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Lularo’s plan for a $6 billion bond purchase to help finance his proposed $5.5 billion state pension and unemployment insurance fund has been approved by the Florida legislature.
The vote Tuesday in the House approved a resolution to approve the bond, which will be sold on the secondary market.
The House vote comes as the Republican governor is preparing to unveil a $4 billion budget.
He has said he will not take a state pension bond in 2017 and 2018.
He also said he would not take in a bond for the state’s largest public school district until he can determine if the district can afford its current pension funding.
“We are moving forward with a plan to create the type of bond that would help the state meet its obligations in the short-term,” Lularos budget chief, Mike Nieves, said in a statement Tuesday.
“The Florida Legislature has acted to pass the largest bond sale in Florida history.
We expect this bond to create $5,000 million in private sector jobs, and provide a solid foundation for a sustainable long-term future for Florida.”
Lularoes plan calls for a combination of private and public contributions to the fund, with private contributions at least 25% of the total cost.
The state currently spends $1.2 billion annually on the fund.
The state’s plan includes funding for a new hospital for the Miami Health System, a new facility to treat the state-funded Alzheimer’s disease research and a new medical center to treat Florida’s severe cases of HIV.
The new facility is expected to be ready for use in 2019.
Lularós plan also calls for the creation of a new state-run preschool program to help more children graduate from high school.