HB 435

A bill to be entitled
2An act relating to Gilchrist County; amending chapter
390-467, Laws of Florida; authorizing the School Board
4of Gilchrist County to issue bonds to finance and
5refinance the construction of educational facilities
6and purchase of equipment; authorizing the school
7board to issue refunding bonds and bond anticipation
8notes; requiring the school board to pay the principal
9of, premium for, and interest on such bonds out of
10racetrack moneys and jai alai fronton moneys that
11accrue annually to Gilchrist County and are allocated
12to the school board and from certain other moneys of
13the school board; providing for the investment of the
14proceeds of the sale of bonds; making the bonds legal
15investments, lawful collateral for public deposits,
16and negotiable instruments; providing that a
17referendum is not required to exercise any powers
18under the act, unless required by the State
19Constitution; affirming the distribution of racetrack
20moneys and jai alai fronton moneys that accrue to
21Gilchrist County and are allocated to the district
22school board and the board of county commissioners;
23providing construction; providing an effective date.
25Be It Enacted by the Legislature of the State of Florida:
27     Section 1.  Sections 1, 2, 3, 5, and 6 of chapter 90-467,
28Laws of Florida, are amended to read:
29     Section 1.  Authority to finance and refinance educational
30facilities and equipment construct classrooms at Bell High
31School.-The District School Board of Gilchrist County may
32implement a program to finance and refinance educational
33facilities and equipment within the district construct
34classrooms at Bell High School.
35     Section 2.  Authority to issue bonds to finance
37     (1)  The District School Board of Gilchrist County may
38issue bonds in one or more series in an aggregate principal
39amount not exceeding $1,000,000 to pay all or any portion of the
40cost of constructing capital improvements or repairs to
41educational facilities and to purchase equipment for educational
42facilities located within Gilchrist County classrooms at Bell
43High School. The school board shall specify the rate or rates of
44interest of the bonds and shall specify the date or dates of
45maturity of the bonds, which may be no later than 30 20 years
46after the date of issuance.
47     (2)  Prior to issuing bonds pursuant to this section, the
48school board must:
49     (a)  Specify if the bonds are registrable as to principal
50only or principal and interest or in fully registered form;
51     (b)  Determine the denominations of the bonds; and
52     (c)  Determine the place where the bonds may be redeemed
53which may be at a bank or a trust company.
54     (3)  The school board may provide that the bonds be
55redeemed before maturity. Prior to the issuance of such bonds,
56the school board must specify the terms and conditions under
57which they may be redeemed and the prices payable if such bonds
58are redeemed before maturity.
59     (4)  The school board may enter into a trust agreement with
60a bank or a trust company to provide for payment of the bonds.
61     (5)  Bonds issued pursuant to this section must bear the
62manual or facsimile signatures of the chairman and the secretary
63of the school board. However, at least one of the signatures
64must be manually executed upon each bond. If there are coupons
65attached to the bonds, the coupons must bear the facsimile
66signatures of the chairman and the secretary of the school
67board. Bonds issued pursuant to this section must be imprinted
68with the seal of the school board.
69     (6)  The bonds may be sold either at public or private sale
70by competitive or negotiated sale and at such prices and subject
71to such terms and conditions as the school board determines to
72be in its best interest as long as the terms and conditions
73comply with applicable state statutes.
74     Section 3.  Authority to issue refunding bonds.-Subject to
75the limitations of section 2, the District School Board of
76Gilchrist County may issue refunding bonds to refund all or any
77series or any maturity of a bond bonds issued to pay for the
78cost of constructing classrooms at Bell High School. The
79refunding bonds may must be issued in an amount sufficient to
81     (1)  The principal of the refunding bonds;
82     (2)  The interest due and payable on the refunding bonds to
83and including the first date upon which they are callable prior
84to maturity, or the dates upon which the principal thereof
86     (3)  The redemption premium, if any, on the refunding
87bonds; and
88     (4)  Any expenses of the issuance and sale of the refunding
90     Section 5.  Security for bonds and notes.-During the period
91bonds and notes issued by the District School Board of Gilchrist
92County pursuant to this act are outstanding, the school board
93shall annually pledge all or a $100,000 of the portion of the
94racetrack moneys and jai alai fronton moneys that annually
95accrue to Gilchrist County pursuant to chapters 550 and 551,
96Florida Statutes, and are annually allocated to the school board
97pursuant to chapter 63-942, Laws of Florida, as amended by
98section 12 of this act as security for the payment of the
99principal of, the premium for, if any, and the interest on such
100bonds and notes. The school board shall pay the principal of,
101the premium for, and the interest on such bonds and notes from
102such moneys and from any other moneys legally available for that
104     Section 6.  Amounts Cost of classroom construction payable
105from bond proceeds.-The cost of the classroom construction
106project for which bonds may be issued pursuant to this act may
107not exceed $1,000,000. The cost of the projects project for
108which bonds may be issued includes, without limitation, the cost
109of acquiring, constructing, installing, and equipping the
110educational facilities and equipment classrooms; the cost of
111real property acquired for the project; legal, engineering,
112fiscal, and architectural fees; fees of other experts or
113consultants employed by the school board; the costs of
114engineering or architectural studies, surveys, plans, and
115designs; the administrative costs of issuing, advertising, and
116selling the bonds; the capitalization of interest for 1 year
117after completion of the project; the creation and capitalization
118of reasonable reserves for debt service on the bonds, if any;
119bond discount, if any; the cost of municipal bond insurance; and
120any other costs that are necessary, incidental, or appurtenant
121to the purposes authorized under this section.
122     Section 2.  In the event of a conflict of the provisions of
123this act with the provisions of any other act, the provisions of
124this act shall control to the extent of such conflict.
125     Section 3.  This act shall take effect upon becoming a law.

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