CS/HB 7179

1	A bill to be entitled
2	An act relating to qualifying improvements to real
3	property; creating s. 163.08, F.S.; providing legislative
4	purposes and findings and intent; providing definitions;
5	authorizing a local government to levy non-ad valorem
6	assessments to fund certain improvements; authorizing a
7	property owner to apply for funding and enter into a
8	financing agreement with a local government to finance
9	certain improvements; authorizing a local government to
10	collect moneys for such purposes through non-ad valorem
11	assessments; providing collection requirements;
12	authorizing local governments to partner with other local
13	governments to provide and finance certain improvements;
14	authorizing a qualifying improvement program to be
15	administered by a for-profit entity or not-for-profit
16	organization under certain circumstances; authorizing a
17	local government to incur debt payable from revenues
18	received from the improved property; providing a financing
19	restriction for local governments; requiring a financial
20	agreement to be recorded in a county's public records
21	within 5 days after execution of the agreement; specifying
22	responsibilities for local governments before entering
23	into financing agreements; requiring qualifying
24	improvements to be affixed to a building or facility on
25	the property and be performed by a properly certified or
26	registered contractor; excluding certain projects from
27	financing agreement coverage; limiting the amount of the
28	non-ad valorem assessment to a percentage of the just
29	value of the property; providing exceptions; specifying
30	information provision requirements for property owners
31	before entering into financing agreements; prohibiting
32	acceleration of a mortgage under certain circumstances;
33	providing assessment disclosure requirements; specifying
34	unenforceability of certain agreement provisions;
35	providing construction preserving a local government's
36	home rule authority; amending ss. 288.9602 and 288.9603,
37	F.S.; revising legislative findings and declarations and
38	definitions for purposes of the Florida Development
39	Finance Corporation Act; amending s. 288.9604, F.S.;
40	revising requirements for the establishment and
41	organization of the Florida Development Finance
42	Corporation; amending s. 288.9605, F.S.; revising the
43	powers of the corporation; amending s. 288.9606, F.S.;
44	revising requirements for the corporation's issuance of
45	revenue bonds; amending s. 288.9607, F.S.; limiting the
46	corporation's approval of guaranties for debt service for
47	bonds or other indebtedness for any one capital project;
48	deleting provisions for the corporation's investment of
49	certain funds in the State Transportation Trust Fund;
50	authorizing guarantees to be used in conjunction with
51	federal guaranty programs; amending s. 288.9608, F.S.;
52	creating the Energy, Technology, and Economic Development
53	Guaranty Fund; providing for the deposit and use of
54	certain moneys in the fund; deleting requirements for the
55	corporation's debt service reserve account and Revenue
56	Bond Guaranty Reserve Account; amending ss. 288.9609,
57	288.9610, 206.46, 215.47, 339.08, and 339.135, F.S.;
58	conforming provisions to changes made by the act;
59	providing legislative findings; requiring the Department
60	of Community Affairs and the Office of Tourism, Trade, and
61	Economic Development, in consultation with the Florida
62	Energy and Climate Commission, to submit recommendations
63	to the Governor and Legislature relating to the Energy
64	Economic Zone Pilot Program; requiring coordination with
65	the pilot communities and clean technology industries in
66	identifying certain incentives and strategies; amending s.
67	366.91, F.S.; revising the definition of the term
68	"renewable energy"; providing an effective date.
69
70	Be It Enacted by the Legislature of the State of Florida:
71
72	Section 1.  Section 163.08, Florida Statutes, is created to
73	read:
74	163.08  Supplemental authority for improvements to real
75	property.-
76	(1)(a)  In chapter 2008-227, Laws of Florida, the
77	Legislature amended the energy goal of the state comprehensive
78	plan to provide, in part, that the state shall reduce its energy
79	requirements through enhanced conservation and efficiency
80	measures in all end-use sectors and reduce atmospheric carbon
81	dioxide by promoting an increased use of renewable energy
82	resources. That act also declared it the public policy of the
83	state to play a leading role in developing and instituting
84	energy management programs that promote energy conservation,
85	energy security, and the reduction of greenhouse gases. In
86	addition to establishing policies to promote the use of
87	renewable energy, the Legislature provided for a schedule of
88	increases in energy performance of buildings subject to the
89	Florida Energy Efficiency Code for Building Construction. In
90	chapter 2008-191, Laws of Florida, the Legislature adopted new
91	energy conservation and greenhouse gas reduction comprehensive
92	planning requirements for local governments. In the 2008 general
93	election, the voters of this state approved a constitutional
94	amendment authorizing the Legislature, by general law, to
95	prohibit consideration of any change or improvement made for the
96	purpose of improving a property's resistance to wind damage or
97	the installation of a renewable energy source device in the
98	determination of the assessed value of residential real
99	property.
100	(b)  The Legislature finds that all energy-consuming-
101	improved properties that are not using energy conservation
102	strategies contribute to the burden affecting all improved
103	property resulting from fossil fuel energy production. Improved
104	property that has been retrofitted with energy-related
105	qualifying improvements receives the special benefit of
106	alleviating the property's burden from energy consumption. All
107	improved properties not protected from wind damage by wind
108	resistance qualifying improvements contribute to the burden
109	affecting all improved property resulting from potential wind
110	damage. Improved property that has been retrofitted with wind
111	resistance qualifying improvements receives the special benefit
112	of reducing the property's burden from potential wind damage.
113	Further, the installation and operation of qualifying
114	improvements not only benefit the affected properties for which
115	the improvements are made, but also assist in fulfilling the
116	goals of the state's energy and hurricane mitigation policies.
117	In order to make qualifying improvements more affordable and
118	assist property owners who wish to undertake such improvements,
119	the Legislature finds that there is a compelling state interest
120	in enabling property owners to voluntarily finance such
121	improvements with local government assistance.
122	(c)  The Legislature determines that the actions authorized
123	under this section, including, but not limited to, the financing
124	of qualifying improvements through the execution of financing
125	agreements and the related imposition of voluntary assessments
126	are reasonable and necessary to serve and achieve a compelling
127	state interest and are necessary for the prosperity and welfare
128	of the state and its property owners and inhabitants.
129	(2)  As used in this section, the term:
130	(a)  "Local government" means a county, a municipality, or
131	a dependent special district as defined in s. 189.403.
132	(b)  "Qualifying improvement" includes any:
133	1.  Energy conservation and efficiency improvement, which
134	is a measure to reduce consumption through conservation or a
135	more efficient use of electricity, natural gas, propane, or
136	other forms of energy on the property, including, but not
137	limited to, air sealing; installation of insulation;
138	installation of energy-efficient heating, cooling, or
139	ventilation systems; building modifications to increase the use
140	of daylight; replacement of windows; installation of energy
141	controls or energy recovery systems; installation of electric
142	vehicle charging equipment; and installation of efficient
143	lighting equipment.
