13397075, 19-5.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 13397075

Notice of Proposed Rule

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

PURPOSE:

The last amendments to this chapter occurred in 1996.  During the rule review process, we determined the rules in Chapter 19-5, F.A.C. needed to be consolidated and updated.  The six separate rules currently set forth in Chapter 19-5 can be consolidated and incorporated into a single Rule 19-5.001.  Consolidating the rules in Chapter 19-5 will eliminate extraneous provisions and should facilitate readability by listing all process steps and documents required to comply with the rule in one place rather than in six separate rules that cross reference each other.   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 is also being amended to describe 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 an otherwise statutory maximum interest rate.  Rule 19-5.003 presently describes a slightly different review process for applications to sell bonds in excess of 50 basis points above the otherwise statutory maximum interest rate.  That portion of Chapter 19-5 is being deleted.  The same process will apply to all applications under this rule.  Provisions also are being updated to clarify the types of information that the Executive Director & CIO may consider in conducting the informal review.  The rule further clarifies 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.

SUMMARY:

To update, consolidate and clarify provisions concerning the procedures to be followed by a governmental unit to apply for authority to issue bonds at an interest rate in excess of the maximum set by law.  There are no other rules incorporating this rule.

RULEMAKING AUTHORITY:

159.825(3), 215.52, 215.84(5) FS.

LAW:

159.825, 215.84 FS.

PRINT PUBLISH DATE:

8/19/2013 Vol. 39/161

COMMENTS:

From 8/19/2013 To 9/9/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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