Frequently Wrong, FIN Flashcards
LGs with taxing power may not grant a security interest in public property unless:
(a) the security interest is a purchase money security interest and the creation thereof is approved by ordinance after a public hearing
(b) the creation of such security interest is approved at referendum
(c) a super majority of the governing body of the local government approves after a public hearing
(d) none of the above
B
i always want to say d.
But, a security interest CAN be granted in public property IF APPROVED @ referendum.
Once a LG irrevocably pledges revenues to the payment of its bonds, this pledge can be revoked if:
(a) the bonds are no longer outstanding
(b) the LG replaces revenues with equally credit-worthy payment source
(c) the revenues pledged were state revenues and the state reserved the right to revoke the funding source
(d) (a) and (c)
D
not A. look for state reservation
LGs must provide advance notice of sale to the Div of Bond Finance for:
(a) all debt obligations of a local government
(b) GOBs only
(c) GOB & revenue bonds, but only if the bonds mature in more than 1 year
(d) GOBs & revenue bonds, but not special assessment bonds
C.
i thought all gobs + revs but only if over 1 yr.
Authority for a charter county to levy special assessments and issue bonds secured by a
pledge of such special assessments is found in:
(a) Chapter 125, Florida Statutes
(b) Chapter 170, Florida Statutes
(c) Home Rule Powers
(d) all of the above
D
????????170 addresses only cities
170.07(1) provides that any muni may construct
(a) Roads, provide lighting, signage, mass transit
(b) Swales, culverts, drainage
(c) Sewer, water supply, utilities,
(d) Parks
(e) Seawall
• by spec assess on specially benefited prop.
• by Resolution.
BUT, parking & mass transit must be approved by maj of affected Os.
Impact fees can be used by local governments for:
(a) renewal and replacement of existing facilities only
(b) expansion facilities only
(c) any public purpose
(d) none of the above
B
not A. think in terms of growth.
Interlocal Agreements can be validated in circuit court under Chapter 75, Florida Statues, if the agreement includes a payment obligation on the part of the local government.
TRUE
caselaw
An Order to Show Cause in a bond validation proceeding must be published:
(a) once a week for 4 weeks, the 1st publication at least 30 days prior to the hearing date
(b) once at least 20 days prior to the hearing date
(c) once a week for 2 weeks, the 1st publication at least 20 days prior to the hearing date
(d) none of the above
C
show cause = 2 words = 2 weeks, 20 days
Which of the following would not be proper for judicial review in a bond validation hearing?
(a) Whether the capital project to be financed is economically feasible
(b) Whether LG complied with applicable election procedures in conduct of bond referendum
(c) Whether an interlocal agreement which obligates a local government to pay money is valid
(d) Whether remedies provided in a bond resolution are valid
(e) all of the above
(f) none of the above
(g) A and D only
(h) A only
A
I always want to say “G”
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Circuit Court checks:
(1) LG has the authority to issue,
(2) Purpose legal, &
(3) Has complied with the requirements of law.
(4) Validity of interlocal obligating LG payments (lease/purchase) (caselaw)
Determines:
Validity of the bonds, validity of the revenue pledged
(b) #3
(c) #4
(d) #3 ~~not clear~~
Notice of the sale of bonds by a LG must be published at least 30 days prior to the sale date.
FALSE.
Per 218.385, all bonds shall be sold at public sale by competitive bid with Notice published 1 x AT LEAST 10 DAYS prior to sale.
Note also,
• Per 218.38(a) LG shall provide Division of Bond Finance ‘advance’ notice of impending sale & provide a copy of the final official statement, if any is published.
• w/i 120 days of sale, file name & address of managing underwriter, attorney or financial consultant, any fee paid by any unerwriter or financial consultant, any other fee paid (incl attys & financial consultants).
• w/i 90 days of sale, financial consultant must give LG the info required, re: fees paid by underwriter or financial consult.
There are no limitations on the rate of interest which LG government bonds may bear.
FALSE
statute has formula, currently max = 7%.
Bonds subject to the referendum requirement may be issued for:
(a) any public purpose
(b) only capital projects
(c) capital projects or operating expenses
(d) any purpose approved at referendum
B
General operating expenses cannot be financed with GOBs.
New 2021 -
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If LG wants to increase its impact earlier than 4 year interval, what must it do?
every 4 yrs my SEWing Increases 2/3
———–
Increase only every 4 yrs UNLESS
a) Demonstrated-need study justifies;
b) Extraordinary circumstances;
c) 2 publicly noticed workshops, &
d) Adopts by 2/3 vote.