144	2.  Renewable energy improvement, which is the installation
145	of any system in which the electrical, mechanical, or thermal
146	energy is produced from a method that uses one or more of the
147	following fuels or energy sources: hydrogen, solar energy,
148	geothermal energy, bioenergy, and wind energy.
149	3.  Wind resistance improvement, which includes, but is not
150	limited to:
151	a.  Improving the strength of the roof deck attachment;
152	b.  Creating a secondary water barrier to prevent water
153	intrusion;
154	c.  Installing wind-resistant shingles;
155	d.  Installing gable-end bracing;
156	e.  Reinforcing roof-to-wall connections;
157	f.  Installing storm shutters; or
158	g.  Installing opening protections.
159	(3)  A local government may levy non-ad valorem assessments
160	to fund qualifying improvements.
161	(4)  Subject to local government ordinance or resolution, a
162	property owner may apply to the local government for funding to
163	finance a qualifying improvement and enter into a financing
164	agreement with the local government. Costs incurred by the local
165	government for such purpose may be collected as a non-ad valorem
166	assessment. A non-ad valorem assessment shall be collected
167	pursuant to s. 197.3632 and, notwithstanding s. 197.3632(8)(a),
168	shall not be subject to discount for early payment. However, the
169	notice and adoption requirements of s. 197.3632(4) do not apply
170	if this section is used and complied with, and the intent
171	resolution, publication of notice, and mailed notices to the
172	property appraiser, tax collector, and Department of Revenue
173	required by s. 197.3632(3)(a) may be provided on or before
174	August 15 in conjunction with any non-ad valorem assessment
175	authorized by this section, if the property appraiser, tax
176	collector, and local government agree.
177	(5)  Pursuant to this section or as otherwise provided by
178	law or pursuant to a local government's home rule power, a local
179	government may enter into a partnership with one or more local
180	governments for the purpose of providing and financing
181	qualifying improvements.
182	(6)  A qualifying improvement program may be administered
183	by a for-profit entity or a not-for-profit organization on
184	behalf of and at the discretion of the local government.
185	(7)  A local government may incur debt for the purpose of
186	providing such improvements, payable from revenues received from
187	the improved property, or any other available revenue source
188	authorized by law.
189	(8)  A local government may enter into a financing
190	agreement only with the record owner of the affected property.
191	Any financing agreement entered into pursuant to this section or
192	a summary memorandum of such agreement shall be recorded in the
193	public records of the county within which the property is
194	located by the sponsoring unit of local government within 5 days
195	after execution of the agreement. The recorded agreement shall
196	provide constructive notice that the assessment to be levied on
197	the property constitutes a lien of equal dignity to county taxes
198	and assessments from the date of recordation.
199	(9)  Before entering into a financing agreement, the local
200	government shall reasonably determine that all property taxes
201	and any other assessments levied on the same bill as property
202	taxes are paid and have not been delinquent for the preceding 3
203	years or the property owner's period of ownership, whichever is
204	less; that there are no involuntary liens, including, but not
205	limited to, construction liens on the property; that no notices
206	of default or other evidence of property-based debt delinquency
207	have been recorded during the preceding 3 years or the property
208	owner's period of ownership, whichever is less; and that the
209	property owner is current on all mortgage debt on the property.
210	(10)  A qualifying improvement shall be affixed to a
211	building or facility that is part of the property and shall
212	constitute an improvement to the building or facility or a
213	fixture attached to the building or facility. An agreement
214	between a local government and a qualifying property owner may
215	not cover wind-resistance improvements in buildings or
216	facilities under new construction or construction for which a
217	certificate of occupancy or similar evidence of substantial
218	completion of new construction or improvement has not been
219	issued.
220	(11)  Any work requiring a license under any applicable law
221	to make a qualifying improvement shall be performed by a
222	contractor properly certified or registered pursuant to part I
223	or part II of chapter 489.
224	(12)(a)  Without the consent of the holders or loan
225	servicers of any mortgage encumbering or otherwise secured by
226	the property, the total amount of any non-ad valorem assessment
227	for a property under this section may not exceed 20 percent of
228	the just value of the property as determined by the county
229	property appraiser.
230	(b)  Notwithstanding paragraph (a), a non-ad valorem
231	assessment for a qualifying improvement defined in subparagraph
232	(2)(b)1. or subparagraph (2)(b)2. that is supported by an energy
233	audit is not subject to the limits in this subsection if the
234	audit demonstrates that the annual energy savings from the
235	qualified improvement equals or exceeds the annual repayment
236	amount of the non-ad valorem assessment.
237	(13)  At least 30 days before entering into a financing
238	agreement, the property owner shall provide to the holders or
239	loan servicers of any existing mortgages encumbering or
240	otherwise secured by the property a notice of the owner's intent
241	to enter into a financing agreement together with the maximum
242	principal amount to be financed and the maximum annual
243	assessment necessary to repay that amount. A verified copy or
244	other proof of such notice shall be provided to the local
245	government. A provision in any agreement between a mortgagee or
246	other lienholder and a property owner, or otherwise now or
247	hereafter binding upon a property owner, which allows for
248	acceleration of payment of the mortgage, note, or lien or other
249	unilateral modification solely as a result of entering into a
250	financing agreement as provided for in this section is not
251	enforceable. This subsection does not limit the authority of the
252	holder or loan servicer to increase the required monthly escrow
253	by an amount necessary to annually pay the qualifying
254	improvement assessment.
255	(14)  At or before the time a purchaser executes a contract
256	for the sale and purchase of any property for which a non-ad
257	valorem assessment has been levied under this section and has an
258	unpaid balance due, the seller shall give the prospective
259	purchaser a written disclosure statement in the following form,
260	which shall be set forth in the contract or in a separate
261	writing:
262
263	QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY,
264	RENEWABLE ENERGY, OR WIND RESISTANCE.-The property
265	being purchased is located within the jurisdiction of
266	a local government that has placed an assessment on
267	the property pursuant to s. 163.08, Florida Statutes.
268	The assessment is for a qualifying improvement to the
269	property relating to energy efficiency, renewable
270	energy, or wind resistance, and is not based on the
271	value of property. You are encouraged to contact the
272	county property appraiser's office to learn more about
273	this and other assessments that may be provided by
274	law.
275
276	(15)  A provision in any agreement between a local
277	government and a public or private power or energy provider or
278	other utility provider is not enforceable to limit or prohibit
279	any local government from exercising its authority under this
280	section.
