Article VII Section 16 Florida Constitution – Bonds for Housing and Related Facilities

Article VII Section 16 Florida Constitution

Article VII Section 16 Florida Constitution is about Bonds for Housing and Related Facilities. Article VII is titled Finance and Taxation, it has 19 sections.

Bonds for Housing and Related Facilities

(a) When authorized by law, revenue bonds may be issued without an election to finance or refinance housing and related facilities in Florida, herein referred to as “facilities.”

(b) The bonds shall be secured by a pledge of and shall be payable primarily from all or any part of revenues to be derived from the financing, operation or sale of such facilities, mortgage or loan payments, and any other revenues or assets that may be legally available for such purposes derived from sources other than ad valorem taxation, including revenues from other facilities, or any combination thereof, herein collectively referred to as “pledged revenues,” provided that in no event shall the full faith and credit of the state be pledged to secure such revenue bonds.

(c) No bonds shall be issued unless a state fiscal agency, created by law, has made a determination that in no state fiscal year will the debt service requirements of the bonds proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements, as defined by law.

See also: Article VII Section 15 Florida Constitution

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