Bill Text: FL S7054 | 2024 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Private Activity Bonds
Spectrum: Committee Bill
Status: (Passed) 2024-06-03 - Chapter No. 2024-220 [S7054 Detail]
Download: Florida-2024-S7054-Introduced.html
Bill Title: Private Activity Bonds
Spectrum: Committee Bill
Status: (Passed) 2024-06-03 - Chapter No. 2024-220 [S7054 Detail]
Download: Florida-2024-S7054-Introduced.html
Florida Senate - 2024 SB 7054 By the Committee on Community Affairs 578-03041-24 20247054__ 1 A bill to be entitled 2 An act relating to private activity bonds; amending s. 3 159.608, F.S.; conforming a cross-reference; amending 4 s. 159.802, F.S.; providing legislative findings and 5 intent; amending s. 159.803, F.S.; revising and 6 defining terms; repealing s. 159.804, F.S., relating 7 to allocation of state volume limitation; creating s. 8 159.8041, F.S.; requiring the Division of Bond Finance 9 of the State Board of Administration to annually 10 determine the state volume limitation and publicize 11 such information; requiring the division, on a 12 specified date each year, to initially allocate the 13 state volume limitation in a specified manner among 14 specified pools; requiring that any portion of each 15 allocation of state volume limitation made to certain 16 pools for which the division has not issued a 17 confirmation be added to either the state allocation 18 pool or carryforward allocation pool, respectively, by 19 a certain date; requiring that any portion of the 20 state volume limitation used to issue confirmation 21 which has not been used in a specified manner or has 22 not received a carryforward confirmation or been 23 converted for the issuance of mortgage certificates be 24 added to the carryforward allocation pool; repealing 25 s. 159.805, F.S., relating to procedures for obtaining 26 allocations, requirements, limitations on allocations, 27 and issuance reports; creating s. 159.8051, F.S.; 28 establishing procedures for the issuance of private 29 activity bonds; providing requirements for notices of 30 intent to issue private activity bonds; requiring that 31 a separate notice of intent to issue be filed for each 32 proposed issuance of a private activity bond; creating 33 s. 159.8052, F.S.; providing procedures for the 34 evaluation, approval, and confirmation of notices of 35 intent to issue private activity bonds; providing 36 procedures for the division to follow if the amount of 37 state volume limitation requested in notices of intent 38 to issue private activity bonds exceeds the state 39 volume limitation available to issuers; providing 40 procedures for the allocation of state volume 41 limitation that subsequently becomes available for 42 allocation; providing that certain confirmations 43 expire on a specified date unless a certain 44 requirement is met; requiring that certain 45 confirmations include certain information; providing 46 that a confirmation is effective as to certain private 47 activity bonds only in specified circumstances; 48 prohibiting the effectiveness of a confirmation of 49 allocation when more private activity bonds are issued 50 than set forth in such confirmation; providing 51 requirements for the issuance of private activity 52 bonds in excess of the amount set forth in the 53 confirmation; requiring the division to cancel a 54 confirmation of allocation and reallocate the state 55 volume limitation under certain circumstances; 56 creating s. 159.8053, F.S.; prohibiting the allocation 57 of state volume limitation before an issuance report 58 is filed by or on behalf of the issuer issuing bonds 59 before the expiration of confirmation of allocation 60 for such bonds; providing requirements for issuance 61 reports; providing for the reversion of certain 62 unissued state volume limitation and requiring that it 63 be made available for reallocation; requiring the 64 director of the division to sign a final certification 65 of allocation after timely filing of an issuance 66 report; repealing s. 159.806, F.S., relating to 67 regional allocation pools; creating s. 159.8061, F.S.; 68 establishing affordable housing allocation pools for a 69 specified purpose; requiring that a certain allocation 70 be allocated and distributed to the regional 71 affordable housing allocation pool and distributed 72 among specified regions; providing requirements for 73 such allocations; establishing regions within the 74 regional affordable housing allocation pool; requiring 75 that, on a specified date, any portion of the 76 allocation made to such pool for which the division 77 has not issued a confirmation be added to the 78 statewide affordable housing allocation pool; 79 requiring that the pool be available for issuing 80 confirmations for affordable housing bonds to issuers 81 statewide during a specified timeframe; requiring the 82 division, on a specified date each year, to issue 83 confirmations for all notices of intent to issue 84 previously placed on the pending list for the regional 85 affordable housing pool if sufficient state volume 86 limitation is available; providing procedures for the 87 issuance of confirmations after confirmations are 88 issued for all notices of intent to issue previously 89 placed on the pending list for the regional housing 90 pool; providing procedures for the issuance of 91 confirmations when the division determines that the 92 amount of notices of intent to issue exceeds the state 93 volume limitation; creating s. 159.8062, F.S.; 94 establishing the corporation pool for a specified 95 timeframe each year to issue confirmations for 96 affordable housing bonds to corporations; providing 97 procedures for the issuance of confirmations; 98 providing that, prior to a specified date, the 99 corporation pool is the only pool from which a 100 corporation may receive allocations of state volume 101 limitation; providing that the corporation is not 102 required to submit a notice of intent to issue 103 affordable housing bonds or to obtain a confirmation 104 for the issuance of bonds before a specified date; 105 requiring the corporation to submit a notice of intent 106 to issue on or before a certain date for affordable 107 housing bonds that the corporation intends to issue on 108 or after a certain date; exempting the corporation 109 from a specified fee; authorizing the corporation to 110 assign a portion of its state volume limitation to 111 specified pools before a certain date each year; 112 creating s. 159.8063, F.S.; establishing the economic 113 development allocation pool; requiring that the 114 economic development allocation pool be first 115 available to issue confirmations pursuant to specified 116 procedures; requiring the economic development 117 allocation pool to be available for the sole purpose 118 of issuing confirmations for certain bonds during a 119 certain timeframe each year; requiring that certain 120 notices of intent to issue requesting confirmation 121 from the economic development allocation pool which 122 conform with certain requirements and are filed by a 123 certain date be forwarded to the Secretary of Commerce 124 