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FL S0226
Bill
Status
3/11/2016
Primary Sponsor
Commerce and Tourism
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AI Summary
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Creates the Florida Infrastructure Fund Partnership as a private, for-profit limited partnership managed by the Florida Opportunity Fund to invest in infrastructure projects including water/wastewater systems, communication systems, power systems, transportation systems, and renewable energy systems
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Authorizes the Florida Development Finance Corporation to issue up to $350 million in contingent state revenue bonds to investment partners, which can be claimed if investors experience a net capital loss after a minimum 12-year maturity period
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Requires the partnership to obtain at least $100 million in commitment agreements by December 1, 2017, or cancel all agreements and return investment capital; limits investment in any single project to 20% of total available capital
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Prohibits investment in Florida Rail Enterprise Act projects and requires that infrastructure projects raise matching funds so total project investment is at least twice the partnership's contribution
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Caps annual bond claims at $75 million per fiscal year proportionally among bondholders, with used bonds becoming an obligation secured exclusively by the forfeited ownership interest transferred to the fund
Legislative Description
Capital Formation for Infrastructure Projects
Last Action
Died in Finance and Tax
3/11/2016