(1) As used in this section, the following words and terms shall have the following meanings, unless the context otherwise requires:
(a) “Costs of issuance” means all of those costs and expenses directly incurred by or on behalf of any state agency or the judicial branch in the process of issuing or incurring a debt or obligation. Such costs of issuance shall include, but shall not be limited to, the costs of rating the debt or obligation, the costs of retaining professional services such as bond counsel or financial advisers, the amount of underwriter’s discount, printing costs, and the costs of the entity responsible for issuing or incurring the debt or obligation.
(b) “Debt” means a bond, certificate, note, or other evidence of indebtedness, including, but not limited to, an agreement to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money or otherwise, and includes a share or other interest in any such agreement.
(c) “Debt service” means the amounts due on any state debt or obligation for interest, any maturing principal, any required contributions to an amortization or sinking fund for a term debt or obligation, and any other continuing payments necessary or incidental to the repayment of a state debt or obligation.
(d) “Interest” means the compensation for the use or detention of money or its equivalent.
(e) “Interest rate” means the annual percentage of the outstanding state debt or obligation payable as interest.
(f) “Obligation” means an agreement to pay principal and interest thereon, other than a debt, whether in the form of a lease, lease-purchase, installment purchase, or otherwise, and includes a share, participation, or other interest in any such agreement. However, the term “obligation” does not include an agreement having a term of less than 5 years, unless the principal is more than $5 million and the term is more than 2 years.
(g) “Outstanding state debt” means any state debt or obligation of which the principal has not been paid or for which an amount sufficient to provide for the payment of such state debt or obligation and the interest on such state debt or obligation to the maturity or early redemption of such state debt or obligation has not been set aside for the benefit of the holders of such state debt or obligation.
(h) “Principal” means the face value of the debt or obligation.
(i) “Proposed state debt or obligation” means any state debt or obligation proposed to be issued or incurred.
(j) “State debt or obligation” means a debt or obligation incurred or issued by or on behalf of the state or any state agency or the judicial branch.
(2) When required by statute to support the proposed debt financing of fixed capital outlay projects or operating capital outlay requests or to explain the issuance of a debt or obligation, one or more of the following documents shall be developed:
(a) A summary of outstanding state debt as furnished by the Chief Financial Officer pursuant to s. 216.102.
(b) A statement of proposed financing, which shall include the following items:
1. A listing of the purpose of the debt or obligation.
2. The source of repayment of the debt or obligation.
3. The principal amount of the debt or obligation.
4. The interest rate on the debt or obligation, which shall be as forecasted by the Economic Estimating Conference, as provided in s. 216.136, for the period during which the debt or obligation is to be sold.
5. A schedule of annual debt service payments for each proposed state debt or obligation.
6. The method of sale of the debt or obligation.
7. The costs of issuance of the debt or obligation, including a detailed listing of the amounts of the major costs of issuance.
(c) A truth-in-bonding statement, developed from the information compiled pursuant to this section, in substantially the following form:
The State of Florida is proposing to issue $ (insert principal) of debt or obligation for the purpose of (insert purpose). This debt or obligation is expected to be repaid over a period of (insert term of issue from subparagraph (b)5.) years. At a forecasted interest rate of (insert rate of interest from subparagraph (b)4.), total interest paid over the life of the debt or obligation will be $ (insert sum of interest payments).
(3) The failure of any state agency or the judicial branch to comply with the provisions of this section shall not affect the validity of any state debt or obligation.
(4) The documents prepared pursuant to this section are for illustrative purposes only and shall not affect or control the actual terms and conditions of the debt or obligation.
History.—s. 8, ch. 91-109; s. 42, ch. 92-142; s. 234, ch. 2003-261.
Structure Florida Statutes
Title XIV - Taxation and Finance
Chapter 216 - Planning and Budgeting
216.0113 - Preferred Pricing Clauses in State Contracts; Compliance Required.
216.012 - Long-Range Financial Outlook.
216.013 - Long-Range Program Plan.
216.015 - Capital Facilities Planning and Budgeting Process.
