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F L 0 R I D A H 0 U S E 0 F R E P R E S E N T A T I V E S
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CS/HB 7179, Engrossed 3 2010 Legislature
1 A bill to be entitled
2 An act relating to qualifying improvements to real
3 property; creating s. 1-63.08, F.S.; providing legislative
4 purposes and findings and intent; providing definitions;
5 authorizing a local government to levy non -ad valorem
6 assessments to fund certain improvements; authorizing a
7 property owner to apply for funding and enter into a
8 financing agreement with a local government to finance
9 certain improvements; authorizing a local government to
10 collect moneys for such purposes through non -ad valorem
11 assessments; providing collection requirements;
12 authorizing local governments to partner with other local
13 governments to provide and finance certain improvements;
14 authorizing a qualifying improve.-nent program to be
15 administered by a for-profit entity or not-for-profit
16 organization under certain circumstances; authorizing a
17 local government to incur debt payable from revenues
18 received from the improved property; providing a financing
19 restriction for local governments; requiring a financial
20 agreement to be recorded in a county's public records
21 within 5 days after execution of the agreement; specifying
22 responsibilities for local governments before entering
23 into financing agreements; requiring qualifying
24 improvements to be affixed to a building or facility on
25 the property and be performed by a properly certified or
26 registered contractor; excluding certain projects from
27 financing agreement coverage; limiting the amount of the
28 non -ad valorem assessment to a percentage of the just
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29 value of the property; providing exceptions; specifying
30 information provision requirements for property owners
31 before entering into financing agreements; prohibiting
32 acceleration of a mortgage under certain circumstances;
33 providing assessment disclosure requirements; specifying
34 unenforceability of certain agreement provisions;
35 providing construction preserving a local government's
36 home rule authority; amending ss. 288.9602 and 288.9603,
37 F.S.; revising legislative findings and declarations and
38 definitions for purposes of the Florida Development
39 Finance Corporation Act; amending a. 288.9604, F.S.;
40 revising requirements for the establishment and
41 organization of the Florida Development Finance
42 Corporation; amending s. 288.9605, F.S.; revising the
43 powers of the corporation; amending s. 288.9606, F.S.;
44 revising requirements for the corporation's issuance of
45 revenue bonds; amending s. 288.9607, F.S.; limiting the
46 corporation's approval of guaranties for debt service for
47 bonds or other indebtedness for any one capital project;
48 deleting provisions for the corporation's investment of
49 certain funds in the State Transportation Trust Fund;
50 authorizing guarantees to be used in conjunction with
si federal guaranty programs; amending s. 288.9608, F.S.;
52 creating the Energy, Technology, and Economic Development
53 Guaranty Fund; providing for the deposit and use of
54 certain moneys in the 'Lund; deleting requirements for the
55 corporation's debt service reserve account and Revenue
56 Bond Guaranty Reserve Account; amending ss. 288.9609,
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57 288. 9610, 206. 4 6, 215. 47, 339. 08, and 339. 135, F. S.
58 conforming provisions to changes made by the act;
59 providing legislative findings; requiring the Department
60 of Community Affairs and the Office of Tourism, Trade, and
61 Economic Development, in consultation with the Florida
62 Energy and Climate Commission, to submit recommendations
63 to the Governor and Legislature relating to the Energy
64 Economic Zone Pilot Program; requiring coordination with
65 the pilot communities and clean technology industries in
66 identifying certain incentives and strategies; amending s.
67 366.91, F.S.; revising the definition of the term
68 "renewable energy"; providing an effective date.
69
70 Be It Enacted by the Legislature of the State of Florida:
71
72 Section 1. Section 163.08, Florida Statutes, is created to
73 read:
74 163.08 Supplemental authority for improvements to real
75 oroperty.-
76 (1)(a) In chapter 2008-227, Laws of Florida, the
77 Legislature amended the energy goal of the state comprehensive
78 plan to provide, in part, that the state shall reduce its energy
79 requirements through enhanced conservation and efficiency
80 measures in all end-use sectors and reduce atmospheric carbon
81 dioxide by promoting an increased use of renewable energy
82 resources. That act also declared it the public policy of the
83 state to play a leading role in developing and instituting
84 energy management programs that promote energy conservation,
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85 energy security, and the reduction of greenhouse cases. In
86 addition to establishing policies to promote the use of
87 renewable energy, the Legislature provided for a schedule of
88 increases in energy performance of buildings subject to the
89 Florida Energy Efficiency Code for Building Construction. In
90 chapter 2008-191, Laws of Florida, the Legislature adopted new
91 energy conservation and greenhouse gas reduction comprehensive
92 planning requirements for local governments. In the 2006 general
93 election, the voters of this state approved a constitutional
94 amendment authorizing the Legislature, by general law, to
95 prohibit consideration of any change or improvement made for the
96 purpose of improving a property's resistance to wind damage or
97 the installation of a renewable energy source device in the
98 determination of the assessed value of residential real
99 property.
100 (b) The Legislature finds that all energy -consuming -
101 improved properties that are not using energy conservation
102 strategies contribute to the burden affecting all improved
103 property resulting from fossil fuel energy production. Improved
104 property that has been retrofitted with energy-related
105 qualifying improvements receives the special benefit of
06 alleviating the property's burden from energy consumption. All
107 improved properties not protected from wind damage by wind
108 resistance qualifying improvements contribute to the burden
-X09 affecting all improved property resulting from potential wind
io damage. Improved property that has been retrofitted with wind
111 resistance qualifying improvements receives the special benefit
112 of reducing the property's burden from potential wind damage.
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113 Further, the installation and operation of qualifying
114 improvements not only benefit the affected properties for which
115 the improvements are made, but also assist in fulfilling the
116 goals of the state's energy and hurricane mitigation policies.
117 in order to make qualifying improvements more affordable and
118 assist property owners who wish to undertake such improvements,
119 the Legislature finds that there is a compelling state interest
120 in enabling property owners to voluntarily finance such
121 improvements with local government assistance.
122 (c) The Legislature determines that the actions authorized
123 under this section, including, but not limited to, the financing
124 of qualifying improvements through the execution of financing
125 agreements and the related imposition of voluntary assessments
126 are reasonable and necessary to serve and achieve a compelling
127 state interest and are necessary for the prosperity and welfare
128 of the state and its property owners and inhabitants.
129 (2) As used in this section, the term:
130 (a) "Local government" means a county, a municipality, or
131 a dependent special district as defined in s. 189.403.
132 (b) "Qualifying improvement" includes any:
133 1. Energy conservation and efficiency improvement, which
134 is a measure to -reduce consumption through conservation or a
135 more efficient use of electricity, natural gas, propane, or
136 other forms of energy on the property, including, but not
137 limited to, air sealing; installation of insulation;
138 installation of energy-efficient heating, cooling, or
139 ventilation systems; building modifications to increase the use
140 of daylight; replacement of windows; installation of energy
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141 controls or energy recovery systems; installation of electric
142 vehicle charging equipment; and installation of efficient
143 lighting equipment.
144 2. Renewable energy improvement, which is the installation
145 of any system in which the electrical, mechanical, or thermal
146 energy is produced from a method that uses one or more of the
147 following fuels or energy sources: hydrogen, solar energy,
148 geothermal energy, bioenergy, and wind energy.
149 3. Wind resistance improvement, which includes, but is not
150 limited to:
151 a. Improving the strength of the roof deck attachment;
152 b. Creating a secondary water barrier to prevent water
153 intrusion;
154 C. Installing wind -resistant shingles;
155 d. Installing gable -end bracing;
156 e. Reinforcing roof -to -wall connections;
157 f. Installing storm shutters; or
158 g. Installing opening protections.