281	(16)  This section is additional and supplemental to county
282	and municipal home rule authority and not in derogation of such
283	authority or a limitation upon such authority.
284	Section 2. Section 288.9602, Florida Statutes, is amended
285	to read:
286	288.9602 Findings and declarations of necessity.-The
287	Legislature finds and declares that:
288	(1) There is a need to enhance economic activity in the
289	cities and counties of the state by attracting manufacturing,
290	development, redevelopment of brownfield areas, business
291	enterprise management, and other activities conducive to
292	economic promotion in order to provide a stronger, more
293	balanced, and stable economy in the cities and counties of the
294	state.
295	(2) A significant portion of businesses located in the
296	cities and counties of the state or desiring to locate in the
297	cities and counties of the state encounter difficulty in
298	obtaining financing on terms competitive with those available to
299	businesses located in other states and nations or are unable to
300	obtain such financing at all.
301	(3) The difficulty in obtaining such financing impairs the
302	expansion of economic activity and the creation of jobs and
303	income in communities throughout the state.
304	(4) The businesses most often affected by these financing
305	difficulties are small businesses critical to the economic
306	development of the state cities and counties of Florida.
307	(5) The economic well-being of the people in, and the
308	commercial and industrial resources of, the cities and counties
309	of the state would be enhanced by the provision of financing to
310	businesses on terms competitive with those available in the most
311	developed financial markets worldwide.
312	(6) In order to improve the prosperity and welfare of the
313	cities and counties of this state and its inhabitants, to
314	improve and promote the financing of projects related to the
315	economic development of the cities and counties of this state,
316	including redevelopment of brownfield areas, and to increase the
317	purchasing power and opportunities for gainful employment of
318	citizens of the cities and counties of this state, it is
319	necessary and in the public interest to facilitate the financing
320	of such projects as provided for in this act and to do so
321	without regard to the boundaries between counties,
322	municipalities, special districts, and other local governmental
323	bodies or agencies in order to more effectively and efficiently
324	serve the interests of the greatest number of people in the
325	widest area practicable.
326	(7) In order to promote and stimulate development and
327	advance the business prosperity and economic welfare of the
328	cities and counties of this state and its inhabitants; to
329	encourage and assist new business and industry in this state
330	through loans, investments, or other business transactions; to
331	rehabilitate and assist existing businesses; to stimulate and
332	assist in the expansion of all kinds of for-profit and not-for-
333	profit business activity; and to create maximum opportunities
334	for employment, encouragement of thrift, and improvement of the
335	standard of living of the citizens of Florida, it is necessary
336	and in the public interest to facilitate the cooperation and
337	action between organizations, public and private, in the
338	promotion, development, and conduct of all kinds of for-profit
339	and not-for-profit business activity in the state.
340	(8) In order to efficiently and effectively achieve the
341	purposes of this act, it is necessary and in the public interest
342	to create a special development finance authority to cooperate
343	and act in conjunction with public agencies of this state and
344	local governments of this state, through interlocal agreements
345	pursuant to the Florida Interlocal Cooperation Act of 1969, in
346	the promotion and advancement of projects related to economic
347	development, including redevelopment of brownfield areas,
348	throughout the state.
349	(9) The purposes to be achieved by the special development
350	finance authority through such projects and such financings of
351	business and industry in compliance with the criteria and the
352	requirements of this act are predominantly the public purposes
353	stated in this section, and such purposes implement the
354	governmental purposes under the State Constitution of providing
355	for the health, safety, and welfare of the people of the state,
356	including implementing the purpose of s. 10(c), Art. VII of the
357	State Constitution and simultaneously provide new and innovative
358	means for the investment of public trust funds in accordance
359	with s. 10(a), Art. VII of the State Constitution.
360	Section 3. Subsections (6), (11), and (12) of section
361	288.9603, Florida Statutes, are amended to read:
362	288.9603 Definitions.-
363	(6) "Debt service" shall mean for any bonds issued by the
364	corporation or for any bonds or other form of indebtedness and
365	for which a guaranty has been issued pursuant to ss. 288.9606,
366	288.9607, and 288.9608, for any period for which such
367	determination is to be made, the aggregate amount of all
368	interest charges due or which shall become due on or with
369	respect to such bonds or indebtedness during the period for
370	which such determination is being made, plus the aggregate
371	amount of scheduled principal payments due or which shall become
372	due on or with respect to such bonds or indebtedness during the
373	period for which such determination is being made. Scheduled
374	principal payments may include only principal payments that are
375	scheduled as part of the terms of the original bond or
376	indebtedness issue and that result in the reduction of the
377	outstanding principal balance of the bonds or indebtedness.
378	(11) "Guaranty agreement" means an agreement by and between
379	the corporation and an applicant a public agency pursuant to the
380	provisions of s. 288.9607.
381	(12) "Guaranty agreement fund" means the Energy,
382	Technology, and Economic Development Revenue Bond Guaranty Fund
383	Reserve Account established by the corporation pursuant to s.
384	288.9608.
385	Section 4. Section 288.9604, Florida Statutes, is amended
386	to read:
387	288.9604 Creation of the authority.-
388	(1) Upon a finding of necessity by a city or county of this
389	state, selected pursuant to subsection (2), There is created a
390	public body corporate and politic known as the "Florida
391	Development Finance Corporation." The corporation shall be
392	constituted as a public instrumentality of local government, and
393	the exercise by the corporation of the powers conferred by this
394	act shall be deemed and held to be the performance of an
395	essential public function. The corporation has the power to
396	function within the corporate limits of any public agency with
397	which it has entered into an interlocal agreement for any of the
398	purposes of this act.
399	(2) A city or county of Florida shall be selected by a
400	search committee of Enterprise Florida, Inc. This city or county
401	shall be authorized to activate the corporation. The search
402	committee shall be composed of two commercial banking
403	representatives, the Senate member of the partnership, the House
404	of Representatives member of the partnership, and a member who
405	is an industry or economic development professional.
406	(2)(3) Upon activation of the corporation, The Governor,
407	subject to confirmation by the Senate, shall appoint the board
408	of directors of the corporation, who shall be five in number.
409	The terms of office for the directors shall be for 4 years from
410	the date of their appointment. A vacancy occurring during a term
411	shall be filled for the unexpired term. A director shall be
412	eligible for reappointment. At least three of the directors of
413	the corporation shall be bankers who have been selected by the
414	Governor from a list of bankers who were nominated by Enterprise
415	Florida, Inc., and one of the directors shall be an economic
416	development specialist. The chairperson of the Florida Black
417	Business Investment Board shall be an ex officio member of the
418	board of the corporation.
