Florida Senate - 2025                                    SB 1398
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       40-01385A-25                                          20251398__
    1                        A bill to be entitled                      
    2         An act relating to resilience infrastructure loans;
    3         creating s. 718.13, F.S.; creating the Resilience
    4         Infrastructure Loan Program within the Department of
    5         Commerce for a specified purpose; providing
    6         definitions; providing for the sources of funds;
    7         requiring the department to contract with the State
    8         Board of Administration for a specified purpose;
    9         authorizing the department to take certain actions
   10         independently of the Division of Bond Finance of the
   11         State Board of Administration; providing requirements
   12         and interest rates for the loan program; authorizing
   13         the department to adopt rules; providing requirements
   14         for the repayment of a loan; providing an
   15         appropriation; providing an effective date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Section 718.13, Florida Statutes, is created to
   20  read:
   21         718.13Resilience Infrastructure Loan Program.—
   22         (1)There is created within the Department of Commerce the
   23  Resilience Infrastructure Loan Program to provide loans to
   24  Floridians for infrastructure projects that are based on
   25  resilience engineering principles and any other statutory or
   26  regulatory requirements under the Florida Building Code, the
   27  Florida Fire Prevention Code, or the Life Safety Code. The
   28  department shall administer the loan program.
   29         (2)As used in this section, the term:
   30         (a)“Department” means the Department of Commerce.
   31         (b)“District” means a citizen-initiated financing district
   32  created under the Resilience District Act of 2025 and limited to
   33  the performance of those specialized functions authorized by the
   34  act which solve infrastructure and resilience problems affecting
   35  the district’s geographic area.
   36         (c)“Infrastructure” means any fixed capital expenditure or
   37  fixed capital costs associated with the construction,
   38  reconstruction, or improvement of facilities that have a life
   39  expectancy of at least 5 years and any land acquisition, land
   40  improvement, design, and engineering costs related thereto.
   41         (d)“Loan program” means the Resilience Infrastructure Loan
   42  Program created by this section.
   43         (e)“Resilience engineering principles” means principles
   44  that focus on the general capability of a system to adapt to
   45  unexpected hazards and to continue the system’s regular function
   46  after its failure.
   47         (3)(a)Funds credited to the loan program shall consist of
   48  state and federal grant funds. Implementation of the loan
   49  program is subject to legislative appropriation. The department
   50  shall contract with the State Board of Administration for the
   51  investment and management of funds for the loan program in order
   52  to have the greatest return on investment.
   53         (b)The department may issue bonds or take any action
   54  independently and without acting by or through the Division of
   55  Bond Finance of the State Board of Administration unless
   56  participation of the Division of Bond Finance is otherwise
   57  required by law.
   58         (4)(a)The department shall review and identify
   59  infrastructure projects that meet the underwriting criteria
   60  established by the department by rule.
   61         (b)Funds from the loan program may only be awarded to the
   62  district identified in the application.
   63         (c)The interest rate on funds awarded under the loan
   64  program may not exceed the maximum interest rate set forth in s.
   65  215.84(3), unless the State Board of Administration authorizes
   66  an interest rate in excess of the maximum rate set forth in s.
   67  215.84(3).
   68         (5)(a)Requirements for the loan program include both of
   69  the following:
   70         1.The duration of the loan must be for 20 years or less.
   71         2.The loan may only be used for infrastructure projects
   72  that are required by law or regulation to ensure structural
   73  safety of the structure.
   74         (b)The department may establish additional underwriting
   75  criteria by rule.
   76         (6)Repayment of a loan awarded under the loan program to a
   77  district must:
   78         (a)Begin immediately after the completion of the
   79  infrastructure project.
   80         (b)Be completed within 3 years after the date the loan
   81  repayment begins under paragraph (a).
   82         Section 2. For the 2025-2026 fiscal year, an appropriation
   83  is contingent on nonrecurring funds being appropriated from the
   84  Indian Gaming Revenue Clearing Trust Fund within the Department
   85  of Financial Services to the Department of Commerce to fund the
   86  Resilience Infrastructure Loan Program created by this act.
   87         Section 3. This act shall take effect July 1, 2025.