Sen. Tom Wright’s House Bill 717 Supporting Space Industry Signed by Gov. DeSantis

HB 717 makes it clear that state appropriations may not be used as a source of revenue

BREVARD COUNTY, FLORIDA – Senator Tom A. Wright’s (R – New Smyrna Beach) Senate Bill 1070 (Passed as House Bill 717) was signed into law recently by Governor Ron DeSantis.

The bill streamlines the bonding process for Space Florida, and encourages a more competitive marketplace within the space industry.

As shown in the last few years, the space industry has evolved into a commercial-driven initiative, bound to accomplish many ‘firsts’ in the near future.

This was illustrated during NASA’s SpaceX Demo-2 mission in late-May, launching American astronauts from American soil for the first time since the Space Shuttle Program was slowed to a halt in 2011.

This recent growth in the commercial space industry will likely result in bond issuance becoming more prevalent for varying needs in critical-infrastructure, rather than the utilization of bank loans.

“Space Florida has done a tremendous job in attracting companies to our state,” said Sen. Wright. “From this bill’s passage, they will be able to conduct business and save costs for all involved parties, while ensuring the state of Florida is not on the hook when it comes to issuing bonds.”

HB 717 makes it clear that state appropriations may not be used as a source of revenue and that revenue bonds may not be secured by the full faith and credit of Space Florida.

In addition, the bill gives Space Florida the authority to apply bonding processes that are used by other government entities, which are more well-known within the bonding community.

“As Chair of the Space Caucus within our Florida Legislature, I am glad to see this important piece of legislation garner support from members of both the House and Senate,” said Sen. Wright.

“We certainly have a strong backing for all things Space here in Florida.”

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