419	(3)(4)(a) A director shall receive no compensation for his
420	or her services, but is entitled to the necessary expenses,
421	including travel expenses, incurred in the discharge of his or
422	her duties. Each director shall hold office until his or her
423	successor has been appointed.
424	(b) The powers of the corporation shall be exercised by the
425	directors thereof. A majority of the directors constitutes a
426	quorum for the purposes of conducting business and exercising
427	the powers of the corporation and for all other purposes. Action
428	may be taken by the corporation upon a vote of a majority of the
429	directors present, unless in any case the bylaws require a
430	larger number. Any person may be appointed as director if he or
431	she resides, or is engaged in business, which means owning a
432	business, practicing a profession, or performing a service for
433	compensation or serving as an officer or director of a
434	corporation or other business entity so engaged, within the
435	state.
436	(c) The directors of the corporation shall annually elect
437	one of their members as chair and one as vice chair. The
438	corporation may employ a president, technical experts, and such
439	other agents and employees, permanent and temporary, as it
440	requires and determine their qualifications, duties, and
441	compensation. For such legal services as it requires, the
442	corporation may employ or retain its own counsel and legal
443	staff. The corporation shall file with the governing body of
444	each public agency with which it has entered into an interlocal
445	agreement and with the Governor, the Speaker of the House of
446	Representatives, the President of the Senate, the Minority
447	Leaders of the Senate and House of Representatives, and the
448	Auditor General, on or before 90 days after the close of the
449	fiscal year of the corporation, a report of its activities for
450	the preceding fiscal year, which report shall include a complete
451	financial statement setting forth its assets, liabilities,
452	income, and operating expenses as of the end of such fiscal
453	year.
454	(4)(5) The board may remove a director for inefficiency,
455	neglect of duty, or misconduct in office only after a hearing
456	and only if he or she has been given a copy of the charges at
457	least 10 days before prior to such hearing and has had an
458	opportunity to be heard in person or by counsel. The removal of
459	a director shall create a vacancy on the board which shall be
460	filled pursuant to subsection (4) (3).
461	Section 5. Section 288.9605, Florida Statutes, is amended
462	to read:
463	288.9605 Corporation powers.-
464	(1) The powers of the corporation created by s. 288.9604
465	shall include all the powers necessary or convenient to carry
466	out and effectuate the purposes and provisions of this act.
467	(2) The corporation is authorized and empowered to:
468	(a) Have perpetual succession as a body politic and
469	corporate and adopt bylaws for the regulation of its affairs and
470	the conduct of its business.
471	(b) Adopt an official seal and alter the same at its
472	pleasure.
473	(c) Maintain an office at such place or places as it may
474	designate.
475	(d) Sue and be sued in its own name and plead and be
476	impleaded.
477	(e) Enter into interlocal agreements pursuant to s.
478	163.01(7) with public agencies of this state for the exercise of
479	any power, privilege, or authority consistent with the purposes
480	of this act.
481	(f) Issue, from time to time, revenue bonds, notes, or
482	other evidence of indebtedness, including, but not limited to,
483	taxable bonds and bonds the interest on which is exempt from
484	federal income taxation, for the purpose of financing and
485	refinancing any capital projects that promote economic
486	development within the state, thereby benefitting the citizens
487	of the state, for applicants and exercise all powers in
488	connection with the authorization, issuance, and sale of bonds,
489	subject to the provisions of s. 288.9606.
490	(g) Issue bond anticipation notes in connection with the
491	authorization, issuance, and sale of such bonds, pursuant to the
492	provisions of s. 288.9606.
493	(h) Make and execute contracts and other instruments
494	necessary or convenient to the exercise of its powers under the
495	act.
496	(i) Disseminate information about itself and its
497	activities.
498	(j) Acquire, by purchase, lease, option, gift, grant,
499	bequest, devise, or otherwise, real property, together with any
500	improvements thereon, or personal property for its
501	administrative purposes or in furtherance of the purposes of
502	this act, together with any improvements thereon.
503	(k) Hold, improve, clear, or prepare for development any
504	such property.
505	(l) Mortgage, pledge, hypothecate, or otherwise encumber or
506	dispose of any real or personal property.
507	(m) Insure or provide for insurance of any real or personal
508	property or operations of the corporation or any private
509	enterprise against any risks or hazards, including the power to
510	pay premiums on any such insurance.
511	(n) Establish and fund a guaranty fund in furtherance of
512	the purposes of this act.
513	(o) Invest funds held in reserve or sinking funds or any
514	such funds not required for immediate disbursement in property
515	or securities in such manner as the board shall determine,
516	subject to the authorizing resolution on any bonds issued, and
517	to terms established in the investment agreement pursuant to ss.
518	288.9606, 288.9607, and 288.9608, and redeem such bonds as have
519	been issued pursuant to s. 288.9606 at the redemption price
520	established therein or purchase such bonds at less than
521	redemption price, all such bonds so redeemed or purchased to be
522	canceled.
523	(p) Borrow money and apply for and accept advances, loans,
524	grants, contributions, and any other form of financial
525	assistance from the Federal Government or the state, county, or
526	other public agency body or from any sources, public or private,
527	for the purposes of this act and give such security as may be
528	required and enter into and carry out contracts or agreements in
529	connection therewith; and include in any contract for financial
530	assistance with the Federal Government or the state, county, or
531	other public agency for, or with respect to, any purposes under
532	this act and related activities such conditions imposed pursuant
533	to federal laws as the county or municipality or other public
534	agency deems reasonable and appropriate which are not
535	inconsistent with the provisions of this act.
536	(q) Make or have all surveys and plans necessary for the
537	carrying out of the purposes of this act, contract with any
538	person, public or private, in making and carrying out such
539	plans, and adopt, approve, modify, and amend such plans.
540	(r) Develop, test, and report methods and techniques and
541	carry out demonstrations and other activities for the promotion
542	of any of the purposes of this act.
543	(s) Apply for, accept, and utilize grants from the Federal
544	Government or the state, county, or other public agency
545	available for any of the purposes of this act.
546	(t) Make expenditures necessary to carry out the purposes
547	of this act.
548	(u) Exercise all or any part or combination of powers
549	granted in this act.
550	(v) Enter into investment agreements with the Florida Black
551	Business Investment Board concerning the issuance of bonds and
552	other forms of indebtedness and capital for the purposes of ss.
553	288.707-288.714.
554	(w) Determine the situations and circumstances for
555	participation in partnerships by agreement with local
556	governments, financial institutions, and others associated with
557	the redevelopment of brownfield areas pursuant to the
558	Brownfields Redevelopment Act for a limited state guaranty of
559	revenue bonds, loan guarantees, or loan loss reserves.
