The Florida Local Government Finance Commission was formed in February 1991 in accordance with an interlocal agreement between Collier, Sarasota, and Brevard Counties. The Commission was subsequently expanded to include Lee County, Osceola County, and Charlotte County. The Commission is a legal entity created pursuant to Chapter 163, Florida Statutes. The governing body of the Commission consists of a representative from each of the six member counties. The Commission was established for the purpose of issuing commercial paper notes from which loans would be made to counties, cities, school boards and special districts throughout the State of Florida. The commercial paper notes are issued pursuant to an indenture of trust between the Commission and US Bank, as Trustee to the loan program.