216.0152 - Inventory of State-Owned Facilities or State-Occupied Facilities.
216.0153 - Comprehensive State-Owned Real Property System.
216.0158 - Assessment of Facility Needs.
216.016 - Evaluation of Plans; Determination of Financing Method.
216.023 - Legislative Budget Requests to Be Furnished to Legislature by Agencies.
216.0236 - Agency Fees for Regulatory Services or Oversight; Criteria.
216.031 - Target Budget Request.
216.043 - Budgets for Fixed Capital Outlay.
216.044 - Budget Evaluation by Department of Management Services.
216.052 - Community Budget Requests; Appropriations.
216.053 - Summary Information in the General Appropriations Act; Construction of Such Information.
216.065 - Fiscal Impact Statements on Actions Affecting the Budget.
216.071 - Reports of Legislature.
216.081 - Data on Legislative and Judicial Branch Expenses.
216.103 - Agencies Receiving Federal Funds; Designation of Coordinating Official; Duties.
216.121 - Information to Be Furnished to the Executive Office of the Governor.
216.131 - Public Hearings on Legislative Budgets.
216.133 - Definitions; Ss. 216.133-216.138.
216.134 - Consensus Estimating Conferences; General Provisions.
216.135 - Use of Official Information by State Agencies and the Judicial Branch.
216.136 - Consensus Estimating Conferences; Duties and Principals.
216.137 - Sessions of Consensus Estimating Conferences; Workpapers.
216.138 - Authority to Request Additional Analysis of Legislative Proposals.
216.141 - Budget System Procedures; Planning and Programming by State Agencies.
216.151 - Duties of the Executive Office of the Governor.
216.162 - Governor’s Recommended Budget to Be Furnished Legislature; Copies to Members.
216.164 - Governor’s Recommended Budget; Supporting Information.
216.165 - Governor’s Recommended Revenues.
216.166 - Governor’s Recommended Revenues; Supporting Information.
216.167 - Governor’s Recommendations.
216.168 - Governor’s Amended Revenue or Budget Recommendations; Optional and Mandatory.
216.172 - Meetings of Legislative Appropriations Committees.
216.178 - General Appropriations Act; Format; Procedure.
216.179 - Reinstatement of Vetoed Appropriations by Administrative Means Prohibited.
216.181 - Approved Budgets for Operations and Fixed Capital Outlay.
216.1811 - Approved Operating Budgets and Appropriations for the Legislative Branch.
216.1815 - Agency Incentive and Savings Program.
216.182 - Approval of Fixed Capital Outlay Program Plan.
216.1826 - Activity-Based Planning and Budgeting.
216.1827 - Requirements for Performance Measures and Standards.
216.192 - Release of Appropriations; Revision of Budgets.
216.195 - Impoundment of Funds; Restricted.
216.201 - Services of Executive Office of the Governor to Be Available to Legislature.
216.212 - Budgets for Federal Funds; Restrictions on Expenditure of Federal Funds.
216.216 - Court Settlement Funds Negotiated by the State.
216.222 - Budget Stabilization Fund; Criteria for Withdrawing Moneys.
216.231 - Release of Certain Classified Appropriations.
216.241 - Initiation or Commencement of New Programs; Approval; Expenditure of Certain Revenues.
216.251 - Salary Appropriations; Limitations.
216.262 - Authorized Positions.
216.272 - Working Capital Trust Funds.
216.273 - Administered Funds Trust Fund.
216.292 - Appropriations Nontransferable; Exceptions.
216.301 - Appropriations; Undisbursed Balances.
216.311 - Unauthorized Contracts in Excess of Appropriations; Penalty.
216.313 - Contract Appropriation; Requirements.
216.321 - Construction of Chapter 216 as Unauthorized Expenditures and Disbursements.
216.345 - Professional or Other Organization Membership Dues; Payment.
216.347 - Disbursement of Grants and AIDS Appropriations for Lobbying Prohibited.
216.348 - Fixed Capital Outlay Grants and AIDS Appropriations to Certain Nonprofit Entities.