560	Section 6. Subsections (3) and (5) of section 288.9606,
561	Florida Statutes, are amended, and subsection (7) is added to
562	that section, to read:
563	288.9606 Issue of revenue bonds.-
564	(3) Bonds issued under this section shall be authorized by
565	a public agency of this state pursuant to the terms of an
566	interlocal agreement, unless such bonds are issued pursuant to
567	subsection (7); may be issued in one or more series; and shall
568	bear such date or dates, be payable upon demand or mature at
569	such time or times, bear interest rate or rates, be in such
570	denomination or denominations, be in such form either with or
571	without coupon or registered, carry such conversion or
572	registration privileges, have such rank or priority, be executed
573	in such manner, be payable in such medium of payments at such
574	place or places, be subject to such terms of redemption, with or
575	without premium, be secured in such manner, and have such other
576	characteristics as may be provided by the corporation interlocal
577	agreement issued pursuant thereto. Bonds issued under this
578	section may be sold in such manner, either at public or private
579	sale, and for such price as the corporation may determine will
580	effectuate the purpose of this act.
581	(5) In any suit, action, or proceeding involving the
582	validity or enforceability of any bond issued under this act, or
583	the security therefor, any such bond reciting in substance that
584	it has been issued by the corporation in connection with any
585	purpose of the act shall be conclusively deemed to have been
586	issued for such purpose, and such purpose shall be conclusively
587	deemed to have been carried out in accordance with the act. The
588	complaint in any action to validate such bonds shall be filed
589	only in the Circuit Court for Leon County. The notice required
590	to be published by s. 75.06 shall be published only in Leon
591	County, and the complaint and order of the circuit court shall
592	be served only on the State Attorney of the Second Judicial
593	Circuit and on the state attorney of each circuit in each county
594	where the public agencies which were initially a party to the
595	interlocal agreement are located. Notice of such proceedings
596	shall be published in the manner and the time required by s.
597	75.06, in Leon County and in each county where the public
598	agencies which were initially a party to the interlocal
599	agreement are located. Obligations of the corporation pursuant
600	to a loan agreement as described in this subsection may be
601	validated as provided in chapter 75. The validation of at least
602	the first bonds approved by the corporation shall be appealed to
603	the Florida Supreme Court. The complaint in the validation
604	proceeding shall specifically address the constitutionality of
605	using the investment of the earnings accrued and collected upon
606	the investment of the minimum balance funds required to be
607	maintained in the State Transportation Trust Fund to guarantee
608	such bonds. If such proceeding results in an adverse ruling and
609	such bonds and guaranty are found to be unconstitutional,
610	invalid, or unenforceable, then the corporation shall no longer
611	be authorized to use the investment of the earnings accrued and
612	collected upon the investment of the minimum balance of the
613	State Transportation Trust Fund to guarantee any bonds.
614	(7) Notwithstanding any provision of this section, the
615	corporation in its corporate capacity may, without authorization
616	from a public agency under s. 163.01(7), issue revenue bonds or
617	other evidence of indebtedness under this section to:
618	(a) Finance the undertaking of any project within the state
619	that promotes renewable energy as defined in s. 377.803 or s.
620	366.91;
621	(b) Finance the undertaking of any project within the state
622	that is a project contemplated or allowed under s. 406 of the
623	American Recovery and Reinvestment Act of 2009; or
624	(c) If permitted by federal law, finance qualifying
625	improvement projects within the state under s. 163.08.
626	Section 7. Section 288.9607, Florida Statutes, is amended
627	to read:
628	288.9607 Guaranty of bond issues.-
629	(1) The corporation may is hereby authorized to approve or
630	deny, by a majority vote of the membership of the directors, a
631	guaranty of debt service payments for bonds or other
632	indebtedness used to finance any capital project that promotes
633	economic development in the state, including, but not limited
634	to, those capital projects for which revenue bonds are the
635	guaranty of any revenue bonds issued under pursuant to this act,
636	if any such guaranty does not exceed 5 percent of the total
637	aggregate principal amount of bonds or other indebtedness
638	relating to any one capital project. The corporation may also
639	use moneys deposited into the Energy, Technology, and Economic
640	Development Guaranty Fund to satisfy requirements to obtain
641	federal loan guarantees for capital projects authorized pursuant
642	to this section. The guaranty may also be of the obligations of
643	the corporation with respect to any letter of credit, bond
644	insurance, or other form of credit enhancement provided by any
645	person with respect to any revenue bonds issued by the
646	corporation pursuant to this act.
647	(2) Any applicant for financing from the corporation,
648	requesting a guaranty of the bonds issued by the corporation
649	under this act must submit a guaranty application, in a form
650	acceptable to the corporation, together with supporting
651	documentation to the corporation as provided in this section.
652	(3) All applicants which have entered into a guaranty
653	agreement with the corporation shall pay a guaranty premium on
654	such terms and at such rates as the corporation shall determine
655	before prior to the issuance of the guaranty bonds. The
656	corporation may adopt such guaranty premium structures as it
657	deems appropriate, including, without limitation, guaranty
658	premiums which are payable one time upon the issuance of the
659	guaranty bonds or annual premiums payable upon the outstanding
660	principal balance of bonds or other indebtedness that is
661	guaranteed from time to time. The premium payment may be
662	collected by the corporation from any the lessee of the project
663	involved, from the applicant, or from any other payee of any the
664	loan agreement involved.
665	(4) All applications for a guaranty must acknowledge that
666	as a condition to the issuance of the guaranty, the corporation
667	may require that the financing must be secured by a mortgage or
668	security interest on the property acquired which will have such
669	priority over other liens on such property as may be required by
670	the corporation, and that the financing must be guaranteed by
671	such person or persons with such ownership interest in the
672	applicant as may be required by the corporation.
673	(5) Personal financial records, trade secrets, or
674	proprietary information of applicants delivered to or obtained
675	by the corporation shall be confidential and exempt from the
676	provisions of s. 119.07(1).
