The Florida Senate

¹239.251  Florida Education Technology Foundation.--

(1)  The purpose of this section is to provide a mechanism by which the business community in this state can directly participate in providing assistance to the growth and development of education enhancement in this state through contributions to special state-sponsored investment funds. The purpose of such funds is to provide funding for computers, computer technology, training in computer education, and scholarships for business-related careers for the education system, including kindergarten through 12th grade, community colleges, and universities.

(2)  The Florida Education Technology Foundation is created as a nonprofit corporation for the purpose of establishing a series of state-sponsored investment funds to be known as Florida's Future Investment Funds. The purpose of such funds is to provide a source of revenue which shall be used by the foundation to provide funding for:

(a)  Buying and maintaining computers and computer-related technology for all levels of the education system supported in whole or in part with public funds in this state.

(b)  Training teachers and faculty to use computer equipment and technology and to teach the effective use of computer equipment and technology.

(c)  Scholarships for business-related fields.

(3)  The foundation shall be governed by a board of directors consisting of 11 members, 1 of whom shall be the Commissioner of Education or his or her designee, 1 of whom shall be the Treasurer or his or her designee, 1 of whom shall be appointed by the President of the Senate, 1 of whom shall be appointed by the Speaker of the House of Representatives, and the remaining 7 of whom shall initially be appointed by the Florida Council of 100 from membership of the council and thereafter shall be elected by the corporations and businesses that contribute moneys to a Florida's Future Investment Fund. Of the first members appointed by the Florida Council of 100, three shall be appointed for a term of 1 year and four shall be appointed for a term of 2 years. Thereafter, those members shall be elected and shall serve for terms of 4 years. Each corporation shall receive one vote for investing up to $25 million in a Florida's Future Investment Fund and shall receive an additional vote for each additional investment of $25 million. A chair shall be elected by the members of the board, and the board shall meet at the call of the chair. In no event shall the state or its officers, employees, or agencies be liable for the actions of the foundation, its directors, or the fund managers.

(4)  The foundation shall establish Florida's Future Investment Funds for the purpose of investing moneys placed in such funds by corporations and businesses in this state and receiving a portion of such interest to be used as provided in subsection (2). The board of directors shall provide for the administration and management of such funds to maximize the return on investment of moneys in such funds. The board of directors may hire outside managers to administer and invest the moneys in the Florida's Future Investment Funds. The board shall prescribe the level of prudence and ethical standards to be followed by the fund managers. Alternatively, moneys in the Florida's Future Investment Funds may be invested by the State Board of Administration in accordance with a trust agreement entered into between the board of directors and the State Board of Administration in accordance with ss. 215.44-215.53. It is the intent of the Legislature that administrative fees be as low as possible. The staff of the Commissioner of Education shall serve as support staff for the board of directors.

(5)  A corporation or business participating in a Florida's Future Investment Fund shall contribute a portion of the interest earned on investments of moneys in the fund to the Florida Education Technology Foundation to be used as provided in subsection (2). The portion of interest earned and donated may be determined by action of the board of directors of the foundation.

(6)  The provisions of chapter 119, relating to public records and chapter 286, relating to public meetings apply to all records and meetings of the foundation. The financial records of the foundation must be made available to the Auditor General for postaudit purposes.

(7)  Within 90 days after its organization, the foundation shall develop a business plan for the conduct of its financial operations. Moneys realized from investment gains must be distributed to schools in a manner consistent with the business plan. Such moneys shall not be subject to appropriation by the Legislature, and no school shall have any other distribution of funds to which it is entitled reduced, compromised, or supplanted as a result of its receipt of moneys from the foundation.

History.--s. 1, ch. 97-188; s. 3(7), ch. 2000-321.

¹Note.--Repealed January 7, 2003, by s. 3(7), ch. 2000-321, and shall be reviewed by the Legislature prior to that date.