159 (3) A local government may levy non -ad valorem assessments
160 to fund qualifying improvements.
161 (4) Subject to local government ordinance or resolution, a
162 property owner may apply to the local government for funding to
163 finance a qualifying improvement and enter into a financing
164 agreement with the local government. Costs incurred by the local
165 government for such purpose may be collected as a non -ad valorem
166 assessment. A non -ad valorem assessment shall be collected
167 pursuant to s. 197.3632 and, notwithstanding s. 197.3632(8)(a),
168 shall not be subject to discount for early payment. However, the
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169 notice and adoption requirements of s. 197.31632(4) do not appl
170 if this section is used and complied with, and the intent
171 resolution, publication of notice, and mailed notices to the
172 property appraiser, tax collector, and Department of Revenue
173 required by s. 197.3632(3)(a) may be provided on or before
174 August 15 in conjunction with any non -ad valorem assessment
175 authorized by this section, if the property appraiser, tax
176 collector, and local government agree.
177 (5) Pursuant to this section or as otherwise provided by
178 law or pursuant to a local government's home rule power, a local
179 government may enter into a partnership with one or more local
180 governments for the purpose of providing and financing
181 qualifying improvements.
182 (6) A qualifying improvement program may be administered
183 by a for-profit entity or a not-for-profit organization on
184 behalf of and at the discretion of the local government.
185 (7) A local government may incur debt for the purpose of
186 providing such improvements, payable from revenues received from
187 the improved property, or any other available revenue source
188 authorized by law.
189 (8) A local government may enter into a financing
190 agreement only with the record owner of the affected property.
191 Any financing agreement entered into pursuant to this section or
192 a summary memorandum of such agreement shall be recorded in the
193 public records of the county within which the property is
194 located by the sponsoring unit of local government within 5 days
195 after execution of the agreement. The recorded agreement shall
196 provide constructive notice that the assessment to be levied on
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197 the property constitutes a lien of equal dignity to county taxes
198 and assessments from the date of recordation.
199 (9) Before entering into a financing agreement, the local
200 government shall reasonably determine that all property taxes
201 and any other assessments levied on the same bill as property
202 taxes are paid and have not been delinquent for the preceding 3
203 years or the property owner's period of ownership, whichever is
204 less; that there are no involuntary liens, including, but not
205 limited to, construction liens on the property; that no -notices
206 of default or other evidence of property -based debt delinquency
207 have been recorded during the preceding 3 years or the property
208 owner's period of ownership, whichever is less; and that the
209 property owner is current on all mortgage debt on the property.
210 (10) A qualifying improvement shall be affixed to a
211 building or facility that is part of the property and shall
212 constitute an improvement to the building or facility or a
213 fixture attached to the building or facility. An agree:,!Ient
214 between a local government and a qualifying property owner may
215 not cover wind -resistance improvements in buildings or
216 facilities under new construction or construction for which a
217 certificate of occupancy or similar evidence of substantial
218 completion of new construction or improvement has not been
219 issued.
220 (11) Any work requiring a license under any applicable law
221 to make a qualifying improvement shall be performed by a
222 contractor properly certified or registered pursuant to part I
223 or oart Il of chapter 489.
224 (12)(a) Without the consent of the holders or loan
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225 servicers of any mortgage encumbering or otherwise secured by
226 the property, the total amount of any non -ad valorem assessment
227 for a property under this section may not exceed 20 percent of
228 the just value of the property as determined by the county
229 property appraiser.
230 (b) Notwithstanding paragraph (a), a non -ad valorem
231 assessment for a qualifying improvement defined in subparagraph
232 (2)(b)1. or subparagraph (2) (b)2. that is supported by an energy
233 audit is not subject to the limits in this subsection if the
234 audit demonstrates that the annual energy savings from the
235 qualified improvement equals or exceeds the annual repayment
236 amount of the non -ad valorem assessment.
237 (13) At least 30 days before entering into a financing
238 agreement, the property owner shall provide to the holders or
239 loan servicers of any existing mortgages encumbering or
240 otherwise secured by the property a notice of the owner's intent
241 to enter into a financing agreement together with the maximum
242 principal amount to be financed and the maximum annual
243 assessment necessary to repay that amount. A verified copy or
244 other proof of such notice shall be provided to the local
245 government. A provision in any agreement between a mortgagee or
246 other lienholder and a property owner, or otherwise now or
247 hereafter binding upon a property owner, which allows for
248 acceleration of payment of the mortgage, note, or lien or other
249 unilateral modification solely as a result of entering into a
250 financing agreement as provided for in this section is not
251 enforceable. This subsection does not limit the authority of the
252 holder or loan servicer to increase the required monthly escrow
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253 by an amount necessary to annually pay the qualifying
254 improvement assessment.
255 (14) At or before the time a purchaser executes a contract
256 for the sale and purchase of any property for which a non -ad
257 valorem assessment has been levied under this section and has an
258 unpaid balance due, the seller shall give the prospective
259 purchaser a written disclosure statement in the following form,
260 which shall be set forth in the contract or in a separate
261 writing:
262
263 QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY,
264 RENEWABLE ENERGY, OR WIND RESISTANCE.—The property
265 being purchased is located within the jurisdiction of
266 a local government that has placed an assessment on
267 the property pursuant to s. 163.08, Florida Statutes.
268 The assessment is for a qualifying improvement to the
269 property relating to energy efficiency, renewable
270 energy, or wind resistance, and is not based on the
271 value of property. You are encouraged to contact the
272 county property appraiser's office to learn more about
273 this and other assessments that may be provided by
274 law.
275
276 (15) A provision in any agreement between a local
277 government and a public or private power or energy provider or
278 other utility provider is not enforceable to limit or -prohibit
279 any local government from exercising its authority under this
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281 (16) This section is additional and supplemental to county
282 and municipal home rule authority and not in derogation of such
283 authority or a limitation upon such authority.
284 Section 2. Section 288.9602, Florida Statutes, is amended
285 to read:
286 288.9602 Findings and declarations of necessity.—The
287 Legislature finds and declares that:
288 (1) There is a need to enhance economic activity in the
289 e± --±es anEi nJa-les eE� 4�14, state by attracting manufacturing,
290 development, redevelopment of brownfield areas, business
291 enterprise management, and other activities conducive to
292 economic promotion in order to provide a stronger, more
293 balanced, and stable economy in the y=ea a�Ei eeiinties of th
294 state.
295 (2) A significant portion of businesses located in the
296 cities ariE4 ef t state or desiring to locate in the
297 ems:-ies ai:eeians ef tie state encounter difficulty in
298 obtaining financing on terms competitive with those available to
299 businesses located in other -er states and nations or are unable to
300 obtain such financing at all.
301 (3) The difficulty in obtaining such financing impairs the
302 expansion of economic activity and the creation of jobs and
303 income in communities throughout the state.
304 (4) The businesses most often affected by these financing
305 difficulties are small businesses critical to the economic
306 development of the state eit-=-es anel eeides ef Fierrleia.
307 (5) The economic well-being of the people in, and the
308 commercial and industrial resources of, L.he einee aFi�nziee
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309 e -f the state would be enhanced by the provision of financing to
3-;0 businesses on terms competitive with those available in the most
311 developed financial markets worldwide.
