There Is a Newer Version of the Florida Statutes
  1. 2025 Florida Stat.
  2. 2024 Florida Stat.
  3. 2023 Florida Stat.
  4. 2009 Florida Stat. (here)
  5. View All Versions
View Our Newest Version Here

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.

Disclaimer: These codes may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.