Bill Text: FL S0666 | 2020 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Florida Development Finance Corporation
Spectrum: Slight Partisan Bill (? 3-1)
Status: (Failed) 2020-03-14 - Died in Messages [S0666 Detail]
Download: Florida-2020-S0666-Introduced.html
Bill Title: Florida Development Finance Corporation
Spectrum: Slight Partisan Bill (? 3-1)
Status: (Failed) 2020-03-14 - Died in Messages [S0666 Detail]
Download: Florida-2020-S0666-Introduced.html
Florida Senate - 2020 SB 666 By Senator Mayfield 17-00208C-20 2020666__ 1 A bill to be entitled 2 An act relating to the Florida Development Finance 3 Corporation; amending s. 20.60, F.S.; requiring the 4 executive director of the Department of Economic 5 Opportunity to serve as the chair of the board of 6 directors of the Florida Development Finance 7 Corporation; requiring that the annual report of the 8 corporation be incorporated into the department’s 9 annual report on the condition of the business climate 10 and economic development in the state; requiring the 11 department to develop performance standards for the 12 corporation and include certain information relating 13 to the standards in the department’s annual report; 14 amending s. 288.9604, F.S.; revising the membership of 15 the board of directors of the corporation; requiring 16 that the director of the Division of Bond Finance of 17 the State Board of Administration, or his or her 18 designee, serve on the board of directors of the 19 corporation; making conforming changes; specifying 20 that all officers, employees, and administrative and 21 support staff for the corporation shall be employees 22 of the department; providing for future repeals; 23 requiring the chair and vice chair of the board of 24 directors of the corporation to serve as regular 25 members of the board after a specified date; providing 26 construction; amending s. 288.9610, F.S.; requiring 27 the corporation to submit an annual report containing 28 specified information to the department; providing for 29 the continuation of certain contracts and interlocal 30 agreements; providing an effective date. 31 32 Be It Enacted by the Legislature of the State of Florida: 33 34 Section 1. Paragraph (c) is added to subsection (9) of 35 section 20.60, Florida Statutes, and paragraph (b) of subsection 36 (10) and subsection (11) of that section are amended, to read: 37 20.60 Department of Economic Opportunity; creation; powers 38 and duties.— 39 (9) The executive director shall: 40 (c) Serve as the chair of the board of directors of the 41 Florida Development Finance Corporation. 42 (10) The department, with assistance from Enterprise 43 Florida, Inc., shall, by November 1 of each year, submit an 44 annual report to the Governor, the President of the Senate, and 45 the Speaker of the House of Representatives on the condition of 46 the business climate and economic development in the state. 47 (b) The report must incorporate annual reports of other 48 programs, including: 49 1. Information provided by the Department of Revenue under 50 s. 290.014. 51 2. Information provided by enterprise zone development 52 agencies under s. 290.0056 and an analysis of the activities and 53 accomplishments of each enterprise zone. 54 3. The Economic Gardening Business Loan Pilot Program 55 established under s. 288.1081 and the Economic Gardening 56 Technical Assistance Pilot Program established under s. 57 288.1082. 58 4. A detailed report of the performance of the Black 59 Business Loan Program and a cumulative summary of quarterly 60 report data required under s. 288.714. 61 5. The Rural Economic Development Initiative established 62 under s. 288.0656. 63 6. The Florida Unique Abilities Partner Program. 64 7. A detailed report of the performance of the Florida 65 Development Finance Corporation and a summary of the 66 corporation’s report required under s. 288.9610. 67 (11) The department shall establish annual performance 68 standards for Enterprise Florida, Inc., CareerSource Florida, 69 Inc., the Florida Tourism Industry Marketing Corporation,and70 Space Florida, and the Florida Development Finance Corporation 71 and report annually on how these performance measures are being 72 met in the annual report required under subsection (10). 73 Section 2. Subsection (2), paragraphs (a) and (c) of 74 subsection (3), and subsection (4) of section 288.9604, Florida 75 Statutes, are amended, and subsection (5) is added to that 76 section, to read: 77 288.9604 Creation of the authority.