for review and the rendering of a decision; requiring 125 the division to issue confirmation for such notices of 126 intent to issue in a specified order of priority 127 within a specified timeframe; requiring the economic 128 development pool to be available for a specified sole 129 purpose during a later specified timeframe, with 130 notification to the Department of Commerce; repealing 131 s. 159.807, F.S., relating to the state allocation 132 pool; creating s. 159.8071, F.S.; establishing the 133 state allocation pool to issue confirmations for all 134 types of private activity bonds during a specified 135 timeframe each year; repealing s. 159.8075, F.S., 136 relating to qualified mortgage credit certificates; 137 creating s. 159.80751, F.S.; authorizing an issuer to 138 convert all or a portion of its allocation of state 139 volume limitation for certain affordable housing bonds 140 to mortgage credit certificates if certain conditions 141 are met; providing requirements for the issuance of 142 mortgage credit certificates; providing that elections 143 to convert are irrevocable; requiring that mortgage 144 credit certificates be issued under a certification 145 program that meets specified requirements; requiring 146 potential issuers to certify in writing to the 147 division that the mortgage credit certification 148 program is certified under specified federal law; 149 providing that certain expiration dates do not apply 150 under certain circumstances and that certain unissued 151 mortgage credit certificates will automatically 152 receive a carryforward confirmation; requiring that 153 certain elections and certifications be filed with the 154 division; designating the director of the division as 155 the state official authorized to make a required 156 certification; repealing s. 159.8081, F.S.; relating 157 to the Manufacturing Facility Bond Pool; repealing s. 158 159.8083, F.S., relating to the Florida First Business 159 allocation pool; repealing s. 159.809, F.S., relating 160 to recapture of unused amounts; creating s. 159.8091, 161 F.S.; establishing the carryforward allocation pool 162 for the sole purpose of issuing carryforward 163 confirmations to issuers for specified projects; 164 requiring the division to issue certain carryforward 165 confirmations until a specified occurrence; requiring 166 that the amount of each carryforward confirmation be 167 the amount requested if there is sufficient state 168 volume limitation in the carryforward allocation pool; 169 requiring the division to use a specified 170 prioritization process when the aggregated amount 171 requested exceeds the available amount; providing for 172 the carryforward of certain state volume limitations; 173 repealing s. 159.81, F.S., relating to unused 174 allocations; creating s. 159.8101, F.S.; requiring an 175 issuer that elects to carryforward an allocation to 176 request and obtain carryforward confirmation from the 177 division; requiring the division, upon request, to 178 issue a carryforward confirmation when certain 179 conditions are met; providing requirements for 180 requesting a carryforward confirmation; repealing s. 181 159.8105, F.S., relating to allocation of bonds for 182 water and wastewater infrastructure projects; amending 183 s. 159.811, F.S.; conforming provisions to changes 184 made by the act; making technical changes; repealing 185 s. 159.812, F.S., relating to a grandfather clause; 186 amending s. 159.814, F.S.; providing requirements for 187 the form of applications for allocations; providing 188 that certain notices of intent and applications for 189 carryforward confirmation are timely filed only if 190 filed with the division within specified timeframes; 191 deleting obsolete provisions; repealing s. 159.815, 192 F.S., relating to rules; amending s. 159.816, F.S.; 193 requiring the director of the division to execute a 194 final certification of allocation following the timely 195 filing of an issuance report; amending s. 163.2520, 196 F.S.; conforming a provision to changes made by the 197 act; amending s. 420.504, F.S.; conforming provisions 198 to changes made by the act; providing an effective 199 date. 200 201 Be It Enacted by the Legislature of the State of Florida: 202 203 Section 1. Subsection (10) of section 159.608, Florida 204 Statutes, is amended to read: 205 159.608 Powers of housing finance authorities.—A housing 206 finance authority shall constitute a public body corporate and 207 politic, exercising the public and essential governmental 208 functions set forth in this act, and shall exercise its power to 209 borrow only for the purpose as provided herein: 210 (10)(a) To make loans or grant surplus funds to 211 corporations that qualify as not-for-profit corporations under 212 s. 501(c)(3) of the Internal Revenue Code of 1986, as amended, 213 and under the laws of this state, for the development of 214 affordable housing; and 215 (b) To do anything necessary or appropriate to further the 216 purpose for which a housing finance authority is established, 217 pursuant to s. 159.602, including, as further described in s. 218 159.08751s.159.8075, the power to issue mortgage credit 219 certificates to the extent allocation is available for that 220 purpose to qualifying individuals in lieu of issuing qualified 221 mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal 222 Revenue Code of 1986, as amended, or a combination of the two. 223 Mortgage credit certificates may not be issued on December 30 or 224 December 31 of any year. 225 Section 2. Section 159.802, Florida Statutes, is amended to 226 read: 227 159.802 Purpose; legislative findings and intent.— 228 (1) The purpose of this part is to allocate the state 229 volume limitation imposed on private activity bonds under s. 146 230 of the Code. Anoprivate activity bond subject to the 231 limitation in s. 146 of the Code may notshallbe issued in this 232 state unless awrittenconfirmation therefor is issued pursuant 233 to this part. 234 (2) The Legislature finds and declares that private 235 activity bonds are used to finance improvements, projects, and 236 programs that serve important public purposes and benefit the 237 social and economic well-being of the people of this state. The 238 Legislature recognizes that the exemption of interest on private 239 activity bonds from federal income taxation and the concomitant 240 reduced interest costs have been central to the marketability of 241 such bonds. 242 (3) It is the intent of the Legislature that issuers use 243 the state volume limitation in such a manner as to maximize the 244 amount of private activity bonds that may be issued in this 245 state which will benefit the social and economic well-being of 246 the people of this state by increasing the number of 247 improvements, projects, and programs that may be financed in a 248 given year and that, to the extent that any portion of state 249 volume limitation allocated to an issuer is carried forward, it 250 be used to issue private activity bonds before its expiration. 251 Section 3. Section 159.803, Florida Statutes, is reordered 252 and amended to read: 253 159.803 Definitions.