In the final days of Florida's legislative session this week, lawmakers are sending through a flurry of bills including one that would create a new credit for the issuance of municipal bonds.

Senate Bill 770, which passed the Senate Tuesday on a vote of 39-to-1, authorizes Neighborhood Improvement Districts to issue bonds backed by special assessments.

The NIDs have been allowed by Florida law for many years, though they did not have bonding authority.

The districts are used to promote safe neighborhoods and general welfare, maintain and preserve property values and foster development, as well as to improve traffic and pedestrian safety.

Districts are created via referendum. A referendum is also required to levy a property tax up to two mills annually and to place assessments up to $500 per parcel. There are currently 31 active neighborhood districts in the state.

The Senate bill was sent to the House Tuesday where it is uncertain whether it will pass before session ends on Friday.

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