FL S0324

Establishes the "Utility Cost Containment Bond Act" authorizing local governmental entities to finance utility projects (water and wastewater infrastructure) by issuing utility cost containment bonds through an authority.

Requires local agencies to demonstrate in a public meeting that the utility project is eligible, costs will be paid from utility project charges, and that rates with the new financing will be lower than traditional bond financing.

Imposes a nonbypassable utility project charge on customers of publicly owned utilities to pay financing costs, with charges adjusted at least annually and collected by the local utility on behalf of the authority.

Creates a statutory first-priority lien on utility project property (revenues from the utility project charge) to secure bond payments, with revenues applied first to financing costs and any excess used for utility benefit.

Specifies that utility cost containment bonds are not obligations of the state or political subdivisions and are not backed by the full faith and credit or taxing power of Florida, and prohibits authorities with outstanding bonds from filing bankruptcy while payment obligations remain.