—As used in this part, the term: 254 (1) “Affordable housing bonds” means multifamily affordable 255 housing bonds and single-family affordable housing bonds. 256(1) “County” means the geographic boundaries of each county257as established by law.258 (16)(2)“Private activity bond” or “bond” means any bond 259 which requires an allocation pursuant to s. 146 of the Code. 260(3) “Director” means the director of the Division of Bond261Finance of the State Board of Administration or his or her262designee.263(4) “Agency” means the State of Florida, any unit of local264government, industrial development authority, or other entity in265this state authorized to issue private activity bonds.266(5) “Priority project” means a solid waste disposal267facility or a sewage facility, as such terms are defined in s.268142 of the Code, or a water facility, as defined in s. 142 of269the Code, which is operated by a member-owned, not-for-profit270utility, or any project which is to be located in an area which271is an enterprise zone designated pursuant to s. 290.0065.272 (6) “Division” means the Division of Bond Finance of the 273 State Board of Administration. 274 (11)(7)“Issued” or “issuance” has the same meaning as in 275 the Code. 276 (3)(8)“Code” means the Internal Revenue Code of 1986, as 277 amended, and the regulations and rulings issued thereunder. 278(9) “Housing bonds” means bonds issued pursuant to s.279142(d) of the Code to finance qualified residential units or280mortgage revenue bonds issued pursuant to s. 143 of the Code281which require an allocation under s. 146 of the Code.282(10) “Manufacturing facility” means a facility described in283s. 144(a)(12)(C) of the Code.284(11)“Florida First Business project” means any project285which is certified by the Department of Commerce as eligible to286receive an allocation from the Florida First Business allocation287pool established pursuant to s. 159.8083. The Department of288Commerce may certify those projects proposed by a business which289qualify as a target industry business as defined in s. 288.005290or any project providing a substantial economic benefit to this291state. The department shall develop measurement protocols and292performance measures to determine what competitive value a293project by a target industry business will bring to the state294pursuant to ss. 20.60(5)(a)3. and 288.061(2).295 (13)(12)“Mortgage credit certificate” means those 296 certificates issued pursuant to s. 25 of the Code. 297 (2) “Carryforward confirmation” means a confirmation for a 298 project that qualifies for a carryforward pursuant to s. 299 146(f)(5) of the Code which authorizes the issuer to make an 300 election to carry forward such allocation of state volume 301 limitation beyond the end of the current calendar year in 302 accordance with s. 146(f) of the Code. 303 (4) “Confirmation” means the conditional allocation of a 304 portion of the state volume limitation to an issuer, made 305 pursuant to a timely filed notice of intent to issue, which is 306 contingent upon the issuer’s timely filing of an issuance 307 report. 308 (5) “Corporation” means the Florida Housing Finance 309 Corporation created by s. 420.504. 310 (7) “Exempt facility bonds” means any bonds, except 311 multifamily affordable housing bonds, issued pursuant to s. 142 312 of the Code to finance facilities and projects that are listed 313 in s. 142(a) of the Code which require an allocation of state 314 volume limitation under s. 146 of the Code. 315 (8) “Final certification of allocation” means the 316 certification issued by the division following the timely filing 317 of an issuance report which establishes the final amount of 318 state volume limitation allocated to an issuer for an issuance 319 of private activity bonds as required in s. 149(e)(2)(F) of the 320 Code. 321 (9) “Governmental unit” means the general-purpose 322 governmental unit, as defined in the Code, which provides 323 approval under the federal Tax Equity and Fiscal Responsibility 324 Act (TEFRA) for proposed issuances of private activity bonds for 325 issuers within its jurisdiction. 326 (10) “Issuance report” means the form containing the 327 information described in s. 159.8053(2) by which an issuer 328 notifies the division of its issuance of bonds pursuant to a 329 confirmation. 330 (12) “Issuer” means the State of Florida, any governmental 331 unit, a housing finance authority, an industrial development 332 authority, or any other entity in this state authorized to issue 333 private activity bonds. 334 (14) “Multifamily affordable housing bonds” means bonds 335 issued pursuant to s. 142 of the Code to finance qualified 336 residential rental projects, as described in s. 142(d)(1) of the 337 Code, which require an allocation of state volume limitation 338 under s. 146 of the Code. 339 (15) “Notice of intent to issue” means the form containing 340 the information described in s. 159.8051(2) on which an issuer 341 requests an allocation of the state volume limitation from the 342 division. 343 (17) “Redevelopment bonds” means bonds issued pursuant to 344 s. 144(c) of the Code to be used for redevelopment purposes in 345 any designated blighted area as such terms are described in s. 346 144(c)(3) and s. 144(c)(4) of the Code. 347 (18) “Single-family affordable housing bonds” means 348 qualified mortgage revenue bonds issued pursuant to s. 143 of 349 the Code which require an allocation of state volume limitation 350 under s. 146 of the Code. 351 (19) “Small issue bonds” means bonds issued pursuant to s. 352 144(a) of the Code to finance a manufacturing facility as 353 described in s. 144(a)(12)(C) of the Code or the acquisition of 354 farmland or farm property, which require an allocation of state 355 volume limitation under s. 146 of the Code. 356 (20) “State volume limitation” means the maximum amount of 357 private activity bonds which may be issued in this state during 358 each calendar year as such limit is imposed by s. 146 of the 359 Code, and which is allocated by the division pursuant to this 360 part. 361 (21) “Student loan bonds” means bonds issued pursuant to s. 362 144(b) of the Code to make or finance student loans which 363 require an allocation of state volume limitation under s. 146 of 364 the Code. 365 (22) “TEFRA approval” means the approval of a proposed 366 issuance of bonds by an elected official or body of elected 367 officials of the applicable governmental unit after a public 368 hearing or by a referendum of the voters within such 369 governmental unit, as required by s. 147(f) of the Code. 370 Section 4. Section 159.804, Florida Statutes, is repealed. 371 Section 5. Section 159.8041, Florida Statutes, is created 372 to read: 373 159.8041 Allocation of state volume limitation; recapture 374 of unused amounts.— 375 (1) The division shall annually determine the state volume 376 limitation. The division shall make the state volume limitation 377 information available upon request and shall publish such 378 information on its website. 