The Florida Senate

¹420.5061  Transfer of agency assets and liabilities.--Effective January 1, 1998, all assets and liabilities and rights and obligations, including any outstanding contractual obligations, of the agency shall be transferred to the corporation as legal successor in all respects to the agency. The corporation shall thereupon become obligated to the same extent as the agency under any existing agreements and be entitled to any rights and remedies previously afforded the agency by law or contract, including specifically the rights of the agency under chapter 201 and part VI of chapter 159. Effective January 1, 1998, all references under Florida law to the agency are deemed to mean the corporation. The corporation shall transfer to the General Revenue Fund an amount which otherwise would have been deducted as a service charge pursuant to s. 215.20(1) if the Florida Housing Finance Corporation Fund established by s. 420.508(5), the State Apartment Incentive Loan Fund established by s. 420.5087(7), the Florida Homeownership Assistance Fund established by s. 420.5088(5), the HOME Investment Partnership Fund established by s. 420.5089(1), and the Housing Predevelopment Loan Fund established by s. 420.525(1) were each trust funds. For purposes of s. 112.313, the corporation is deemed to be a continuation of the agency, and the provisions thereof are deemed to apply as if the same entity remained in place. Any employees of the agency and agency board members covered by s. 112.313(9)(a)6. shall continue to be entitled to the exemption in that subparagraph, notwithstanding being hired by the corporation or appointed as board members of the corporation. Effective January 1, 1998, all state property in use by the agency shall be transferred to and become the property of the corporation.

History.--s. 10, ch. 97-167.

¹Note.--Section 45, ch. 97-167, provides that "[t]his act shall take effect July 1, 1997, provided that a transitional period shall occur prior to the transfer of all assets and liabilities from the agency to the corporation on January 1, 1998. During this transitional period, by action of the members of the agency on the corporation's behalf, the corporation shall be entitled to execute contracts as an entity in organization and do any other things necessary to assist in the formal establishment of the corporation as a working organization on January 1, 1998. The agency's auditors shall conduct a final audit of the agency for the period beginning July 1, 1997, and ending December 31, 1997, and the corporation's auditors shall conduct an audit of the corporation for the period beginning January 1, 1998, and ending June 30, 1998. The agency shall be entitled to expend unencumbered amounts deposited into the Florida Housing Finance Agency Trust Fund for payment of transition and startup costs with respect to the establishment of the corporation."