Fla. Admin. Code Ann. R. 19A-5.002 - Definitions
The following words or terms when used in this rule chapter shall have the following meanings:
(1)
"Certificate of Participation" means a financial instrument representing a
right to share in payments made pursuant to a Master Equipment Financing
Agreement.
(2) "Comptroller" means
the Comptroller of the State of Florida.
(3) "Director" means the Director of the
Division.
(4) "Division" means the
Division of Bond Finance of the State Board of Administration.
(5) "Financing Professional" means one or
more financial institutions, leasing companies or other participants necessary
for the consolidated financing of deferred-payment purchases of
equipment.
(6) "Financial Advisor"
means a person or firm retained to advise the Division on financial matters
relating to the issuance of certificates of participation or other activities
of the Division, including, but not limited to, technical assistance in the
design of financing arrangements and instruments; planning financial strategy
for marketing, pricing and securing ratings; or representing the Division's
interest in financial market dealings.
(7) "Finder" means a person or firm that
enters into an understanding with an underwriter for any paid or promised
compensation or valuable consideration to act as an intermediary, directly or
indirectly, expressly or impliedly, between the Governing Board and such
underwriter for the purpose of influencing any transaction in the purchase of
certificates of participation in a Master Equipment Financing Agreement or
other activity of the Division.
(8)
"Governing Board" means the governing board of the Division composed of the
Governor and Cabinet of the State of Florida.
(9) "Master Equipment Financing Agreement"
means an agreement to be executed pursuant to Section
287.064, F.S., for the purpose
of implementing a consolidated financing program for the acquisition of
equipment by deferred-payment purchases made by or on behalf of the State of
Florida or its agencies or by or on behalf of state community
colleges.
(10) "Order Period"
means, in a negotiated sale of certificates of participation, the period of
time established by the underwriters and the Division during which orders are
accepted from members of the underwriting group.
(11) "Purchaser" means the person or entity
which directly purchases certificates of participation from an
underwriter.
(12) "Takedown" means
a component of the gross underwriting spread, similar to a commission, which
represents the income derived by the underwriters from the sale of certificates
of participation.
(13) "Tax
Counsel" means an attorney or firm of attorneys retained to give a legal
opinion that the state is authorized to enter into a Master Equipment Financing
Agreement, that the state has met all legal requirements necessary to enter
into a Master Equipment Financing Agreement, or that interest on the Master
Equipment Financing Agreement will be excludable from gross income for federal
income tax purposes and, where applicable, for state and local
taxation.
(14) "Underwriter" means
a person or firm that initially purchases a new issue of certificates of
participation in connection with the award of a Master Equipment Financing
Agreement.
Notes
Rulemaking Authority 287.064(8) FS. Law Implemented 287.064 FS.
New 7-17-89, Formerly 13K-5.002, Amended 5-25-95.
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