379 (2) On January 1 of each year, the division shall initially 380 allocate the state volume limitation among the following pools: 381 (a) Fifty percent of the state volume limitation must 382 initially be allocated among the affordable housing allocation 383 pools established in s. 159.8061 for use as provided therein. 384 (b) Twenty-five percent of the state volume limitation must 385 initially be allocated to the corporation pool established in s. 386 159.8062 for use as provided therein. 387 (c) Twenty-five percent of the state volume limitation must 388 initially be allocated to the economic development allocation 389 pool established in s. 159.8063 for use as provided therein. 390 (3) On October 1 of each year, any portion of each 391 allocation of state volume limitation made to the affordable 392 housing allocation pools or the economic development allocation 393 pool pursuant to subsection (2) for which the division has not 394 issued a confirmation must be added to the state allocation 395 pool. 396 (4) On December 1 of each year, any portion of the 397 allocation of state volume limitation made to the corporation 398 pool pursuant to subsection (2) or the state allocation pool 399 pursuant to subsection (3) for which the division has not issued 400 a confirmation must be added to the carryforward allocation 401 pool. Additionally, on December 1 of each year, any portion of 402 the state volume limitation used to issue a confirmation which 403 has not been used by an issuer for the issuance of bonds, as 404 evidenced by receipt by the division of an issuance report, or 405 which has not received a carryforward confirmation pursuant to 406 s. 159.8101(2) or been converted for the issuance of mortgage 407 credit certificates must be added to the carryforward allocation 408 pool. 409 Section 6. Section 159.805, Florida Statutes, is repealed. 410 Section 7. Section 159.8051, Florida Statutes, is created 411 to read: 412 159.8051 Procedures for requesting state volume limitation; 413 requirements; prohibitions.— 414 (1) Before the issuance of any private activity bond by or 415 on behalf of any issuer, such issuer shall request and obtain an 416 allocation of a portion of the state volume limitation from the 417 division through the issuance of a confirmation, except for 418 private activity bonds issued by the corporation pursuant to s. 419 159.8062(2)(b) from the initial allocation of state volume 420 limitation made by s. 159.8041(2)(b). Such request must be made 421 through a notice of intent to issue containing the information 422 required in this section timely filed with the division in 423 accordance with s. 159.814 by or on behalf of the issuer 424 requesting the confirmation. Any notice of intent to issue that 425 does not conform to this section is not eligible to receive a 426 confirmation and must be rejected. 427 (2) Each notice of intent to issue must include the 428 following information: 429 (a) The name of the issuer requesting the allocation. 430 (b) The name and contact information of the person 431 submitting the notice of intent to issue. 432 (c) The amount of state volume limitation requested. 433 (d) A description of the project and the type of qualified 434 bond, as such term is defined in s. 141(e) of the Code, 435 including the type of exempt facility, as described in s. 142(a) 436 of the Code, if applicable, which will be issued to finance the 437 project. 438 (e) The county or counties in which the project will be 439 located. 440 (f) The pool from which the allocation is requested. 441 (g) The governmental unit that provided any required TEFRA 442 approval, and a certification that, if required, TEFRA approval 443 has been obtained. A notice of intent to issue may not be filed 444 until any required TEFRA approval has been obtained. 445 (h) The fee required by s. 159.811. 446 (i) An opinion or statement of counsel that the project to 447 be financed may be financed with private activity bonds and that 448 an allocation of state volume limitation is required to issue 449 such bonds. 450 (3) A separate notice of intent to issue must be filed for 451 each proposed issuance of private activity bonds. A notice of 452 intent to issue may not request an allocation of state volume 453 limitation for more than one project or more than one purpose. 454 An issuer may not request an allocation of state volume 455 limitation from multiple pools in a single notice of intent to 456 issue. 457 Section 8. Section 159.8052, Florida Statutes, is created 458 to read: 459 159.8052 Procedures for evaluating notices of intent to 460 issue; confirmations; requirements; limitations.— 461 (1)(a) All notices of intent to issue filed with the 462 division must be evaluated for compliance with this part. Any 463 notice of intent to issue that conforms to the requirements of 464 s. 159.8051 is eligible to receive a confirmation and must be 465 approved, subject to the availability of a sufficient amount of 466 state volume limitation in the appropriate pool. Each business 467 day, the division shall compute the state volume limitation in 468 the pools for which approved notices of intent to issue were 469 received on the previous business day. The division shall issue 470 confirmations, subject to the availability of a sufficient 471 amount of state volume limitation in the appropriate pool. The 472 amount of confirmation, if there is sufficient state volume 473 limitation available to the issuer in the appropriate pool, must 474 be in the amount requested in the approved notice of intent to 475 issue. If the amount of state volume limitation available to the 476 issuer in the appropriate pool is less than the amount requested 477 in the approved notice of intent to issue, the division must 478 issue confirmations in the order of priority established in 479 paragraph (b) until the available state volume limitation in 480 each such applicable pool is exhausted. The division shall 481 maintain continuous records of the cumulative amount of state 482 volume limitation for which confirmations have been granted 483 pursuant to this section. 484 (b) If the division determines that the aggregate amount of 485 state volume limitation requested in notices of intent to issue 486 received by noon of the previous business day exceeds the state 487 volume limitation available to such issuers in the applicable 488 pool, the division must assign a consecutive number to the 489 notice of intent to issue requesting allocation from such pool, 490 draw such numbers randomly to establish the priority of each 491 such notice of intent to issue, and issue confirmations in the 492 order of priority until the available state volume limitation in 493 such pool is exhausted. If the amount of state volume limitation 494 in the appropriate pool is insufficient to issue a confirmation 495 in the amount requested for the prioritized notice of intent to 496 issue, the division must issue a confirmation in the amount of 497 the state volume limitation available and place the balance of 498 the request on a pending list for such pool. The unfilled 499 portion of any such notice of intent to issue and any notices of 500 intent to issue for which there was insufficient state volume 501 limitation to issue a confirmation must be placed on the pending 502 list for the appropriate pool in the priority order established 503 in this paragraph. 