Bill > H5017

This bill establishes a Debt Reduction Program within the State Board of Administration aimed at lowering Florida's state tax-supported debt by creating a mechanism to accelerate bond retirement. The bill amends existing state debt legislation to require the Division of Bond Finance to include a new section in its annual debt affordability report describing strategies for retiring outstanding state debt, including details about debt service savings and retired debt amounts. Starting in the 2025-2026 fiscal year, the Chief Financial Officer must transfer $250 million annually from the General Revenue Fund to the State Board of Administration specifically for this debt reduction purpose. The Division of Bond Finance will use these funds to redeem, defease, purchase, or extinguish outstanding state bonds (excluding transportation-related bonds), with the goal of reducing state debt and generating debt service savings. Any unexpended funds from this program will be required to revert back to the General Revenue Fund at the end of each fiscal year. The bill emphasizes the state's commitment to fiscal responsibility by providing a structured approach to managing and reducing state debt while maintaining transparency about debt management strategies.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2025/5017