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Florida Housing Bonds, Amendment 5 (1976)

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IIIIIIIVVVIVIIVIIIIXXXIXII

The Florida Housing Bonds Amendment, also known as Amendment 5, was a legislatively-referred constitutional amendment on the November 2, 1976 ballot in Florida, where it was defeated.

This amendment sought to add Article V, Section 16 of the Florida Constitution to allow up to $100 million in bonds to be issued for housing finance or refinance assistance.[1]

Election results

Florida Amendment 5 (1976)
ResultVotesPercentage
Defeatedd No1,023,41651.23%
Yes 974,184 48.77%

Election results via: ICPSR

Text of measure

The language that appeared on the ballot:

Proposes an amendment to Article VII of the State Constitution to provide a new Section 16 which authorizes the issuance of revenue bonds to finance or refinance housing and related facilities in Florida, secured primarily by pledged re venues at least equal to the annual bond payments. Limiting the bonds which may be outstanding in one fiscal year, to $100,000,000.[2][3]

Constitutional changes

Section 16. Bonds for Housing and Related Community Development Facilities.

(a) When authorized by law, revenue bonds may be issued without an election to finance or refinance housing and related facilities in Florida (herein referred to as "facilities").

(b) The bonds shall be secured by a pledge of and shall be payable primarily from all or any part of revenues to be derived from the financing, operation or sale of such facilities, mortgage or loan payments, and any other revenues or assets that may be legally available for such purposes derived from sources other than ad valorem taxation, including revenues from other facilities, or any combination thereof (herein collectively referred to as "pledged revenues").

(c) No bonds shall be issued unless a state fiscal agency, created by law, has made a determination that in no state fiscal year will the debt service requirements of the bonds proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements, as defined by law.

(d) The total bonds outstanding shall not exceed $100,000,000 in any one fiscal year.[2]

See also

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References

  1. REFERENDA AND PRIMARY ELECTION MATERIALS [Computer file]. ICPSR ed. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [producer and distributor], 1995. doi:10.3886/ICPSR00006.v1
  2. 2.0 2.1 Florida Constitutional Revision Commission, "Amendments, Election of 11-2-76"
  3. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.