504 (c) To the extent that state volume limitation subsequently 505 becomes available for allocation in a pool, notices of intent 506 placed on the pending list for that pool pursuant to paragraph 507 (b) must be given priority for the next available volume 508 limitation for that year before any notices of intent to issue 509 requesting allocation from that pool received by the division 510 after that day’s random selection. On September 30 of each year, 511 any unfilled notices of intent to issue on the pending lists for 512 the economic development allocation pool or the affordable 513 housing allocation pools must be rejected and the issuer may 514 file a new notice of intent to issue with the division to 515 request a confirmation from the state allocation pool to be 516 considered pursuant to this subsection. On November 30 of each 517 year, any unfilled notices of intent to issue on the pending 518 lists for the state allocation pool must be rejected and the 519 issuer may file a new notice of intent to issue with the 520 division to request a carryforward confirmation to be considered 521 pursuant to s. 159.8101(3). 522 (2) Each confirmation issued pursuant to s. 159.8061, s. 523 159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be 524 effective on November 30 of the year in which it was issued, 525 unless the issuer obtains a carryforward confirmation pursuant 526 to s. 159.8101(2). 527 (3) A confirmation only assures an issuer of an allocation 528 of state volume limitation in such amount and for such purpose 529 as set forth therein until the expiration thereof. Each 530 confirmation granted pursuant to subsection (1) must include the 531 following information: 532 (a) The issuer to which the allocation of state volume 533 limitation is made. 534 (b) The amount of the allocation of state volume limitation 535 granted to the issuer. 536 (c) The project and type of qualified bond for which bonds 537 using such allocation of state volume limitation may be issued. 538 (d) The date on which the confirmation expires. 539 (e) A statement that the allocation of state volume 540 limitation is conditional and may not be considered final until 541 and unless the issuer files an issuance report pursuant to s. 542 159.8053. 543 (4)(a) A confirmation is effective as to private activity 544 bonds issued in an amount less than the amount set forth in such 545 confirmation only if the aggregate amount issued pursuant to 546 such confirmation is not less than 90 percent of the amount set 547 forth therein, together with the amounts of any carryforward 548 confirmation an issuer has for such purpose and any 549 supplementary confirmation, after subtracting any portion 550 thereof which the issuer has elected to convert for the issuance 551 of mortgage credit certificates. 552 (b) A confirmation is not effective as to private activity 553 bonds issued in an amount in excess of the amount set forth in 554 such confirmation. An issuer wishing to issue private activity 555 bonds in an amount in excess of the amount set forth in a 556 confirmation must obtain a supplementary confirmation before the 557 issuance of such bonds by filing a supplementary notice of 558 intent to issue with the division. A supplementary notice of 559 intent to issue must specify the prior confirmation to which it 560 applies and must also include all items required in s. 561 159.8051(2). Such supplementary notice of intent to issue must 562 be filed in accordance with s. 159.814 by or on behalf of the 563 issuer to whom the confirmation was issued. The division shall 564 evaluate supplementary notices of intent to issue for compliance 565 with this part, and, to the extent sufficient state volume 566 limitation is available, the division shall issue a 567 supplementary confirmation pursuant to subsection (1). The 568 amount of state volume limitation allocated in a supplementary 569 confirmation may be added to a prior confirmation for the same 570 project to provide an aggregate allocation of state volume 571 limitation for the issuance of private activity bonds for that 572 project. A supplementary confirmation does not alter the 573 expiration date of the initial confirmation. 574 (c) Upon the expiration of the confirmation, or at any time 575 before such expiration that the issuer notifies the division 576 that the allocation of state volume limitation in such 577 confirmation is no longer necessary, the division shall cancel 578 such confirmation and the allocation of state volume limitation 579 provided therein must be made available for reallocation 580 pursuant to this part. 581 Section 9. Section 159.8053, Florida Statutes, is created 582 to read: 583 159.8053 Issuance reports; final certification of 584 allocation.— 585 (1) Except for an allocation of state volume limitation 586 that has been converted to the issuance of mortgage credit 587 certificates pursuant to s. 159.80751, no portion of the state 588 volume limitation may be allocated before the filing of an 589 issuance report with the division by or on behalf of the issuer 590 issuing bonds no later than the date on which the confirmation 591 for such bonds expires. An issuer’s failure to file an issuance 592 report before the expiration of a confirmation will result in 593 the loss of such state volume limitation, regardless of whether 594 the issuer has issued bonds pursuant to such confirmation. 595 (2) Each issuance report must include all of the following 596 information: 597 (a) The name of the issuer issuing such bonds. 598 (b) The confirmation pursuant to which the bonds are being 599 issued. 600 (c) The amount of state volume limitation used by such 601 issuance. 602 (d) The name and series designation of the bonds. 603 (e) The principal amount of bonds issued. 604 (f) The date of issuance and the amount of proceeds 605 distributed at issuance. 606 (g) The purpose for which the bonds were issued, including 607 the private business or entity that will benefit from or use the 608 proceeds of the bonds; the name of the project, if known; the 609 location of the project; whether the project is an acquisition 610 of an existing facility or new construction; and the number 611 products manufactured or the number of residential units, if 612 applicable. 613 (h) The name, role, and contact information of the person 614 submitting the issuance report. 615 (3) At issuance, any portion of the state volume limitation 616 granted in such confirmation that is unissued, except in the 617 case of a carryforward confirmation, immediately reverts to the 618 pool from which the allocation was made and must be made 619 available for reallocation. 620 (4) Following the timely filing of an issuance report, the 621 director of the division shall sign the final certification of 622 allocation. The final certification of allocation may not be 623 issued before the timely receipt of an issuance report pursuant 624 to subsection (1). 