ENROLLED
       2024 Legislature                                  CS for SB 7054
       
       
       
       
       
       
                                                             20247054er
    1  
    2         An act relating to private activity bonds; amending s.
    3         159.608, F.S.; conforming a cross-reference; amending
    4         s. 159.802, F.S.; providing legislative findings and
    5         intent; amending s. 159.803, F.S.; revising and
    6         defining terms; repealing s. 159.804, F.S., relating
    7         to allocation of state volume limitation; creating s.
    8         159.8041, F.S.; requiring the Division of Bond Finance
    9         of the State Board of Administration to annually
   10         determine the state volume limitation and publicize
   11         such information; requiring the division, on a
   12         specified date each year, to initially allocate the
   13         state volume limitation in a specified manner among
   14         specified pools; requiring that any portion of each
   15         allocation of state volume limitation made to certain
   16         pools for which the division has not issued a
   17         confirmation be added to either the state allocation
   18         pool or carryforward allocation pool, respectively, by
   19         a certain date; requiring that any portion of the
   20         state volume limitation used to issue confirmation
   21         which has not been used in a specified manner or has
   22         not received a carryforward confirmation or been
   23         converted for the issuance of mortgage certificates be
   24         added to the carryforward allocation pool; repealing
   25         s. 159.805, F.S., relating to procedures for obtaining
   26         allocations, requirements, limitations on allocations,
   27         and issuance reports; creating s. 159.8051, F.S.;
   28         establishing procedures for the issuance of private
   29         activity bonds; providing requirements for notices of
   30         intent to issue private activity bonds; requiring that
   31         a separate notice of intent to issue be filed for each
   32         proposed issuance of a private activity bond; creating
   33         s. 159.8052, F.S.; providing procedures for the
   34         evaluation, approval, and confirmation of notices of
   35         intent to issue private activity bonds; providing
   36         procedures for the division to follow if the amount of
   37         state volume limitation requested in notices of intent
   38         to issue private activity bonds exceeds the state
   39         volume limitation available to issuers; providing
   40         procedures for the allocation of state volume
   41         limitation that subsequently becomes available for
   42         allocation; providing that certain confirmations
   43         expire on a specified date unless a certain
   44         requirement is met; requiring that certain
   45         confirmations include certain information; providing
   46         that a confirmation is effective as to certain private
   47         activity bonds only in specified circumstances;
   48         prohibiting the effectiveness of a confirmation of
   49         allocation when more private activity bonds are issued
   50         than set forth in such confirmation; providing
   51         requirements for the issuance of private activity
   52         bonds in excess of the amount set forth in the
   53         confirmation; requiring the division to cancel a
   54         confirmation of allocation and reallocate the state
   55         volume limitation under certain circumstances;
   56         creating s. 159.8053, F.S.; prohibiting the allocation
   57         of state volume limitation before an issuance report
   58         is filed by or on behalf of the issuer issuing bonds
   59         before the expiration of confirmation of allocation
   60         for such bonds; providing requirements for issuance
   61         reports; providing for the reversion of certain
   62         unissued state volume limitation and requiring that it
   63         be made available for reallocation; requiring the
   64         director of the division to sign a final certification
   65         of allocation after timely filing of an issuance
   66         report; repealing s. 159.806, F.S., relating to
   67         regional allocation pools; creating s. 159.8061, F.S.;
   68         establishing affordable housing allocation pools for a
   69         specified purpose; requiring that a certain allocation
   70         be allocated and distributed to the regional
   71         affordable housing allocation pool and distributed
   72         among specified regions; providing requirements for
   73         such allocations; establishing regions within the
   74         regional affordable housing allocation pool; requiring
   75         that, on a specified date, any portion of the
   76         allocation made to such pool for which the division
   77         has not issued a confirmation be added to the
   78         statewide affordable housing allocation pool;
   79         requiring that the pool be available for issuing
   80         confirmations for affordable housing bonds to issuers
   81         statewide during a specified timeframe; requiring the
   82         division, on a specified date each year, to issue
   83         confirmations for all notices of intent to issue
   84         previously placed on the pending list for the regional
   85         affordable housing pool if sufficient state volume
   86         limitation is available; providing procedures for the
   87         issuance of confirmations after confirmations are
   88         issued for all notices of intent to issue previously
   89         placed on the pending list for the regional housing
   90         pool; providing procedures for the issuance of
   91         confirmations when the division determines that the
   92         amount of notices of intent to issue exceeds the state
   93         volume limitation; creating s. 159.8062, F.S.;
   94         establishing the corporation pool for a specified
   95         timeframe each year to issue confirmations for
   96         affordable housing bonds to corporations; providing
   97         procedures for the issuance of confirmations;
   98         providing that, prior to a specified date, the
   99         corporation pool is the only pool from which a
  100         corporation may receive allocations of state volume
  101         limitation; providing that the corporation is not
  102         required to submit a notice of intent to issue
  103         affordable housing bonds or to obtain a confirmation
  104         for the issuance of bonds before a specified date;
  105         requiring the corporation to submit a notice of intent
  106         to issue on or before a certain date for affordable
  107         housing bonds that the corporation intends to issue on
  108         or after a certain date; exempting the corporation
  109         from a specified fee; authorizing the corporation to
  110         assign a portion of its state volume limitation to
  111         specified pools before a certain date each year;
  112         creating s. 159.8063, F.S.; establishing the economic
  113         development allocation pool; requiring that the
  114         economic development allocation pool be first
  115         available to issue confirmations pursuant to specified
  116         procedures; requiring the economic development
  117         allocation pool to be available for the sole purpose
  118         of issuing confirmations for certain bonds during a
  119         certain timeframe each year; requiring that certain
  120         notices of intent to issue requesting confirmation
  121         from the economic development allocation pool which
  122         conform with certain requirements and are filed by a
  123         certain date be forwarded to the Secretary of Commerce
  124         for review and the rendering of a decision; requiring
  125         the division to issue confirmation for such notices of
  126         intent to issue in a specified order of priority
  127         within a specified timeframe; requiring the economic
  128         development pool to be available for a specified sole
  129         purpose during a later specified timeframe, with
  130         notification to the Department of Commerce; repealing
  131         s. 159.807, F.S., relating to the state allocation
  132         pool; creating s. 159.8071, F.S.; establishing the
  133         state allocation pool to issue confirmations for all
  134         types of private activity bonds during a specified
  135         timeframe each year; repealing s. 159.8075, F.S.,
  136         relating to qualified mortgage credit certificates;
  137         creating s. 159.80751, F.S.; authorizing an issuer to
  138         convert all or a portion of its allocation of state
  139         volume limitation for certain affordable housing bonds
  140         to mortgage credit certificates if certain conditions
  141         are met; providing requirements for the issuance of
  142         mortgage credit certificates; providing that elections
  143         to convert are irrevocable; requiring that mortgage
  144         credit certificates be issued under a certification
  145         program that meets specified requirements; requiring
  146         potential issuers to certify in writing to the
  147         division that the mortgage credit certification
  148         program is certified under specified federal law;
  149         providing that certain expiration dates do not apply
  150         under certain circumstances and that certain unissued
  151         mortgage credit certificates will automatically
  152         receive a carryforward confirmation; requiring that
  153         certain elections and certifications be filed with the
  154         division; designating the director of the division as
  155         the state official authorized to make a required
  156         certification; repealing s. 159.8081, F.S.; relating
  157         to the Manufacturing Facility Bond Pool; repealing s.
