Numbers, FIN Flashcards
When is a GOB subject to the referendum requirement?
COMBO, use AV + matures 1 year or more.
Do you need a 2nd vote for a refund?
No.
What’s a unique post-issuance exemption to Conduit bonds?
FINANCE ----------- no con du it - no 2004, no AVs ever cops give u 5-30 where u are a trustee ----------- No need to file 2004 (fees paid). Still have to file 2003 (gen info)
What are the 6 types of revenue bonds?
Typical COPS LAC TIF
1) Typical
2) COPs
3) Lease
4) spec Assessment
5) Conduit
6) TIF/CRA
STATUTORY ----------- TYPICAL REVENUE + GOB ----------- What the maximum duration of a county bond?
40 yrs
STATUTORY ----------- TYPICAL REVENUE + GOB ----------- What's the current max interest rate on a county bond?
7%
Statute has complex formula.
STATUTORY ----------- COPS ----------- What are the 2 time limits on County lease purchasing COPS?
- Can’t exceed 30 yrs to mature.
2. If term is longer than 5 yrs, cannot pay from AV.
What does Pl do w/ its Order to Show Cause & on what timeline?
BOND VALIDATION ----------- Publish once a week for 2 consec wks. 1st pub 20 days before hrg. ----------- NOTE does not req completing pub before 20 days [like E.D. summons]. ----------- ******* Rather, START pub @ 20 days. *******
Chapter 75 governs validation of bond/interlocal obligating payments?
TRUE.
How long must bond referendum notice be published?
30 days.
When must 1st notice of bond referendum be published?
5th week before election.
When must 2nd notice of a bond referendum be published?
BONDS ----------- 3rd week before election. ----------- A) 30 days prior to the referendum, B) 2x. C) (1 x 5th wk) + (1 x 3rd wk) before vote.
When must a test suit re: validity of referendum be filed?
Within 60 days of the election.
Defeated at referendum. New referendum for same purpose can be held in what period of time?
6 months
LGs may issue bonds payable from ad valorem taxes without a referendum if such bonds:
Mature w/i 1 yr.
State timing & frequency for publishing notice of bond referendum.
At least twice,
#1 in 5th wk + #2 in 3rd wk b/4 election wk.
1st publication @ least 30 days b/4 election
LGs in FL can issue bonds backed by the taxing power of the LG w/o a referendum if such bonds mature in less than 5 years from the date of issuance.
FALSE
1 year
TRUE OR FALSE ----------- Notice of a bond referendum must be published at least -- 30 days prior to the referendum, - at least twice, - once in 3rd wk & 5th wk - prior to the date of the referendum.
perhaps remember that 5 wks x 7 days/wk = 35 days
35 is ‘at least’ 30 days before
don’t confuse w validation 2x w/ 1st 20 days before
If a bond issue is defeated at referendum, a new referendum can be held on the same bond issue no earlier than three months from the date of the first referendum.
FALSE , 6 months
How long does Taxpayer have to file a test suit to challenge referendum?
60 days.
How long before LG can hold a referendum on a failed issue?
6 months
What type of bonds are impacted by State reporting & financial disclosure requirements?
All GOB & revenue bonds that mature 1 year or more.
BUT NOT:
Conduits
Bond anticipation notes.
What are the bond info forms?
2003 /2004-A + 2004-B.
What is disclosed in 2003?
General info, names & addresses of participants.
POST-ISSUE NOTICE ---------- What is deadline to file A) 2003? B) 2004?
POST-ISSUE NOTICE ---------- oh 3 - feel free oh 'F'our - 'F'ees - most important ----------- A) 2003: As soon as possible after bonds issued. --- B) 2004: 120 days [except conduit + anticipation]
What is disclosed in 2004?
What document might be included in the filing of 2004?
POST-ISSUE NOTICE ---------- Fees paid by underwriter and LG, incl attorney + consultant. --- Official Statement, if one issued.