625 Section 10. Section 159.806, Florida Statutes, is repealed. 626 Section 11. Section 159.8061, Florida Statutes, is created 627 to read: 628 159.8061 Affordable housing allocation pools.— 629 (1)(a) The following affordable housing allocation pools 630 are hereby established: 631 1. The regional affordable housing allocation pool. 632 2. The statewide affordable housing allocation pool. 633 (b) The affordable housing allocation pools are available 634 solely for issuing confirmations for affordable housing bonds 635 pursuant to the procedures specified in this section and s. 636 159.8052. 637 (2)(a) From January 1 through May 31 of each year, the 638 allocation made pursuant to s. 159.8041(2)(a) must be allocated 639 to the regional affordable housing allocation pool and 640 distributed among the regions established in paragraph (b). The 641 allocation distributed to each region must be available solely 642 to issue confirmations for affordable housing bonds to issuers 643 located within such region on a first-come, first-served basis 644 for projects located within such region. The amount of volume 645 limitation distributed to each region within the regional 646 affordable housing allocation pool must be an amount 647 proportional to the ratio of the population of the region to the 648 total population of this state. 649 (b) The following regions are established within the 650 regional affordable housing allocation pool for the purposes of 651 this allocation: 652 1. Region 1, consisting of Bay, Calhoun, Columbia, Dixie, 653 Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, 654 Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, 655 Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washington 656 Counties. 657 2. Region 2, consisting of Alachua, Baker, Bradford, Clay, 658 Duval, Flagler, Nassau, Putnam, St. Johns, and Union Counties. 659 3. Region 3, consisting of Citrus, Hernando, Levy, Marion, 660 Pasco, and Pinellas Counties. 661 4. Region 4, consisting of Hardee, Lake, Manatee, Polk, and 662 Sumter Counties. 663 5. Region 5, consisting of Orange, Osceola, and Seminole 664 Counties. 665 6. Region 6, consisting of Brevard, Glades, Highlands, 666 Indian River, Martin, Okeechobee, St. Lucie, and Volusia 667 Counties. 668 7. Region 7, consisting of Hillsborough County. 669 8. Region 8, consisting of Charlotte, Collier, DeSoto, 670 Hendry, Lee, Monroe, and Sarasota Counties. 671 9. Region 9, consisting of Palm Beach County. 672 10. Region 10, consisting of Broward County. 673 11. Region 11, consisting of Miami-Dade County. 674 (3) On June 1 of each year, any portion of the allocation 675 made to the regional affordable allocation pool pursuant to 676 subsection (2) for which the division has not issued a 677 confirmation must be added to the statewide affordable housing 678 allocation pool. On and after June 1 of each year, any portion 679 of such allocation for which a confirmation is relinquished by 680 the issuer receiving such allocation before the expiration 681 thereof must be added to the statewide affordable housing 682 allocation pool. 683 (4) From June 1 through September 30 of each year, the 684 statewide affordable housing allocation pool must be available 685 for issuing confirmations for affordable housing bonds to 686 issuers statewide as provided in this subsection. 687 (a) On June 1 of each year, if a sufficient amount of state 688 volume limitation is available in the statewide affordable 689 housing allocation pool, the division must issue confirmations 690 for all notices of intent to issue previously placed on the 691 pending list for the regional affordable housing pool pursuant 692 to s. 159.8052(1)(b) during such year. After confirmations have 693 been issued for all notices of intent to issue previously placed 694 on the pending list for the regional affordable housing pool 695 pursuant to s. 159.8052(1)(b), the statewide affordable housing 696 allocation pool must be available to issue confirmations on a 697 first-come, first-served basis. Notwithstanding s. 698 159.8052(1)(c), if the amount of state volume limitation 699 available in the statewide affordable housing allocation pool is 700 insufficient to issue a confirmation for each such notice of 701 intent to issue, the division must issue confirmations in the 702 priority order established in paragraph (b). 703 (b) If the division determines that the aggregate amount 704 requested in the notices of intent to issue placed on the 705 pending list for the regional affordable housing pool pursuant 706 to s. 159.8052(1)(b) during such year exceeds the state volume 707 limitation available in the statewide affordable housing 708 allocation pool on June 1, the division must issue confirmations 709 for any such notices of intent to issue for multifamily 710 affordable housing bonds in the priority order established in 711 this paragraph, and then, subject to the availability of state 712 volume limitation, must issue confirmations for any such notices 713 of intent to issue for single-family affordable housing bonds in 714 the priority order established in this paragraph until the 715 available state volume limitation is exhausted. In establishing 716 the priority of each such notice of intent, the division shall 717 first assign a consecutive number to each such notice of intent 718 to issue for multifamily affordable housing bonds and draw such 719 numbers randomly to establish the priority of each such notice 720 of intent to issue. The division shall assign a consecutive 721 number to each such notice of intent to issue for single-family 722 affordable housing bonds and draw such numbers randomly to 723 establish the priority of each such notice of intent to issue. 724 Section 12. Section 159.8062, Florida Statutes, is created 725 to read: 726 159.8062 Florida housing finance corporation pool.— 727 (1) From January 1 through September 30 of each year, the 728 corporation pool is established and shall be available for the 729 sole purpose of issuing confirmations for affordable housing 730 bonds to the corporation and its assigns pursuant to the 731 procedures specified in s. 159.8052. Before October 1 of any 732 year, the corporation pool is the only pool from which a 733 corporation may receive any allocation of state volume 734 limitation. 735 (2)(a) Notwithstanding s. 159.8051(1), before October 1 of 736 any year, the corporation need not submit a notice of intent to 737 issue or obtain a confirmation for the issuance of affordable 738 housing bonds using the state volume limitation allocated to 739 this pool pursuant to s. 159.8041(2)(b). 740 (b) For affordable housing bonds that the corporation 741 intends to issue on or after October 1 of any year, the 742 corporation must submit a notice of intent to issue no later 743 than September 30 of such year, and the division shall issue a 744 confirmation not exceeding the amount of state volume limitation 745 then available in the corporation pool. The corporation is not 746 subject to the fee required under s. 159.811 for notices of 747 intent to issue submitted pursuant to this paragraph. 