Pursuant to State Law (Section 159.804, F.S.), the Division distributes the state volume cap among various pools.

• Manufacturing Facility Bond Pool:

  The first $97.5 million (for Calendar Year 2018)¹ is allocated to the Manufacturing Facility Bond Pool and is available statewide solely to fund manufacturing facility projects from January 1 – November 15. The first 75% of the amounts in this pool are allocated on a first-come, first-served basis, and the remaining 25% must be approved by the Executive Director of the Department of Economic Opportunity. Additionally, 15% of this pool is reserved from January 1 – June 30 to fund projects in certain small counties.

• Regional Pools:

  50% of the remaining state volume cap is allocated to the 17 single- and multi-county regional pools (Regional Allocation Map). State volume cap is available from these regional pools for projects within the particular region for allocation from January 1 – June 30; the regional pools are dissolved annually on July 1 and any amounts not allocated are reallocated to the Florida First Business Allocation Pool.

• Florida Housing Finance Corporation Pool:

  25% of the remaining volume cap is allocated to the Florida Housing Finance Corporation (FHFC) for single and multifamily housing bonds; any amounts remaining on July 1 for which an issuance report or notice of intent to issue bonds has not been received by the Division are reallocated to the State Pool.

• Florida First Business Allocation Pool:

  20% of the remaining volume cap is allocated to the Florida First Business Allocation Pool. Projects which meet the statutory criteria for qualified target industry businesses or which provide substantial economic benefit to the State may be certified by the Department of Economic Opportunity (DEO) as “Florida First Business projects.” Application for allocation from this pool will not be considered without a certification from DEO.

• State Pool:

  5% of the remaining volume cap is allocated to the State Pool. Prior to June 1 allocations are solely for “Priority Projects” (excluding manufacturing facilities). Requests to fund Priority Projects must be filed with the Division no later than May 1. If the funds in the pool exceed those requested, the Division will grant allocations by May 15; however if the requests exceed the available amount, the Governor will decide which projects will receive allocation.

Generally, Private Activity Bonds utilizing allocation from the State Pool or a regional pool must be issued within 155 days of allocation or by December 29, whichever is earlier. After such time, the allocation ceases to be effective and reverts to the appropriate pool. These limits are tolled during a bond validation, if written notice is provided to the Division prior to the expiration.

Allocations for Priority Projects and for projects of $50 million or more are not subject to these time limitations and are valid through December 30.

Allocations granted from the Florida First Business Allocation Pool are not subject to the 155 day issuance requirement; Private Activity Bonds from such allocations may be issued at any time up to and including November 15 (unless a Carryforward has been granted for the allocation). Such projects must be certified by DEO as eligible to receive Carryforward by September 30.

Private Activity Bonds utilizing allocations from the Manufacturing Facility Bond Pool must be issued within 90 days of allocation or by November 15, whichever is earlier.

Unused allocations may be carried forward for up to three years. The Code permits Carryforward for the following projects: mass commuting facilities, facilities for the furnishing of water, sewerage facilities, solid waste disposal facilities, multi-family housing projects, local electric or gas generating facilities, local district heating or cooling facilities, hazardous waste facilities, high speed rail facilities, single family housing bonds, student loan bonds, and redevelopment bonds.

Projects which received allocation from the Florida First Business Allocation Pool, must be certified by DEO as eligible to receive Carryforward Allocation (no later than September 30) before the Division can grant carryforward allocation.

All unused volume cap allocation, including any amounts that have not been allocated and allocations for which Private Activity Bonds were not issued, reverts to the State Pool on December 29 and is reallocated on a first-come, first-served basis to fund Carryforward projects as defined by the Code on December 30. Any agencies on the waiting list for allocation at such time that did not receive an allocation must re-apply for an allocation in the following year.

Allocations grated to Priority Projects and projects of $50 million or more do not revert to the State Pool and are automatically entitled to Carryforward, so long as an application is submitted to the Division

BF 2006: Notice of Intent to Issue

Applications for volume cap allocation must be submitted on “Form BF 2006: Notice of Intent to Issue” and are processed on a first-come, first-served system based on a twenty-four hour period from noon on one business day to noon the next business day. All applications received by the Division during each period are considered together; if there is not enough allocation available from the appropriate pool(s) to fund all requests, a random drawing is held to determine who gets the allocation that is available. Applications that are granted will receive a written confirmation of allocation from the Division.

Unfilled applications are placed on a waiting list in case allocation becomes available at a later date.

If applications for allocation from the Florida First Business Allocation Pool are received in an amount greater than that which is available, the Division forwards such applications to DEO to determine the order in which the applications will be processed. If no state volume cap is available from the Florida First Business Allocation Pool, allocations for Florida First Business projects may be granted to from the respective regional pools or the State Pool, if available.

Applications are not accepted by the Division of Bond Finance unless the TEFRA approval required by section 147(f) of the Code has been obtained for the project. Additionally, all applications must be accompanied by an opinion or statement of counsel that the project to be financed may be financed with Private Activity Bonds and that the requested allocation is required to issue such bonds.

Applications shall be mailed by certified mail return receipt requested or by overnight common carrier delivery service.

The application fee is $100.00.

BF 2009: Application for Carryforward Allocation

Applications for Carryforward must be submitted on "Form BF 2009: Application for Carryforward Allocation."

Carryforward Applications for Priority Projects, projects of $50 million or more, and projects for which expiration has been tolled by a pending bond validation must be submitted no later than December 30.

Applications for Carryforward from the unused allocations which revert to the State Pool on December 30 must be received by the Division prior to noon on December 31. All applications received by such time are considered together; if there is not enough allocation available to fund all Carryforward requests, a random drawing is held to determine which projects receive the allocation that is available.

Applications shall be mailed by certified mail return receipt requested or by overnight common carrier delivery service.

BF 2010: Issuance Report

When Private Activity Bonds are issued, the agency issuing such bonds (or its designee) must notify the Division. The issuing agency (or its designee) must submit “Form BF 2010: Issuance Report” to the Division no later than the following business day. This form may be submitted electronically to the Division at Bond@sbafla.com. The Division will then provide a Final Confirmation of Allocation.