  158         159.8083, F.S., relating to the Florida First Business
  159         allocation pool; repealing s. 159.809, F.S., relating
  160         to recapture of unused amounts; creating s. 159.8091,
  161         F.S.; establishing the carryforward allocation pool
  162         for the sole purpose of issuing carryforward
  163         confirmations to issuers for specified projects;
  164         requiring the division to issue certain carryforward
  165         confirmations until a specified occurrence; requiring
  166         that the amount of each carryforward confirmation be
  167         the amount requested if there is sufficient state
  168         volume limitation in the carryforward allocation pool;
  169         requiring the division to use a specified
  170         prioritization process when the aggregated amount
  171         requested exceeds the available amount; providing for
  172         the carryforward of certain state volume limitations;
  173         repealing s. 159.81, F.S., relating to unused
  174         allocations; creating s. 159.8101, F.S.; requiring an
  175         issuer that elects to carryforward an allocation to
  176         request and obtain carryforward confirmation from the
  177         division; requiring the division, upon request, to
  178         issue a carryforward confirmation when certain
  179         conditions are met; providing requirements for
  180         requesting a carryforward confirmation; repealing s.
  181         159.8105, F.S., relating to allocation of bonds for
  182         water and wastewater infrastructure projects; amending
  183         s. 159.811, F.S.; conforming provisions to changes
  184         made by the act; making technical changes; repealing
  185         s. 159.812, F.S., relating to a grandfather clause;
  186         amending s. 159.814, F.S.; providing requirements for
  187         the form of applications for allocations; providing
  188         that certain notices of intent and applications for
  189         carryforward confirmation are timely filed only if
  190         filed with the division within specified timeframes;
  191         deleting obsolete provisions; repealing s. 159.815,
  192         F.S., relating to rules; amending s. 159.816, F.S.;
  193         requiring the director of the division to execute a
  194         final certification of allocation following the timely
  195         filing of an issuance report; amending s. 163.2520,
  196         F.S.; conforming a provision to changes made by the
  197         act; amending s. 420.504, F.S.; conforming provisions
  198         to changes made by the act; providing an effective
  199         date.
  200          
  201  Be It Enacted by the Legislature of the State of Florida:
  202  
  203         Section 1. Subsection (10) of section 159.608, Florida
  204  Statutes, is amended to read:
  205         159.608 Powers of housing finance authorities.—A housing
  206  finance authority shall constitute a public body corporate and
  207  politic, exercising the public and essential governmental
  208  functions set forth in this act, and shall exercise its power to
  209  borrow only for the purpose as provided herein:
  210         (10)(a) To make loans or grant surplus funds to
  211  corporations that qualify as not-for-profit corporations under
  212  s. 501(c)(3) of the Internal Revenue Code of 1986, as amended,
  213  and under the laws of this state, for the development of
  214  affordable housing; and
  215         (b) To do anything necessary or appropriate to further the
  216  purpose for which a housing finance authority is established,
  217  pursuant to s. 159.602, including, as further described in s.
  218  159.08751 s. 159.8075, the power to issue mortgage credit
  219  certificates to the extent allocation is available for that
  220  purpose to qualifying individuals in lieu of issuing qualified
  221  mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal
  222  Revenue Code of 1986, as amended, or a combination of the two.
  223  Mortgage credit certificates may not be issued on December 30 or
  224  December 31 of any year.
  225         Section 2. Section 159.802, Florida Statutes, is amended to
  226  read:
  227         159.802 Purpose; legislative findings and intent.—
  228         (1) The purpose of this part is to allocate the state
  229  volume limitation imposed on private activity bonds under s. 146
  230  of the Code. A no private activity bond subject to the
  231  limitation in s. 146 of the Code may not shall be issued in this
  232  state unless a written confirmation therefor is issued pursuant
  233  to this part.
  234         (2)The Legislature finds and declares that private
  235  activity bonds are used to finance improvements, projects, and
  236  programs that serve important public purposes and benefit the
  237  social and economic well-being of the people of this state. The
  238  Legislature recognizes that the exemption of interest on private
  239  activity bonds from federal income taxation and the concomitant
  240  reduced interest costs have been central to the marketability of
  241  such bonds.
  242         (3)It is the intent of the Legislature that issuers use
  243  the state volume limitation in such a manner as to maximize the
  244  amount of private activity bonds that may be issued in this
  245  state which will benefit the social and economic well-being of
  246  the people of this state by increasing the number of
  247  improvements, projects, and programs that may be financed in a
  248  given year and that, to the extent that any portion of state
  249  volume limitation allocated to an issuer is carried forward, it
  250  be used to issue private activity bonds before its expiration.
  251         Section 3. Section 159.803, Florida Statutes, is reordered
  252  and amended to read:
  253         159.803 Definitions.—As used in this part, the term:
  254         (1)“Affordable housing bonds” means multifamily affordable
  255  housing bonds and single-family affordable housing bonds.
  256         (1) “County” means the geographic boundaries of each county
  257  as established by law.
  258         (16)(2) “Private activity bond” or “bond” means any bond
  259  which requires an allocation pursuant to s. 146 of the Code.
