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.
