Numbers, FIN

Question 1

When is a GOB subject to the referendum requirement?

Answer 1

COMBO, use AV + matures 1 year or more.

Question 2

Do you need a 2nd vote for a refund?

Answer 2

No.

Question 3

What’s a unique post-issuance exemption to Conduit bonds?

Answer 3

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)

Question 4

What are the 6 types of revenue bonds?

Answer 4

Typical COPS LAC TIF

1) Typical
2) COPs
3) Lease
4) spec Assessment
5) Conduit
6) TIF/CRA

Question 5

STATUTORY
-----------
TYPICAL REVENUE + GOB
-----------
What the maximum duration of a county bond?

Answer 5

40 yrs

Question 6

STATUTORY
-----------
TYPICAL REVENUE + GOB
-----------
What's the current max interest rate on a county bond?

Answer 6

7%

Statute has complex formula.

Question 7

STATUTORY
-----------
COPS
-----------
What are the 2 time limits on County lease purchasing COPS?

Answer 7

1. Can’t exceed 30 yrs to mature.

2. If term is longer than 5 yrs, cannot pay from AV.

Question 8

What does Pl do w/ its Order to Show Cause & on what timeline?

Answer 8

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. *******

Question 9

Chapter 75 governs validation of bond/interlocal obligating payments?

Answer 9

TRUE.

Question 10

How long must bond referendum notice be published?

Answer 10

30 days. 1st in 5th week before. 2nd in 3rd week before.

Question 11

When must 1st notice of bond referendum be published?

Answer 11

5th week before election.

Question 12

When must 2nd notice of a bond referendum be published?

Answer 12

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.

Question 13

When must a test suit re: validity of referendum be filed?

Answer 13

Within 60 days of the election.

Question 14

Defeated at referendum. New referendum for same purpose can be held in what period of time?

Answer 14

6 months

Question 15

LGs may issue bonds payable from ad valorem taxes without a referendum if such bonds:

Answer 15

Mature w/i 1 yr.

Question 16

State timing & frequency for publishing notice of bond referendum.

Answer 16

At least twice,
#1 in 5th wk + #2 in 3rd wk b/4 election wk.
1st publication @ least 30 days b/4 election

Question 17

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.

Answer 17

FALSE

1 year

Question 18

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.

Answer 18

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

Question 19

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.

Answer 19

FALSE , 6 months

Question 20

How long does Taxpayer have to file a test suit to challenge referendum?

Answer 20

60 days.

Question 21

How long before LG can hold a referendum on a failed issue?

Answer 21

6 months

Question 22

What type of bonds are impacted by State reporting & financial disclosure requirements?

Answer 22

All GOB & revenue bonds that mature 1 year or more.

BUT NOT:
Conduits
Bond anticipation notes.

Question 23

What are the bond info forms?

Answer 23

2003 /2004-A + 2004-B.

Question 24

What is disclosed in 2003?

Answer 24

General info, names & addresses of participants.

Question 25

``` POST-ISSUE NOTICE ---------- What is deadline to file A) 2003? B) 2004? ```

Answer 25

``` 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] ```

Question 26

POST-ISSUE NOTICE ---------- What is disclosed in 2004? What document might be included in the filing of 2004?

Answer 26

``` POST-ISSUE NOTICE ---------- Fees paid by underwriter and LG, incl attorney + consultant. --- Official Statement, if one issued. ```

Question 27

POST-ISS NOTICE ---------- What is deadline to file 2004?

Answer 27

``` POST-ISS NOTICE ----------- Within 120 days of issuance. ----------- 04 = 04 mos. ```

Question 28

PRE-ISSUE NOTICE ---------- How much notice to public of bond sale?

Answer 28

10 days.

Question 29

FINANCE ----------- LG give advance NOTICE of sale to Div of Bond Finance for: __________ and __________, but only if __________.

Answer 29

FINANCE ----------- All new GOB & revenue bonds, but only if the bonds mature in more than 1 year. ----------- #12 finance quiz: Give notice for GOB & revenue bonds, but only if mature in more than 1 yr ----------- ~confirmed. Revenues are included & 1 yr requirement.

Question 30

FINANCE ----------- For what bonds must Form 2004, re: sale info, must be filed for?