312 (6) In order to improve the prosperity and welfare of 4-4�
313 eit-4:es ane: eeunties of this state and its inhabitants, to
314 improve and promote the financing of projects related to the
315 economic development of cize ed es an�4 eec-=4es of this state,
316 including redevelopment of brownfield areas, and to increase the
317 purchasing power and opportunities for gainful employment of
318 citizens of �Iie e�ies and ee��ies of this state, it is
319 necessary and in the public interest to facilitate the financing
320 of such projects as provided for in this act and to do so
321 without regard to the boundaries between counties,
322 municipalities, special districts, and other local governmental
323 bodies or agencies in order to more effectively and efficiently
324 serve the interests of the he greatest number of people in the
325 widest area practicable.
326 (7) In order to promote and stimulate development and
327 advance the business prosperity and economic welfare of c
328 eit-4:ee a�d ee_~ ies of this state and its inhabitants; to
329 encourage and assist new business and industry in this state
330 through loans, investments, or other business transactions; to
331 rehabilitate and assist existing businesses; to stimulate and
332 assist in the expansion of all kinds of for-profit and not -for -
333 profit business activity; and to create maximum opportunities
334 for employment, encouragement of thrift, and improvement of the
335 standard of living of the citizens of Florida, it is necessary
336 and in the p--7blic interest to facilitate the cooperation and
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337 action between organizations, public and private, in the
338 promotion, development, and conduct of all kinds of for-profit
339 and not-for-profit business activity in the state.
340 (8) In order to efficiently and effectively achieve the
341 purposes of this act, it is necessary and in the public interest
342 to create a special development finance authority to cooperate
343 and act in conjunction with public agencies of this state and
344 local governments of this state, through interlocal agreements
345 pursuant to the Florida Interlocal Cooperation Act of 1969, in
346 the promotion and advancement of projects related to economic
347 development, including redevelopment of Brownfield areas,
348 throughout the state.
349 (9) The nurposes to be achieved by the special development
350 finance authority through such projects and such financings of
351 business and industry in compliance with the criteria and the
352 requirements of this act are predominantly the public purposes
353 stated in this section, and such purposes implement the
354 governmental purposes under the State Constitution of providing
355 for the health, safety, and welfare of the people of the stater
356 ._� f the
357 at Genet4tien and pr-evide new -an4-
358 ffieans fer- tl:ie ±__ _ ef e;,:�Iie tr-�ist u. 's in aeeer-4ane&
359 with s. 19(a), . Ue
360 Section 3. Subsections (6), (11), and (12) of section
361 288.9603, Florida Statutes, are amended to read:
362 288.9603 Definitions. -
363 (6) "Debt service" shall mean for any bonds issued by the
364 corporation or for any bonds or other form of indebtedness
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365 for which a guaranty has been issued pursuant to ss. 288.9606,
366 288.9607, and 288.9608, for any period for which such
367 determination is to be made, the aggregate amount of all
368 interest charges due or which shall become due on or with
369 respect to such bonds or indebtedness during the period for
370 which such determination is being made, plus the aggregate
371 amount of scheduled principal payments due or which shall become
372 due on or with respect to such bonds or indebtedness during the
373 period for which such determination is being made. Scheduled
374 principal payments may include only principal payments that are
375 scheduled as part of the terms of the original bond or
376 indebtedness issue and that result in the reduction of the
377 outstanding principal balance of the bonds or indebtedness.
378 (11) "Guaranty agreement" means an agreement by and between
379 the corporation and an applicant a piiblie ageF-,ey pursuant to the
380 provisions of s. 288.9607.
381 (12) "Guaranty agreement fund," means the Energy,
382 Technology, and Economic Development Re=p eR:�ie n;eiiei Guaranty Fund
383 Reses,=e Aeee;ant established by the corporation pursuant to s.
384 288.9608.
385 Section 4. Section 288.9604, Florida Statutes, is amended
386 to read:
387 288.9604 Creation of the authority. -
388 (1) eE eec�t-y ef tl-,4�s
389 ecs7- There is created a
390 public body corporate and politic known as the "Florida
391 Development Finance Corporation." The corporation shall be
392 constituted as a public instrumentality efee al eetieL=nffient, and
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393
the exercise by the corporation of the
powers conferred by this
394
act shall
be deemed and held to be the
performance
of an
393
essential
public function. The corporation
has the
power to
396
function
within the corporate limits of
any public
agency with
397
which it
has entered into an interlocal
agreement
for any of the
398
purposes
of this act.
399
be
Ja-�
ehalm'
seleet-e4
400
riteaFpr-ise FlegFiday
inears
Bear -eh eefiifftit-tee
ef
el�y er- eetint-y
401
t the
Tl:�e
402
ee;��Rittee
t -e eeLapei�at�zel=�.
e; -,-all be ee.=f�eesed ef tWe eeprff-fter-eial
!aaii!Ed:neF
sear -
403 thie Senate ffier-ffileer- ef 4EI:ie i9a r-tne aF she
404 :- eg t1,he a %ez:ftbeiF ih=le
405 is an ineiustr-y ea� eeenemie elevelepfRent- pEefessiena
406 (2)-4,-3+ T.4pen aeti-.-atlen of the eeL=jaer-at- :e.n—, The Governor,
407 subject to confirmation by the Senate, shall appoint the hoard
408 of directors of the corporation, who shall be five in number.
409 The terms of office for the directors shall be for 4 years from
410 the date of their appointment. A vacancy occurring during a term
411 shall be filled for the unexpired term. A director shall be
412 eligible for reappointment. At least three of the directors of
413 the corporation shall be bankers who have been selected by the
414 Governor from a list of bankers who were nominated by Enterprise
415 Florida, 7 nc., and one of the directors shall be an economic
416 development specialist. The chairperson of the Florida Black
417 Business Investment Board shall be an ex officio member of the
418 board of the corporation.
419 (3)4-44-(a) A director shall receive no compensation for his
420 or her services, but is entitled to the necessary expenses,
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421 including travel expenses, incurred in the discharge of his or
422 her duties. Each director shall hold office until his or her
423 successor has been appointed.
424 (b) The powers of the corporation shall be exercised by the
425 directors thereof. A majority of the directors constitutes a
426 quorum for the purposes of conducting business and exercising
427 the powers of the corporation and for all other purposes. Action
428 may be taken by the corporation upon a vote of a majority of the
429 directors present, unless in any case the bylaws require a
430 larger number. Any person may be appointed as director if he or
431 she resides, or is engaged in business, which means owning a
432 business, practicing a profession, or performing a service for
433 compensation or serving as an officer or director of a
434 corporation or other business entity so engaged, within the
435 state.
436 (c) The directors of the corporation shall annually elect
437 one of their members as chair and one as vice chair. The
438 corporation may employ a president, technical experts, and such
439 other agents and employees, permanent and temporary, as it
440 requires and determine their qualifications, duties, and
441 compensation. For such legal services as it requires, the
442 corporation may employ or retain its own counsel and legal
443 staff. The corporation shall file with the governing body of
444 each public agency with which it has entered into an interlocal
445 agreement and with the Governor, the Speaker of the House of
446 Representatives, the President of the Senate, the Minority
447 readers of the Senate and House of Representatives, and the
448 Auditor General, on or before 90 days after the close of the
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449 fiscal year of the corporation, a report of its activities for
450 the preceding fiscal year, which report shall include a complete
451 financial statement setting forth its assets, liabilities,
452 income, and operating expenses as of the end of such fiscal
453 year.
454 (4)+_5+ '.:she board may remove a director for inefficiency,
455 neglect of duty, or misconduct in office only after a hearing
456 and only if he or she has been given a copy of the charges at
457 least 10 days before pries =:t -:e such hearing and has had an
458 opportunity to be heard in person SO -11 or by counsel. The removal of
459 a director shall create a vacancy on the board which shall be
460 filled pursuant to subsection (4) +� .
