The improvement revenue bonds are limited obligations of the FMLC, payable solely from loan payments made by the city to the FMLC in an amount equal to debt service.
Fitch's 'A-' rating on the special obligation bonds and the FMLC refunding and improvement revenue bonds are based on the city's CB&A, and are rated one notch below the IDR, reflecting the lesser degree of security associated with the inability to compel the city to generate non-ad valorem revenues sufficient to pay debt service and the prior payment requirements of essential government service costs.
FMLC feels that this exemption should be expanded and simplified.
In support of the impacted small businesses, FMLC is seeking the establishment of a searchable database to be set up so that music users can quickly and easily figure out which PRO they are paying when they pay music licensing fees.
Even though they are 'not-for-profit' organizations, they do not publicly disclose how they spend their operating revenues," said FMLC President Rick Swindlehurst.
FMLC seeks to legislatively require how PROs collect and distribute revenue on behalf of its constituency.
"The Fairness in Music Licensing Coalition was established to support small independent businesses and organizations that are impacted by music licensing," said FMLC Director of Outreach Scott Ellis.
FMLC wants to make sure that when music users pay music licensing fees they know what they are paying for and that it goes to the songwriters who deserve proper compensation.
A group of companies with nationwide operations serving the construction industry, FMLC
needs acoustics systems designer, engineering or project manager, civil engineers, electrical or electronics engineers, sales consultants, internal auditor, accounting assistant, office staff, measurer, and company driver.
also points out that, where the structured finance exception applies under the Enterprise Act 2002, an administrative receiver and liquidator might both be in office and carrying out their functions concurrently so that floating charge holders would have to bear two sets of costs and expenses.
It affirmed the following obligations issued by the Florida Municipal Loan Council (FMLC
) on behalf of the city:
The outstanding FMLC
bonds are backed by payments from the city pursuant to two separate loan agreements.