12874536, 19-5.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 12874536

Notice of Meeting/Workshop Hearing

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

RULES AND REGULATIONS GOVERNING THE PROCEDURES FOR ISSUANCE OF BONDS AT AN INTEREST RATE IN EXCESS OF LEGAL LIMITATION

Overview

RULE:

19-5.001	Interest Rate Limitation on Sale of Bonds of Governmental Units
19-5.0011	Limitations Not Applicable to Certain Bonds (Repealed)
19-5.002	Application (Repealed)
19-5.003	Limitations on Authorization of Interest Rate (Repealed)
19-5.004	Term of Authorization (Repealed)
19-5.005	Purpose of Authorization (Repealed)

The State Board of Administration announces a public meeting to which all persons are invited.

DATE AND TIME:

PLACE:

Subject:

The Trustees of the State Board of Administration of Florida will consider proposed amendments to the rules contained in Rule Chapter 19-5, and will be asked for permission to file a Notice of Proposed Rulemaking for these rules, and to file these rules for adoption and repeal, as applicable, if no member of the public timely requests a rule hearing.  It was determined that all rule provisions in Chapter 19-5 can be consolidated and incorporated into Rule 19-5.001.  Having all of the information regarding the procedures for applying for the authority to sell bonds at an interest rate in excess of the legal limitation in one rule makes the rule more user-friendly, makes it less likely the governmental unit will miss any required steps in the application process, and serves to eliminate any extraneous provisions. As such, the amendments are being proposed to consolidate, through amendment and repeal, all of the relevant provisions in Rule Chapter 19-5 into Rule 19-5.001. Rule 19-5.001 further is being amended to memorialize the informal review process conducted by the SBA’s Executive Director after receipt of an application from a governmental unit requesting authority to sell bonds at an interest rate in excess of the maximum set by law. Provisions are being updated to ensure that it is clear that the review process does not differ depending on the amount of interest being requested.  Provisions also are being updated to set forth the types of information that the Executive Director & CIO should consider in conducting the informal.  Provisions also are being clarified to make it clear that the authorization to issue bonds at an interest rate in excess of the legal limitation expires 180 days after the authorization has been given. Statutory citations are being updated.

A copy of the agenda may be obtained by contacting: Diane Bruce, State Board of Administration, 1801 Hermitage Blvd., Suite 100, Tallahassee, Florida 32308, (850)413-1253.

PRINT PUBLISH DATE:

4/12/2013 Vol. 39/72

REFERENCE MATERIALS:

No reference(s).

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