748 (3) Prior to June 1 of each year, the corporation may, in 749 its discretion, assign any portion of the state volume 750 limitation in the corporation pool to the affordable housing 751 allocation pools. 752 Section 13. Section 159.8063, Florida Statutes, is created 753 to read: 754 159.8063 Economic development allocation pool.— 755 (1) The economic development allocation pool is hereby 756 established and is available for issuing confirmations pursuant 757 to the procedures specified in this section and s. 159.8052. 758 (2) The economic development allocation pool must, at all 759 times, first be available to issue confirmations for those 760 portions of a private activity bond requiring an allocation of 761 state volume limitation under s. 146(m) of the Code and to issue 762 confirmations to state issuers and, thereafter, be available as 763 provided in subsection (3). 764 (3)(a) From January 1 through May 31 of each year, the 765 economic development allocation pool must be available for the 766 sole purpose of issuing confirmations for exempt facility bonds, 767 small issue bonds, student loan bonds, and redevelopment bonds 768 to issuers statewide in the priority order established by the 769 Secretary of Commerce as provided in this paragraph. 770 Notwithstanding s. 159.8052(1), any notice of intent to issue 771 requesting a confirmation from the economic development 772 allocation pool which conforms to the requirements of s. 773 159.8051 and is filed with the division before May 1 must be 774 forwarded to the Secretary of Commerce for review. The Secretary 775 of Commerce shall render a decision on or before May 15 as to 776 the order in which such notices of intent to issue are to 777 receive a confirmation. The division shall issue confirmations 778 for such notices of intent to issue in the order of priority 779 established by the Secretary of Commerce within 3 business days 780 after receipt of such decision. 781 (b) The economic development allocation pool must be 782 available from June 1 through September 30 of each year for the 783 sole purpose of issuing confirmations for exempt facility bonds, 784 small issue bonds, student loan bonds, and redevelopment bonds 785 to issuers statewide on a first-come, first-served basis with 786 notification to the Department of Commerce. 787 Section 14. Section 159.807, Florida Statutes, is repealed. 788 Section 15. Section 159.8071, Florida Statutes, is created 789 to read: 790 159.8071 State allocation pool.—The state allocation pool 791 is hereby established and must be available to issue 792 confirmations pursuant to the procedures specified in s. 793 159.8052, and to issue confirmations for bonds to issuers 794 statewide on a first-come, first-served basis for all types of 795 private activity bonds from October 1 through November 30 of 796 each year. 797 Section 16. Section 159.8075, Florida Statutes, is 798 repealed. 799 Section 17. Section 159.80751, Florida Statutes, is created 800 to read: 801 159.80751 Qualified mortgage credit certificates.— 802 (1) On or before November 30 of each year, an issuer may 803 elect in writing to the division to convert all or a portion of 804 its allocation of state volume limitation for single-family 805 affordable housing bonds to mortgage credit certificates, 806 provided such election is made before the expiration date of the 807 confirmation granting such allocation. Each issuer shall provide 808 notice of any election made under this section to the governing 809 body of the county for which the issuer was created. Such 810 election is irrevocable. 811 (2) All mortgage credit certificates must be issued under a 812 certification program that is designed to ensure that the 813 requirements of s. 25 of the Code, specifically s. 25(f)(4), are 814 complied with and that meets all requirements adopted by the 815 United States Secretary of the Treasury as set out in applicable 816 regulations. Any potential issuer of mortgage credit 817 certificates must certify in writing to the division that the 818 mortgage credit certification program is certified under s. 25 819 of the Code, specifically s. 25(f)(4). 820 (3) For that portion of the confirmation that an issuer has 821 elected to use for mortgage credit certificates before the 822 expiration thereof, the expiration dates in s. 159.8052(2) do 823 not apply and any unissued mortgage credit certificates will 824 automatically receive a carryforward confirmation. 825 (4) The election referenced in subsection (1) and the 826 certification referenced in subsection (2) must be filed with 827 the division in accordance with s. 159.814. The director of the 828 division is the state official designated to make the 829 certification required by Temporary Regulation 1.25-4T(d) under 830 the Code. 831 Section 18. Section 159.8081, Florida Statutes, is 832 repealed. 833 Section 19. Section 159.8083, Florida Statutes, is 834 repealed. 835 Section 20. Section 159.809, Florida Statutes, is repealed. 836 Section 21. Section 159.8091, Florida Statutes, is created 837 to read: 838 159.8091 Carryforward allocation pool.— 839 (1) The carryforward allocation pool is hereby established. 840 The carryforward allocation pool is available for the sole 841 purpose of issuing carryforward confirmations to issuers 842 statewide for projects that are entitled under the Code to a 843 carryforward of state volume limitation past the end of the 844 calendar year pursuant to requests that meet the requirements of 845 s. 159.8101(3). 846 (2) On December 15 of each year, or, if December 15 is not 847 a business day, the first business day thereafter, the division 848 shall issue carryforward confirmations as provided for in 849 subsection (3) until the state volume limitation in the 850 carryforward allocation pool is exhausted. 851 (3) The amount of each carryforward confirmation, if there 852 is sufficient state volume limitation in the carryforward 853 allocation pool, must be the amount requested. If the division 854 determines that the aggregate amount of state volume limitation 855 requested for carryforward confirmations pursuant to this 856 section exceeds the amount available in the carryforward 857 allocation pool, the division must assign a consecutive number 858 to each such request, shall draw such numbers randomly to 859 establish the priority of each request, and shall issue 860 carryforward confirmations until the total amount of state 861 volume limitation is exhausted. Any requests in excess of the 862 state volume limitation may not be given any priority in the 863 following calendar year. If any state volume limitation remains 864 in the carryforward allocation pool after issuing carryforward 865 confirmations for all requests filed pursuant to s. 159.8101, 866 the division must make such remaining state volume limitation 867 available to the corporation to be carried forward for the 868 issuance of affordable housing bonds in subsequent years as 869 provided by the Code. Thereafter, any remaining state volume 870 limitation not used as provided in subsection (2) must be 871 carried forward to the next calendar year to the extent 872 permitted by the Code. 873 Section 22. Section 159.81, Florida Statutes, is repealed. 