§ 159.494, Fla. Stat. · Part III. INDUSTRIAL DEVELOPMENT AUTHORITIES
Authority to deal with financial institution which employs a member of the authority.
Text — 2026 Florida Statutes
Notwithstanding any general or special law, rule, regulation, or ordinance to the contrary, including ss. 112.311-112.326, an authority may sell its bonds to a financial institution, as defined in s. 655.005, which employs a member of the authority as an officer, director, or employee and may appoint a financial institution to serve as trustee or cotrustee under a trust indenture relating to bonds issued under this part, notwithstanding the fact that an officer, director, or employee of the financial institution is a member of the authority. However, no member of the authority who is an officer, director, or employee of a financial institution which is interested in purchasing or serving as trustee or cotrustee for a proposed or outstanding bond issue shall vote on any matter related to such bond issue after the interest of the financial institution in such bond issue becomes known to the member.
Notes and commentary — not statutory text
History
s. 3, ch. 81-321; s. 43, ch. 83-217; s. 197, ch. 92-303; s. 888, ch. 95-147.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0159/0159.html
- Text hash
- sha256 508bf2b3441b810c6442a4b0c1f928599749147582c452ce559c7a8a38845da9
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
The Florida Statutes
- § 112.311, Fla. Stat.Legislative intent and declaration of policy.Printed as ss. 112.311-112.326
- § 112.326, Fla. Stat.Additional requirements by political subdivisions and agencies not prohibited; certain procedures preempted.Printed as ss. 112.311-112.326
- § 655.005, Fla. Stat.Definitions.Printed as s. 655.005
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.