677	(6) If the application for a guaranty is approved by the
678	corporation, the corporation and the applicant shall enter into
679	a guaranty agreement. In accordance with the provisions of the
680	guaranty agreement, the corporation guarantees to use the funds
681	on deposit in its Energy, Technology, and Economic Development
682	Guaranty Fund Revenue Bond Guaranty Reserve Account to meet debt
683	service amortization payments on the bonds or indebtedness as
684	they become due, in the event and to the extent that the
685	applicant is unable to meet such payments in accordance with the
686	terms of the bond indenture when called to do so by the trustee
687	of the bondholders, or to make similar payments to reimburse any
688	person which has provided credit enhancement for the bonds and
689	which has advanced funds to meet such debt service amortization
690	payments as they become due, if such guaranty of the corporation
691	is limited to 5 percent of the total aggregate principal amount
692	of bonds or other indebtedness relating to any one capital
693	project. The corporation may also use moneys deposited in the
694	Energy, Technology, and Economic Development Guaranty Fund to
695	satisfy requirements to obtain federal loan guarantees for
696	capital projects authorized under this section. If the applicant
697	defaults on debt service bond amortization payments, the
698	corporation may use funds on deposit in the Energy, Technology,
699	and Economic Development Guaranty Fund Revenue Bond Guaranty
700	Reserve Account to pay insurance, maintenance, and other costs
701	which may be required for the preservation of any capital
702	project or other collateral security for any bond or
703	indebtedness issued to finance a capital project for which debt
704	service payments are guaranteed by the corporation issued by the
705	corporation, or to otherwise protect the reserve account from
706	loss, or to minimize losses to the reserve account, in each case
707	in such manner as may be deemed necessary and advisable by the
708	corporation.
709	(7)(a) The corporation is authorized to enter into an
710	investment agreement with the Department of Transportation and
711	the State Board of Administration concerning the investment of
712	the earnings accrued and collected upon the investment of the
713	minimum balance of funds required to be maintained in the State
714	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
715	investment shall be limited as follows:
716	1. Not more than $4 million of the investment earnings
717	earned on the investment of the minimum balance of the State
718	Transportation Trust Fund in a fiscal year shall be at risk at
719	any time on one or more bonds or series of bonds issued by the
720	corporation.
721	2. The investment earnings shall not be used to guarantee
722	any bonds issued after June 30, 1998, and in no event shall the
723	investment earnings be used to guarantee any bond issued for a
724	maturity longer than 15 years.
725	3. The corporation shall pay a reasonable fee, set by the
726	State Board of Administration, in return for the investment of
727	such funds. The fee shall not be less than the comparable rate
728	for similar investments in terms of size and risk.
729	4. The proceeds of bonds, or portions thereof, issued by
730	the corporation for which a guaranty has been or will be issued
731	pursuant to s. 288.9606, s. 288.9608, or this section used to
732	make loans to any one person, including any related interests,
733	as defined in s. 658.48, of such person, shall not exceed 20
734	percent of the principal of all such outstanding bonds of the
735	corporation issued prior to the first composite bond issue of
736	the corporation, or December 31, 1995, whichever comes first,
737	and shall not exceed 15 percent of the principal of all such
738	outstanding bonds of the corporation issued thereafter, in each
739	case determined as of the date of issuance of the bonds for
740	which such determination is being made and taking into account
741	the principal amount of such bonds to be issued. The provisions
742	of this subparagraph shall not apply when the total amount of
743	all such outstanding bonds issued by the corporation is less
744	than $10 million. For the purpose of calculating the limits
745	imposed by the provisions of this subparagraph, the first $10
746	million of bonds issued by the corporation shall be taken into
747	account.
748	5. The corporation shall establish a debt service reserve
749	account which contains not less than 6 months' debt service
750	reserves from the proceeds of the sale of any bonds, or portions
751	thereof, guaranteed by the corporation.
752	6. The corporation shall establish an account known as the
753	Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
754	corporation shall deposit a sum of money or other cash
755	equivalents into this fund and maintain a balance of money or
756	cash equivalents in this fund, from sources other than the
757	investment of earnings accrued and collected upon the investment
758	of the minimum balance of funds required to be maintained in the
759	State Transportation Trust Fund, not less than a sum equal to 1
760	year of maximum debt service on all outstanding bonds, or
761	portions thereof, of the corporation for which a guaranty has
762	been issued pursuant to ss. 288.9606, 288.9607, and 288.9608. In
763	the event the corporation fails to maintain the balance required
764	pursuant to this subparagraph for any reason other than a
765	default on a bond issue of the corporation guaranteed pursuant
766	to this section or because of the use by the corporation of any
767	such funds to pay insurance, maintenance, or other costs which
768	may be required for the preservation of any project or other
769	collateral security for any bond issued by the corporation, or
770	to otherwise protect the Revenue Bond Guaranty Reserve Account
771	from loss while the applicant is in default on amortization
772	payments, or to minimize losses to the reserve account in each
773	case in such manner as may be deemed necessary or advisable by
774	the corporation, the corporation shall immediately notify the
775	Department of Transportation of such deficiency. Any
776	supplemental funding authorized by an investment agreement
777	entered into with the Department of Transportation and the State
778	Board of Administration concerning the use of investment
779	earnings of the minimum balance of funds is void unless such
780	deficiency of funds is cured by the corporation within 90 days
781	after the corporation has notified the Department of
782	Transportation of such deficiency.
783	(b) Unless specifically prohibited in the General
784	Appropriations Act, the earnings accrued and collected upon the
785	investment of the minimum balance of funds required to be
786	maintained in the State Transportation Trust Fund may continue
787	to be used pursuant to paragraph (a).
788	(c) The guaranty is shall not be a general obligation of
789	the corporation or of the state, but is shall be a special
790	obligation, which constitutes the investment of a public trust
791	fund. In no event shall the guaranty constitute an indebtedness
792	of the corporation, the state of Florida, or any political
793	subdivision thereof within the meaning of any constitutional or
794	statutory limitation. Each guaranty agreement shall have plainly
795	stated on the face thereof that it has been entered into under
796	the provisions of this act and that it does not constitute an
797	indebtedness of the corporation, the state, or any political
798	subdivision thereof within any constitutional or statutory
799	limitation, and that neither the full faith and credit of the
800	state of Florida nor any of its revenues is pledged to meet any
801	of the obligations of the corporation under such guaranty
802	agreement. Each such agreement shall state that the obligation
803	of the corporation under the guaranty shall be limited to the
804	funds available in the Energy, Technology, and Economic
805	Development Guaranty Fund Revenue Bond Guaranty Reserve Account
806	as authorized by this section.
807
808	The corporation shall include, as part of the annual report
809	prepared pursuant to s. 288.9610, a detailed report concerning
810	the use of guaranteed bond proceeds for loans guaranteed or
811	issued pursuant to any agreement with the Florida Black Business
812	Investment Board, including the percentage of such loans
813	guaranteed or issued and the total volume of such loans
814	guaranteed or issued.
815	(8) In the event the corporation does not approve the
816	application for a guaranty, the applicant shall be notified in
817	writing of the corporation's determination that the application
818	not be approved.
