HB 1093

1
A bill to be entitled
2An act relating to the issuance of bonds; amending s.
31010.49, F.S.; revising provisions relating to the
4schedule of maturities, the time period for retirement,
5and the calling of bonds issued by a district school
6board; providing an effective date.
7
8Be It Enacted by the Legislature of the State of Florida:
9
10     Section 1.  Section 1010.49, Florida Statutes, is amended
11to read:
12     1010.49  Form and denomination of bonds.-The district
13school board may prescribe the denomination of the bonds to be
14issued, and such bonds may be issued with or without interest
15coupons in the discretion of the board. The form of the bonds to
16be issued may be prescribed by the State Board of Education on
17the recommendation of the Department of Legal Affairs. The
18schedule of maturities of the proposed bonds shall be determined
19by the district school board so arranged that the total payments
20required each year shall be as nearly equal as practicable. The
21schedule shall provide that all bonds are to be retired within a
22period of 30 20 years from the date of issuance unless a longer
23period is required and has been specifically approved by the
24Department of Education. All bonds issued under this section
25that bear interest in excess of 2.99 percent shall be callable
26at the times and on the terms prescribed by the district school
27board beginning not later than 10 years from the date of
28issuance.
29     Section 2.  This act shall take effect July 1, 2011.


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