The Florida Senate

The Office of Tourism, Trade, and Economic Development is authorized to enter into contracts with a nonprofit, statewide development corporation certified pursuant to s. 503 of the Small Business Investment Act of 1958, as amended, to permit such corporation to locate and contract for administrative and technical staff assistance and support, including, without limitation, assistance to the development corporation in the packaging and servicing of loans for the purpose of stimulating and expanding the availability of private equity capital and long-term loans to small businesses. Such assistance and support will cease when the corporation has received state support in an amount the equivalent of $250,000 per year over a 5-year period beginning July 1, 1997. Any contract between the office and such corporation shall specify that the records of the corporation must be available for audit by the office and by the Auditor General.