819	(9) The membership of the corporation is authorized and
820	directed to conduct such investigation as it may deem necessary
821	for promulgation of regulations to govern the operation of the
822	guaranty program authorized by this section. The regulations may
823	include such other additional provisions, restrictions, and
824	conditions as the corporation, after its investigation referred
825	to in this subsection, shall determine to be proper to achieve
826	the most effective utilization of the guaranty program. This may
827	include, without limitation, a detailing of the remedies that
828	must be exhausted by the bondholders, or a trustee acting on
829	their behalf, or other credit provided before prior to calling
830	upon the corporation to perform under its guaranty agreement and
831	the subrogation of other rights of the corporation with
832	reference to the capital project and its operation or the
833	financing in the event the corporation makes payment pursuant to
834	the applicable guaranty agreement. The regulations promulgated
835	by the corporation to govern the operation of the guaranty
836	program may shall contain specific provisions with respect to
837	the rights of the corporation to enter, take over, and manage
838	all financed properties upon default. These regulations shall be
839	submitted by set forth the respective rights of the corporation
840	to the Florida Energy and Climate Commission for approval and
841	the bondholders in regard thereto.
842	(10) The guaranty program described in this section may be
843	used by the corporation in conjunction with any federal guaranty
844	programs described in s. 406 of the American Recovery and
845	Reinvestment Act of 2009. All policies, procedures, and
846	regulations of the guaranty program adopted by the corporation,
847	to the extent such guaranty program of the corporation is used
848	in conjunction with a federal guaranty program described in s.
849	406 of the American Recovery and Reinvestment Act of 2009, must
850	be consistent with s. 406 of the American Recovery and
851	Reinvestment Act of 2009.
852	Section 8. Section 288.9608, Florida Statutes, is amended
853	to read:
854	288.9608 Creation and funding of the Energy, Technology,
855	and Economic Development Guaranty Fund guaranty account.-
856	(1) The corporation shall establish a debt service reserve
857	account which contains not less than 6 months' debt service
858	reserves from the proceeds of the sale of any bonds guaranteed
859	by the corporation. Funds in such debt service reserve account
860	shall be used prior to funds in the Revenue Bond Guaranty
861	Reserve Account established in subsection (2). The corporation
862	shall make best efforts to liquidate collateralized property and
863	draw upon personal guarantees, and shall utilize the Revenue
864	Bond Guaranty Reserve Account prior to use of supplemental
865	funding for the Guaranty Reserve Account under the provisions of
866	subsection (3).
867	(2)(a) The corporation shall establish an account known as
868	the Energy, Technology, and Economic Development Guaranty Fund
869	Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
870	corporation may shall deposit moneys a sum of money or other
871	cash equivalents into the this fund and maintain a balance in
872	the this fund, from general revenue funds of the state as are
873	authorized for that purpose or any other designated funding
874	sources not inconsistent with state law sources other than the
875	State Transportation Trust Fund, not less than a sum equal to 1
876	year of maximum debt service on all outstanding bonds, or
877	portions thereof, of the corporation for which a guaranty has
878	been issued pursuant to ss. 288.9606, 288.9607, and 288.9608.
879	(2)(b) If the corporation determines that the moneys in the
880	guaranty agreement fund are not sufficient to meet the
881	obligations of the guaranty agreement fund, the corporation is
882	authorized to use the necessary amount of any available moneys
883	that it may have which are not needed for, then or in the
884	foreseeable future, or committed to other authorized functions
885	and purposes of the corporation. Any such moneys so used may be
886	reimbursed out of the guaranty agreement fund if and when there
887	are moneys therein available for the purpose.
888	(3)(c) The determination of when additional moneys will be
889	needed for the guaranty agreement fund, the amounts that will be
890	needed, and the availability or unavailability of other moneys
891	shall be made solely by the corporation in the exercise of its
892	discretion. However, supplemental funding for the Guaranty Fund
893	as described in subsection (3) shall be made in accordance with
894	the investment agreement of the corporation and the Department
895	of Transportation and the State Board of Administration.
896	(3)(a) If the corporation determines that the funds in the
897	Guaranty Fund will not be sufficient to meet the present or
898	reasonably projected obligations of the Guaranty Fund, due to a
899	default on a loan made by the corporation from the proceeds of a
900	bond issued by the corporation which is guaranteed pursuant to
901	s. 288.9607(7), no later than 90 days before amortization
902	payments are due on such bonds, the corporation shall notify the
903	Secretary of Transportation and the State Board of
904	Administration of the amount of funds required to meet, as and
905	when due, all amortization payments for which the Guaranty Fund
906	is obligated. The Secretary of Transportation shall immediately
907	notify the Speaker of the House of Representatives, the
908	President of the Senate, and the chairs of the Senate and House
909	Committees on Appropriations of the amount of funds required,
910	and the projected impact on each affected year of the adopted
911	work program of the Department of Transportation.
912	(b) Within 30 days of the receipt of notification from the
913	corporation, the Department of Transportation shall submit a
914	budget amendment request to the Executive Office of the Governor
915	pursuant to chapter 216, to increase budget authority to carry
916	out the purposes of this section. Upon approval of said
917	amendment, the department shall proceed to amend the adopted
918	work program, if necessary, in accordance with the amendment.
919	Within 60 days of the receipt of notification, and subject to
920	approval of the budget authority, the Secretary of
921	Transportation shall transfer, subject to the amount available
922	from the source described in paragraph (c), the amount of funds
923	requested by the corporation required to meet, as and when due,
924	all amortization payments for which the Guaranty Fund is
925	obligated. Any moneys so transferred shall be reimbursed to the
926	Department of Transportation, with interest at the rate earned
927	on investment by the State Treasury, from the funds available in
928	the Guaranty Fund or as otherwise available to the corporation.
929	(c) Pursuant to s. 288.9607(7), the Secretary of
930	Transportation and the State Board of Administration may make
931	available for transfer to the Guaranty Fund, earnings accrued
932	and collected upon the investment of the minimum balance of
933	funds required to be maintained in the State Transportation
934	Trust Fund. However, the earnings accrued and collected upon the
935	investment of the minimum balance of funds required to be
936	maintained in the State Transportation Trust Fund which shall be
937	subject to transfer shall be limited to those earnings accrued
938	and collected on the investment of the minimum balance of funds
939	required to be maintained in the State Transportation Trust Fund
940	for the fiscal year in which the notification is received by the
941	secretary and fiscal years thereafter.
942	(4) If the corporation receives supplemental funding for
943	the Guaranty Fund under the provisions of this section, then any
944	proceeds received by the corporation with respect to a loan in
945	default, including proceeds from the sale of collateral for such
946	loan, enforcement of personal guarantees or other pledges to the
947	corporation to secure such loan, shall first be applied to the
948	obligation of the corporation to repay the Department of
949	Transportation pursuant to this section. Until such repayment is
950	complete, no new bonds may be guaranteed pursuant to this
951	section.