461 Section 5. Section 288.9605, Florida Statutes, is amended
462 to read:
463 288.9605 Corporation powers. -
464 (1) The powers of the corporation created by s, 288.9604
465 small include all the powers necessary or convenient to carry
466 out and effectuate the purposes and provisions of this act.
467 (2) The cor-ooration is authorized and empowered to:
468 (a) Have -perpetual succession as a body politic and
469 corporate and adopt bylaws for t':"ie regulation of its affairs and
470 the conduct of its business.
471 (b) Adopt an official seal and alter the same at its
472 pleasure.
473 (c) Maintain an office at such place or places as it may
474 designate.
475 (d) Sl,-ze and be sued in its own name and plead and be
476 impleaded.
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0 M��
•Ni 0
2010 Legislature
477 (e) Enter into interlocal agreements pursuant to s.
478 163.01(7) with public agencies of this state for the exercise of
479 any power, privilege, or authority consistent with the purposes
480 of this act.
481 (f) Issue, from time to time, revenue bonds, notes, or
482 other evidence of indebtedness, including, but not limited to,
483 taxable bonds and bonds the interest on which is exempt from
484 federal income taxation, for the purpose of financing and
485 refinancing any capital projects that promote economic
486 development within the state, thereby benefitting the citizens
487 of the state, few appl�t-s and exercise all powers in
488 connection with the authorization, issuance, and sale of bonds,
489 subject to the provisions of s. 288.9606.
490 (g) Issue bond anticipation notes in connection with the
491 authorization, issuance, and sale of such bonds, nursuant to the
492 provisions of s. 288.9606.
493 (h) Make and execute contracts and other instruments
494 necessary or convenient to the exercise of its powers under the
495 act.
496 (i) Disseminate information about itself and its
497 activities.
498 (j) Acquire, by purchase, lease, option, gift, grant,
499 bequest, devise, or otherwise, real property, together with any
500 improvements thereon, or personal property for its
501 administrative purposes or in furtherance of the purposes of
502 this ac -1-7 wi:th anzil's th
503 (k) Hold, improve, clear, or prepare for development any
504 such property.
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F L 0 R I D A H 0 U S E 0 F R E P R E S E N T A T I V E S
2010 Legislature
505 (1) Mortgage, pledge, hypothecate, or otherwise encumber or
506 dispose of any real or personal property.
507 (m) Insure or provide for insurance of any real or personal
508 property or operations of the corporation or any private
509 enterprise against any risks or hazards, including the power to
510 pay premiums on any such insurance.
511 (n) Establish and fund a guaranty fund in furtherance of
512 the purposes of this ac-,-..
513 (o) invest funds held in reserve or sinking funds or any
514 such funds not required for immediate disbursement in property
515 or securities in such manner as the board shall determine,
516 subject to the authorizing resolution on any bonds issued, and
517 to terms established in the investment agreement pursuant to ss.
518 288.9606, 288.9607, and 288.9608, and redeem such bonds as have
519 been issued pursuant to s. 288.9606 at the redemption price
520 established therein or purchase such bonds at less than
521 redemption price, all such bonds so redeemed or purchased to be
522 canceled.
523 (p) Borrow money and apply for and accept advances, loans,
524 grants, contributions, and any other form of financial
525 assistance from the Federal Government or the state, county, or
526 other public agency heor from, any sources, public or private,
527 for the purposes of this act and give such security as may be
528 required and enter into and carry out contracts or agreements in
529 connection therewith; and include in any contract for financial
530 assistance with the Federal Government or the state, county, or
531 other public agency for, or with respect to, any purposes under
532 this act and related activities such conditions imposed pursuant
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533 to federal laws as the county or municipality or other public
534 agency deems reasonable and appropriate which are not
535 inconsistent with the provisions of this act.
536 (q) Make or have all surveys and plans necessary for the
537 carrying out of the purposes of this act, contract with any
538 person, public or private, in making and carrying out such
539 plans, and adopt, approve, modify, and amend such plans,
540 (r) Develop, test, and report methods and techniques and
541 carry out demonstrations and other activities for the promotion
542 of any of the purposes of this act.
543 (s) Apply for, accept, and utilize grants from the Federal
544 Government or the state, county, or other public agency
545 available for any of the purposes of this act.
546 (t) Make expenditures necessary to carry out the purposes
547 of this act.
548 (u) Exercise all or any part or combination of powers
549 granted in this act.
550 (v) Enter into investment agreements with the Florida Black
551 Business Investment Board concerning the issuance of bonds and
552 other forms of indebtedness and capital for the purposes of ss.
553 288.707-288.714.
554 (w) Determine the situations and circumstances for
555 participation in partnerships by agreement with local
556 governments, financial institutions, and others associated with
557 the redevelopment of brownfield areas pursuant to the
558 Brownfields Redevelopment Act for a limited state guaranty of
559 revenue bonds, loan guarantees, or loan loss reserves.
560 Section 6. Subsections (3) and (5) of section 288.9606,
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561 Florida Statutes, are amended, and subsection (7) is added to
562 that section, to read:
563 288.9606 Issue of revenue bonds. -
564 (3) Bonds issued under this section shall be authorized by
565 a public agency of this state pursuant to the terms of an
566 interlocal agreement, unless such bonds are issued pursuant to
567 subsection (7); may be issued in one or more series; and shall
568 bear such date or dates, be payable upon demand or mature at
569 such time or times, bear interest rate or rates, be in such
570 denomination or denominations, be in such form either with or
571 without coupon or registered, carry such conversion or
572 registration privileges, have such rank or priority, be executed
573 in such manner, be payable in such medium of payments at such
574 place or places, be subject to such terms of redemption, with or
575 without premium, be secured in such manner, and have such other
576 characteristics as may be provided by the corporation intea
577 mcfr ei=tt- imssmaee T } }' eve'-&. Bonds issued under this
578 section may be sold in such manner, either at public or private
579 sale, and for such price as the corporation may determine will
580 effectuate the purpose of this act.
581 (5) In any suit, action, or proceeding involving the
582 validity or enforceability of any bond issued under this act, or
583 the security therefor, any such bond reciting in substance that
584 it has been issued by the corporation in connection with any
585 purpose of the act shall be conclusively deemed to have been
586 issued for such purpose, and such purpose shall be conclusively
587 deemed to have been carried out in accordance with the act. The
588 complaint in any action to validate such bonds shall be filed
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589 only in the Circuit Court for Leon County. The notice required
590 to be published by s. 73.06 shall be published only in Leon
591 County, and the complaint and order of the circuit court shall
592 be served only on the State Attorney of the Second Judicial
593 Circuit and on the state attorney of each circuit in each county
594 where the public agencies which were initially a party to the
595 interlocal agreement are located. Notice of such proceedings
596 shall be published in the manner and the time required by s.
397 75.06, in Leon County and in each county where the public
598 agencies which were initially a party to the interlocal
599 agreement are located. Obligations of the corporation pursuant
600 to a loan agreement as described in this subsection may be
60' validated as provided in chapter 75. The validation of at least
602 the first bonds approved by the corporation shall be appealed to
603 the Florida Supreme Court. The eeR—p!aj:i=tt 1r, the
604 piceeally aEi4r-ese t=lie ef
605 �sinff the ef t-�e ea-2�Fti=. f aee-i=iied anei ee4:lei ed: i:ijaeR
606 .-he�-estmeHt ef -czie ;aa lai-ee f;ErreE��ii:ee4 t=e 13e
607 ;ftaiHt-alne6 ii_ 4:antee
608 ee:e iling
609 stie',a.-e .-
610 le, theR t -lie eei=pei=at4:eR shall -Te lelzitfe2�-
611 _ef :'he ear-nin'je aee�ei anei
612 halanee
613 Sta.. _ .
614 (7) Notwithstanding any provision of this section, the
615 corporation in its corporate capacity may, without authorization
616 from a public agency under s. 163.01(7), issue revenue bonds or
Page 22 of 39
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2010 Legislature
617 other evidence of indebtedness under this section to:
618 (a) Finance the undertaking of any project within the state
619 that promotes renewable energy as defined in s. 377.803 or s.
