Florida Regulations 67-21.0045: Determination of Method of Bond Sale
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(1) The Corporation may sell Bonds for the purpose of financing a proposed Development through a negotiated sale, competitively bid sale or Private Placement. Prior to a competitively bid sale, the Board of Directors shall authorize a resolution specifying the method of sale.
(2) Following receipt of the Credit Underwriting Report, staff shall provide the Corporation’s IRMA copies of such report for review and preparation of a written recommendation for the method of Bond sale.
(3) In preparing a recommendation for the method of sale to the Board of Directors, the IRMA shall consider the following:
(a) The anticipated credit and security structure of the transaction;
(b) The proposed financing structure of the transaction;
(c) The Corporation’s programmatic objectives; and,
(d) Other factors identified by staff, counsel, or the Applicant.
(4) The written recommendation shall include an identification of the Development, the recommended method of sale, and a summary statement as to why the particular method of sale is being recommended.
(5) For those transactions that the Corporation’s IRMA recommends as candidates for a competitive sale, the Corporation shall engage a structuring agent. The Applicant may, at its sole expense, engage a financial advisor for the transaction. Any cost to the Applicant for the financial advisor engaged by the Applicant in excess of $18,000 must be paid out of the Developer Fee.
(6) For those transactions that the Corporation’s IRMA recommends for a negotiated sale, the Corporation shall appoint an underwriter or placement agent.
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.507(4), (13), (19), (20), 420.508, 420.509(12) FS. History-New 1-7-98, Formerly 9I-21.0045, Amended 1-26-99, Repromulgated 11-14-99, 2-11-01, Amended 3-17-02, Repromulgated 4-6-03, Amended 3-21-04, 2-7-05, Repromulgated 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-7-11, 7-16-13, Amended 2-2-15, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, Repromulgated 7-11-19, 6-23-20, 5-18-21, 7-6-22, 6-28-23.
Terms Used In Florida Regulations 67-21.0045
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(3) In preparing a recommendation for the method of sale to the Board of Directors, the IRMA shall consider the following:
(a) The anticipated credit and security structure of the transaction;
(b) The proposed financing structure of the transaction;
(c) The Corporation’s programmatic objectives; and,
(d) Other factors identified by staff, counsel, or the Applicant.
(4) The written recommendation shall include an identification of the Development, the recommended method of sale, and a summary statement as to why the particular method of sale is being recommended.
(5) For those transactions that the Corporation’s IRMA recommends as candidates for a competitive sale, the Corporation shall engage a structuring agent. The Applicant may, at its sole expense, engage a financial advisor for the transaction. Any cost to the Applicant for the financial advisor engaged by the Applicant in excess of $18,000 must be paid out of the Developer Fee.
(6) For those transactions that the Corporation’s IRMA recommends for a negotiated sale, the Corporation shall appoint an underwriter or placement agent.
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.507(4), (13), (19), (20), 420.508, 420.509(12) FS. History-New 1-7-98, Formerly 9I-21.0045, Amended 1-26-99, Repromulgated 11-14-99, 2-11-01, Amended 3-17-02, Repromulgated 4-6-03, Amended 3-21-04, 2-7-05, Repromulgated 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-7-11, 7-16-13, Amended 2-2-15, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, Repromulgated 7-11-19, 6-23-20, 5-18-21, 7-6-22, 6-28-23.