  260         (3) “Director” means the director of the Division of Bond
  261  Finance of the State Board of Administration or his or her
  262  designee.
  263         (4) “Agency” means the State of Florida, any unit of local
  264  government, industrial development authority, or other entity in
  265  this state authorized to issue private activity bonds.
  266         (5) “Priority project” means a solid waste disposal
  267  facility or a sewage facility, as such terms are defined in s.
  268  142 of the Code, or a water facility, as defined in s. 142 of
  269  the Code, which is operated by a member-owned, not-for-profit
  270  utility, or any project which is to be located in an area which
  271  is an enterprise zone designated pursuant to s. 290.0065.
  272         (6) “Division” means the Division of Bond Finance of the
  273  State Board of Administration.
  274         (11)(7) “Issued” or “issuance” has the same meaning as in
  275  the Code.
  276         (3)(8) “Code” means the Internal Revenue Code of 1986, as
  277  amended, and the regulations and rulings issued thereunder.
  278         (9) “Housing bonds” means bonds issued pursuant to s.
  279  142(d) of the Code to finance qualified residential units or
  280  mortgage revenue bonds issued pursuant to s. 143 of the Code
  281  which require an allocation under s. 146 of the Code.
  282         (10) “Manufacturing facility” means a facility described in
  283  s. 144(a)(12)(C) of the Code.
  284         (11) “Florida First Business project” means any project
  285  which is certified by the Department of Commerce as eligible to
  286  receive an allocation from the Florida First Business allocation
  287  pool established pursuant to s. 159.8083. The Department of
  288  Commerce may certify those projects proposed by a business which
  289  qualify as a target industry business as defined in s. 288.005
  290  or any project providing a substantial economic benefit to this
  291  state. The department shall develop measurement protocols and
  292  performance measures to determine what competitive value a
  293  project by a target industry business will bring to the state
  294  pursuant to ss. 20.60(5)(a)3. and 288.061(2).
  295         (13)(12) “Mortgage credit certificate” means those
  296  certificates issued pursuant to s. 25 of the Code.
  297         (2)“Carryforward confirmation” means a confirmation for a
  298  project that qualifies for a carryforward pursuant to s.
  299  146(f)(5) of the Code which authorizes the issuer to make an
  300  election to carry forward such allocation of state volume
  301  limitation beyond the end of the current calendar year in
  302  accordance with s. 146(f) of the Code.
  303         (4)“Confirmation” means the conditional allocation of a
  304  portion of the state volume limitation to an issuer, made
  305  pursuant to a timely filed notice of intent to issue, which is
  306  contingent upon the issuer’s timely filing of an issuance
  307  report.
  308         (5)“Corporation” means the Florida Housing Finance
  309  Corporation created by s. 420.504.
  310         (7)“Exempt facility bonds” means any bonds, except
  311  multifamily affordable housing bonds, issued pursuant to s. 142
  312  of the Code to finance facilities and projects that are listed
  313  in s. 142(a) of the Code which require an allocation of state
  314  volume limitation under s. 146 of the Code.
  315         (8)“Final certification of allocation” means the
  316  certification issued by the division following the timely filing
  317  of an issuance report which establishes the final amount of
  318  state volume limitation allocated to an issuer for an issuance
  319  of private activity bonds as required in s. 149(e)(2)(F) of the
  320  Code.
  321         (9)“Governmental unit” means the general-purpose
  322  governmental unit, as defined in the Code, which provides
  323  approval under the federal Tax Equity and Fiscal Responsibility
  324  Act (TEFRA) for proposed issuances of private activity bonds for
  325  issuers within its jurisdiction.
  326         (10)“Issuance report” means the form containing the
  327  information described in s. 159.8053(2) by which an issuer
  328  notifies the division of its issuance of bonds pursuant to a
  329  confirmation.
  330         (12)“Issuer” means the State of Florida, any governmental
  331  unit, a housing finance authority, an industrial development
  332  authority, or any other entity in this state authorized to issue
  333  private activity bonds.
  334         (14)“Multifamily affordable housing bonds” means bonds
  335  issued pursuant to s. 142 of the Code to finance qualified
  336  residential rental projects, as described in s. 142(d)(1) of the
  337  Code, which require an allocation of state volume limitation
  338  under s. 146 of the Code.
  339         (15)“Notice of intent to issue” means the form containing
  340  the information described in s. 159.8051(2) on which an issuer
  341  requests an allocation of the state volume limitation from the
  342  division.
  343         (17)“Redevelopment bonds” means bonds issued pursuant to
  344  s. 144(c) of the Code to be used for redevelopment purposes in
  345  any designated blighted area as such terms are described in s.
  346  144(c)(3) and s. 144(c)(4) of the Code.
  347         (18)“Single-family affordable housing bonds” means
  348  qualified mortgage revenue bonds issued pursuant to s. 143 of
  349  the Code which require an allocation of state volume limitation
  350  under s. 146 of the Code.
  351         (19)“Small issue bonds” means bonds issued pursuant to s.
  352  144(a) of the Code to finance a manufacturing facility as
  353  described in s. 144(a)(12)(C) of the Code or the acquisition of
  354  farmland or farm property, which require an allocation of state
  355  volume limitation under s. 146 of the Code.
  356         (20)“State volume limitation” means the maximum amount of
  357  private activity bonds which may be issued in this state during
  358  each calendar year as such limit is imposed by s. 146 of the
  359  Code, and which is allocated by the division pursuant to this
  360  part.
  361         (21)“Student loan bonds” means bonds issued pursuant to s.
  362  144(b) of the Code to make or finance student loans which
  363  require an allocation of state volume limitation under s. 146 of
  364  the Code.
  365         (22)“TEFRA approval” means the approval of a proposed
  366  issuance of bonds by an elected official or body of elected
  367  officials of the applicable governmental unit after a public
  368  hearing or by a referendum of the voters within such
  369  governmental unit, as required by s. 147(f) of the Code.
  370         Section 4. Section 159.804, Florida Statutes, is repealed.
  371         Section 5. Section 159.8041, Florida Statutes, is created
  372  to read:
  373         159.8041 Allocation of state volume limitation; recapture
  374  of unused amounts.—
  375         (1)The division shall annually determine the state volume
  376  limitation. The division shall make the state volume limitation
  377  information available upon request and shall publish such
  378  information on its website.
