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The Florida Senate

2010 Florida Statutes

Powers of the Florida Black Business Investment Board, Inc.
F.S. 288.709

Powers of the Florida Black Business Investment Board, Inc.

The board shall have all the powers granted under chapter 617 and any powers necessary or convenient to carry out and effectuate the purposes and provisions of ss. 288.707-288.714, including, but not limited to, the power to:


Adopt bylaws for the regulation of its affairs and the conduct of its business and adopt policies to implement the provisions of law conferring duties upon it. The bylaws shall provide that the board is subject to the requirements of s. 24, Art. I of the State Constitution and chapter 119 and s. 286.011.


Enter into agreements or other transactions with any federal, state, or local agency or private entity.


Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be authorized for trust funds under s. 215.47; however, such investments will be made on behalf of the board by the Chief Financial Officer or by another trustee appointed for that purpose.


Appear in its own behalf before boards, commissions, departments, or other agencies of municipal, county, state, or Federal Government.


Apply for, accept, and disburse from any state or nonstate source grants, loans, or advances for, or in aid of, the purposes of ss. 288.707-288.714 and receive and accept contributions from any source of either money, property, labor, or other things of value to be held, used, and applied for said purposes.


Provide and pay for advisory services and technical assistance as may be necessary or desirable to carry out the purposes of this act.


Engage in special programs to enhance the development of black business enterprises as authorized by this act.


In addition to any indemnification available under chapter 617, indemnify, and purchase and maintain insurance on behalf of, directors, officers, and employees of the board and its boards against any personal liability or accountability by reason of actions taken while acting within the scope of their authority.


Provide in its bylaws that, upon the dissolution of the board, all of its assets acquired through the use of state funds, after payment of all legal debts and liabilities, revert to the state. However, an asset that is not acquired through the use of state funds, or the funding or resources necessary to acquire the asset, shall be returned to the donor who provided the asset.


ss. 11, 32, ch. 85-104; s. 80, ch. 87-224; s. 28, ch. 94-322; s. 65, ch. 96-320; s. 57, ch. 98-200; s. 48, ch. 99-251; s. 3, ch. 2002-180; s. 344, ch. 2003-261; s. 2, ch. 2003-268; s. 8, ch. 2007-157; s. 2, ch. 2010-39.