620 366.91;
621 (b) Finance the undertaking of any project within the state
622 that is a project contemplated or allowed under s. 406 of the
623 American Recovery and Reinvestment Act of 2009; or
624 (c) If permitted by federal law, finance qualifying
625 improvement projects within the s --ate under s. 163.06.
626 Section 7. Section 288.9607, Florida Statutes, is amended
627 to read:
628 288.9607 Guaranty of bond issues. -
629 (1) The corporation may is heL=eby aileheL=izeEi to approve or
630 deny, by a majority vote of the membership of the directors, a
631 guaranty of debt service payments for bonds or other
632 indebtedness used to finance any capitalprojectthat promotes
633 economic development in the state, including, but not limited
634 to, those capital projects for which revenue bonds areae
635 issued under pint this act,
636 if any such guaranty does not exceed 5 percent of the total
637 aggregate principal amount of bonds or other indebtedness
638 relating to any one capital project. The corporation may also
639 use moneys deposited into the Energy, Technology, and Economic
640 Development Guaranty Fund to satisfy requirements to obtain
641 federal loan guarantees for capital projects authorized pursuant
642 to this section., T! -.e ffiay alse lee ef t-Ine
643 �e eei=peEat-ien with r-eeleee:e te ar7y of er-ee4t,
644 er- etl;ier- ge� er-eeii:� erimtanee_4eiit pL=e;��!eieEi by
Page 23 of 39
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645 4_ I�ie
646 eer-peratien te this ate
647 (2) Any applicant feE f4mRanei-.-ig fi-e-,i the -,
648 requesting a guaranty of the ieeneis issi:iee lei le -y the corporation
649 under this act must submit a guaranty application, in a form
650 acceptable to the corporation, together with supporting
651 documentation to the corporation as provided in this section.
(31
'52 1
6 All applicants which have entered into a guaranty
653 agreement with the corporation shall pay a guaranty premium on
654 such terms and at such rates as the corporation shall determine
655 before prrieiF te the issuance of the guaranty leend:s. The
6506 corporation may adopt such guaranty premium structures as it
657 deems appropriate, including, without limitation, guaranty
658 premiums which are payable one time upon the issuance of the
659 guaranty lei-teis or annual premiums payable upon the outstanding
660 principal balance of bonds or other indebtedness that is
661 guaranteed from time to time. The premium payment may be
662 collected by the corporation from any 4 -re lessee of the project
663 involved, from the applicant, or from any other payee of any -t�_
664 loan agreement involved.
665 (4) Ail applications for a guaranty must acknowledge that
666 as a condition to the issuance of the guaranty, the corporation
667 may require that the financing must be secured by a mortgage or
668 security interest on the property acquired which will have such
6069 priority over other liens on such property as may be required by
670 the corporation, and that the financing must be guaranteed by
671 such person or persons with such ownership int--erest in the
67/2 applicant as may be required by the corporation.
Page 24 of 39
Lug I, 1
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673 (5) Personal financial records, trade secrets, or
674 proprietary inforination of applicants delivered to or obtained
675 by the corporation shall be confidential and . � exempt from the
676 provisions of s. 119.07(1).
677 (6) If the application for a guaranty is approved by the
678 corporation, the corporation and the applicant shall enter into
679 a guaranty agreement. In accordance with the provisions of the
680 guaranty agreement, the corporation guarantees to use the funds
681 on deposit in its Energy, Technology, and Economic Development
682 Guaranty Fund -eniiaito meet debt,
683 service payments on the bonds or indebtedness as
684 they become due, in the event and to the extent that the
685 applicant is unable to meet such payments aee—anee the
686 ;- t.
687 ef the JJendlzieleiei=s, or to make similar payments to reimburse any
688 person which has provided credit enhancement for the bonds and
689 which has advanced funds to meet such debt service
690 payments as they become due, if such guaranty of the corporation
691 is limited to 5 percent of the total aggregate principal amount
692 of bonds or other indebtedness relating to any one capital
693 project. The corporation may also use moneys deposited in the
694 Energy, Technology, and Economic Development Guaranty Fund to
695 satisfy requirements to obtain federal loan guarantees for,
696 capital projects authorized under this section. If the applicant
697 defaults on debt service payments, the
698 corporation may use funds on deposit in the Energy, Technology,
699 and Economic Development Guaranty Fund Reveniae Benei Gaaar-aF.,1y
700 ReeeE;v-e zeeeui=,t- to pay insurance, maintenance, and other costs
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ENROLLED
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2010 Legislature
701� which may be required fc- the preservation of any capital
702 project or other collateral security for any bond or
703
indebtedness issued to
finance capital project
for which debt
704
705
service payments are guaranteed
te
by the corporation
the :ee-se-r--;e
'ss:�ied lay t]Fie
fr-erft
706
eer-per-at-4men, er- ethea�
less, :e lesses
et
-=a t
aeeeant
in
707
708
709
710
er
in such manner as may
corporation.
(7) The eeL=pei=�dme;i
-he Lcesei�eaeeecizit,
be deemed necessary
4:e aiit-her-4mFe4
tne
eael:l eaee
and advisable by the
t -e entea� aiR
711
nent w±:uIi
State BeaL=e,
ef
the
712
-&-__e ef
4Ehe
eeizleei-=n�:nff.
leet t
ef
if t
713Fft±r,±Fr-i:iffi
ea-�5
L-al
e e-he
ined in the State
714
135
715
716
i�-ee,teent- shall be li:
Neiz- thanc
L=suant
-edas fellewe !
$4 =4114:eii the
.
717
--zFer-e
t
eg
he lealaiziee
ea1=fi±nff&
718
eaL=-ieel en -]::±e �
T�y Fi:i-iEi
_
in f4:sea!
e
719
a year-
bezieis
ehalU- rr_!5;z-: at
beFeis 4:ssmui
720
721
er-e
ee-2,peicat-4:eii.
2. 421.e
e se
19e
-t-he
-t�e
722
siia44 iiet
:ig, 1998,
ased Ej�-iar-ant-ee
in the
723
4:
and
t
e event- sha!;!
Jeene! lesaeei fei�
724
725
nt .
m t =-er- t-han 15 year -s.