  379         (2)On January 1 of each year, the division shall initially
  380  allocate the state volume limitation among the following pools:
  381         (a)Fifty percent of the state volume limitation must
  382  initially be allocated among the affordable housing allocation
  383  pools established in s. 159.8061 for use as provided therein.
  384         (b)Twenty-five percent of the state volume limitation must
  385  initially be allocated to the corporation pool established in s.
  386  159.8062 for use as provided therein.
  387         (c)Twenty-five percent of the state volume limitation must
  388  initially be allocated to the economic development allocation
  389  pool established in s. 159.8063 for use as provided therein.
  390         (3)On October 1 of each year, any portion of each
  391  allocation of state volume limitation made to the affordable
  392  housing allocation pools or the economic development allocation
  393  pool pursuant to subsection (2) for which the division has not
  394  issued a confirmation must be added to the state allocation
  395  pool.
  396         (4)On December 1 of each year, any portion of the
  397  allocation of state volume limitation made to the corporation
  398  pool pursuant to subsection (2) or the state allocation pool
  399  pursuant to subsection (3) for which the division has not issued
  400  a confirmation must be added to the carryforward allocation
  401  pool. Additionally, on December 1 of each year, any portion of
  402  the state volume limitation used to issue a confirmation which
  403  has not been used by an issuer for the issuance of bonds, as
  404  evidenced by receipt by the division of an issuance report, or
  405  which has not received a carryforward confirmation pursuant to
  406  s. 159.8101(2) or been converted for the issuance of mortgage
  407  credit certificates must be added to the carryforward allocation
  408  pool.
  409         Section 6. Section 159.805, Florida Statutes, is repealed.
  410         Section 7. Section 159.8051, Florida Statutes, is created
  411  to read:
  412         159.8051 Procedures for requesting state volume limitation;
  413  requirements; prohibitions.—
  414         (1)Before the issuance of any private activity bond by or
  415  on behalf of any issuer, such issuer shall request and obtain an
  416  allocation of a portion of the state volume limitation from the
  417  division through the issuance of a confirmation, except for
  418  private activity bonds issued by the corporation pursuant to s.
  419  159.8062(2)(b) from the initial allocation of state volume
  420  limitation made by s. 159.8041(2)(b). Such request must be made
  421  through a notice of intent to issue containing the information
  422  required in this section timely filed with the division in
  423  accordance with s. 159.814 by or on behalf of the issuer
  424  requesting the confirmation. Any notice of intent to issue that
  425  does not conform to this section is not eligible to receive a
  426  confirmation and must be rejected.
  427         (2)Each notice of intent to issue must include the
  428  following information:
  429         (a)The name of the issuer requesting the allocation.
  430         (b)The name and contact information of the person
  431  submitting the notice of intent to issue.
  432         (c)The amount of state volume limitation requested.
  433         (d)A description of the project and the type of qualified
  434  bond, as such term is defined in s. 141(e) of the Code,
  435  including the type of exempt facility, as described in s. 142(a)
  436  of the Code, if applicable, which will be issued to finance the
  437  project.
  438         (e)The county or counties in which the project will be
  439  located.
  440         (f)The pool from which the allocation is requested.
  441         (g)The governmental unit that provided any required TEFRA
  442  approval, and a certification that, if required, TEFRA approval
  443  has been obtained. A notice of intent to issue may not be filed
  444  until any required TEFRA approval has been obtained.
  445         (h)The fee required by s. 159.811.
  446         (i)An opinion or statement of counsel that the project to
  447  be financed may be financed with private activity bonds and that
  448  an allocation of state volume limitation is required to issue
  449  such bonds.
  450         (3)A separate notice of intent to issue must be filed for
  451  each proposed issuance of private activity bonds. A notice of
  452  intent to issue may not request an allocation of state volume
  453  limitation for more than one project or more than one purpose.
  454  An issuer may not request an allocation of state volume
  455  limitation from multiple pools in a single notice of intent to
  456  issue.
  457         Section 8. Section 159.8052, Florida Statutes, is created
  458  to read:
  459         159.8052 Procedures for evaluating notices of intent to
  460  issue; confirmations; requirements; limitations.—
  461         (1)(a)All notices of intent to issue filed with the
  462  division must be evaluated for compliance with this part. Any
  463  notice of intent to issue that conforms to the requirements of
  464  s. 159.8051 is eligible to receive a confirmation and must be
  465  approved, subject to the availability of a sufficient amount of
  466  state volume limitation in the appropriate pool. Each business
  467  day, the division shall compute the state volume limitation in
  468  the pools for which approved notices of intent to issue were
  469  received on the previous business day. The division shall issue
  470  confirmations, subject to the availability of a sufficient
  471  amount of state volume limitation in the appropriate pool. The
  472  amount of confirmation, if there is sufficient state volume
  473  limitation available to the issuer in the appropriate pool, must
  474  be in the amount requested in the approved notice of intent to
  475  issue. If the amount of state volume limitation available to the
  476  issuer in the appropriate pool is less than the amount requested
  477  in the approved notice of intent to issue, the division must
  478  issue confirmations in the order of priority established in
  479  paragraph (b) until the available state volume limitation in
  480  each such applicable pool is exhausted. The division shall
  481  maintain continuous records of the cumulative amount of state
  482  volume limitation for which confirmations have been granted
  483  pursuant to this section.
  484         (b)If the division determines that the aggregate amount of
  485  state volume limitation requested in notices of intent to issue
  486  received by noon of the previous business day exceeds the state
  487  volume limitation available to such issuers in the applicable
  488  pool, the division must assign a consecutive number to the
  489  notice of intent to issue requesting allocation from such pool,
  490  draw such numbers randomly to establish the priority of each
  491  such notice of intent to issue, and issue confirmations in the
  492  order of priority until the available state volume limitation in
  493  such pool is exhausted. If the amount of state volume limitation
  494  in the appropriate pool is insufficient to issue a confirmation
  495  in the amount requested for the prioritized notice of intent to
  496  issue, the division must issue a confirmation in the amount of
  497  the state volume limitation available and place the balance of
  498  the request on a pending list for such pool. The unfilled
  499  portion of any such notice of intent to issue and any notices of
  500  intent to issue for which there was insufficient state volume
  501  limitation to issue a confirmation must be placed on the pending
  502  list for the appropriate pool in the priority order established
  503  in this paragraph.
