Florida Senate - 2016                                     SB 196
       
       
        
       By Senator Hutson
       
       
       
       
       
       6-00302-16                                             2016196__
    1                        A bill to be entitled                      
    2         An act relating to public records; amending s. 339.55,
    3         F.S.; providing an exemption from public records
    4         requirements for any financial statement or other
    5         financial information of a private entity applicant
    6         that the Department of Transportation requires as part
    7         of an application to the state-funded infrastructure
    8         bank; providing an exception to the exemption;
    9         providing for future legislative review and repeal of
   10         the exemption; providing a statement of public
   11         necessity; providing an effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Subsection (10) is added to section 339.55,
   16  Florida Statutes, to read:
   17         339.55 State-funded infrastructure bank.—
   18         (10)(a) Any financial statement or other financial
   19  information of a private entity applicant that the department
   20  requires as part of an application to the state-funded
   21  infrastructure bank is exempt from s. 119.07(1) and s. 24(a),
   22  Art. I of the State Constitution. This exemption does not apply
   23  to records of an applicant who is in default of a loan issued
   24  under this section.
   25         (b) This subsection is subject to the Open Government
   26  Sunset Review Act in accordance with s. 119.15 and shall stand
   27  repealed on October 2, 2021, unless reviewed and saved from
   28  repeal through reenactment by the Legislature.
   29         Section 2. The Legislature finds that it is a public
   30  necessity that any financial statement or other financial
   31  information of a private entity that the Department of
   32  Transportation requires as part of an application to the state
   33  funded infrastructure bank be protected from disclosure. The
   34  disclosure of such information could harm a private entity in
   35  the marketplace by giving the private entity’s competitors
   36  insights into its financial status and business plan, thereby
   37  putting the private entity at a competitive disadvantage.
   38  Additionally, the disclosure of sensitive financial information
   39  regarding a private entity could create the opportunity for
   40  theft, identity theft, fraud, and other illegal activity,
   41  thereby jeopardizing the financial security of the private
   42  entity and placing it at risk for substantial financial harm.
   43  Without this exemption, private entities might be unwilling to
   44  submit an application to the state-funded infrastructure bank.
   45  This unwillingness to submit applications could, in turn, limit
   46  opportunities the department might otherwise have for finding
   47  cost-effective or strategic solutions for constructing and
   48  improving transportation facilities. The Legislature also finds
   49  that the harm to a private entity in disclosing confidential
   50  financial information significantly outweighs any public benefit
   51  derived from the disclosure of such information. For these
   52  reasons, the Legislature declares that any financial statement
   53  or other financial information that the department requires as
   54  part of an application to the state-funded infrastructure bank
   55  is exempt from s. 119.07(1), Florida Statutes, and s. 24(a),
   56  Article I of the State Constitution.
   57         Section 3. This act shall take effect July 1, 2016.