3. T,
y a
fee, ley
726
ease__e:i3le
4: t
sem� t-11-te
he
727
ef
f�inds. The fee --all
lee less trlaan
ef
the
728
sueh sl
iiet
I- .�,s ef eiEe a__Ei
Page 26 of 39
eei:ffpaL=ab!e r-aziEe
r-isk.-
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hIJ7179-05-er
F L 0 R I D A H 0 U S E 0 F R E P R E S E N T A T I V E S
14m =I -VA VA-magEms NJ
2010 Legislature
729 4. Tlie pLceeeeds ef bends, e. -.F per-tye:ns t-l-xerreef, yssiaeEi ley
730 t iSS,ied
731 s. 288. 9696, s. 2@8. 9698, er- seet-Ler- i:iseEi -tc-e
732 li4
733 as elef9i.neet in s. 658.48, ef suell net emeeed
734 jaeL=een:t- 9f :E�he prrineipal ef all s�ieh i�eneis ef :�'ne
733 eerrper-atien _:sqi:ied pr4eL= te --che first eenipes!�=e iasizte ef
736 tlie eer-peEatien, eL= PeeeffibeE .3=, 19957 wi:�El:erem eLc ewes --first ,
737 ai:iEi ehaII r7et e�EeeeEi IS ieeL=eez:�� ef tlk�e jerrii��e4:jea! ef all e�;
738 hL=:i, �n eaeh
739 eas-:ned as er f 4:ssnels
740 as =nt-e
741 t=lie pr-±*Z�e±:ea± efftec�t ef si:ieli leenEls :�e be issiaeEi. The pr-evis-'ens
742 ef this shall net- a f);y wl:�en the t -et -a; amecint
743 iestte4 ley lc -he eei�pej�a;64:en �is less
744 _fti_the
745 by :_ 4ms the f=-i�et $!G
746 ffiy4f :�-.'_ e taj'ee-�
747eee
748 The eer-pei=a�en ehall�bli:sh a eiele�9 epiee�eseL=zFe-
749 aeeeiint wl=i4:e,i eent-a4:i-,c- -iet less ti4azi 6 i:ftent-lis' eiebt ser-�4
750 reserves fr-ei;.i tiie pr-eeeeEis ef tl:-e sale ef any !E)ends, 91= psi7-tiens
751 f, .
752 6. The eeL=pe,-atien shall eh an aeeezaRt knewn -as =11hie
753 4- _ e t:�nek 1;4�e
754 shiall Eiepee=t —a—e- ef ffieney ei= et-!FeL= eash
755 4mvaleiit-s =4 _a balanee ef =fteiney eiF
756 saeh eeFi-A:�Fa1ei:it s in tliietlztai-i
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2010 Legislature
757� 4:nvesfa
758 ef �i:_e balanee ef faREis r-eeFi:iii=eei te 1E)e i:ftaintaineEi
759 Gm�awe TEst Paii6, iiet less tha__ l
760 yea25 e Ffta�E±fft,-i;:,q eielet- seL�±ee ef� all iee��els, er-
761 pe_Ft-iei=,s -,iierreef, ef the eei�peEatis
762 bee lssi:iea pi:ir-siiant :r=9 99. 288.9696, 298.969;, a-iei 288.9698. ;1-
763 �e e:v�eFtt- -ahe eealc-=Je�e ffiaia!Rt-he laa--afee a�eejc-,iL=e1-
764 pi:irrs;aanu an a
765 iesi�,e ef :�he eer-perrat�:en ff4-iai=an4�ee4
766 te this seet-ie-n er Jeeeause ef tl:_e --se by the eer-peLcatien ef any
767 sieeli f;-inEls t -e pay fis:a---anee,�fta4 I -t-ena.-ee, ei-= ei�he� eest-e wli
768 -fiay lee L=eEf--4:i=eE1 feL= the IaL-eseL=-zxatieii ef a-iy jei�e-,e 4� e-2 eti:�
769eellat-ei=al seeiii�ity fer aiiy i=t e . i iss�aeEi by the
770 te etheL=w±se pi=eteet tl�e Re:ven�ie i;enei Guai�a-ity Reeei��e iz�eeeiint
771 fL=ems; Iess while t1ie applAerafil-= j:s �n Eiefawl 4=- en affie2�t-iaat±i--R
772 er- te i:Rin±ffi±ze lesses te the ;Eesei�ve aeeeun-, �:f; eaeli
773 e --se in i-,iieeeseaL=y eE
774 t-l:�e t -l -,e eer-peL�a:�Iei:i sl:iall i-7-!Ffteeid:a4cely net-ify ti'ie
775 E)eiaar--,i:Rent- ef ef saehi elef ±'e ±'eney. A -n -y
776 ;w aiitlier-iEe4 lay anx.
777 er---,--e4:i tl=ie =PepaL=:��-fften:�- ef anei :�Iie S:�a��e
778 Bea:eei ef eeneer-n- . i:�Ej 4. -he i:ise ef
779 f the Jealanee ef fic. �4
780 fi-Els dms E-rrat-�Lei:�
781 after the eerrjaeL=en has �etj:fieei the ta �-
782ef si:iel-Eiefie�:eney.
783 (la) ;;F-iless speeifieally pr-ehlblteei in -=iie Gerier-al
784 , :��e eai�-�4-ntfs aeer-�ie4 anei eellee:E�eel cijaeizi the
Page 28 of 39
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2010 Legislature
785 cam he 'E)alanee ems' rds L=eqeiaFeei �e
786 i-aintained i -i tl=,e State !_ t Fi:�nEi --ftay
787 Ite lae :,I.sea
788 4--+ The guaranty is 91=tall not b -e a general obligation of
789 the corporation or of the state, but is skiall lee a special
790 obligation, which constitutes the investment of a public trust
791 fund. In no event shall the guaranty constitute an indebtedness
792 of the corporation, the state of leL:ida, or any political
793 subdivision thereof within the meaning of any constitutional or
794 statutory limitation. Each guaranty agreement shall have plainly
795 stated on the face thereof that it has been entered into under
796 the crovisions of this act and that it does not constitute an
797 indebtedness of the corporation, the state, or any political
798 subdivision thereof within any constitutional or statutory
799 limitation, and that neither the full faith and credit of the
800 state efFleEi nor any of its revenues is pledged to meet any
801 of the obligations of the corporation under such guaranty
802 agreement. Each such agreement shall state that the obligation
803 of the corporation under the guaranty shall be limited to the
804 -funds available in the Energy, Technology, and Economic
805 Develo-oment Guaranty Fund Revn6 GaaEan:�Rese�e ",eeei=lnt-
806 as authorized by this section.
807
808 Tiiast-ien shall f the aniziaaa! a-epe_-"---
809 t 6e4�alleei
810 ieenI4 pLzeeee��s feLn leai-x5 ff�ia:Eazi;�eeel e -r-
811 ith the Blaek
812 Bear -6, the jz3eicee.qtaEje ef- siI leafte
Page 29 of 39
M•MA Z! 1111113 111 1 1 111 1111
1-1—MUMURVIN•111 ! 1 11 !1 1 -11"11111MMEMST Ma
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813 eE �:ssaeei az-i4 :tl-he t-e4�alm ef si-aeh leans
814 guaieEi er- �:eeicieei.
815 (8) In the event the corporation does not approve the
816 application for a guaranty, the applicant shall be notified in
817 writing of the corporation's determination that the application
818 not be approved.
819 (9) The membership of the corporation is authorized and
820 directed to conduct such investigation as it may deem necessary
821 for promulgation of regulations to govern the operation of the
822 guaranty program authorized by this section. The regulations may
823 include such other additional provisions, restrictions, and
824 conditions as the corporation, after its investigation referred
825 to in this subsection, shall determine to be proper to achieve
826 the most effective utilization of the guaranty program. This may
827 include, without limitation, a detailing of the remedies that
828 must be exhausted by �e bondholders,e-E a trustee acting on
829 their behalf,* or other credit provided before pr4eL= t---. calling
830 upon the corporation to perform under its guaranty agreement and
831 the subrogation of other rights of the corporation with
832 reference to the capital project and its operation or the
833 financing in the event the corporation makes payment pursuant to
834 the applicable guaranty agreement. The regulations promulgated
835 by the corporation to govern the operation of the guaranty
836 program may shall contain specific provisions with respect to
837 the rights of the corporation to enter, take over, and manage
838 all -financed properties upon default. These regulations shall be
839 submitted by set fe� fespeetive r-4!gl:its of the corporation
840 to the Florida Energy and ClimateCommissionfor approval -�
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2010 Legislature
842 _(10) The guaranty program described in this section may be
843 used by the corporation in conjunction with any federal guaranty
844 programs described in s. 406 of the American Recovery and
845 Reinvestment Act of 2009. All policies, procedures, and
846 regulations of the guaranty program adopted by the corporation,
847 to the extent such guaranty program of the corporation is used
848 in conjunction with a federal guaranty program described in s.