  504         (c)To the extent that state volume limitation subsequently
  505  becomes available for allocation in a pool, notices of intent
  506  placed on the pending list for that pool pursuant to paragraph
  507  (b) must be given priority for the next available volume
  508  limitation for that year before any notices of intent to issue
  509  requesting allocation from that pool received by the division
  510  after that day’s random selection. On September 30 of each year,
  511  any unfilled notices of intent to issue on the pending lists for
  512  the economic development allocation pool or the affordable
  513  housing allocation pools must be rejected and the issuer may
  514  file a new notice of intent to issue with the division to
  515  request a confirmation from the state allocation pool to be
  516  considered pursuant to this subsection. On November 30 of each
  517  year, any unfilled notices of intent to issue on the pending
  518  lists for the state allocation pool must be rejected and the
  519  issuer may file a new notice of intent to issue with the
  520  division to request a carryforward confirmation to be considered
  521  pursuant to s. 159.8101(3).
  522         (2)Each confirmation issued pursuant to s. 159.8061, s.
  523  159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be
  524  effective on November 30 of the year in which it was issued,
  525  unless the issuer obtains a carryforward confirmation pursuant
  526  to s. 159.8101(2).
  527         (3)A confirmation only assures an issuer of an allocation
  528  of state volume limitation in such amount and for such purpose
  529  as set forth therein until the expiration thereof. Each
  530  confirmation granted pursuant to subsection (1) must include the
  531  following information:
  532         (a)The issuer to which the allocation of state volume
  533  limitation is made.
  534         (b)The amount of the allocation of state volume limitation
  535  granted to the issuer.
  536         (c)The project and type of qualified bond for which bonds
  537  using such allocation of state volume limitation may be issued.
  538         (d)The date on which the confirmation expires.
  539         (e)A statement that the allocation of state volume
  540  limitation is conditional and may not be considered final until
  541  and unless the issuer files an issuance report pursuant to s.
  542  159.8053.
  543         (4)(a)A confirmation is effective as to private activity
  544  bonds issued in an amount less than the amount set forth in such
  545  confirmation only if the aggregate amount issued pursuant to
  546  such confirmation is not less than 90 percent of the amount set
  547  forth therein, together with the amounts of any carryforward
  548  confirmation an issuer has for such purpose and any
  549  supplementary confirmation, after subtracting any portion
  550  thereof which the issuer has elected to convert for the issuance
  551  of mortgage credit certificates.
  552         (b)A confirmation is not effective as to private activity
  553  bonds issued in an amount in excess of the amount set forth in
  554  such confirmation. An issuer wishing to issue private activity
  555  bonds in an amount in excess of the amount set forth in a
  556  confirmation must obtain a supplementary confirmation before the
  557  issuance of such bonds by filing a supplementary notice of
  558  intent to issue with the division. A supplementary notice of
  559  intent to issue must specify the prior confirmation to which it
  560  applies and must also include all items required in s.
  561  159.8051(2). Such supplementary notice of intent to issue must
  562  be filed in accordance with s. 159.814 by or on behalf of the
  563  issuer to whom the confirmation was issued. The division shall
  564  evaluate supplementary notices of intent to issue for compliance
  565  with this part, and, to the extent sufficient state volume
  566  limitation is available, the division shall issue a
  567  supplementary confirmation pursuant to subsection (1). The
  568  amount of state volume limitation allocated in a supplementary
  569  confirmation may be added to a prior confirmation for the same
  570  project to provide an aggregate allocation of state volume
  571  limitation for the issuance of private activity bonds for that
  572  project. A supplementary confirmation does not alter the
  573  expiration date of the initial confirmation.
  574         (c)Upon the expiration of the confirmation, or at any time
  575  before such expiration that the issuer notifies the division
  576  that the allocation of state volume limitation in such
  577  confirmation is no longer necessary, the division shall cancel
  578  such confirmation and the allocation of state volume limitation
  579  provided therein must be made available for reallocation
  580  pursuant to this part.
  581         Section 9. Section 159.8053, Florida Statutes, is created
  582  to read:
  583         159.8053 Issuance reports; final certification of
  584  allocation.—
  585         (1)Except for an allocation of state volume limitation
  586  that has been converted to the issuance of mortgage credit
  587  certificates pursuant to s. 159.80751, no portion of the state
  588  volume limitation may be allocated before the filing of an
  589  issuance report with the division by or on behalf of the issuer
  590  issuing bonds no later than the date on which the confirmation
  591  for such bonds expires. An issuer’s failure to file an issuance
  592  report before the expiration of a confirmation will result in
  593  the loss of such state volume limitation, regardless of whether
  594  the issuer has issued bonds pursuant to such confirmation.
  595         (2)Each issuance report must include all of the following
  596  information:
  597         (a)The name of the issuer issuing such bonds.
  598         (b)The confirmation pursuant to which the bonds are being
  599  issued.
  600         (c)The amount of state volume limitation used by such
  601  issuance.
  602         (d)The name and series designation of the bonds.
  603         (e)The principal amount of bonds issued.
  604         (f)The date of issuance and the amount of proceeds
  605  distributed at issuance.
  606         (g)The purpose for which the bonds were issued, including
  607  the private business or entity that will benefit from or use the
  608  proceeds of the bonds; the name of the project, if known; the
  609  location of the project; whether the project is an acquisition
  610  of an existing facility or new construction; and the number
  611  products manufactured or the number of residential units, if
  612  applicable.
  613         (h)The name, role, and contact information of the person
  614  submitting the issuance report.
  615         (3)At issuance, any portion of the state volume limitation
  616  granted in such confirmation that is unissued, except in the
  617  case of a carryforward confirmation, immediately reverts to the
  618  pool from which the allocation was made and must be made
  619  available for reallocation.
  620         (4)Following the timely filing of an issuance report, the
  621  director of the division shall sign the final certification of
  622  allocation. The final certification of allocation may not be
  623  issued before the timely receipt of an issuance report pursuant
  624  to subsection (1).
  625         Section 10. Section 159.806, Florida Statutes, is repealed.
  626         Section 11. Section 159.8061, Florida Statutes, is created
  627  to read:
  628         159.8061 Affordable housing allocation pools.—
  629         (1)(a)The following affordable housing allocation pools
  630  are hereby established:
  631         1.The regional affordable housing allocation pool.
