Florida Statutes 159.802 – Purpose; legislative findings and intent
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Terms Used In Florida Statutes 159.802
- bond: means any bond which requires an allocation pursuant to…. See Florida Statutes 159.803
- Code: means the Internal Revenue Code of 1986, as amended, and the regulations and rulings issued thereunder. See Florida Statutes 159.803
- Confirmation: means the conditional allocation of a portion of the state volume limitation to an issuer, made pursuant to a timely filed notice of intent to issue, which is contingent upon the issuer's timely filing of an issuance report. See Florida Statutes 159.803
- Issuer: means the State of Florida, any governmental unit, a housing finance authority, an industrial development authority, or any other entity in this state authorized to issue private activity bonds. See Florida Statutes 159.803
- State volume limitation: means the maximum amount of private activity bonds which may be issued in this state during each calendar year as such limit is imposed by…. See Florida Statutes 159.803
(1) The purpose of this part is to allocate the state volume limitation imposed on private activity bonds under s. 146 of the Code. A private activity bond subject to the limitation in s. 146 of the Code may not be issued in this state unless a confirmation therefor is issued pursuant to this part.
(2) The Legislature finds and declares that private activity bonds are used to finance improvements, projects, and programs that serve important public purposes and benefit the social and economic well-being of the people of this state. The Legislature recognizes that the exemption of interest on private activity bonds from federal income taxation and the concomitant reduced interest costs have been central to the marketability of such bonds.
(3) It is the intent of the Legislature that issuers use the state volume limitation in such a manner as to maximize the amount of private activity bonds that may be issued in this state which will benefit the social and economic well-being of the people of this state by increasing the number of improvements, projects, and programs that may be financed in a given year and that, to the extent that any portion of state volume limitation allocated to an issuer is carried forward, it be used to issue private activity bonds before its expiration.