CS/HB 377 Summary

• Renames Chapter 243, Florida Statutes from "Higher Educational Facilities Bonds" to "Educational Facilities Bonds" and updates related terminology throughout the statute.

• Expands financing eligibility to include private schools meeting specific criteria: schools must be located in and incorporated by the state, exempt from federal income tax under Section 501(c)(3), and accredited by the Southern Association of Colleges and Schools Council on Accreditation and School Improvement.

• Modifies the definition of "educational institution of higher education" to encompass both independent nonprofit colleges and universities as well as qualifying private K-12 schools, removing the restriction to higher education only.

• Changes the deadline for the authority's annual financial report submission to the Governor and Legislature from 4 months to 2 months after the end of its fiscal year.

• Becomes effective July 1, 2014.