Florida Statutes 159.8063 – Economic development allocation pool
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(1) The economic development allocation pool is hereby established and is available for issuing confirmations pursuant to the procedures specified in this section and s. 159.8052.
(2) The economic development allocation pool must, at all times, first be available to issue confirmations for those portions of a private activity bond requiring an allocation of state volume limitation under s. 146(m) of the Code and to issue confirmations to state issuers and, thereafter, be available as provided in subsection (3).
(3)(a) From January 1 through May 31 of each year, the economic development allocation pool must be available for the sole purpose of issuing confirmations for exempt facility bonds, small issue bonds, student loan bonds, and redevelopment bonds to issuers statewide in the priority order established by the Secretary of Commerce as provided in this paragraph. Notwithstanding s. 159.8052(1), any notice of intent to issue requesting a confirmation from the economic development allocation pool which conforms to the requirements of s. 159.8051 and is filed with the division before May 1 must be forwarded to the Secretary of Commerce for review. The Secretary of Commerce shall render a decision on or before May 15 as to the order in which such notices of intent to issue are to receive a confirmation. The division shall issue confirmations for such notices of intent to issue in the order of priority established by the Secretary of Commerce within 3 business days after receipt of such decision.
Terms Used In Florida Statutes 159.8063
- 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
- Division: means the Division of Bond Finance of the State Board of Administration. See Florida Statutes 159.803
- Exempt facility bonds: means any bonds, except multifamily affordable housing bonds, issued pursuant to…. See Florida Statutes 159.803
- Notice of intent to issue: means the form containing the information described in…. See Florida Statutes 159.803
- Redevelopment bonds: means bonds issued pursuant to…. See Florida Statutes 159.803
- Small issue bonds: means bonds issued pursuant to…. 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
- Student loan bonds: means bonds issued pursuant to…. See Florida Statutes 159.803
(b) The economic development allocation pool must be available from June 1 through September 30 of each year for the sole purpose of issuing confirmations for exempt facility bonds, small issue bonds, student loan bonds, and redevelopment bonds to issuers statewide on a first-come, first-served basis with notification to the Department of Commerce.