2009 Florida Code
TITLE XIX PUBLIC BUSINESS
Chapter 288 COMMERCIAL DEVELOPMENT AND CAPITAL IMPROVEMENTS
PART XIII NEW MARKETS DEVELOPMENT PROGRAM ACT (ss. 288.991-288.9922)
288.9915 Use of proceeds from qualified investments; recordkeeping.
1288.9915 Use of proceeds from qualified investments; recordkeeping.--
(1) A qualified community development entity may not make cash interest payments on a long-term debt security that is a qualified investment in excess of the entity's operating income for 6 years following the issuance of the security.
(2) A qualified community development entity shall keep detailed records showing the use of proceeds from qualified investments to fund qualified low-income community investments.
(3) A qualified active low-income community business, including its affiliates, may not receive more than $10 million in qualified low-income community investments under the New Markets Development Program Act.
History.--ss. 8, 15, ch. 2009-50.
1Note.--Expires December 31, 2022, pursuant to s. 15, ch. 2009-50.
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