  632         2.The statewide affordable housing allocation pool.
  633         (b)The affordable housing allocation pools are available
  634  solely for issuing confirmations for affordable housing bonds
  635  pursuant to the procedures specified in this section and s.
  636  159.8052.
  637         (2)(a)From January 1 through May 31 of each year, the
  638  allocation made pursuant to s. 159.8041(2)(a) must be allocated
  639  to the regional affordable housing allocation pool and
  640  distributed among the regions established in paragraph (b). The
  641  allocation distributed to each region must be available solely
  642  to issue confirmations for affordable housing bonds to issuers
  643  located within such region on a first-come, first-served basis
  644  for projects located within such region. The amount of volume
  645  limitation distributed to each region within the regional
  646  affordable housing allocation pool must be an amount
  647  proportional to the ratio of the population of the region to the
  648  total population of this state.
  649         (b)The following regions are established within the
  650  regional affordable housing allocation pool for the purposes of
  651  this allocation:
  652         1.Region 1, consisting of Bay, Calhoun, Columbia, Dixie,
  653  Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes,
  654  Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa,
  655  Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washington
  656  Counties.
  657         2.Region 2, consisting of Alachua, Baker, Bradford, Clay,
  658  Flagler, Nassau, Putnam, St. Johns, and Union Counties.
  659         3. Region 3, consisting of Duval County.
  660         4. Region 4, consisting of Citrus, Hernando, Levy, Marion,
  661  and Pasco Counties.
  662         5. Region 5, consisting of Pinellas County.
  663         6.Region 6, consisting of Hardee, Lake, Manatee, Polk, and
  664  Sumter Counties.
  665         7.Region 7, consisting of Osceola, and Seminole Counties.
  666         8. Region 8, consisting of Orange County.
  667         9.Region 9, consisting of Brevard, Glades, Highlands,
  668  Indian River, Martin, Okeechobee, St. Lucie, and Volusia
  669  Counties.
  670         10.Region 10, consisting of Hillsborough County.
  671         11.Region 11, consisting of Charlotte, Collier, DeSoto,
  672  Hendry, Lee, Monroe, and Sarasota Counties.
  673         12.Region 12, consisting of Palm Beach County.
  674         13.Region 13, consisting of Broward County.
  675         14.Region 14, consisting of Miami-Dade County.
  676         (3)On June 1 of each year, any portion of the allocation
  677  made to the regional affordable allocation pool pursuant to
  678  subsection (2) for which the division has not issued a
  679  confirmation must be added to the statewide affordable housing
  680  allocation pool. On and after June 1 of each year, any portion
  681  of such allocation for which a confirmation is relinquished by
  682  the issuer receiving such allocation before the expiration
  683  thereof must be added to the statewide affordable housing
  684  allocation pool.
  685         (4)From June 1 through September 30 of each year, the
  686  statewide affordable housing allocation pool must be available
  687  for issuing confirmations for affordable housing bonds to
  688  issuers statewide as provided in this subsection.
  689         (a)On June 1 of each year, if a sufficient amount of state
  690  volume limitation is available in the statewide affordable
  691  housing allocation pool, the division must issue confirmations
  692  for all notices of intent to issue previously placed on the
  693  pending list for the regional affordable housing pool pursuant
  694  to s. 159.8052(1)(b) during such year. After confirmations have
  695  been issued for all notices of intent to issue previously placed
  696  on the pending list for the regional affordable housing pool
  697  pursuant to s. 159.8052(1)(b), the statewide affordable housing
  698  allocation pool must be available to issue confirmations on a
  699  first-come, first-served basis. Notwithstanding s.
  700  159.8052(1)(c), if the amount of state volume limitation
  701  available in the statewide affordable housing allocation pool is
  702  insufficient to issue a confirmation for each such notice of
  703  intent to issue, the division must issue confirmations in the
  704  priority order established in paragraph (b).
  705         (b)If the division determines that the aggregate amount
  706  requested in the notices of intent to issue placed on the
  707  pending list for the regional affordable housing pool pursuant
  708  to s. 159.8052(1)(b) during such year exceeds the state volume
  709  limitation available in the statewide affordable housing
  710  allocation pool on June 1, the division must issue confirmations
  711  for any such notices of intent to issue for multifamily
  712  affordable housing bonds in the priority order established in
  713  this paragraph, and then, subject to the availability of state
  714  volume limitation, must issue confirmations for any such notices
  715  of intent to issue for single-family affordable housing bonds in
  716  the priority order established in this paragraph until the
  717  available state volume limitation is exhausted. In establishing
  718  the priority of each such notice of intent, the division shall
  719  first assign a consecutive number to each such notice of intent
  720  to issue for multifamily affordable housing bonds and draw such
  721  numbers randomly to establish the priority of each such notice
  722  of intent to issue. The division shall assign a consecutive
  723  number to each such notice of intent to issue for single-family
  724  affordable housing bonds and draw such numbers randomly to
  725  establish the priority of each such notice of intent to issue.
  726         Section 12. Section 159.8062, Florida Statutes, is created
  727  to read:
  728         159.8062 Florida housing finance corporation pool.—
  729         (1)From January 1 through September 30 of each year, the
  730  corporation pool is established and shall be available for the
  731  sole purpose of issuing confirmations for affordable housing
  732  bonds to the corporation and its assigns pursuant to the
  733  procedures specified in s. 159.8052. Before October 1 of any
  734  year, the corporation pool is the only pool from which a
  735  corporation may receive any allocation of state volume
  736  limitation.
  737         (2)(a)Notwithstanding s. 159.8051(1), before October 1 of
  738  any year, the corporation need not submit a notice of intent to
  739  issue or obtain a confirmation for the issuance of affordable
  740  housing bonds using the state volume limitation allocated to
  741  this pool pursuant to s. 159.8041(2)(b).
  742         (b)For affordable housing bonds that the corporation
  743  intends to issue on or after October 1 of any year, the
  744  corporation must submit a notice of intent to issue no later
  745  than September 30 of such year, and the division shall issue a
  746  confirmation not exceeding the amount of state volume limitation
  747  then available in the corporation pool. The corporation is not
  748  subject to the fee required under s. 159.811 for notices of
  749  intent to issue submitted pursuant to this paragraph.
  750         (3)Prior to June 1 of each year, the corporation may, in
  751  its discretion, assign any portion of the state volume
  752  limitation in the corporation pool to the affordable housing
  753  allocation pools.
