BRADENTON, Fla. - Florida Gov. Rick Scott has appointed three board members to the Florida Development Finance Corp., the state conduit agency that plans to issue $1.75 billion in private activity bonds for the All Aboard Florida private passenger train.
Scott announced the FDFC appointments on March 27. The new board members must be confirmed by the Senate, which is in session until May 1.
The FDFC has operated without a complete five-member board for months. Two remaining members resigned earlier this year.
The corporation gave preliminary approval last year to be the issuer of All Aboard Florida's private activity bonds to finance a portion of the 235-mile, Miami-to-Orlando passenger train service. The bonds must be issued by July 1, according to the U.S. Department of Transportation.
All Aboard Florida had indicated on its application for conduit financing that the bonds would be tax-exempt, fixed rate, and privately placed. All Aboard is owned by Florida East Coast Industries, a private company owned by Fortress Investment Group LLC.
While FDFC's enabling legislation calls for board members to serve four-year terms, the three newest members will fill the uncompleted terms of those who left the panel. They are:
Daniel Davis, 42, president and chief executive officer of the Jacksonville Chamber of Commerce. His term ends May 2, 2018.
Kevin Hale, 61, of Naples, executive vice president, director of wealth management, and chief lending officer at Mutual of Omaha Bank. He succeeds Rebecca Reynolds, and will serve until May 2, 2018.
Frank White, 36, of Pensacola, general counsel and business analyst for Sandy Sansing Dealerships. His term ends May 2, 2017.
The Florida Development Finance Corp. has also approved issuing $2 billion in property-assessed clean energy bonds. Those deals are tied up in litigation, including a suit by the Florida Bankers Association challenging Florida's law creating the PACE financing program.