849 406 of the American Recovery and Reinvestment Act of.2009, must
850 be consistent with s. 406 of the American Recovery and
851 Reinvestment Act of 2009.
852 Section B. Section 288.9608, Florida Statutes, is amended
853 to read:
854 288.9608 Creation and funding of the Energy, Technology,
855 and Economic Development Guaranty Fundaeee�int-.-
856 (1) Ti4e ee,-peEatien 91-4all es:F_aialish a debt serrvlee r_ese_='�Xe
857 lh eeiii'L_a±'Ft9 net leee 6 ffieri;_hs' eieiev . i
858 r -e ; . e sale ef ai�y laeiziEis
859 13j, t1hie Pands 4:n eh eiebt se:r_',P�e _-eseE:�;e aee 4ant
860 sha!4: lee ,zeeEi fvaFiei= te f.ineis ii-, tl:�e _�e:�Fenue i;enxei Gtia:'!�ant-y
861 ,ant est&b!4:s1-xed in siabseel-'en (2) . The eeEpeL=atlen
862 fL:er-ty and
863el�aw iapen peesenxa! an6 s4ial! llaeReztFen'---e
864 E;__v piFier te izise ef si:ippleit4en-�al
865 f e ReeeL=�f
866 sicieeet�:en (3) .
867(2)(a) The corporation shall establish an account known as
868 the Energy, Technology, and Economic Development Guaranty Fund
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869 Re-�-e�:�e Ren4 Resei�zve Aeeeui:�t, the G:EraL=aF.,4�y T --e
870 corporation may ehxall deposit moneys a e:u f meney or other
8711 cash equivalents into the :phis fund and maintain a balance in
87/2 the s fund, from general revenue funds of the state as are
873 authorized for that purpose or any other designated funding
874 sources not inconsistent with state law se�ciL�ees 94heiF tha�che
875 S4a-ate T�iet- F��41 ne-=' less :�5�-an a eEtiz�a! t -e 1
876 yeai- e , e -E
8 7 7 �eE4eiens thier-eef, ef t;�e eeee.-i fre:e wweh a --g- r-ar
878 , , anei 288.9
879 (2) - If the corporation determines that the moneys in the
880 guaranty agreement fund are not sufficient to meet the
881 obligations of the guaranty agreement fund, the corporation is
882 authorized to use the necessary amount of any available moneys
883 that it may have which are not needed for, then or in the
884 foreseeable future, or committed to other authorized functions
885 and purposes of the corporation. Any such moneys so used may be
886 reimbursed out of the guaranty agreement fund if and when there
887 are moneys therein available for the purpose.
888 (3)4-e+ The determination of when additional moneys will be
889 needed for the guaranty agreement fund, the amounts that will be
890 needed, and the availability or unavailability of other moneys
891 shall be made solely by the corporation in the exercise of its
892 discretion. He- , . � a.-�af:'4�y Fi:in-ei
893 u (,iaEie _:n aeeeL=4ai:-Xee w4wt-li
894 4-1=s _ e�R, --1uieii ai-.4 the
895 ef anei t__ f
896 _he elet =-hat the f�ds
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897 z.:�e4� lee 4�e f:fteet- Iche f3a�esen4� e -i,
898 r-e--c-eip.ably p:EejeeteEl eblie.Fat-ieris ef the Guai�anty eiae te a
899 6efai:ilt eizi a leaii ffiaEie �ay the eeEj9eL=at-ien fLceR� thze pEeeeeds ef a
900 z�ieh
901 s.28 960-7-(7 , , i=re l�eL= than 90 elays befeEe affieE4�iEa`_ ;en
902 payfftents aEe eiae en smaell, her-ieis, t atIen sl4all ne4E:ify ti=ie
903 See2�et-ar-y efu vanei tiie State E;ea2�ei e -f-
904 -A&f tl:ie ef fai46s te ffteet, as a�REi
905 w. ei-- el:ae, a!= feic wl:�:�eh tlie Gi:�aicanty
906 a:s ebliqateEi. Tie Seea�etarry ef Ti-=a-ispertat±ei:_ ehall
907 -ie7-=i_y .he SpeakeL= ef the He�se of RepYesen:p--- the
908 Pi�es�eiei��t ef tl=�e Sena:��e, aizt,-4 tlie ei-ta4mi=s ef the Seizia:ee aii4 liease
909 Ge=fficftit-,:,
910 a-�ei ��.e prrejeeteEi 4:��paet ef� eael:i affeeteEi yeaE ef aeiepte
911 wer-1c, e--- the @ejaar-m�fftei=�t- ef
912 () Wdmthi-3 0 4ays ef the r-eee�t oet444meatiefi frrei:i the
913eer-jeerat-�:ezi, thie Pepar-tfftei:�t ef shiall 9��,z�tdt a
914 le=iE et awe neiF.� L=eE�est to Ln -e E�Eeeiitd:ve Gff��:ee ef 47 -he
915 pu:es�-,ant 4�e ehapteE 216, i -:e biaeiffet ai�ttheiFi='-y --Ice ear-L=y
916 eat tl:. i
917affienelicfte_it, t -he elepai�tffte�-t ehall pi�eeeeei te 4�he aEieja4:
918 we�Fk -f neeessar-y,,u _t wit . -t7.
919 -iet4�'4meatiefi, ai-A Si:�,Lbjeet te
920 appr-e,7-a! ems- the b--Elget aatheElt-y, the S et&Ey e—f
921eha-11 sialejeet te the a:�Fallable
922 fr-eff, the se--2ser-ilaeei 4:n (e) , ti-�e al:fte��t ef
923 2�eqaeeti- r-equa:EeEi t::e T-eei�-' hen Eiaey
924 a!= ut 1 i� wh4meh :�he Gaa�--ai-ey Fi:i�ei is
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925 eEi sliall 13e i�eiffibi:�iFseEi te ;�=i�e
9 2 6ef Tr--ai=isper4catleia, wi=nt-erest- at- lc -he r-a:L-e earrizieei
927 en ±r,:t;esti:ftezit by t!Fie Sta:Ee TiFeae;aEy, fr-eRi the fis 4m!-ab=e ii-,
928 the ea _ ila!3!e :ve 4 e eerrpeF�.
929 (e) --re:�&i�y ef
930 &Rei t1he State BeF4n4:et-L=n;ake
931 a-eailai)!e .ems— tert!:e Giiaicai�y Fiztx 4, ear-r-4:--Effs aeeri:ieE4
932 e iiivestRieiit ef :;Emlrie laalanee &-f
933 -�hxe State
934 Trust -u ew. r, t -he ea --ii I i-gs aeer:�ieei ai-Ei eelleet-eEi :ezpen :el:ie
935 inzv-ef the balaimiee ef 4mlae4 te be
936 d!eh shall aee
937 sizibjeet te tr !Fiall be limited te these earn±'figs aeer�ieEi
938 es�=�en�c- ef t=he ffiiniffti-ii;ft balai=ee ef f'c�eiq
939 r-eEfi:i±Lmeei te k�e FftaiiitaineEi iii the State TrranspeL�tatien Tr-�st Fiinei
940 eal yeaL= irt whi:eh-t- eel by the
941 eeeiFetei=y aiiei fiseal yee,,r-e
942 (4) 1.f t'ie eeL=1eei=atien r-eee±-�Fes 9�zipplefient-a;: few
943 ;�Eier t4e pFevis4:ez, tl.'ei.2i any
944 eiFespeet- Iean
945 ele=faia!, i=4:a�teiuel:�
946 leaeeiffes t -e t -lie
947 e4:en te eeeu--el:z�:e6
948 ebd4gat4mefi, ef tiitien te L=epay tl:�e Depa,-4��en4� ef
949 ! s --e'- rrejeay;--fte_it a:s
950 eef:ftje]:ete, nteeel
951 s e e t j! e
952 5 L=
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953 eeelc-len, a_ A:ify in
954 te "the State E;eaaA ef and the SeeLcetai-_Y
955 ef tha�t 4:t has fdlly ip,-pleiffented ti:.e
956 eft ii4:s seet-ien aiiei s--2 5 8.67 �ee aaeEj;:ilatens ef thxe
957 n.
