Florida Statute 159.29 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XI
COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS

Chapter 159
BOND FINANCING

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F.S. 159.29

159.29 Criteria and requirements.—In undertaking any project pursuant to this part, a local agency shall be guided by and shall observe the following criteria and requirements; however, the determination of the local agency as to compliance with such criteria and requirements shall be final and conclusive:

(1) The project, in the determination of the local agency, is appropriate to the needs and circumstances of, and shall make a significant contribution to the economic growth of, the local agency in which it is to be located; shall provide or preserve gainful employment; shall protect the environment; or shall serve a public purpose by advancing the economic prosperity, the public health, or the general welfare of the state and its people as stated in s. 159.26.

(2) No financing agreement for a project shall be entered into with a party that is not financially responsible and fully capable and willing to fulfill its obligations under the financing agreement, including the obligations to make payments in the amounts and at the times required; to operate, repair, and maintain at its own expense the project leased; and to serve the purposes of this part and such other responsibilities as may be imposed under the financing agreement. In determining the financial responsibility of such party, consideration shall be given to the party’s ratio of current assets to current liabilities; net worth; earning trends; coverage of all fixed charges; the nature of the industry or activity involved; its inherent stability; any guarantee of the obligations by some other financially responsible corporation, firm, or person; and other factors determinative of the capability of the party, financially and otherwise, to fulfill its obligations consistently with the purposes of this part.

(3) The local agency in which the project is to be located will be able to cope satisfactorily with the impact of such project and will be able to provide, or cause to be provided when needed, the public facilities, including utilities and public services, that will be necessary for the construction, operation, repair, and maintenance of the project and on account of any increases in population or other circumstances resulting therefrom.

(4) Adequate provision shall be made for the operation, repair, and maintenance of the project at the expense of the lessee and for the payment of principal of and interest on the bonds.

(5) The costs to be paid from the proceeds of the bonds shall be costs of a project within the meaning of this part, or, when applicable, part III or part V of this chapter, except for payments included in the purposes for which revenue refunding bonds may be issued under this part.

History.—s. 5, ch. 69-104; s. 4, ch. 80-287.

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Amendments to 159.29

Arrestable Offenses / Crimes under Fla. Stat. 159.29

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 159.29.

Annotations, Discussions, Cases:

Cases Citing Statute 159.29

Total Results: 7

State v. Broward County

Court: Supreme Court of Florida | Date Filed: 1985-04-11

Citation: 468 So. 2d 965, 10 Fla. L. Weekly 222

Snippet: responsible party capable of operating the project. § 159.29(2), Fla. Stat. (1983).[*] Passage of the Tax Reform

INTERN. BROTH. v. Jacksonville Port Auth.

Court: Supreme Court of Florida | Date Filed: 1982-12-21

Citation: 424 So. 2d 753

Snippet: in the definition of the term "project." Section 159.29, Florida Statutes (1981), sets out the criteria

State v. Leon County, Fla.

Court: Supreme Court of Florida | Date Filed: 1982-02-25

Citation: 410 So. 2d 1346

Snippet: public debt, that the criteria set out in section 159.29 had been met, and that the project would serve

State v. City of Riviera Beach

Court: Supreme Court of Florida | Date Filed: 1981-04-16

Citation: 397 So. 2d 685

Snippet: Beach, 310 So.2d 384 (Fla. 4th DCA 1975). Section 159.29 of the Acts says that in undertaking a project

State v. Jacksonville Port Authority

Court: Supreme Court of Florida | Date Filed: 1972-07-28

Citation: 266 So. 2d 1, 1972 Fla. LEXIS 3443

Snippet: sale of the project. As required by Fla.Stat. § 159.29, F.S.A., the resolution also determined: (1) that

State v. County of Dade

Court: Supreme Court of Florida | Date Filed: 1971-07-07

Citation: 250 So. 2d 875, 1971 Fla. LEXIS 3562

Snippet: that is required. See Fla.Stat. § 159.29(1), F.S.A. In fact, § 159.29 provides that such determination

Seven-Up Bottling Co. of Miami v. J. N. Rawleigh Co.

Court: District Court of Appeal of Florida | Date Filed: 1963-08-09

Citation: 156 So. 2d 180

Snippet: 234 (two cases); Brown v. Harley, 1848, 2 Fla. 159; 29 Fla.Jur. Scire Facias §2; 3 Fla.Jur. Attachment