  754         Section 13. Section 159.8063, Florida Statutes, is created
  755  to read:
  756         159.8063 Economic development allocation pool.—
  757         (1)The economic development allocation pool is hereby
  758  established and is available for issuing confirmations pursuant
  759  to the procedures specified in this section and s. 159.8052.
  760         (2)The economic development allocation pool must, at all
  761  times, first be available to issue confirmations for those
  762  portions of a private activity bond requiring an allocation of
  763  state volume limitation under s. 146(m) of the Code and to issue
  764  confirmations to state issuers and, thereafter, be available as
  765  provided in subsection (3).
  766         (3)(a)From January 1 through May 31 of each year, the
  767  economic development allocation pool must be available for the
  768  sole purpose of issuing confirmations for exempt facility bonds,
  769  small issue bonds, student loan bonds, and redevelopment bonds
  770  to issuers statewide in the priority order established by the
  771  Secretary of Commerce as provided in this paragraph.
  772  Notwithstanding s. 159.8052(1), any notice of intent to issue
  773  requesting a confirmation from the economic development
  774  allocation pool which conforms to the requirements of s.
  775  159.8051 and is filed with the division before May 1 must be
  776  forwarded to the Secretary of Commerce for review. The Secretary
  777  of Commerce shall render a decision on or before May 15 as to
  778  the order in which such notices of intent to issue are to
  779  receive a confirmation. The division shall issue confirmations
  780  for such notices of intent to issue in the order of priority
  781  established by the Secretary of Commerce within 3 business days
  782  after receipt of such decision.
  783         (b)The economic development allocation pool must be
  784  available from June 1 through September 30 of each year for the
  785  sole purpose of issuing confirmations for exempt facility bonds,
  786  small issue bonds, student loan bonds, and redevelopment bonds
  787  to issuers statewide on a first-come, first-served basis with
  788  notification to the Department of Commerce.
  789         Section 14. Section 159.807, Florida Statutes, is repealed.
  790         Section 15. Section 159.8071, Florida Statutes, is created
  791  to read:
  792         159.8071 State allocation pool.—The state allocation pool
  793  is hereby established and must be available to issue
  794  confirmations pursuant to the procedures specified in s.
  795  159.8052, and to issue confirmations for bonds to issuers
  796  statewide on a first-come, first-served basis for all types of
  797  private activity bonds from October 1 through November 30 of
  798  each year.
  799         Section 16. Section 159.8075, Florida Statutes, is
  800  repealed.
  801         Section 17. Section 159.80751, Florida Statutes, is created
  802  to read:
  803         159.80751 Qualified mortgage credit certificates.—
  804         (1)On or before November 30 of each year, an issuer may
  805  elect in writing to the division to convert all or a portion of
  806  its allocation of state volume limitation for single-family
  807  affordable housing bonds to mortgage credit certificates,
  808  provided such election is made before the expiration date of the
  809  confirmation granting such allocation. Each issuer shall provide
  810  notice of any election made under this section to the governing
  811  body of the county for which the issuer was created. Such
  812  election is irrevocable.
  813         (2)All mortgage credit certificates must be issued under a
  814  certification program that is designed to ensure that the
  815  requirements of s. 25 of the Code, specifically s. 25(f)(4), are
  816  complied with and that meets all requirements adopted by the
  817  United States Secretary of the Treasury as set out in applicable
  818  regulations. Any potential issuer of mortgage credit
  819  certificates must certify in writing to the division that the
  820  mortgage credit certification program is certified under s. 25
  821  of the Code, specifically s. 25(f)(4).
  822         (3)For that portion of the confirmation that an issuer has
  823  elected to use for mortgage credit certificates before the
  824  expiration thereof, the expiration dates in s. 159.8052(2) do
  825  not apply and any unissued mortgage credit certificates will
  826  automatically receive a carryforward confirmation.
  827         (4)The election referenced in subsection (1) and the
  828  certification referenced in subsection (2) must be filed with
  829  the division in accordance with s. 159.814. The director of the
  830  division is the state official designated to make the
  831  certification required by Temporary Regulation 1.25-4T(d) under
  832  the Code.
  833         Section 18. Section 159.8081, Florida Statutes, is
  834  repealed.
  835         Section 19.  Section 159.8083, Florida Statutes, is
  836  repealed.
  837         Section 20. Section 159.809, Florida Statutes, is repealed.
  838         Section 21. Section 159.8091, Florida Statutes, is created
  839  to read:
  840         159.8091 Carryforward allocation pool.—
  841         (1)The carryforward allocation pool is hereby established.
  842  The carryforward allocation pool is available for the sole
  843  purpose of issuing carryforward confirmations to issuers
  844  statewide for projects that are entitled under the Code to a
  845  carryforward of state volume limitation past the end of the
  846  calendar year pursuant to requests that meet the requirements of
  847  s. 159.8101(3).
  848         (2)On December 15 of each year, or, if December 15 is not
  849  a business day, the first business day thereafter, the division
  850  shall issue carryforward confirmations as provided for in
  851  subsection (3) until the state volume limitation in the
  852  carryforward allocation pool is exhausted.
  853         (3)The amount of each carryforward confirmation, if there
  854  is sufficient state volume limitation in the carryforward
  855  allocation pool, must be the amount requested. If the division
  856  determines that the aggregate amount of state volume limitation
  857  requested for carryforward confirmations pursuant to this
  858  section exceeds the amount available in the carryforward
  859  allocation pool, the division must assign a consecutive number
  860  to each such request, shall draw such numbers randomly to
  861  establish the priority of each request, and shall issue
  862  carryforward confirmations until the total amount of state
  863  volume limitation is exhausted. Any requests in excess of the
  864  state volume limitation may not be given any priority in the
  865  following calendar year. If any state volume limitation remains
  866  in the carryforward allocation pool after issuing carryforward
  867  confirmations for all requests filed pursuant to s. 159.8101,
  868  the division must make such remaining state volume limitation
  869  available to the corporation to be carried forward for the
  870  issuance of affordable housing bonds in subsequent years as
  871  provided by the Code. Thereafter, any remaining state volume
  872  limitation not used as provided in subsection (2) must be
  873  carried forward to the next calendar year to the extent
  874  permitted by the Code.
