(1) The Division shall collect a one time arbitrage compliance set up fee for each new issue of bonds issued by the Division. The amount of the set up fee shall be set by resolution of the Governing Board, and shall be paid from bond proceeds at the closing of the bonds. The set up fee shall be deposited into the Arbitrage Compliance Trust Fund created by Florida Statutes § 215.655, to be used for the purposes set forth therein.
    (2) The Division shall collect, or cause to be collected, an annual fee as set by resolution of the Governing Board for each outstanding bond issue subject to arbitrage compliance. The annual fee may be paid from revenues in the flow of funds of a particular bond issue provided the bond documents provide for this method of fee payment. The Division shall annually send or cause an invoice to be sent to each State Agency and Local Government for the amount of the annual Arbitrage Compliance Fee for the bonds issued on behalf of the State Agency or Local Government. The invoice shall include the following:
    (a) The name of each bond issue outstanding;
    (b) The amount of the bonds originally issued;
    (c) The amount of bonds remaining outstanding;
    (d) The amount of fee calculated per each outstanding issue of bonds;
    (e) The total amount of the annual arbitrage compliance fee owed by the State Agency or Local Government.
    (3) The annual fee shall be paid by each State Agency and Local Government by check, wire transfer or journal transfer to the Arbitrage Compliance Trust Fund not more than thirty-five (35) working days from the date the bill is sent by the Division. The annual fees collected by the Division shall be deposited into the Arbitrage Compliance Trust Fund and used for the purposes set forth in Florida Statutes § 215.655
Rulemaking Authority 215.64(11), 215.835 FS. Law Implemented 215.64(11), 215.655 FS. History-New 12-10-91, Formerly 13K-7.006.