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 CS for SB 666 By the Committees on Governmental Oversight and Accountability; and Commerce and Tourism; and Senator Mayfield 585-03398-20 2020666c2 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 a member of the board of 6 directors of the Florida Development Finance 7 Corporation; authorizing the executive director to 8 designate a department employee to serve in this 9 capacity; requiring that the annual report of the 10 corporation be incorporated into the department’s 11 annual report on the condition of the business climate 12 and economic development in the state; requiring the 13 department to develop performance standards for the 14 corporation and to include certain information 15 relating to the standards in the department’s annual 16 report; amending s. 288.9604, F.S.; revising the 17 membership of the board of directors of the 18 corporation; requiring that the director of the 19 Division of Bond Finance of the State Board of 20 Administration, or his or her designee, serve on the 21 board of directors of the corporation; making 22 conforming changes; 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 an 29 effective date. 30 31 Be It Enacted by the Legislature of the State of Florida: 32 33 Section 1. Paragraph (c) is added to subsection (9) of 34 section 20.60, Florida Statutes, and paragraph (b) of subsection 35 (10) and subsection (11) of that section are amended, to read: 36 20.60 Department of Economic Opportunity; creation; powers 37 and duties.— 38 (9) The executive director shall: 39 (c) Serve as a member of the board of directors of the 40 Florida Development Finance Corporation. The executive director 41 may designate an employee of the department to serve in this 42 capacity. 43 (10) The department, with assistance from Enterprise 44 Florida, Inc., shall, by November 1 of each year, submit an 45 annual report to the Governor, the President of the Senate, and 46 the Speaker of the House of Representatives on the condition of 47 the business climate and economic development in the state. 48 (b) The report must incorporate annual reports of other 49 programs, including: 50 1. Information provided by the Department of Revenue under 51 s. 290.014. 52 2. Information provided by enterprise zone development 53 agencies under s. 290.0056 and an analysis of the activities and 54 accomplishments of each enterprise zone. 55 3. The Economic Gardening Business Loan Pilot Program 56 established under s. 288.1081 and the Economic Gardening 57 Technical Assistance Pilot Program established under s. 58 288.1082. 59 4. A detailed report of the performance of the Black 60 Business Loan Program and a cumulative summary of quarterly 61 report data required under s. 288.714. 62 5. The Rural Economic Development Initiative established 63 under s. 288.0656. 64 6. The Florida Unique Abilities Partner Program. 65 7. A detailed report of the performance of the Florida 66 Development Finance Corporation and a summary of the 67 corporation’s report required under s. 288.9610. 68 (11) The department shall establish annual performance 69 standards for Enterprise Florida, Inc., CareerSource Florida, 70 Inc., the Florida Tourism Industry Marketing Corporation,and71 Space Florida, and the Florida Development Finance Corporation 72 and report annually on how these performance measures are being 73 met in the annual report required under subsection (10). 74 Section 2. Subsection (2), paragraphs (a) and (c) of 75 subsection (3), and subsection (4) of section 288.9604, Florida 76 Statutes, are amended, and subsection (5) is added to that 77 section, to read: 78 288.9604 Creation of the authority.— 79 (2) The board of directors of the corporation shall consist 80 of seven directors. The executive director of the department, or 81 his or her designee, shall serve as chair of the board of 82 directors of the corporation. The director of the Division of 83 Bond Finance of the State Board of Administration, or his or her 84 designee, shall serve as a director of the board of directors of 85 the corporation. The Governor, subject to confirmation by the 86 Senate, shall appoint the remaining five directors of the board 87 of directors of the corporation, who shall be five in number. 88 The terms of office for the appointed directors shall be for 4 89 years from the date of their appointment. A vacancy occurring 90 during a term of an appointed director shall be filled for the 91 unexpired term. A director shall be eligible for reappointment. 92 At least three of the appointed directors of the corporation 93 shall be bankers or individuals with experience in financewho94have been selected by the Governor from a list of bankers who95were nominated by Enterprise Florida, Inc., and one of the 96 directors shall be an economic development specialist. 97 (3)(a)1. A director may not receive compensation for his or 98 her services, but is entitled to necessary expenses, including 99 travel expenses, incurred in the discharge of his or her duties. 100 Each appointed director shall hold office until his or her 101 successor has been appointed. 102 2. Directors are subject to ss. 112.313(1)-(8), (10), (12), 103 and (15); 112.3135; and 112.3143(2). For purposes of applying 104 ss. 112.313(1)-(8), (10), (12), and (15); 112.3135; and 105 112.3143(2) to activities of directors, directors shall be 106 considered public officers and the corporation shall be 107 considered their agency. 108 (c)The directors of the corporation shall annually elect109one of their members as chair and one as vice chair.The 110 corporation may employ a president, technical experts, and such 111 other agents and employees, permanent and temporary, as it 112 requires and determine their qualifications, duties, and 113 compensation. For such legal services as it requires, the 114 corporation may employ or retain its own counsel and legal 115 staff. 116 (4) The board may remove an appointedadirector for 117 inefficiency, neglect of duty, or misconduct in office. Such 118 director may be removed only after a hearing and only if he or 119 she has been given a copy of the charges at least 10 days before 120 such hearing and has had an opportunity to be heard in person or 121 by counsel. The removal of a director shall create a vacancy on 122 the board which shall be filled pursuant to subsection (2). 123 (5) This section is repealed October 1, 2022, and October 1 124 of every fourth year thereafter, unless reviewed and saved from 125 repeal by the Legislature. 126 Section 3. In order to implement the changes made by this 127 act to s. 288.9604, Florida Statutes, the chair and vice chair 128 of the board of directors of the Florida Development Finance 129 Corporation as of June 30, 2020, shall serve as regular members 130 beginning July 1, 2020. Nothing in this act may be construed to 131 affect the terms of the directors serving on the board on July 132 1, 2020. 133 Section 4. Section 288.9610, Florida Statutes, is amended 134 to read: 135 288.9610 Annual reports of Florida Development Finance 136 Corporation.—On or before 90 days after the close of the Florida 137 Development Finance Corporation’s fiscal year, the corporation 138 shall submit to the Governor, the Legislature, the Auditor 139 General, the Department of Economic Opportunity, and the 140 governing body of each public entity with which it has entered 141 into an interlocal agreement a complete and detailed report 142 setting forth: 143 (1) The results of any audit conducted pursuant to s. 144 11.45. 145 (2) The activities, operations, and accomplishments of the 146 Florida Development Finance Corporation, including the number of 147 businesses assisted by the corporation. 148 (3) Its assets, liabilities, income, and operating expenses 149 at the end of its most recent fiscal year, including a 150 description of all of its outstanding revenue bonds. 151 Section 5. This act shall take effect July 1, 2020.