874 Section 23. Section 159.8101, Florida Statutes, is created 875 to read: 876 159.8101 Applications for a carryforward; carryforward 877 confirmations.— 878 (1) Any issuer that wishes to elect to carryforward an 879 allocation of state volume limitation under s. 146(f) of the 880 Code must first request and obtain a carryforward confirmation 881 from the division. 882 (2) The division shall, when requested, issue a 883 carryforward confirmation for those confirmations issued 884 pursuant to this part for those projects that qualify for a 885 carryforward pursuant to s. 146(f) of the Code, provided that 886 such request includes an opinion of bond counsel that such 887 allocation of state volume limitation will be used for a 888 carryforward purpose pursuant to s. 146(f)(5) of the Code and is 889 received by the division at least 3 business days before the 890 expiration of such confirmation. 891 (3) A request for a carryforward confirmation must be made 892 by filing with the division a notice of intent to issue meeting 893 all requirements of this section and s. 159.8051(2). Such 894 request must include an opinion of bond counsel that such 895 allocation of state volume limitation will be used for a 896 carryforward purpose pursuant to s. 146(f)(5) of the Code. All 897 such requests must be timely filed with the division in 898 accordance with s. 159.814 by or on behalf of the issuer 899 requesting to carryforward an allocation of state volume 900 limitation. 901 Section 24. Section 159.8105, Florida Statutes, is 902 repealed. 903 Section 25. Subsection (1) of section 159.811, Florida 904 Statutes, is amended to read: 905 159.811 Fees; trust fund.— 906 (1) There shall be imposed a nonrefundable fee on each 907 notice of intent to issue a private activity bond filed with the 908 division pursuant to s. 159.8051s. 159.805(1). ANonotice of 909 intent to issue may nota private activity bondshallbe 910 accepted by the division unless and until the fee has been paid. 911 Thedivision shall establish afee, which may be revised from 912 time to time, mustshallbe an amount sufficient to cover all 913 expenses of maintaining the allocation system in this part.In914calculating the fee, any unexpended trust fund balance remaining915unexpended prior to setting the fee shall be deducted from the916amount appropriated.The amount of the fee mayshallnot exceed 917 $500 and may be adjusted no more than once every 6 months. The 918 fee must be included the division’s schedule of fees and 919 expenses in s. 215.65(3). 920 Section 26. Section 159.812, Florida Statutes, is repealed. 921 Section 27. Section 159.814, Florida Statutes, is amended 922 to read: 923 159.814 Form of applications for allocations; 924 requirements.—All notices of intent to issuefor an allocation925and applications, requests foracarryforward confirmations, and 926 issuance reports mustshallbe made in such form as may be 927 prescribed by the division. All such forms may be filed 928 electronically through a portal on the division’s website at 929 such time as the division establishes such portal through which 930 such forms and the fee required by s. 159.811 may be submitted. 931 NoticesNo noticesof intent to issuefor allocations of the932private activity bond volume limitationfor any calendar year 933 may notshallbe accepted beforeprior toJanuary 1 of that 934 calendar year. Notices of intent to issue requesting a 935 confirmation from the affordable housing allocation pools, the 936 economic development allocation pool, or the corporation pool 937 are considered timely only if filed with the division on or 938 before September 30 of that calendar year, or, if September 30 939 is not a business day, the last business day before September 940 30. Notices of intent to issue requesting a confirmation from 941 the state allocation pool are considered timely only if filed 942 with the division from October 1 through November 30 of that 943 calendar year, or, if November 30 is not a business day, the 944 last business day before November 30. Applications for a 945 carryforward confirmation pursuant to s. 159.8091(1) are 946 considered timely only if filed with the division from December 947 1 through December 15 of that calendar year, or, if December 15 948 is not a business day, the last business day before December 15 949All notices of intent to issue or application for a carryforward950shall be mailed by certified mail return receipt requested or by951overnight common carrier delivery service. No notice of intent952to issue or application for carryforward shall be accepted by953hand delivery from the issuing authority, attorneys, or other954parties. All notices of intent to issue or applications for a955carryforward shall be received in a standard business size956envelope devoid of markings, colors, or other attention957gathering devices except for the return address. 958 Section 28. Section 159.815, Florida Statutes, is repealed. 959 Section 29. Section 159.816, Florida Statutes, is amended 960 to read: 961 159.816 CertificationCertificateas to state volume 962 limitation.—Following the timely filing of an issuance report, 963 the director of the division shall execute a final certification 964 of allocationsign the certificate required pursuant to s.965149(e)(2)(F) of the Code. 966 Section 30. Subsection (3) of section 163.2520, Florida 967 Statutes, is amended to read: 968 163.2520 Economic incentives.— 969 (3) Prior to June 1 each year, areas designated by a local 970 government as urban infill and redevelopment areas shall be 971 given a priority in the allocation of private activity bonds 972 from the state pool pursuant to s. 159.8071s. 159.807. 973 Section 31. Subsection (2) of section 420.504, Florida 974 Statutes, is amended to read: 975 420.504 Public corporation; creation, membership, terms, 976 expenses.— 977 (2) The corporation is constituted as a public 978 instrumentality, and the exercise by the corporation of the 979 power conferred by this act is considered to be the performance 980 of an essential public function. The corporation is an agency 981 for the purposes of s. 120.52 and isa state agency for purposes982of s. 159.807(4). The corporation issubject to chapter 119, 983 subject to exceptions applicable to the corporation, and to the 984 provisions of chapter 286; however, the corporation isshall be985 entitled to provide notice of internal review committee meetings 986 for competitive proposals or procurement to applicants by mail, 987 facsimile, or publication on an Internet website, rather than by 988 means of publication. The corporation is not governed by chapter 989 607 or chapter 617, but bythe provisions ofthis part. If for 990 any reason the establishment of the corporation is deemed in 991 violation of law, such provision is severable and the remainder 992 of this act remains in full force and effect. 993 Section 32. This act shall take effect January 1, 2025.