  875         Section 22. Section 159.81, Florida Statutes, is repealed.
  876         Section 23. Section 159.8101, Florida Statutes, is created
  877  to read:
  878         159.8101 Applications for a carryforward; carryforward
  879  confirmations.—
  880         (1)Any issuer that wishes to elect to carryforward an
  881  allocation of state volume limitation under s. 146(f) of the
  882  Code must first request and obtain a carryforward confirmation
  883  from the division.
  884         (2)The division shall, when requested, issue a
  885  carryforward confirmation for those confirmations issued
  886  pursuant to this part for those projects that qualify for a
  887  carryforward pursuant to s. 146(f) of the Code, provided that
  888  such request includes an opinion of bond counsel that such
  889  allocation of state volume limitation will be used for a
  890  carryforward purpose pursuant to s. 146(f)(5) of the Code and is
  891  received by the division at least 3 business days before the
  892  expiration of such confirmation.
  893         (3)A request for a carryforward confirmation must be made
  894  by filing with the division a notice of intent to issue meeting
  895  all requirements of this section and s. 159.8051(2). Such
  896  request must include an opinion of bond counsel that such
  897  allocation of state volume limitation will be used for a
  898  carryforward purpose pursuant to s. 146(f)(5) of the Code. All
  899  such requests must be timely filed with the division in
  900  accordance with s. 159.814 by or on behalf of the issuer
  901  requesting to carryforward an allocation of state volume
  902  limitation.
  903         Section 24. Section 159.8105, Florida Statutes, is
  904  repealed.
  905         Section 25. Subsection (1) of section 159.811, Florida
  906  Statutes, is amended to read:
  907         159.811 Fees; trust fund.—
  908         (1) There shall be imposed a nonrefundable fee on each
  909  notice of intent to issue a private activity bond filed with the
  910  division pursuant to s. 159.8051 s. 159.805(1). A No notice of
  911  intent to issue may not a private activity bond shall be
  912  accepted by the division unless and until the fee has been paid.
  913  The division shall establish a fee, which may be revised from
  914  time to time, must shall be an amount sufficient to cover all
  915  expenses of maintaining the allocation system in this part. In
  916  calculating the fee, any unexpended trust fund balance remaining
  917  unexpended prior to setting the fee shall be deducted from the
  918  amount appropriated. The amount of the fee may shall not exceed
  919  $500 and may be adjusted no more than once every 6 months. The
  920  fee must be included the division’s schedule of fees and
  921  expenses in s. 215.65(3).
  922         Section 26. Section 159.812, Florida Statutes, is repealed.
  923         Section 27. Section 159.814, Florida Statutes, is amended
  924  to read:
  925         159.814 Form of applications for allocations;
  926  requirements.—All notices of intent to issue for an allocation
  927  and applications, requests for a carryforward confirmations, and
  928  issuance reports must shall be made in such form as may be
  929  prescribed by the division. All such forms may be filed
  930  electronically through a portal on the division’s website at
  931  such time as the division establishes such portal through which
  932  such forms and the fee required by s. 159.811 may be submitted.
  933  Notices No notices of intent to issue for allocations of the
  934  private activity bond volume limitation for any calendar year
  935  may not shall be accepted before prior to January 1 of that
  936  calendar year. Notices of intent to issue requesting a
  937  confirmation from the affordable housing allocation pools, the
  938  economic development allocation pool, or the corporation pool
  939  are considered timely only if filed with the division on or
  940  before September 30 of that calendar year, or, if September 30
  941  is not a business day, the last business day before September
  942  30. Notices of intent to issue requesting a confirmation from
  943  the state allocation pool are considered timely only if filed
  944  with the division from October 1 through November 30 of that
  945  calendar year, or, if November 30 is not a business day, the
  946  last business day before November 30. Applications for a
  947  carryforward confirmation pursuant to s. 159.8091(1) are
  948  considered timely only if filed with the division from December
  949  1 through December 15 of that calendar year, or, if December 15
  950  is not a business day, the last business day before December 15
  951  All notices of intent to issue or application for a carryforward
  952  shall be mailed by certified mail return receipt requested or by
  953  overnight common carrier delivery service. No notice of intent
  954  to issue or application for carryforward shall be accepted by
  955  hand delivery from the issuing authority, attorneys, or other
  956  parties. All notices of intent to issue or applications for a
  957  carryforward shall be received in a standard business size
  958  envelope devoid of markings, colors, or other attention
  959  gathering devices except for the return address.
  960         Section 28. Section 159.815, Florida Statutes, is repealed.
  961         Section 29. Section 159.816, Florida Statutes, is amended
  962  to read:
  963         159.816 Certification Certificate as to state volume
  964  limitation.—Following the timely filing of an issuance report,
  965  the director of the division shall execute a final certification
  966  of allocation sign the certificate required pursuant to s.
  967  149(e)(2)(F) of the Code.
  968         Section 30. Subsection (3) of section 163.2520, Florida
  969  Statutes, is amended to read:
  970         163.2520 Economic incentives.—
  971         (3) Prior to June 1 each year, areas designated by a local
  972  government as urban infill and redevelopment areas shall be
  973  given a priority in the allocation of private activity bonds
  974  from the state pool pursuant to s. 159.8071 s. 159.807.
  975         Section 31. Subsection (2) of section 420.504, Florida
  976  Statutes, is amended to read:
  977         420.504 Public corporation; creation, membership, terms,
  978  expenses.—
  979         (2) The corporation is constituted as a public
  980  instrumentality, and the exercise by the corporation of the
  981  power conferred by this act is considered to be the performance
  982  of an essential public function. The corporation is an agency
  983  for the purposes of s. 120.52 and is a state agency for purposes
  984  of s. 159.807(4). The corporation is subject to chapter 119,
  985  subject to exceptions applicable to the corporation, and to the
  986  provisions of chapter 286; however, the corporation is shall be
  987  entitled to provide notice of internal review committee meetings
  988  for competitive proposals or procurement to applicants by mail,
  989  facsimile, or publication on an Internet website, rather than by
  990  means of publication. The corporation is not governed by chapter
  991  607 or chapter 617, but by the provisions of this part. If for
  992  any reason the establishment of the corporation is deemed in
  993  violation of law, such provision is severable and the remainder
  994  of this act remains in full force and effect.
  995         Section 32. This act shall take effect January 1, 2025.