Florida Florida Statutes
§ 218.386 — Bonds; finder's fees prohibited
FS § 218.386Ch. 218
Statute text
View on source(1)(a) As used in this section, “finder” means a person who is not regularly employed by, or not a partner or officer of, an underwriter, bank, banker, or financial consultant or adviser and who enters into an understanding with either the issuer or the managing underwriter, or both, for any paid or promised compensation or valuable consideration directly or indirectly, expressly or impliedly, to act solely as an intermediary between such issuer and managing underwriter for the purpose of influencing any transaction in the purchase of such bonds.
(b)No underwriter, commercial bank, investment banker, or financial consultant or adviser shall pay any finder any bonus, fee, or gratuity in connection with the sale of general obligation bonds or revenue bonds issued by any unit of loP!derwriter in connection with the bond issue to any person not regularly employed or retained by it.
(f)The name and address of the managing underwriter or underwriters, if any, connected with the bond issue.
(g)Any other disclosure which the local governing body may require. This subsection is not intended to restrict or prohibit the employment of professional services relating to local government bond issues.
(7)The failure of a unit of local government to comply with one or more provisions of this section or s. 218.38 shall not affect the validity of the bond issue; however, upon such failure to comply, the unit of local government shall be subject to the sanctions provided in s. 218.38(3).
(8)The truth-in-bonding statements prepared pursuant to this section are for informational purposes only and shall not affect or control the actual terms and conditions of the debt or obligations.
Legislative history
s. 1, ch. 80-98; s. 125, ch. 81-259; s. 3, ch. 82-195; s. 84, ch. 92-142.