Bill Text: FL S1496 | 2017 | Regular Session | Introduced


Bill Title: Neighborhood Improvement Districts

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2017-05-05 - Died in Appropriations Subcommittee on Finance and Tax [S1496 Detail]

Download: Florida-2017-S1496-Introduced.html
       Florida Senate - 2017                                    SB 1496
       
       
        
       By Senator Thurston
       
       
       
       
       
       33-00319-17                                           20171496__
    1                        A bill to be entitled                      
    2         An act relating to neighborhood improvement districts;
    3         providing that a city ordinance creating a
    4         neighborhood improvement district may authorize the
    5         district to borrow money, contract loans, and issue
    6         bonds, certificates, warrants, notes, or other
    7         evidence of indebtedness and may pledge the special
    8         assessment power of the district to pay such debts for
    9         the purpose of financing certain capital projects;
   10         conditioning the exercise of such power by a
   11         neighborhood improvement district on approval by the
   12         governing board of the district, city commission, and
   13         electors of the district; establishing requirements
   14         for a referendum; specifying characteristics of such
   15         bonds and loans; providing an effective date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Any ordinance enacted by a municipality pursuant
   20  to s. 163.506, Florida Statutes, to create a neighborhood
   21  improvement district may, in addition to the matters specified
   22  in s. 163.506(1), Florida Statutes, authorize the district to
   23  borrow money, contract loans, and issue bonds, certificates,
   24  warrants, notes, or other evidence of indebtedness to finance
   25  the undertaking of capital projects for a purpose authorized by
   26  the State Constitution and part IV of chapter 163, Florida
   27  Statutes, and may pledge the special assessment power of the
   28  district for the payment of such debts and bonds.
   29         (1)Bonds authorized under this section:
   30         (a)Must be authorized by resolution of the governing board
   31  of the district, by resolution of the city commission, and by a
   32  referendum of the electors of the district. The referendum must
   33  include the estimated cost of the capital projects that are the
   34  subject of the referendum and the amount of the bond issue.
   35         1.Notwithstanding s. 101.6102, Florida Statutes, the
   36  referendum to approve the bond issuance shall be by mail ballot.
   37         2.Within 45 days after the date the city commission enacts
   38  an ordinance calling a referendum pursuant to this paragraph,
   39  the city clerk or the supervisor of elections, whichever is
   40  appropriate, shall compile a list of the names and last known
   41  addresses of the electors in the neighborhood improvement
   42  district from the list of registered voters of the county as of
   43  the last day of the preceding month, which shall be the
   44  registration list for the referendum. A resident of the district
   45  whose name does not appear on the registration list may register
   46  to vote in the referendum as provided by law.
   47         3.Within 45 days after compilation of the voter
   48  registration list, the city clerk or the supervisor of
   49  elections, whichever is appropriate, shall notify each elector
   50  of the provisions of the ordinance and the date of the upcoming
   51  referendum. Notification shall be by United States mail and by
   52  publication, one time, in a newspaper of general circulation in
   53  the municipality in which the district is located.
   54         4.The registration list must remain open for 75 days after
   55  the date of the mailing of the notices to the electors as set
   56  forth in subparagraph 3.
   57         5.Within 15 days after closing the registration list, the
   58  city clerk or the supervisor of elections, whichever is
   59  appropriate, shall send a ballot to each elector at his or her
   60  last known mailing address by first-class United States mail.
   61  The ballot shall include:
   62         a.A description of the provisions of the ordinance
   63  applicable to neighborhood improvement districts; and
   64         b.Immediately thereafter, the following statement:
   65  
   66  Do you favor authorizing the .... Neighborhood Improvement
   67  District to issue bonds in the amount of .... for purposes of
   68  financing capital projects that are estimated to cost $...., as
   69  provided by ...(legal citation of this act)...?
   70  
   71  ....Yes, for authorizing the issuance of bonds for district
   72  purposes.
   73  
   74  ....No, against authorizing the issuance of bonds for district
   75  purposes.
   76  
   77         6.Ballots shall be returned by United States mail or by
   78  personal delivery.
   79         7.All ballots received within 60 days after the closing of
   80  the registration list shall be tabulated by the city clerk or
   81  the supervisor of elections, whichever is appropriate, who shall
   82  certify the results thereof to the city commission no later than
   83  5 days after such 60-day period.
   84         8.The bond issuance is deemed to have been approved only
   85  upon the affirmative vote of a majority of the registered voters
   86  in the district and voting on the issue.
   87         (b)May be issued in one or more series and shall bear such
   88  date or dates; be payable upon demand or mature at such time or
   89  times; bear interest at such rate or rates; be in such
   90  denomination or denominations; be in such form, registered or
   91  not registered, with or without coupon; carry such conversion or
   92  registration privileges; have such rank or priority; be executed
   93  in such manner; be payable in such medium of payment, at such
   94  place or places, and subject to such terms of redemption, with
   95  or without premium, be secured in such manner; and have such
   96  other characteristics as may be provided by a resolution adopted
   97  pursuant to paragraph (a) or a trust indenture or mortgage
   98  issued pursuant thereto.
   99         (2)A loan contracted by a district under the authority of
  100  this section may not have a term that exceeds the life of the
  101  projects secured by the loan.
  102         Section 2. This act shall take effect upon becoming a law.

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