Answer 30

``` 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

Question 31

FINANCE ----------- If bonds mature in less than 1 year, are bond info forms required to be filed w/ Div of Bond Finance?

Answer 31

``` FINANCE ----------- NO. More than 1 yr + pd w/ AV, but not: (a) conduit financings (b) bond anticipation notes ```

Question 32

FINANCE, T or F ----------- Notice of the sale of bonds by a LG must be published at least 30 days prior to the sale date.

Answer 32

FINANCE, T or F ----------- FALSE, 10 days

Question 33

FINANCE ---------- What is the significance of 1 year or more? What particular types of projects?

Answer 33

FINANCE ----------- Referendum; COMBO AV + 1 yrs. Capital projects only.

Question 34

FINANCE ----------- What has deadline of 30 days?

Answer 34

Referendum notice, 5th week & 3rd week. ----------- 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.

Question 35

FINANCE ----------- State significance of 60 days.

Answer 35

FINANCE ----------- S/L for citizen to file test suit, re: referendum.

Question 36

FINANCE ----------- 6 months is timeframe for what?

Answer 36

FINANCE ----------- Referendum on failed issue.

Question 37

FINANCE ----------- 10 days

Answer 37

FINANCE ----------- Notice of sale of bonds.

Question 38

FINANCE ----------- What has a timeline of 60 days?

Answer 38

FINANCE ----------- Test suit, re: bond referendum.

Question 39

FINANCE ----------- What has deadline of 120 days? HINT: 120 days = 4 mos.

Answer 39

``` FINANCE ----------- File 2004 ----------- how remember? 200'4' = 4 mos. ```

Question 40

Referendum requirement

Answer 40

1 year

Question 41

FINANCE ----------- State the required notice for referendum.

Answer 41

FINANCE ----------- 30 days, 5th week & 3rd week.

Question 42

FINANCE ----------- Timing for test suit vs. bond referendum.

Answer 42

FINANCE ----------- 60 days vs. 30 days [5th & 3rd wk]

Question 43

FINANCE ----------- Notice of sale of bonds

Answer 43

FINANCE ----------- 10 days

Question 44

FINANCE ----------- Referendum on failed issue.

Answer 44

FINANCE ----------- 6 months

Question 45

File 2004

Answer 45

120 days

Question 46

FINANCE ----------- How many notices & in what timeframe for show cause order in bond validation?

Answer 46

FINANCE ----------- 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.

Question 47

FINANCE ----------- Is anyone exempt from post-issue annual disclosures?

Answer 47

FINANCE ----------- 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.

Question 48

FINANCE ----------- How long do you have to disclose a Material Event?

Answer 48

FINANCE ----------- In a "timely manner" not more than 10 business days after the event.

Question 49

SPECIAL ASSESSMENT ----------- What are the 2 requirements to be a special assessment?

Answer 49

(1) Property recs special benefit. | (2) Assessment was fairly apportioned

Question 50

``` IMPACT FEE ----------- New 2021 - ----------- What are the 4 new restrictions on LG's ability to increase impact fees? ```

Answer 50

``` 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. ```

Question 51

How much notice must LG give before imposing new or increased impact fee?

Answer 51

90 days.

Question 52

``` IMPACT FEE ----------- New 2021 - ----------- How often can LG increase its impact fee? ```

Answer 52

``` 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. ```

Question 53

``` IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 0-25%, how many installments are required? ```

Answer 53

``` IMPACT FEE ----------- New 2021 - ----------- 2. ```

Question 54

``` IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 26-50%, how many installments are required? ```

Answer 54

``` IMPACT FEE ----------- New 2021 - ----------- 4. ```

Question 55

``` IMPACT FEE ----------- New 2021 - ----------- If LG wants to increase impact fee 51%+, how many installments are required? ```

Answer 55

``` IMPACT FEE ----------- New 2021 - ----------- 0. Can't do it. ```

Question 56

IMPACT FEE ----------- What 3 things are required for justify an impact fee?

Answer 56

to justify the exact Purpose must Connect the Data - ---------- 1. Has a public Purpose 2. Connection [Ex/Antic Needs + New/Improve] 3. Amt is based on best and most recent localized Data.