Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 1898
       
       
       
       
       
       
                                Barcode 657412                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: RS            .                                
                  03/31/2009           .                                
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       The Committee on Environmental Preservation and Conservation
       (Sobel) recommended the following:
       
    1         Senate Amendment to Amendment (439954) (with title
    2  amendment)
    3  
    4         Between lines 525 and 526
    5  insert:
    6         Section 12. Subsection (5) of section 373.584, Florida
    7  Statutes is created to read:
    8         (5)(a) The total annual debt service for bonds issued
    9  pursuant to this section and s. 373.536 may not exceed twenty
   10  five percent of the annual ad valorem tax revenues of the water
   11  management district, unless approved by the Joint Legislative
   12  Budget Commission.
   13         (b) The Joint Legislative Budget Commission is authorized
   14  to review the financial soundness of a water management district
   15  and determine whether bonds may be issued by a water management
   16  district in excess of the limitation of paragraph (a).
   17         (c) No water management district may take any action
   18  regarding the issuance of bonds in excess of the limitation of
   19  paragraph (a) without the prior approval of the Joint
   20  Legislative Budget Commission pursuant to joint rules of the
   21  Senate and the House of Representatives.
   22         (d) Bonds issued and outstanding prior to January 1, 2009,
   23  in excess of the limitation in paragraph (a) shall not be a
   24  violation of these provisions, but shall be included in the
   25  calculation of the limitation. Nothing contained herein shall
   26  affect the validity of or enforceability of outstanding revenue
   27  bonds.
   28  
   29  ================= T I T L E  A M E N D M E N T ================
   30         And the title is amended as follows:
   31         Delete line 643
   32  and insert:
   33  conforming changes; amending s. 373.584, F.S.; providing for a
   34  cap on revenues pledged for debt service; providing for
   35  legislative approval to exceed the cap; amending s. 373.59,
   36  F.S.; allowing for the