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FL H5017
Bill
Status
Passed
7/3/2025
Primary Sponsor
Lawrence McClure
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AI Summary
- Creates the Debt Reduction Program within the State Board of Administration to reduce the state's tax-supported debt by accelerating the retirement of bonds prior to maturity
- Directs the Division of Bond Finance to use transferred funds to redeem, defease, purchase, or otherwise extinguish outstanding state bonds, excluding bonds of the Department of Transportation and the Florida Turnpike Enterprise
- Requires the Chief Financial Officer to transfer $250 million from the General Revenue Fund to the State Board of Administration on July 1 of each fiscal year, beginning in fiscal year 2025-2026
- Any unexpended funds must revert to the General Revenue Fund by June 30 of each fiscal year
- Adds a new requirement to the annual debt affordability report to include a description of debt retirement strategies, amounts of debt retired, associated payments, debt service savings generated, and a recommendation on whether to continue the Debt Reduction Program
Legislative Description
Debt Reduction
Last Action
Chapter No. 2025-207
7/3/2025
Committee Referrals
Budget Committee6/4/2025
Full Bill Text
No bill text available