Florida Senate - 2011 SENATOR AMENDMENT
Bill No. CS for CS for SB 1318
Barcode 709308
LEGISLATIVE ACTION
Senate . House
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Floor: WD .
05/04/2011 08:23 AM .
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Senator Bennett moved the following:
1 Senate Amendment (with title amendment)
2
3 Before line 13
4 insert:
5 Section 1. Sections 1-4 of this act may be cited as the
6 “Florida Qualified Energy Conservation Bond Allocation Act.”
7 Section 2. Purpose.—The purpose of sections 1-4 of this act
8 is to allocate the state volume limitation provided by s. 54D of
9 the code for qualified energy conservation bonds issued to
10 finance qualified conservation projects. A bond subject to the
11 limitations provided in s. 54D of the code may not be issued in
12 this state unless a written confirmation therefore is issued
13 pursuant to sections 1-4 of this act.
14 Section 3. Definitions.—As used in sections 1-4 of this
15 act, the term:
16 (1) “Code” means the Internal Revenue Code.
17 (2) “Department” means the Department of Environmental
18 Protection.
19 (3) “Eligible issuer” means any entity created by or
20 pursuant to the State Constitution or laws of the state which is
21 authorized under state law to issue bonds or enter into a lease
22 purchase agreement, or other entity in this state authorized to
23 issue qualified energy conservation bonds pursuant to the code.
24 (4) “Qualified energy conservation bond” means a bond
25 described in s. 54D(a) of the code.
26 (5) “Qualified conservation project” means a project
27 permitted to be financed pursuant to s. 54D(f) of the code.
28 Section 4. Allocation of state volume limitation.—
29 (1)(a) The department shall establish an allocation program
30 for allocating or reallocating the qualified energy conservation
31 bond volume limitation provided by s. 54D of the code. The
32 allocation program shall provide for all mandatory and
33 discretionary allocations required or permitted pursuant to the
34 code. All mandatory allocations pursuant to s. 54D(e)(2)(A) of
35 the code are hereby allocated to eligible issuers as provided
36 for therein.
37 (b) An eligible issuer receiving a mandatory allocation
38 pursuant to paragraph (a) may elect to reallocate all or any
39 portion of its allocation back to the state pursuant to s.
40 54D(e)(2)(B) of the code.
41 (c) The department may reallocate to eligible issuers in
42 the state, any allocation that was retained by the state from
43 the original federal allocation, or any allocation that is
44 waived by an eligible issuer pursuant to paragraph (b). Such
45 allocation shall be based on objective criteria established by
46 the department which must be considered in determining whether
47 to grant such discretionary requests for allocation, including,
48 but not limited to, the need for a qualified energy conservation
49 project in the area proposed in the application; the number of
50 persons to be served by such project; the cost-effectiveness of
51 the proposed project; the economic benefit to be gained from the
52 project to be financed; the number of jobs created or retained
53 due to the project, the duration of such jobs, and the estimated
54 annual wages for such jobs; the extent to which the jobs created
55 do not result in the reduction of jobs elsewhere in this state;
56 the environmental benefits of the project such as clean water,
57 clean air, or sustainable energy sources; the amount of
58 allocation required for the project relative to the economic
59 benefit of the project; and the level of economic need in the
60 area in which the project to be financed is located.
61 (d) Each eligible issuer receiving an allocation shall
62 notify the department in writing of the amount of bonds issued
63 and other information relating to the bonds or the allocation at
64 such time and in such manner as is required by the department.
65 (2) The department shall determine the amount of qualified
66 energy conservation bonds permitted to be issued in this state
67 under s. 54D of the code and shall make such information
68 available upon request to any person or agency.
69
70 ================= T I T L E A M E N D M E N T ================
71 And the title is amended as follows:
72 Delete lines 2 - 3
73 and insert:
74 An act relating to economic development; creating the
75 Florida Qualified Energy Conservation Bond Allocation
76 Act; providing a purpose to allocate qualified energy
77 conservation bonds; providing definitions; providing
78 for the allocation of qualified energy conservation
79 bonds; amending s.