Florida Statute 159.29 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XI
COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS

Chapter 159
BOND FINANCING

View Entire Chapter

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.

F.S. 159.29 on Google Scholar

F.S. 159.29 on CourtListener

Amendments to 159.29

Annotations, Discussions, Cases:

Cases Citing Statute 159.29

Total Results: 6 | Sort by: Relevance | Newest First

Copy

State v. Leon Cnty., Fla., 410 So. 2d 1346 (Fla. 1982).

Cited 7 times | Published | Supreme Court of Florida

...ewly constructed city-county civic center. The trial court confirmed and validated the bonds, finding, among other things, that the resolution had been properly adopted, that the bonds would not constitute a public debt, that the criteria set out in section 159.29 had been met, and that the project would serve a paramount public purpose....

...We agree with the circuit court's conclusion that this project serves a paramount public purpose in the elimination of blight. This is the same public purpose as provided for in chapter 163, part III, which this Court upheld in State v. Miami Beach Redevelopment Agency, 392 So.2d 375 (Fla. 1980). Section 159.29 states that "the determination of the local agency as to compliance with [this section's] criteria and requirements shall be final and conclusive." This Court has acceded to this statement in numerous cases....

Copy

State v. City of Riviera Beach, 397 So. 2d 685 (Fla. 1981).

Cited 6 times | Published | Supreme Court of Florida

...rnmental unit seeks to utilize property within the geographical limits of a different governmental unit without regard to the so-called governmental-proprietary distinction. Palm Beach County v. Town of Palm Beach, 310 So.2d 384 (Fla. 4th DCA 1975). Section 159.29 of the Acts says that in undertaking a project the local agency shall be guided by and shall observe the four criteria and requirements set forth in the section....

...1972), the Jacksonville Port Authority, as the local agency undertaking an industrial development project, determined that another local governmental unit, the consolidated city of Jacksonville, would be able to cope satisfactorily with the impact of the project. In the opinion validating the bonds, we said: Fla. Stat. § 159.29, F.S.A. provides that the determination of the local agency as to compliance with the criteria of that section shall be final and conclusive. Accordingly, we deem the requirements of Fla. Stat. § 159.29, F.S.A....

Copy

State v. Broward Cnty., 468 So. 2d 965 (Fla. 1985).

Cited 6 times | Published | Supreme Court of Florida | 10 Fla. L. Weekly 222

...r $500,000,000 in industrial development revenue bonds, under part II of chapter 159, Florida Statutes (1983). Before issuing industrial revenue bonds, the county had to contract with a financially responsible party capable of operating the project. § 159.29(2), Fla....

Copy

INTERN. BROTH. v. Jacksonville Port Auth., 424 So. 2d 753 (Fla. 1982).

Cited 3 times | Published | Supreme Court of Florida

...and any one or more combinations of the foregoing. The numerous omissions indicated in the above-quoted statute are references to the various other kinds of facilities, not relevant to this case, encompassed in the definition of the term "project." Section 159.29, Florida Statutes (1981), sets out the criteria by which local agencies are to be guided in undertaking projects pursuant to the act. In essence, section 159.29 requires the local agency to conclude that the project will promote the economic well-being of the community served by the local agency; that the purchaser and operator of the project be financially responsible and able to fulfill its...

...the operation, maintenance, and repair of the project be adequately provided for; and that the proceeds of the bond issue be expended on the costs of the project as statutorily defined. In assessing appellant's argument it is important to note that section 159.29 also provides: "[H]owever, the determination of the local agency as to compliance with such criteria and requirements shall be final and conclusive." This provision placed the burden on the appellant to show before the trial court that the Authority's findings were completely without foundation....

...Documents in the record also show the financial soundness of the project, the ability of the purchaser to meet its obligations, the ability of the community to deal with the impact of the project, and that the bond proceeds will be devoted to the costs of the project as statutorily defined. See § 159.29, Fla. Stat. (1981). The appellant also questions the necessity or propriety, under section 159.29, of certain decisions of the Authority pertaining to specific features of the port improvement project....

Copy

State v. Cnty. of Dade, 250 So. 2d 875 (Fla. 1971).

Published | Supreme Court of Florida | 1971 Fla. LEXIS 3562

...e state and its inhabitants (See Fla.Stat. § 159.26, F.S.A.), both the Board of County Commissioners and the trial judge concluded that the bond issue did promote the objectives of the Act. Under the Act, this is all that is required. See Fla.Stat. § 159.29(1), F.S.A. In fact, § 159.29 provides that such determination by the local agency as to compliance with such criteria and requirements of the Act shall be final and conclusive....

Copy

State v. Jacksonville Port Auth., 266 So. 2d 1 (Fla. 1972).

Published | Supreme Court of Florida | 1972 Fla. LEXIS 3443

...It is further provided that the bonds shall not constitute general obligations of indebtedness of the Authority as “bonds” within the meaning of Article VII, Section 12 of the 1968 Florida Constitution, but shall be payable solely from the revenues generated from the sale of the project. As required by Fla.Stat. § 159.29, F.S.A., the resolution also determined: (1) that the project would make a significant contribution to the economic growth of the community, would provide gainful employment and would serve a public purpose by advancing the economic prosper...

...ted City of Jacksonville would be able to cope satisfactorily with the impact of the project and would be able to provide the public services and facilities necessary for the construction, operation, repair, and maintenance of the project. Fla.Stat. § 159.29, F.S.A. provides that the determination of the local agency as to compliance with the criteria of that section shall be final and conclusive. Accordingly, we deem the requirements of Fla.Stat. § 159.29, F.S.A....