Florida Senate - 2017 SB 1112 By Senator Brandes 24-00961-17 20171112__ 1 A bill to be entitled 2 An act relating to the State Economic Enhancement and 3 Development Trust Fund; amending s. 288.1201, F.S.; 4 requiring the Department of Economic Opportunity to 5 retain funds appropriated for specified programs until 6 performance requirements for incentives are submitted 7 and verified; requiring the department to return 8 certain unexpended funds to the State Treasury; 9 requiring such funds to be deposited into specified 10 accounts; requiring the department to return such 11 funds by a specified date and to notify the Governor 12 and the presiding officers of the Legislature of the 13 status of compliance; requiring the department to 14 provide the Legislature with lists of potential and 15 actual claims for payment by specified dates; creating 16 the Quick Action Closing Fund Escrow Account within 17 the State Economic Enhancement and Development Trust 18 Fund; specifying moneys to be deposited to the 19 account; providing appropriation requirements for 20 moneys in the account; providing that a balance in the 21 account at the end of the fiscal year remains in the 22 account to continue carrying out the purpose of the 23 account; authorizing the department to make a payment 24 from the account subject to certain requirements; 25 requiring the department to determine whether the 26 account contains moneys from specified agreements or 27 contracts that have terminated or expired or for which 28 the applicant has not met performance conditions; 29 requiring such funds to be returned to the trust fund 30 within 10 days after such determination; providing 31 management and investment requirements for specified 32 moneys; requiring the department to quarterly transfer 33 interest earnings to the trust fund; providing an 34 effective date. 35 36 Be It Enacted by the Legislature of the State of Florida: 37 38 Section 1. Subsections (4) through (7) are added to section 39 288.1201, Florida Statutes, to read: 40 288.1201 State Economic Enhancement and Development Trust 41 Fund.— 42 (4)(a) Beginning July 1, 2017, the department shall retain 43 any state funds appropriated for any program created pursuant to 44 chapter 288 in the department’s trust fund and which are in the 45 General Appropriations Act until the performance requirements 46 for incentives under contract or law are submitted and verified 47 by the department. 48 (b) The department shall return to the State Treasury all 49 funds held by any entity pursuant to a contract executed for the 50 Quick Action Closing Fund which are unexpended as of June 30, 51 2017. Such unexpended funds shall be deposited into the fund 52 from which they were appropriated. The department must take all 53 steps necessary to comply with this section by September 1, 54 2017. The department shall notify the Governor and the presiding 55 officers of the Legislature of the status of compliance with 56 this section on or before October 1, 2017. 57 (5) By January 2 of each year, the department shall provide 58 to the Legislature a list of potential claims for payment which 59 may be filed in the following fiscal year under ss. 288.0659, 60 288.1045, 288.106, 288.107, 288.108, 288.1088, and 288.1089. 61 (6) By March 1 of each year, the department shall provide 62 the Legislature a list of actual claims for payment filed in the 63 following fiscal year under ss. 288.0659, 288.1045, 288.106, 64 288.107, 288.108, 288.1088, and 288.1089. 65 (7)(a) There is created the Quick Action Closing Fund 66 Escrow Account within the State Economic Enhancement and 67 Development Trust Fund. The Quick Action Closing Fund Escrow 68 Account consists of moneys returned by the department to the 69 State Treasury which were held by any entity pursuant to a 70 contract executed for the Quick Action Closing Fund and which 71 were unexpended as of June 30, 2017, pursuant to subsection (4). 72 (b) Moneys in the account may be appropriated to make 73 payments pursuant to agreements or contracts for projects 74 authorized under s. 288.1088 or to make transfers required 75 pursuant to paragraph (d) or paragraph (e). Notwithstanding s. 76 216.301, and pursuant to s. 216.351, any balance in the account 77 at the end of a fiscal year remains in the account and is 78 available for carrying out the purposes of the account. 79 (c) The department may make a payment from the account 80 after an independent third party has verified that an applicant 81 has satisfied all of the requirements of an agreement or 82 contract and the department has determined that an applicant 83 meets the required project performance criteria and is eligible 84 to receive a payment. 85 (d) The department shall determine within 15 days after the 86 end of each calendar quarter whether moneys in the account are 87 associated with an agreement or contract entered into pursuant 88 to s. 288.1088 which the department has terminated, which has 89 otherwise expired, or for which the applicant has not met 90 performance conditions required by the agreement or contract. 91 Any such funds held in the account must be returned to the State 92 Economic Enhancement and Development Trust Fund within 10 days 93 after the determination. 94 (e) Moneys in the account shall be managed and invested to 95 generate the maximum amount of interest earnings, consistent 96 with the requirement that the moneys be available to make 97 payments as required pursuant to Quick Action Closing Fund 98 contracts or agreements. Notwithstanding s. 17.61(3)(c), the 99 department shall transfer interest earnings on a quarterly basis 100 to the State Economic Enhancement and Development Trust Fund. 101 Section 2. This act shall take effect July 1, 2017.