Florida School Bonds Funding, Amendment 3 (1964)

From Ballotpedia
Jump to: navigation, search
Voting on Bond Issues
Bond issues.jpg
Ballot Measures
By state
By year
Not on ballot
Florida Constitution
750px-Flag of Florida.svg.png
Preamble
Articles
IIIIIIIVVVIVIIVIIIIXXXIXII

The Florida School Bonds Funding Amendment, also known as Amendment 3, was a legislatively-referred constitutional amendment in Florida which was approved on the ballot on November 3, 1964.

This amendment modified Article XII of the Florida Constitution in relation to the use of revenue from motor vehicles licensing for capital outlay, debt service and other school purposes.[1]

Election results

Florida Amendment 3 (1964)
ResultVotesPercentage
Approveda Yes 509,207 57.72%
No372,93642.28%

Election results via: Florida Secretary of State

Text of measure

The language that appeared on the ballot:

NO. 3—CONSTITUTIONAL AMENDMENT TO ARTICLE XII,
SECTIONS 18, SUB-SECTIONS (a) and (b)

School Bonds for Capital Outlay—Proposing an amendment to Article XII of the Florida State Constitution relating to the use of part of the revenue derived from the licensing of motor vehicles for capital outlay and debt service and other school purposes; adding a method of computing the number of instruction units; increasing interest rate to 4½ percent per annum and extending maturity date on bonds to January 1, 2000.[2][3]

Constitutional changes

Section 18. School Bonds for Capital Outlay; Insurance.

(a) Beginning January 1, 1965, and for thirty-five (35) years thereafter, the first proceeds of the revenues derived from the licensing of motor vehicles to the extent necessary to comply with the provisions of this amendment, shall, as collected, be placed monthly in the county capital outlay and debt service school fund in the state treasury, and used only as provided in this amendment. Such revenue shall be distributed annually among the several counties in the ratio of the number of instruction units in each county in each year computed as provided herein. The amount of the first revenues derived from the licensing of motor vehicles to be so set aside in each year and distributed as provided herein shall be an amount equal in the aggregate to the product of four hundred dollars ($400.00) multiplied by the total number of instruction units in all the counties of Florida. The number of instruction units in each county in each year for the purposes of this amendment shall be the greater of (1) the number of instruction units in each county for the school fiscal year 1951-52 computed in the manner heretofore provided by general law, or (2) the number of instruction units in such county for the school fiscal year computed in the manner heretofore or hereafter provided by general law and approved by the state board of education (hereinafter called the state board), or (3) the number of instruction units in each county on behalf of which the state board of education has issued bonds or motor vehicle tax anticipation certificates under this amendment which will produce sufficient revenues under this amendment to equal one and one-third (1 1/3) times the aggregate amount of principal and interest on such bonds or motor vehicle tax anticipation certificates which will mature and become due in such year, computed in the manner heretofore or hereafter provided by general law and approved by the state board.

Such funds so distributed shall be administered by the state board as now created and constituted by Section 3 of Article XII of the Constitution of Florida. For the purposes of this amendment, said state board, as now constituted, shall continue as a body corporate during the life of this amendment and shall have all the powers provided in this amendment in addition to all other constitutional and statutory powers related to the purposes of this amendment heretofore or hereafter conferred upon said board.

(b) The state board shall, in addition to its other constitutional and statutory powers, have the management, control and supervision of the proceeds of the first part of the revenues derived from the licensing of motor vehicles provided for in subsection (a). The state board shall also have power, for the purpose of obtaining funds for the use of any county board of public instruction in acquiring, building, constructing, altering, improving, enlarging, furnishing, or equipping capital outlay projects for school purposes, to issue bonds or motor vehicle tax anticipation certificates, and also to issue such bonds or motor vehicle tax anticipation certificates to pay, fund or refund any bonds or motor vehicle tax anticipation certificates theretofore issued by said state board. All such bonds shall bear interest at not exceeding four and one-half (4 ½) per centum per annum and shall mature serially in annual installments commencing not more than three (3) years from the date of issuance thereof and ending not later than thirty (30) years from the date of issuance, or January 1, 2000, A. D., whichever is earlier. All such motor vehicle tax anticipation certificates shall bear interest at not exceeding four and one-half (4 ½) per centum per annum and shall mature prior to January 1, 2000, A. D. The state board shall have power to determine all other details of said bonds or motor vehicle tax anticipation certificates and to sell at public sale after public advertisement, or exchange said bonds or motor vehicle tax anticipation certificates, upon such terms and conditions as the state board shall provide.

The state board shall also have power to pledge for the payment of the principal of and interest on such bonds or motor vehicle tax anticipation certificates, including refunding bonds or refunding motor vehicle tax anticipation certificates, all or any part from the anticipated revenues to be derived from the licensing of motor vehicles provided for in this amendment and to enter into any covenants and other agreements with the holders of such bonds or motor vehicle tax anticipation certificates at the time of the issuance thereof concerning the security thereof and the rights of the holders thereof, all of which covenants and agreements shall constitute legally binding and irrevocable contracts with such holders and shall be fully enforceable by such holders in any court of competent jurisdiction.

No such bonds or motor vehicle tax anticipation certificates shall ever be issued by the state board until after the adoption of a resolution requesting the issuance thereof by the county board of public instruction of the county on behalf of which such obligations are to be issued. The state board of education shall limit the amount of such bonds or motor vehicle tax anticipation certificates which can be issued on behalf of any county to seventy-five per cent (75%) of the amount which it determines can be serviced by the revenue accruing to the county under the provisions of this amendment, and such determination shall be conclusive. All such bonds or motor vehicle tax anticipation certificates shall be issued in the name of the state board of education but shall be issued for and on behalf of the county board of public instruction requesting the issuance thereof, and no election or approval of qualified electors or freeholders shall be required for the issuance thereof.[1]

Path to the ballot

  • The amendment was placed on the ballot by Senate Joint Resolution 218 of 1963.
  • The amendment was filed with the Secretary of State on May 9, 1963.[1]

See also

BallotpediaAvatar bigger.png
Suggest a link

External links

References

  1. 1.0 1.1 1.2 Florida Constitution Revision Commission, "Amendments, Election of 11-3-64"
  2. Ocala Star-Banner, "Automatic Voting Machine Sample Ballot," October 26, 1964
  3. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.