Consideration of Florida Hurricane Catastrophe Fund Bond Issuance Authorization Resolution Deferred To March 23
Mar 4, 2010
Members of the Florida Cabinet, meeting as the State Board of Administration (“SBA”) and the Florida Hurricane Catastrophe Fund Financing Corporation today, March 4, 2010, deferred consideration of a resolution to authorize the issuance and sale of Florida Hurricane Catastrophe Fund (“FHCF”) post-event revenue bonds until March 23.
The resolution would authorize the amount of the issuance, which is not to exceed $710 million. The bonds will have fixed interest rates, be exempt from federal income taxes and be secured by emergency assessments and reimbursement premiums received by the FHCF.
The proceeds of the bonds will be used for the reimbursement of insurance companies for additional claims due to hurricanes during the 2005 season.
The resolution that was deferred today also would authorize the Florida Hurricane Catastrophe Fund Financing Corporation President (who is Dr. Jack Nicholson) to enter into any agreements necessary to retain a trustee for the bonds, as well as to execute related documents for their sale.
To view today’s related agendas, click here and here.
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