958 Section 9. Section 288.9609, Florida Statutes, is amended
959 to read:
960 288.9609 Bonds as legal investments.—All banks, trust
961 companies, bankers, savings banks and institutions, building and
962 loan associations, savings and loan associations, investment
963 companies, and other persons carrying on a banking and
964 investment business; all insurance companies, insurance
965 associations, and other persons carrying on an insurance
966 business; and all executors, administrators, curators, trustees,
967 and other fiduciaries may legally invest any sinking funds,
968 moneys, or other funds belonging to them or within their control
969 in any bonds or other obligations issued by the corporation
970 tte an atL=eefften,-, wm-tili
971 s4-a4�e. Such bonds and obligations shall be authorized security
972 for all public deposits. It is the purpose of this section to
973 authorize all persons, political subdivisions, and officers,
974 public and private, to use any funds owned or controlled by them
975 for the purchase of any such bonds or other obligations. Nothing
976 contained in this section with regard to legal investments shall
977 be construed as relieving any person of any duty of exercising
978 reasonable care in selecting securities.
979 Section 10. Section 288.9610, Flor:_da Statutes, is amended
980 to read:
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981 288.9610 Annual reports of Florida Development Finance
982 Corporation.—By December I of each year, the Florida Development
983 Finance Corporation shall submit to the Governor, the President
984 of the Senate, the Speaker of the House of Representatives, the
985 Senate Minority Leader, and the House Minority Leader, and, the
986 -71�_e Fleic4!6a Develep.-ent
987 Gei=perrat-4:e.n. a complete and detailed report setting forth:
988 (1) The evaluation required in s. 11.45(3)(j).
989 (2) The operations and accomplishments of the Florida
990 Development Finance Corporation, including the number of
991 businesses assisted by the corporation.
992 (3) its assets and liabilities at the end of its most
993 recent fiscal year, including a description of all of its
994 outstanding revenue bonds.
995 Section 11. Subsection (4) of section 206.46, Florida
996 Statutes, is amended to read:
997 206.46 State Transportation Trust Fund. -
998 (4) The department may authorize the investment of the
999 earnings accrued and collected upon the investment of the
1000 minimum balance of funds required to be maintained in the State
1001 Transportation Trust Fund pursuant to s. 339.135(6)(b). Siaeli
1002 �- e e; . El-a s -hall be !!rf4-=ed as jar-e:Vieieei 4:i� s. 288. 96G7�2) .
1003 Section 12. Subsection (14) of section 215.47, Florida
1004 Statutes, is amended to read:
-005 215.47 investments; authorized securities; loan of
1006 securities.—Subject to the limitations and conditions of the
1007 State Constitution or of the trust agreement relating to a trust
1008 fund, moneys available for investments under ss. 215.44-215.53
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1009 may be invested as follows:
1010 (14) The State Board of Administration, consistent with
1011 sound investment policy, may invest the earnings accrued and
1012 collected upon the investment of the minimum balance of funds
1013 required to be maintained in the State Transportation Trust Fund
1014 pursuant to s. 339.135 (6) (b) . Seenehal; lee li�4=ed
1015 .
1016 Section 13. Subsection (3) of section 339.08, Florida
1017 Statutes, is amended to read:
1018 339.08 Use of moneys in State Transportation Trust Fund. -
1019 (3) The department may authorize the investment of the
1020 earnings accrued and collected upon the investment of the
1021 minimum balance of funds required to be maintained in the State
1022 Transportation Trust Fund pursuant to s. 339.135(6)(b). S --eh
1023 i:ii:4-eet-ffte�5hall be lii�4z-eei as jar-e-o--�eieei in s. 288. -9-6-9-7-(-,—
1024 Section 14. Paragraph (f) of subsection (7) of section
1025 339.135, Florida Statutes, is amended to read:
1026 339.135 Work program; legislative budget request;
1027 definitions; preparation, adoption, execution, and amendment. -
1028 (7) AMENDMENT OF THE ADOPTED WORK PROGRAM. -
1029 (f) The department may authorize the investment of the
1030 earnings accrued and collected upon the investment of the
1031 minimum balance of funds required to be maintained in the State
1032 Transportation Trust Fund pursuant to -paragraph (b). Suel=i
1033 4:eet-i:fteet shall =n s. 28S. 9697 (7)
1034 Section 15. (1) The Legislature finds that the ability of
1035 the pilot communities designated under the Energy Economic Zone
1036 Pilot Program pursuant to s. 377.809, Florida Statutes, to
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1037 provide incentives is essential to these communities attracting
1038 clean technology industries and investments to the state and
1039 establishing the base information necessary to assess whether to
1040 revise state policies and expand the pilot program to other
1041 communities.
1042 (2) By February 1, 2011, the Department of Community
1043 Affairs and the Office of Tourism, Trade, and Economic
1044 Development, in consultation with the Florida Energy and Climate
1045 Cormission, shall submit reco=endations to the Governor, the
1046 President of the Senate, and the Speaker of the House of
1047 Representatives of appropriate incentives and statutory
1048 revisions necessary to provide the pilot communities with the
1049 tools for accomplishing the goals of the pilot program. In
1050 developing their recommendations, the Department of Community
1051 Affairs and the Office of Tourism, Trade, and 'E'conomic
1052 Development, at a minimum, shall consider:
1053 (a) Fiscal and regulatory incentives..
1054 (b) A jobs tax credit and corporate property tax credit
1055 pursuant to chapter 220, Florida Statutes.
1056 (c) Refunds and exemptions from the sales and use tax in
1057 chapter 212, Florida Statutes, for job creation, building
1058 ni-taterials, business property, and products used for clean
1059 technology industries and investments within the designated
1060 energy economic zones.
1061 (3) The Department of Community Affairs and the Office of
1062 Tourism, Trade, and Economic Development shall also coordinate
1063 with the pilot com.unities and clean technology industries in
1064 identifying incentives and strategies that will help attract
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1065 emerging clean technology industries and investments to the
1066 state.
1067 Section 16. Paragraph (d) of subsection (2) of section
1068 366.91, Florida Statutes, is amended to read:
1069 366.91 Renewable energy. -
1070 (2) As used in this section, the term:
1071 (d) "Renewable energy" means electrical energy produced
1072 from a method that uses one or more of the following fuels or
1073 energy sources: hydrogen produced from sources other than fossil
1074 fuels, biomass, solar energy, geothermal energy, wind energy,
1075 ocean energy, and hydroelectric power. The term includes the
1076 alternative energy resource, waste heat, from sulfuric acid
1077 manufacturing operations and electrical energy produced using
1078 pipeline -quality synthetic gas produced from waste petroleum
1079 coke with carbon capture and sequestration.
1080 Section 17. This act shall take effect upon becoming a
1081 law.
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