The Florida Senate

288.707  Florida Black Business Investment Board.--

(1)  The Legislature finds that the public interest of Florida will be served by the creation and growth of black business enterprises by:

(a)  Increasing opportunities for employment of blacks, as well as the population in general;

(b)  Providing role models and establishing business networks for the benefit of future generations of aspiring black entrepreneurs;

(c)  Strengthening the economy of the state by increasing the number of qualified black business enterprises, which in turn will increase competition in the marketplace and improve the welfare of economically depressed neighborhoods; and

(d)  Taking measures to increase access of black businesses to both debt and equity capital.

(2)  For the purposes of ss. 9-21, chapter 85-104, Laws of Florida:

(a)  "Black business enterprise" means any business concern which is organized to engage in commercial transactions and which is at least 51 percent owned by one or more black Americans as defined in s. 288.703 and whose management and daily operations are controlled by such persons.

(b)  "Black business investment corporation" means a subsidiary of a financial institution or a consortium of financial institutions investing in, or lending to, black business enterprises.

(c)  "Consortium" means two or more financial institutions which jointly negotiate and agree to provide assistance to black business enterprises as provided in ss. 9-21, chapter 85-104, Laws of Florida.

(3)  There is hereby created within the Office of Tourism, Trade, and Economic Development a body politic and corporate to be known as the Florida Black Business Investment Board, hereinafter referred to as the "board." The board is hereby constituted a public instrumentality, and the exercise by the board of the powers conferred by ss. 9-21, chapter 85-104, Laws of Florida, shall be deemed to be the performance of an essential governmental function.

(a)  The board shall consist of seven members appointed by the Governor subject to confirmation by the Senate, six of whom shall be experienced in investment finance and business development, one of ¹whom must be a member of a black business investment corporation. The chair of the Florida Development Finance Corporation, created pursuant to s. 288.9604, shall be an ex officio member of the board.

(b)  Members appointed by the Governor shall serve terms of 4 years, except that in making the initial appointments, the Governor shall appoint one member to serve for a term of 1 year, two members to serve for terms of 2 years, two members to serve for terms of 3 years, and two members to serve for terms of 4 years.

(c)  Any person appointed to fill a vacancy on the board shall be appointed in a like manner and shall serve for only the unexpired term. Any member shall be eligible for reappointment.

(d)  The Governor shall appoint the chairperson who shall be a member of the board. The board shall annually elect one of its members as vice chairperson and shall designate a secretary-treasurer who need not be a member of the board. The secretary-treasurer shall keep a record of the proceedings of the board and shall be the custodian of all books, documents, and papers filed with the board, of the minute books of the board, and of its official seal. A majority of the members of the board shall constitute a quorum.

(e)  Members of the board shall serve without compensation, but shall be reimbursed for per diem and travel expenses in accordance with s. 112.061.

(f)  Each member of the board shall file full and public disclosure of financial interests at the times and places and in the same manner required of elected constitutional officers under s. 8, Art. II of the State Constitution and any law implementing s. 8, Art. II of the State Constitution.

History.--ss. 9, 32, ch. 85-104; s. 9, ch. 94-136; s. 28, ch. 94-322; s. 878, ch. 95-148; ss. 61, 64, ch. 96-320; s. 47, ch. 99-251.

¹Note.--As amended by s. 61, ch. 96-320. Paragraph (3)(a) was also amended by s. 64, ch. 96-320, which included the words "which shall."