Bill Text: FL S1250 | 2010 | Regular Session | Introduced

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Bill Title: State Housing Trust Fund [WPSC]

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2010-04-30 - Died in Committee on Community Affairs [S1250 Detail]

Download: Florida-2010-S1250-Introduced.html

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Florida Senate - 2010                                    SB 1250 
 
By Senator Smith 
29-00682-10                                           20101250__ 
1                        A bill to be entitled 
2         An act relating to the State Housing Trust Fund; 
3         amending s. 201.15, F.S.; removing a limitation on the 
4         amount of proceeds from the excise tax on documents 
5         which may be deposited into the trust fund; providing 
6         an effective date. 
7 
8  Be It Enacted by the Legislature of the State of Florida: 
9 
10         Section 1. Subsections (9) through (17) of section 201.15, 
11  Florida Statutes, as amended by chapters 2009-21 and 2009-68, 
12  Laws of Florida, are amended to read: 
13         201.15 Distribution of taxes collected.—All taxes collected 
14  under this chapter are subject to the service charge imposed in 
15  s. 215.20(1). Prior to distribution under this section, the 
16  Department of Revenue shall deduct amounts necessary to pay the 
17  costs of the collection and enforcement of the tax levied by 
18  this chapter. Such costs and the service charge may not be 
19  levied against any portion of taxes pledged to debt service on 
20  bonds to the extent that the costs and service charge are 
21  required to pay any amounts relating to the bonds. After 
22  distributions are made pursuant to subsection (1), all of the 
23  costs of the collection and enforcement of the tax levied by 
24  this chapter and the service charge shall be available and 
25  transferred to the extent necessary to pay debt service and any 
26  other amounts payable with respect to bonds authorized before 
27  January 1, 2010, secured by revenues distributed pursuant to 
28  subsection (1). All taxes remaining after deduction of costs and 
29  the service charge shall be distributed as follows: 
30         (9) Seven and fifty-three hundredths The lesser of 7.53 
31  percent of the remaining taxes or $107 million in each fiscal 
32  year shall be paid into the State Treasury to the credit of the 
33  State Housing Trust Fund and used as follows: 
34         (a) Half of that amount shall be used for the purposes for 
35  which the State Housing Trust Fund was created and exists by 
36  law. 
37         (b) Half of that amount shall be paid into the State 
38  Treasury to the credit of the Local Government Housing Trust 
39  Fund and used for the purposes for which the Local Government 
40  Housing Trust Fund was created and exists by law. 
41         (10) Eight and sixty-six hundredths The lesser of 8.66 
42  percent of the remaining taxes or $136 million in each fiscal 
43  year shall be paid into the State Treasury to the credit of the 
44  State Housing Trust Fund and used as follows: 
45         (a) Twelve and one-half percent of that amount shall be 
46  deposited into the State Housing Trust Fund and be expended by 
47  the Department of Community Affairs and by the Florida Housing 
48  Finance Corporation for the purposes for which the State Housing 
49  Trust Fund was created and exists by law. 
50         (b) Eighty-seven and one-half percent of that amount shall 
51  be distributed to the Local Government Housing Trust Fund and 
52  used for the purposes for which the Local Government Housing 
53  Trust Fund was created and exists by law. Funds from this 
54  category may also be used to provide for state and local 
55  services to assist the homeless. 
56         (11) The distribution of proceeds deposited into the Water 
57  Management Lands Trust Fund and the Conservation and Recreation 
58  Lands Trust Fund, pursuant to subsections (4) and (5), may not 
59  be used for land acquisition but may be used for preacquisition 
60  costs associated with land purchases. The Legislature intends 
61  that the Florida Forever program supplant the acquisition 
62  programs formerly authorized under ss. 259.032 and 373.59. 
63         (12) Amounts distributed pursuant to subsections (5), (6), 
64  (7), and (8) are subject to the payment of debt service on 
65  outstanding Conservation and Recreation Lands revenue bonds. 
66         (13) In each fiscal year that the remaining taxes exceed 
67  collections in the prior fiscal year, the stated maximum dollar 
68  amounts provided in subsections (2), (4), (6), and (7), (9), and 
69  (10) shall each be increased by an amount equal to 10 percent of 
70  the increase in the remaining taxes collected under this chapter 
71  multiplied by the applicable percentage provided in those 
72  subsections. 
73         (14) If the payment requirements in any year for bonds 
74  outstanding on July 1, 2007, or bonds issued to refund such 
75  bonds, exceed the limitations of this section, distributions to 
76  the trust fund from which the bond payments are made must be 
77  increased to the lesser of the amount needed to pay bond 
78  obligations or the limit of the applicable percentage 
79  distribution provided in subsections (1)-(8) (1)-(10). 
80         (15) Distributions to the State Housing Trust Fund pursuant 
81  to subsections (9) and (10) must be sufficient to cover amounts 
82  required to be transferred to the Florida Affordable Housing 
83  Guarantee Program’s annual debt service reserve and guarantee 
84  fund pursuant to s. 420.5092(6)(a) and (b) up to the amount 
85  required to be transferred to such reserve and fund based on the 
86  percentage distribution of documentary stamp tax revenues to the 
87  State Housing Trust Fund which is in effect in the 2004-2005 
88  fiscal year. 
89         (15)(16) If amounts necessary to pay debt service or any 
90  other amounts payable with respect to Preservation 2000 bonds, 
91  Florida Forever bonds, or Everglades Restoration bonds 
92  authorized before January 1, 2010, exceed the amounts 
93  distributable pursuant to subsection (1), all moneys 
94  distributable pursuant to this section are available for such 
95  obligations and transferred in the amounts necessary to pay such 
96  obligations when due. However, amounts distributable pursuant to 
97  subsection (2), subsection (3), subsection (4), or subsection 
98  (5), paragraph (9)(a), or paragraph (10)(a) are not available to 
99  pay such obligations to the extent that such moneys are 
100  necessary to pay debt service on bonds secured by revenues 
101  pursuant to those provisions. 
102         (16)(17) After the distributions provided in the preceding 
103  subsections, any remaining taxes shall be paid into the State 
104  Treasury to the credit of the General Revenue Fund. 
105         Section 2. This act shall take effect July 1, 2010.