund pursuant to s. 201.15(4)(c) and (d) during the preceding
107 state fiscal year.
108 Section 4. This act shall take effect July 1, 2021.
