Florida Industrial Development Financing Act
Florida · Bond Financing · §§ 159.25 to 159.431 · 26 sections
Overview
This act authorizes local governments to promote industrial and economic development by financing the acquisition and construction of qualifying projects through the issuance of revenue bonds, which are secured by project revenues and repaid under lease or financing agreements with the private users rather than by any pledge of state or local taxing power or general credit. It defines the powers of the counties, municipalities, and specially created development authorities that may act as issuers, sets eligibility criteria and procedural requirements for projects and bond issues, and governs the accompanying trust agreements, trust funds, revenue pledges, and remedies available to bondholders on default. It also grants tax-exempt status in connection with covered projects and permits refunding bonds, combined or composite issues, and pooled financings serving multiple borrowers.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Fla. Stat. § 159.25Short title
- Fla. Stat. § 159.26Legislative findings and purposes
- Fla. Stat. § 159.27Definitions
- Fla. Stat. § 159.28General powers
- Fla. Stat. § 159.285Additional county powers
- Fla. Stat. § 159.287Special act development commissions, councils, boards, or authorities; approval required to issue bonds
- Fla. Stat. § 159.29Criteria and requirements
- Fla. Stat. § 159.30Agreements of lease
- Fla. Stat. § 159.31Tax exemption
- Fla. Stat. § 159.32Construction contracts
- Fla. Stat. § 159.33Credit of state or political subdivision not pledged
- Fla. Stat. § 159.34Bonds
- Fla. Stat. § 159.345Local agency reporting requirement
- Fla. Stat. § 159.35Trust agreement
- Fla. Stat. § 159.36Revenues
- Fla. Stat. § 159.37Trust funds
- Fla. Stat. § 159.38Remedies
- Fla. Stat. § 159.39Negotiability of bonds
- Fla. Stat. § 159.40Bonds eligible for investment
- Fla. Stat. § 159.41Revenue refunding bonds
- Fla. Stat. § 159.414Authority to deal with financial institution which employs a board member
- Fla. Stat. § 159.415Composite issues of bonds
- Fla. Stat. § 159.416Pool financings
- Fla. Stat. § 159.42Cooperation of state
- Fla. Stat. § 159.43Liberal construction
- Fla. Stat. § 159.431Applicability of ch. 80-287
Enacted in other states
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