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Numbers, FIN Flashcards

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1
Q

When is a GOB subject to the referendum requirement?

A

COMBO, use AV + matures 1 year or more.

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2
Q

Do you need a 2nd vote for a refund?

A

No.

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3
Q

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

A

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)

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4
Q

What are the 6 types of revenue bonds?

A

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

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5
Q

TYPICAL REVENUE + GOB
———–
What the maximum duration of a county bond?

A

40 yrs

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6
Q

TYPICAL REVENUE + GOB
———–
What’s the current max interest rate on a county bond?

A

7%

Statute has complex formula.

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7
Q

COPS
———–
What are the 2 time limits on County lease purchasing COPS?

A
  1. Can’t exceed 30 yrs to mature.
  2. If term is longer than 5 yrs, cannot pay from AV.
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8
Q

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

A

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. ***

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9
Q

Chapter 75 governs validation of bond/interlocal obligating payments?

A

TRUE.

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10
Q

How long must bond referendum notice be published?

A

30 days.

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11
Q

When must 1st notice of bond referendum be published?

A

5th week before election.

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12
Q

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

A

3rd week before election.
———–
A) 30 days prior to the referendum,
B) 2x.
C) (1 x 5th wk) + (1 x 3rd wk) before vote.

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13
Q

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

A

Within 60 days of the election.

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14
Q

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

A

6 months

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15
Q

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

A

Mature w/i 1 yr.

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16
Q

State timing & frequency for publishing notice of bond referendum.

A

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

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17
Q

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.

A

FALSE

1 year

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18
Q

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.

A

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

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19
Q

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.

A

FALSE , 6 months

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20
Q

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

A

60 days.

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21
Q

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

A

6 months

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22
Q

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

A

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

BUT NOT:
Conduits
Bond anticipation notes.

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23
Q

What are the bond info forms?

A

2003 /2004-A + 2004-B.

24
Q

What is disclosed in 2003?

A

General info, names & addresses of participants.

25
Q

What is deadline to file
A) 2003?
B) 2004?

A

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]

26
Q

What is disclosed in 2004?
What document might be included in the filing of 2004?

A

Fees paid by underwriter and LG, incl attorney + consultant.
—
Official Statement, if one issued.

27
Q

What is deadline to file 2004?

A

Within 120 days of issuance.
———–
04 = 04 mos.

28
Q

How much notice to public of bond sale?

A

10 days.

29
Q

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

A

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.

30
Q

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

A

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

31
Q

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

A

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

32
Q

Notice of the sale of bonds by a LG must be published at least 30 days prior to the sale date.

A

FALSE, 10 days

33
Q

What is the significance of 1 year or more?

What particular types of projects?

A

Referendum; COMBO AV + 1 yrs.

Capital projects only.

34
Q

What has deadline of 30 days?

A

not to be confused w/:

2) Validation = 20 days
–
3) Impact Fees = 4 yrs.
–
4) CP amend: 7 trans; 10 in bw; 5 adopt.

35
Q

State significance of 60 days.

A

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

36
Q

6 months is timeframe for what?

A

Referendum on failed issue.

37
Q

10 days

A

Notice of sale of bonds.

38
Q

What has a timeline of 60 days?

A

Test suit, re: bond referendum.

39
Q

What has deadline of 120 days?

HINT: 120 days = 4 mos.

A

File 2004
———–
how remember? 200’4’ = 4 mos.

40
Q

Referendum requirement

A

1 year

41
Q

State the required notice for referendum.

A

30 days, 5th week & 3rd week.

42
Q

Timing for test suit vs. bond referendum.

A

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

43
Q

Notice of sale of bonds

A

10 days

44
Q

Referendum on failed issue.

A

6 months

45
Q

File 2004

A

120 days

46
Q

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

A

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.

47
Q

Is anyone exempt from post-issue annual disclosures?

A

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.

48
Q

How long do you have to disclose a Material Event?

A

In a “timely manner” not more than 10 business days after the event.

49
Q

What are the 2 requirements to be a special assessment?

A

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

50
Q

New 2021 -
———–
What are the 4 new restrictions on LG’s ability to increase impact fees?

A

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.

51
Q

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

A

90 days.

52
Q

New 2021 -
———–
How often can LG increase its impact fee?

A

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.

53
Q

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

A

New 2021 -
———–
2.

54
Q

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

A

New 2021 -
———–
4.

55
Q

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

A

New 2021 -
———–
0. Can’t do it.

56
Q

What 3 things are required for justify an impact fee?

A

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

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