Section 236.602, Florida Statutes 2001
236.602 Bonds payable from motor vehicle license tax funds; instruction units computed.--
(1) For the purpose of administering the provisions of s. 9(d), Art. XII of the State Constitution as amended in 1972, the number of current instruction units in districts shall be computed annually by the department by multiplying the number of full-time equivalent students in programs under s. 236.081(1)(c) in each district by the cost factors established in the General Appropriations Act and dividing by 23, except that all basic program cost factors shall be one, and the special program cost factors for hospital and homebound I and for community service shall be zero. Full-time equivalent membership for students residing in Department of Children and Family Services residential care facilities shall not be included in this computation. Any portion of the fund not expended during any fiscal year may be carried forward in ensuing budgets and shall be temporarily invested as prescribed by law or regulations of the state board.
(2) Whenever the State Board of Education shall issue bonds or certificates for and on behalf of any school board of any district, or whenever any school board of any district shall issue bonds or certificates repayable from motor vehicle license tax funds, the aggregate number of instruction units in such district in any future school fiscal year, as authorized under the amendment contained in s. 18, Art. XII of the State Constitution of 1885 as amended and adopted by reference in s. 9(d), Art. XII of the Constitution of 1968, to the full extent necessary to pay all principal of and interest on, and reserves for, bonds or certificates issued for and on behalf of such district or by such school board in any school fiscal year, as the same shall become due and payable, shall be not less than the aggregate number of instruction units in such district for the school fiscal year preceding the school fiscal year in which such bonds or certificates are issued, computed in accordance with the statutes in force in the school fiscal year preceding the school fiscal year in which such bonds or certificates are issued.
(3) The provisions of this section are not intended to, and shall not, be applicable to, or confer any rights on, any district to payments from said motor vehicle license taxes except to the full extent necessary to pay all principal of and interest on, and reserves for, bonds or certificates so issued by such school board and by said State Board of Education for and on behalf of such districts, in each future school fiscal year as the same shall mature and become due; and except for such purpose, all payments of the amounts of said motor vehicle license taxes distributable under the provisions of s. 18, Art. XII of the State Constitution of 1885 as amended and adopted by reference in s. 9(d), Art. XII of the Constitution of 1968 shall continue to be made and distributed to such districts in the manner provided by said amendment and the general laws of Florida in force and effect at the time of such distributions.
History.--ss. 1, 2, ch. 29626, 1955; s. 31, ch. 69-216; s. 1, ch. 69-300; s. 1, ch. 69-321; s. 10, ch. 73-345; s. 3, ch. 79-184; s. 48, ch. 97-307; s. 38, ch. 99-8.