— 78 (2) The board of directors of the corporation shall consist 79 of seven members. The executive director of the department, or 80 his or her designee, shall serve as chair of the board of 81 directors of the corporation. The director of the Division of 82 Bond Finance of the State Board of Administration, or his or her 83 designee, shall serve as a member of the board of directors of 84 the corporation. The Governor, subject to confirmation by the 85 Senate, shall appoint the remaining five members of the board of 86 directors of the corporation, who shall be five in number. The 87 terms of office for the appointed directors shall be for 4 years 88 from the date of their appointment. A vacancy occurring during a 89 term of an appointed director shall be filled for the unexpired 90 term. A director shall be eligible for reappointment. At least 91 three of the appointed directors of the corporation shall be 92 bankers or individuals with experience in financewho have been93selected by the Governor from a list of bankers who were94nominated by Enterprise Florida, Inc., and one of the directors 95 shall be an economic development specialist. 96 (3)(a)1. A director may not receive compensation for his or 97 her services, but is entitled to necessary expenses, including 98 travel expenses, incurred in the discharge of his or her duties. 99 Each appointed director shall hold office until his or her 100 successor has been appointed. 101 2. Directors are subject to ss. 112.313(1)-(8), (10), (12), 102 and (15); 112.3135; and 112.3143(2). For purposes of applying 103 ss. 112.313(1)-(8), (10), (12), and (15); 112.3135; and 104 112.3143(2) to activities of directors, directors shall be 105 considered public officers and the corporation shall be 106 considered their agency. 107 (c)The directors of the corporation shall annually elect108one of their members as chair and one as vice chair.The 109 corporation may employ a president, technical experts, and such 110 other agents and employees, permanent and temporary, as it 111 requires and determine their qualifications, duties, and 112 compensation; however, all officers, employees, and 113 administrative and support staff for the corporation shall be 114 employees of the department. For such legal services as it 115 requires, the corporation may employ or retain its own counsel 116 and legal staff. 117 (4) The board may remove an appointedadirector for 118 inefficiency, neglect of duty, or misconduct in office. Such 119 director may be removed only after a hearing and only if he or 120 she has been given a copy of the charges at least 10 days before 121 such hearing and has had an opportunity to be heard in person or 122 by counsel. The removal of a director shall create a vacancy on 123 the board which shall be filled pursuant to subsection (2). 124 (5) This section is repealed October 1, 2022, and October 1 125 of every fourth year thereafter, unless reviewed and saved from 126 repeal by the Legislature. 127 Section 3. In order to implement the changes made by this 128 act to s. 288.9604, Florida Statutes, the chair and vice chair 129 of the board of directors of the Florida Development Finance 130 Corporation as of June 30, 2020, shall serve as regular members 131 beginning July 1, 2020. Nothing in this act may be construed to 132 affect the terms of the directors serving on the board on July 133 1, 2020. 134 Section 4. Section 288.9610, Florida Statutes, is amended 135 to read: 136 288.9610 Annual reports of Florida Development Finance 137 Corporation.—On or before 90 days after the close of the Florida 138 Development Finance Corporation’s fiscal year, the corporation 139 shall submit to the Governor, the Legislature, the Auditor 140 General, the Department of Economic Opportunity, and the 141 governing body of each public entity with which it has entered 142 into an interlocal agreement a complete and detailed report 143 setting forth: 144 (1) The results of any audit conducted pursuant to s. 145 11.45. 146 (2) The activities, operations, and accomplishments of the 147 Florida Development Finance Corporation, including the number of 148 businesses assisted by the corporation. 149 (3) Its assets, liabilities, income, and operating expenses 150 at the end of its most recent fiscal year, including a 151 description of all of its outstanding revenue bonds. 152 Section 5. Any contract or interlocal agreement existing 153 before July 1, 2020, between the Florida Development Finance 154 Corporation, or any entity or agent of the corporation, and any 155 other entity or person shall continue as a contract or agreement 156 on the successor department or entity responsible for the 157 program, activity, or function relative to the contract or 158 agreement. 159 Section 6. This act shall take effect July 1, 2020.