Florida Statute 159.15 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XI
COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS

Chapter 159
BOND FINANCING

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F.S. 159.15

159.15 Tax exemption and eligibility as investments.—

(1) It is hereby found and determined that all of the purposes for which revenue bonds are authorized to be issued by this part constitute essential governmental purposes, and all of the properties, revenues, moneys and other assets owned and used in the operation of such projects, and all revenue bonds issued hereunder and the interest thereon shall be exempt from all taxation by the state or by any county, municipality, political subdivision, agency, or instrumentality thereof. All notes, mortgages, security agreements, letters of credit, or other instruments which arise out of or are given to secure the repayment of bonds issued in connection with a project financed under this part are also exempt from taxation. The exemption granted by this subsection shall not be applicable to any tax imposed by chapter 220 on interest, income, or profits on debt obligations owned by corporations.

(2) Any revenue bonds issued hereunder shall be and constitute legal investments for all public bodies and for all banks, savings banks, guardians, insurance funds, trustees or other fiduciaries and shall be and constitute eligible securities to be deposited as collateral for the security of any state, county, municipal or other public funds.

(3) Notwithstanding the provisions of s. 215.47, bonds, notes, or obligations of any municipality or political subdivision or any agency or authority of this state, collateralized as to principal and interest by any investment otherwise authorized by s. 215.47, in cases where such collateral is to be utilized to guarantee payment and performance bond obligations for maritime and other construction projects undertaken by employers in this state, where the employer could not receive a payment or performance bond absent such guarantee, and where the municipality or political subdivision is experiencing economic distress by reason of a high unemployment rate or other factors, shall constitute legal investments for state, county, municipal, and all other public funds. For purposes of s. 159.02(4), the word “project” shall also include any escrow fund pledged as collateral to be utilized for the purposes and under the circumstances described in this subsection.

History.—s. 8, ch. 67-550; s. 2, ch. 73-327; s. 19, ch. 86-152.

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Amendments to 159.15

Arrestable Offenses / Crimes under Fla. Stat. 159.15

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 159.15.

Annotations, Discussions, Cases:

Cases Citing Statute 159.15

Total Results: 7

Schultz v. CRYSTAL RIVER THREE PARTICIP.

Court: District Court of Appeal of Florida | Date Filed: 1997-02-07

Citation: 686 So. 2d 1391

Snippet: the cities here. Section 159.15(1) specifically provides as follows: 159.15 Tax exemption and eligibility

Ago

Court: Florida Attorney General Reports | Date Filed: 1988-09-14

Snippet: exemptions enumerated in ss. 125.019,154.2331, 159.15, 159.31, 159.50, and 159.708, F.S.? 2. If such

Dept. of Revenue v. First Union Nat. Bk.

Court: Supreme Court of Florida | Date Filed: 1987-09-24

Citation: 513 So. 2d 114, 12 Fla. L. Weekly 489, 1987 Fla. LEXIS 2717

Snippet: created the franchise tax, to wit: Sections 125.019, 159.15, 159.31, 159.50, 183.14, 215.76, 243.33, 315.11

Redford v. Department of Revenue

Court: Supreme Court of Florida | Date Filed: 1985-08-30

Citation: 478 So. 2d 808, 10 Fla. L. Weekly 448, 1985 Fla. LEXIS 1455

Snippet: leaseholds were exempt under sections 125.019 and 159.15. The circuit court ordered the appraiser to prepare

Ago

Court: Florida Attorney General Reports | Date Filed: 1975-07-07

Snippet: exempt from the state and federal taxes. See s. 159.15, F.S. It is my opinion that, until otherwise legislatively

Hand v. City of North Miami

Court: District Court of Appeal of Florida | Date Filed: 1968-06-04

Citation: 211 So. 2d 36, 1968 Fla. App. LEXIS 5408

Snippet: 153 Fla. 781, 15 So.2d 839, modified 154 Fla. 159, 15 So.2d 848; City of Coral Gables v. Giblin, Fla

Pasco v. Gamble

Court: Supreme Court of Florida | Date Filed: 1876-01-15

Citation: 15 Fla. 562

Snippet: over entirely to the courts of equity.” (4 Kent, 159; 15 Mass. 270; 1 Pick. 90 ; 9 Serg. & Rawle, 311.)