952	(5) Prior to the use of the guaranty provided in this
953	section, and on an annual basis, the corporation must certify in
954	writing to the State Board of Administration and the Secretary
955	of Transportation that it has fully implemented the requirements
956	of this section and s. 288.9607 and the regulations of the
957	corporation.
958	Section 9. Section 288.9609, Florida Statutes, is amended
959	to read:
960	288.9609 Bonds as legal investments.-All banks, trust
961	companies, bankers, savings banks and institutions, building and
962	loan associations, savings and loan associations, investment
963	companies, and other persons carrying on a banking and
964	investment business; all insurance companies, insurance
965	associations, and other persons carrying on an insurance
966	business; and all executors, administrators, curators, trustees,
967	and other fiduciaries may legally invest any sinking funds,
968	moneys, or other funds belonging to them or within their control
969	in any bonds or other obligations issued by the corporation
970	pursuant to an interlocal agreement with a public agency of this
971	state. Such bonds and obligations shall be authorized security
972	for all public deposits. It is the purpose of this section to
973	authorize all persons, political subdivisions, and officers,
974	public and private, to use any funds owned or controlled by them
975	for the purchase of any such bonds or other obligations. Nothing
976	contained in this section with regard to legal investments shall
977	be construed as relieving any person of any duty of exercising
978	reasonable care in selecting securities.
979	Section 10. Section 288.9610, Florida Statutes, is amended
980	to read:
981	288.9610 Annual reports of Florida Development Finance
982	Corporation.-By December 1 of each year, the Florida Development
983	Finance Corporation shall submit to the Governor, the President
984	of the Senate, the Speaker of the House of Representatives, the
985	Senate Minority Leader, and the House Minority Leader, and the
986	city or county activating the Florida Development Finance
987	Corporation a complete and detailed report setting forth:
988	(1) The evaluation required in s. 11.45(3)(j).
989	(2) The operations and accomplishments of the Florida
990	Development Finance Corporation, including the number of
991	businesses assisted by the corporation.
992	(3) Its assets and liabilities at the end of its most
993	recent fiscal year, including a description of all of its
994	outstanding revenue bonds.
995	Section 11. Subsection (4) of section 206.46, Florida
996	Statutes, is amended to read:
997	206.46 State Transportation Trust Fund.-
998	(4) The department may authorize the investment of the
999	earnings accrued and collected upon the investment of the
1000	minimum balance of funds required to be maintained in the State
1001	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1002	investment shall be limited as provided in s. 288.9607(7).
1003	Section 12. Subsection (14) of section 215.47, Florida
1004	Statutes, is amended to read:
1005	215.47 Investments; authorized securities; loan of
1006	securities.-Subject to the limitations and conditions of the
1007	State Constitution or of the trust agreement relating to a trust
1008	fund, moneys available for investments under ss. 215.44-215.53
1009	may be invested as follows:
1010	(14) The State Board of Administration, consistent with
1011	sound investment policy, may invest the earnings accrued and
1012	collected upon the investment of the minimum balance of funds
1013	required to be maintained in the State Transportation Trust Fund
1014	pursuant to s. 339.135(6)(b). Such investment shall be limited
1015	as provided in s. 288.9607(7).
1016	Section 13. Subsection (3) of section 339.08, Florida
1017	Statutes, is amended to read:
1018	339.08 Use of moneys in State Transportation Trust Fund.-
1019	(3) The department may authorize the investment of the
1020	earnings accrued and collected upon the investment of the
1021	minimum balance of funds required to be maintained in the State
1022	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1023	investment shall be limited as provided in s. 288.9607(7).
1024	Section 14. Paragraph (f) of subsection (7) of section
1025	339.135, Florida Statutes, is amended to read:
1026	339.135 Work program; legislative budget request;
1027	definitions; preparation, adoption, execution, and amendment.-
1028	(7) AMENDMENT OF THE ADOPTED WORK PROGRAM.-
1029	(f) The department may authorize the investment of the
1030	earnings accrued and collected upon the investment of the
1031	minimum balance of funds required to be maintained in the State
1032	Transportation Trust Fund pursuant to paragraph (b). Such
1033	investment shall be limited as provided in s. 288.9607(7).
1034	Section 15. (1) The Legislature finds that the ability of
1035	the pilot communities designated under the Energy Economic Zone
1036	Pilot Program pursuant to s. 377.809, Florida Statutes, to
1037	provide incentives is essential to these communities attracting
1038	clean technology industries and investments to the state and
1039	establishing the base information necessary to assess whether to
1040	revise state policies and expand the pilot program to other
1041	communities.
1042	(2) By February 1, 2011, the Department of Community
1043	Affairs and the Office of Tourism, Trade, and Economic
1044	Development, in consultation with the Florida Energy and Climate
1045	Commission, shall submit recommendations to the Governor, the
1046	President of the Senate, and the Speaker of the House of
1047	Representatives of appropriate incentives and statutory
1048	revisions necessary to provide the pilot communities with the
1049	tools for accomplishing the goals of the pilot program. In
1050	developing their recommendations, the Department of Community
1051	Affairs and the Office of Tourism, Trade, and Economic
1052	Development, at a minimum, shall consider:
1053	(a) Fiscal and regulatory incentives.
1054	(b) A jobs tax credit and corporate property tax credit
1055	pursuant to chapter 220, Florida Statutes.
1056	(c) Refunds and exemptions from the sales and use tax in
1057	chapter 212, Florida Statutes, for job creation, building
1058	materials, business property, and products used for clean
1059	technology industries and investments within the designated
1060	energy economic zones.
1061	(3) The Department of Community Affairs and the Office of
1062	Tourism, Trade, and Economic Development shall also coordinate
1063	with the pilot communities and clean technology industries in
1064	identifying incentives and strategies that will help attract
1065	emerging clean technology industries and investments to the
1066	state.
1067	Section 16. Paragraph (d) of subsection (2) of section
1068	366.91, Florida Statutes, is amended to read:
1069	366.91 Renewable energy.-
1070	(2) As used in this section, the term:
1071	(d) "Renewable energy" means electrical energy produced
1072	from a method that uses one or more of the following fuels or
1073	energy sources: hydrogen produced from sources other than fossil
1074	fuels, biomass, solar energy, geothermal energy, wind energy,
1075	ocean energy, and hydroelectric power. The term includes the
1076	alternative energy resource, waste heat, from sulfuric acid
1077	manufacturing operations and electrical energy produced using
1078	pipeline-quality synthetic gas produced from waste petroleum
1079	coke with carbon capture and sequestration.
1080	Section 17.  This act shall take effect upon becoming a
1081	law.

CODING: Words stricken are deletions; words underlined are additions.