What is deadline to file 2004?
POST-ISS NOTICE ----------- Within 120 days of issuance. ----------- 04 = 04 mos.
How much notice to public of bond sale?
10 days.
LG give advance notice of sale to Div of Bond Finance for: __________ and __________, but only if __________.
FINANCE ----------- All new GOB & revenue bonds, but only if the bonds mature in more than 1 year. ----------- ~confirmed. Revenues are included. ~~not yet confirmed. exceed 1 yr.~~
For what bonds must Form 2004, re: sale info, must be filed for?
FINANCE ----------- All GOBs and revenue bonds maturing in more than 1 year, but not: (a) conduit financings (b) bond anticipation notes
con = non av + 2004; CONduit = can’t do it
If bonds mature in less than 1 year, are bond info forms required to be filed w/ Div of Bond Finance?
FINANCE ----------- NO. More than 1 yr + pd w/ AV, but not: (a) conduit financings (b) bond anticipation notes
Notice of the sale of bonds by a LG must be published at least 30 days prior to the sale date.
FALSE, 10 days
What is the significance of 1 year or more?
What particular types of projects?
Referendum; COMBO AV + 1 yrs.
Capital projects only.
What has deadline of 30 days?
not to be confused w/:
1) Sale = 10 days
- -
2) Validation = 20 days
- -
3) Impact Fees = 4 yrs.
- -
4) CP amend: 7 trans; 10 in bw; 5 adopt.
State significance of 60 days.
S/L for citizen to file test suit, re: referendum.
6 months is timeframe for what?
Referendum on failed issue.
10 days
Notice of sale of bonds.
What has a timeline of 60 days?
Test suit, re: bond referendum.
What has deadline of 120 days?
HINT: 120 days = 4 mos.
FINANCE ----------- File 2004 ----------- how remember? 200'4' = 4 mos.
Referendum requirement
1 year
State the required notice for referendum.
30 days, 5th week & 3rd week.
Timing for test suit vs. bond referendum.
60 days
Notice of sale of bonds
10 days
Referendum on failed issue.
6 months
File 2004
120 days
How many notices & in what timeframe for show cause order in bond validation?
2 times (once each wk) w/ 1st 20 days b/4 hrg.
(“show cz” = 2 words)
———–
Also - 20 days is deadline to serve complaint on State atty.
Is anyone exempt from post-issue annual disclosures?
Small Issuer Exemption. Requires:
(a) $10M or less aggregate.
(b) K to discl fin info if req’d & material events if occur.
(c) Contact info of the discloser on the Official Stmt.
How long do you have to disclose a Material Event?
In a “timely manner” not more than 10 business days after the event.
What are the 2 requirements to be a special assessment?
(1) Property recs special benefit.
(2) Assessment was fairly apportioned
IMPACT FEE ----------- New 2021 - ----------- What are the 4 new restrictions on LG's ability to increase impact fees?
Retroactive to January 1, 2021: From date adopted: 1. Increase 0-25% in 2 equal annual installments; 2. Increase 25-50%, 4 equal installments; 3. Cannot exceed 50% of current; and 4. 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.
How much notice must LG give before imposing new or increased impact fee?
90 days.
IMPACT FEE ----------- New 2021 - ----------- How often can LG increase its impact fee?
New 2021 - ----------- How remember? there are 4 criteria & max of 4 installments. ---------- 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.
IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 0-25%, how many installments are required?
IMPACT FEE ----------- New 2021 - ----------- 2.
IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 26-50%, how many installments are required?
IMPACT FEE ----------- New 2021 - ----------- 4.
IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 51%+, how many installments are required?
IMPACT FEE ----------- New 2021 - ----------- 0. Can't do it.
What 3 things are required for justify an impact fee?
to justify the exact Purpose must Connect the Data
- Has a public Purpose
- Connection [Ex/Antic Needs + New/Improve]
- Amt is based on best and most recent localized Data.
