Florida Florida Statutes

§ 159.416 — Pool financings

FS § 159.416Ch. 159

Statute text

(1)Any local agency may issue, at one or more times, single issues of bonds to fund a pool financing program. For purposes of this chapter, the term “pool financing program” means a program under which bonds or other debt obligations are issued by a local agency, some or all of the proceeds of which are used to fund a loan fund to be used for the purpose of making loans to persons, some or all of whom have not been identified at the time the bonds are issued, to finance all or part of the cost of one or more projects described in s. 159.27(5), some or all of which have not been identified at the time the bonds are issued.

(2)Upon the issuance of such bonds the proceeds thereof shall constitute a pool of funds which may be used for the following purposes:(a) To make loans to any person to pay the costs of any project described in s. 159.27(5);

(b)To provide a reserve fund for the bonds in any amount the local agency deems advisable;

(c)To pay costs of issuing the bonds;

(d)To pay costs of providing a credit enhancement facility for the bonds, including, but not limited to, bond insurance, letters of credit, surety bonds and guarantees;

(e)To pay costs of providing a liquidity facility for the bonds, including, but not limited to, letters of credit, surety bonds, and guarantees;

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Legislative history

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