CS for SB 910 - Utility Cost Containment Bond Act

• Authorizes local government entities to finance utility projects (water, wastewater, stormwater) by issuing utility cost containment bonds through a multi-county authority, subject to governing body approval that project financing will produce lower rates than traditional utility bonds.

• Requires the authority to impose a utility project charge on customers of publicly owned utilities to pay financing costs, with charges collected by the local utility and held in trust for bond holders; charges are nonbypassable and apply regardless of alternative service agreements.

• Establishes a first-priority statutory lien on utility project property (including the utility project charge) to secure bond payments, making the pledge irrevocable and preventing reduction or impairment except through annual adjustments authorized in the financing resolution.

• Specifies that utility cost containment bonds do not obligate the state or any political subdivision and must contain a statement disclaiming the full faith and credit and taxing power of Florida or its subdivisions.

• Prohibits an authority with outstanding utility cost containment bonds from filing bankruptcy or similar debt relief proceedings while any payment obligations remain outstanding.