Bill Text: FL S0666 | 2020 | Regular Session | Comm Sub
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-Comm_Sub.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-Comm_Sub.html
Florida Senate - 2020 CS for SB 666 By the Committee on Commerce and Tourism; and Senator Mayfield 577-02398-20 2020666c1 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 to include certain information 13 relating to the standards in the department’s annual 14 report; amending s. 288.9604, F.S.; revising the 15 membership of the board of directors of the 16 corporation; requiring that the director of the 17 Division of Bond Finance of the State Board of 18 Administration, or his or her designee, serve on the 19 board of directors of the corporation; making 20 conforming changes; providing for future repeals; 21 requiring the chair and vice chair of the board of 22 directors of the corporation to serve as regular 23 members of the board after a specified date; providing 24 construction; amending s. 288.9610, F.S.; requiring 25 the corporation to submit an annual report containing 26 specified information to the department; providing for 27 the continuation of certain contracts and interlocal 28 agreements; providing an effective date. 29 30 Be It Enacted by the Legislature of the State of Florida: 31 32 Section 1. Paragraph (c) is added to subsection (9) of 33 section 20.60, Florida Statutes, and paragraph (b) of subsection 34 (10) and subsection (11) of that section are amended, to read: 35 20.60 Department of Economic Opportunity; creation; powers 36 and duties.— 37 (9) The executive director shall: 38 (c) Serve as the chair of the board of directors of the 39 Florida Development Finance Corporation. 40 (10) The department, with assistance from Enterprise 41 Florida, Inc., shall, by November 1 of each year, submit an 42 annual report to the Governor, the President of the Senate, and 43 the Speaker of the House of Representatives on the condition of 44 the business climate and economic development in the state. 45 (b) The report must incorporate annual reports of other 46 programs, including: 47 1. Information provided by the Department of Revenue under 48 s. 290.014. 49 2. Information provided by enterprise zone development 50 agencies under s. 290.0056 and an analysis of the activities and 51 accomplishments of each enterprise zone. 52 3. The Economic Gardening Business Loan Pilot Program 53 established under s. 288.1081 and the Economic Gardening 54 Technical Assistance Pilot Program established under s. 55 288.1082. 56 4. A detailed report of the performance of the Black 57 Business Loan Program and a cumulative summary of quarterly 58 report data required under s. 288.714. 59 5. The Rural Economic Development Initiative established 60 under s. 288.0656. 61 6. The Florida Unique Abilities Partner Program. 62 7. A detailed report of the performance of the Florida 63 Development Finance Corporation and a summary of the 64 corporation’s report required under s. 288.9610. 65 (11) The department shall establish annual performance 66 standards for Enterprise Florida, Inc., CareerSource Florida, 67 Inc., the Florida Tourism Industry Marketing Corporation,and68 Space Florida, and the Florida Development Finance Corporation 69 and report annually on how these performance measures are being 70 met in the annual report required under subsection (10). 71 Section 2. Subsection (2), paragraphs (a) and (c) of 72 subsection (3), and subsection (4) of section 288.9604, Florida 73 Statutes, are amended, and subsection (5) is added to that 74 section, to read: 75 288.9604 Creation of the authority.— 76 (2) The board of directors of the corporation shall consist 77 of seven directors. The executive director of the department, or 78 his or her designee, shall serve as chair of the board of 79 directors of the corporation. The director of the Division of 80 Bond Finance of the State Board of Administration, or his or her 81 designee, shall serve as a director of the board of directors of 82 the corporation. The Governor, subject to confirmation by the 83 Senate, shall appoint the remaining five directors of the board 84 of directors of the corporation, who shall be five in number. 85 The terms of office for the appointed directors shall be for 4 86 years from the date of their appointment. A vacancy occurring 87 during a term of an appointed director shall be filled for the 88 unexpired term. A director shall be eligible for reappointment. 89 At least three of the appointed directors of the corporation 90 shall be bankers or individuals with experience in financewho91have been selected by the Governor from a list of bankers who92were nominated by Enterprise Florida, Inc., and one of the 93 directors shall be an economic development specialist. 94 (3)(a)1. A director may not receive compensation for his or 95 her services, but is entitled to necessary expenses, including 96 travel expenses, incurred in the discharge of his or her duties. 97 Each appointed director shall hold office until his or her 98 successor has been appointed. 99 2. Directors are subject to ss. 112.313(1)-(8), (10), (12), 100 and (15); 112.3135; and 112.3143(2). For purposes of applying 101 ss. 112.313(1)-(8), (10), (12), and (15); 112.3135; and 102 112.3143(2) to activities of directors, directors shall be 103 considered public officers and the corporation shall be 104 considered their agency. 105 (c)The directors of the corporation shall annually elect106one of their members as chair and one as vice chair.The 107 corporation may employ a president, technical experts, and such 108 other agents and employees, permanent and temporary, as it 109 requires and determine their qualifications, duties, and 110 compensation. For such legal services as it requires, the 111 corporation may employ or retain its own counsel and legal 112 staff. 113 (4) The board may remove an appointedadirector for 114 inefficiency, neglect of duty, or misconduct in office. Such 115 director may be removed only after a hearing and only if he or 116 she has been given a copy of the charges at least 10 days before 117 such hearing and has had an opportunity to be heard in person or 118 by counsel. The removal of a director shall create a vacancy on 119 the board which shall be filled pursuant to subsection (2). 120 (5) This section is repealed October 1, 2022, and October 1 121 of every fourth year thereafter, unless reviewed and saved from 122 repeal by the Legislature. 123 Section 3. In order to implement the changes made by this 124 act to s. 288.9604, Florida Statutes, the chair and vice chair 125 of the board of directors of the Florida Development Finance 126 Corporation as of June 30, 2020, shall serve as regular members 127 beginning July 1, 2020. Nothing in this act may be construed to 128 affect the terms of the directors serving on the board on July 129 1, 2020. 130 Section 4. Section 288.9610, Florida Statutes, is amended 131 to read: 132 288.9610 Annual reports of Florida Development Finance 133 Corporation.—On or before 90 days after the close of the Florida 134 Development Finance Corporation’s fiscal year, the corporation 135 shall submit to the Governor, the Legislature, the Auditor 136 General, the Department of Economic Opportunity, and the 137 governing body of each public entity with which it has entered 138 into an interlocal agreement a complete and detailed report 139 setting forth: 140 (1) The results of any audit conducted pursuant to s. 141 11.45. 142 (2) The activities, operations, and accomplishments of the 143 Florida Development Finance Corporation, including the number of 144 businesses assisted by the corporation. 145 (3) Its assets, liabilities, income, and operating expenses 146 at the end of its most recent fiscal year, including a 147 description of all of its outstanding revenue bonds. 148 Section 5. Any contract or interlocal agreement existing 149 before July 1, 2020, between the Florida Development Finance 150 Corporation, or any entity or agent of the corporation, and any 151 other entity or person shall continue as a contract or agreement 152 on the successor department or entity responsible for the 153 program, activity, or function relative to the contract or 154 agreement. 155 Section 6. This act shall take effect July 1, 2020.