SENATE AMENDMENT
Bill No. SB 2726
Amendment No. ___ Barcode 180448
CHAMBER ACTION
Senate House
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11 Senator Constantine moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 24, between lines 18 and 19,
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16 insert:
17 Section 5. Subsections (3) and (8) of section 376.86,
18 Florida Statutes, are amended to read:
19 376.86 Brownfield Areas Loan Guarantee Program.--
20 (3) The council may enter into an investment agreement
21 with the Department of Environmental Protection and the State
22 Board of Administration concerning the investment of the
23 earnings accrued and collected upon the investment of the
24 balance of funds maintained in the Nonmandatory Land
25 Reclamation Trust Fund. The investment must be limited as
26 follows:
27 (a) Not more than $5 million of the investment
28 earnings earned on the investment of the minimum balance of
29 the Nonmandatory Land Reclamation Trust Fund in a fiscal year
30 may be at risk at any time on loan guarantees or as loan loss
31 reserves. Of that amount, 15 percent shall be reserved for
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4:38 PM 04/24/03 s2726.nr22.Fa
SENATE AMENDMENT
Bill No. SB 2726
Amendment No. ___ Barcode 180448
1 investment agreements involving predominantly minority-owned
2 businesses which meet the requirements of subsection (4).
3 (b) Such funds at risk at any time The investment
4 earnings may not be used to guarantee any loan guaranty or
5 loan loss reserve agreement for a period longer than 5 years.
6 (8) The council shall provide an annual report to the
7 Legislature by February 1 of each year describing its
8 activities and agreements approved relating to redevelopment
9 of brownfield areas. The provisions of this section pledging
10 portions of the Nonmandatory Land Reclamation Trust Fund as a
11 contingency on loan guarantees made pursuant to this section
12 shall be reviewed by the Legislature by January 1, 2006, to
13 determine the ability of that trust fund to continue serving
14 as a contingency fund on loan guarantees. New loan guarantees
15 may not be approved in 2006 until the review by the
16 Legislature has been completed and a determination made as to
17 an appropriate trust fund to serve as a contingency fund on
18 loan guarantees. This section shall be reviewed by the
19 Legislature by January 1, 2006 October 1, 2003, and a
20 determination made related to the need to continue or modify
21 this section. New loan guarantees may not be approved in 2006
22 2003 until the review by the Legislature has been completed
23 and a determination has been made as to the feasibility of
24 continuing the use of the Nonmandatory Land Reclamation Trust
25 Fund to guarantee portions of loans under this section.
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27 (Redesignate subsequent sections.)
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31 And the title is amended as follows:
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4:38 PM 04/24/03 s2726.nr22.Fa
SENATE AMENDMENT
Bill No. SB 2726
Amendment No. ___ Barcode 180448
1 On page 1, line 30, after the semicolon
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3 and insert:
4 amending s. 376.86, F.S.; revising certain
5 restrictions on investing funds maintained in
6 the Nonmandatory Land Reclamation Trust Fund;
7 providing for a schedule for legislative review
8 of the Brownfield Areas Loan Guarantee Program;
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