Florida Senate - 2012                              CS for SB 750
       
       
       
       By the Committee on Education Pre-K - 12; and Senator Flores
       
       
       
       
       581-02977-12                                           2012750c1
    1                        A bill to be entitled                      
    2         An act relating to bonds; amending s. 1010.49, F.S.;
    3         revising the period for which bonds are to be retired;
    4         providing that all bonds are callable at times and
    5         upon terms prescribed by the district school board;
    6         providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Section 1010.49, Florida Statutes, is amended to
   11  read:
   12         1010.49 Form and denomination of bonds.—The district school
   13  board may prescribe the denomination of the bonds to be issued,
   14  and such bonds may be issued with or without interest coupons in
   15  the discretion of the board. The form of the bonds to be issued
   16  may be prescribed by the State Board of Education on the
   17  recommendation of the Department of Legal Affairs. The schedule
   18  of maturities of the proposed bonds shall be so arranged that
   19  the total payments required each year shall be as nearly equal
   20  as practicable. The schedule shall provide that all bonds are to
   21  be retired within a period of 30 20 years from the date of
   22  issuance unless a longer period is required and has been
   23  specifically approved by the Department of Education. All bonds
   24  issued under this section that bear interest in excess of 2.99
   25  percent shall be callable at the times and upon the on terms
   26  prescribed by the district school board beginning not later than
   27  10 years from the date of issuance.
   28         Section 2. This act shall take effect July 1, 2012.