The TC Palm: Bill would help secure All Aboard Florida funding

TALLAHASSEE — Amendments to a business-development bill would close certain loopholes left when the Florida Development Finance Corp. last year tentatively agreed to issue tax-exempt private activity bonds for All Aboard Florida.

Earlier this year, the quasi-governmental agency’s board was found to have been improperly constituted since May 2010. Decisions made during that period were deemed unenforceable. On April 7, all past actions — except preliminary approval of $1.75 billion of bonds for All Aboard Florida — were approved retroactively.

The amendment would make that earlier All Aboard Florida decision “valid and binding.” Once passed, the bill would go to the Senate.

Florida Development Finance Corp.’s next meeting is May 14 in Orlando, although All Aboard Florida doesn’t appear as an agenda item until its May 28 meeting.