Florida Senate - 2017                       CS for CS for SB 364
       By the Committees on Appropriations; and Commerce and Tourism;
       and Senators Gainer, Broxson, and Montford
       576-03517-17                                           2017364c2
    1                        A bill to be entitled                      
    2         An act relating to the Gulf Coast Economic Corridor;
    3         amending s. 288.80, F.S.; conforming provisions to
    4         changes made by the act; amending s. 288.8012, F.S.;
    5         defining and redefining terms; amending s. 288.8013,
    6         F.S.; deleting the creation and identification of
    7         purposes of the Recovery Fund; requiring a specified
    8         percentage of payments made to the state under a
    9         specified settlement of litigation related to the
   10         Deepwater Horizon oil spill be transferred from the
   11         General Revenue Fund to the Triumph Gulf Coast Trust
   12         Fund; requiring certain funds to be used for
   13         administrative costs; requiring Triumph Gulf Coast,
   14         Inc., to ensure that a minimum percentage of funds
   15         appropriated for such awards from the trust fund be
   16         expended in certain affected counties; providing
   17         appropriations; authorizing the transfer of funds in
   18         the 2017-2018 fiscal year to be spent in the 2018-2019
   19         fiscal year; requiring interest in the trust account
   20         to be deposited into the Triumph Gulf Coast Trust
   21         Fund; revising provisions related to the investment of
   22         funds in the trust account; revising annual reporting
   23         requirements; amending s. 288.8014, F.S.; expanding
   24         the membership of the board of directors; specifying
   25         conditions for appointing additional board members;
   26         deleting references to the Recovery Fund; deleting
   27         obsolete language; revising conflict of interest
   28         restrictions imposed on board members of Triumph Gulf
   29         Coast, Inc.; removing the requirement that Triumph
   30         Gulf Coast, Inc., retain an independent financial
   31         advisor and an economic advisor; revising provisions
   32         relating to conflict of interest restrictions imposed
   33         on retained staff; amending s. 288.8015, F.S.;
   34         conforming a provision to changes made by the act;
   35         amending s. 288.8016, F.S.; requiring Triumph Gulf
   36         Coast, Inc., to publish on its website specified
   37         information before making an award; amending s.
   38         288.8017, F.S.; conforming provisions to changes made
   39         by the act; revising provisions governing the uses of
   40         awards from Triumph Gulf Coast, Inc.; repealing s.
   41         377.43, F.S., relating to the disbursement of funds
   42         received for damages caused by the Deepwater Horizon
   43         oil spill; specifying that certain conflict of
   44         interest restrictions imposed on board members of the
   45         Triumph Gulf Coast, Inc., apply to members serving
   46         after a specified date; providing a directive to the
   47         Division of Law Revision and Information; providing an
   48         effective date.
   50  Be It Enacted by the Legislature of the State of Florida:
   52         Section 1. Section 288.80, Florida Statutes, is amended to
   53  read:
   54         288.80 Short title—This section and ss. 288.8011-288.8018
   55  ss. 288.8011-288.8017 may be cited as the “Gulf Coast Economic
   56  Corridor Act.”
   57         Section 2. Section 288.8012, Florida Statutes, is amended
   58  to read:
   59         288.8012 Definitions.—As used in ss. 288.8011-288.8018 ss.
   60  288.80-288.8017, the term:
   61         (1) “Awardee” means a person, organization, or local
   62  government granted an award of funds as authorized in s.
   63  288.8017 from the Recovery Fund for a project or program.
   64         (2)“Department” means the Department of Economic
   65  Opportunity.
   66         (3)(2) “Disproportionately affected county” means Bay
   67  County, Escambia County, Franklin County, Gulf County, Okaloosa
   68  County, Santa Rosa County, Walton County, or Wakulla County.
   69         (4)“Public infrastructure” means roads, bridges, seaports,
   70  rail transport, traffic signalization, underground and above
   71  ground utilities, transmission and storage of fossil fuels and
   72  renewable sources; hazardous waste disposal and handling,
   73  information storage and distribution, and distribution and
   74  maintenance of water supply; and disposal and treatment of
   75  wastewater.
   76         (3)“Earnings” means all the income generated by
   77  investments and interest.
   78         (5)(4)“Settlement agreement” means the agreement entitled
   79  “Settlement Agreement Between the Gulf States and the BP
   80  Entities with Respect to Economic and Other Claims Arising from
   81  the Deepwater Horizon Incident,” which was entered into on
   82  October 5, 2015, in the case styled In re: Oil Spill by the Oil
   83  Rig Deepwater Horizon in the Gulf of Mexico, on April 20,
   84  2010, MDL 2179 in the United States District Court for the
   85  Eastern District of Louisiana “Recovery Fund” means a trust
   86  account established by Triumph Gulf Coast, Inc., for the benefit
   87  of the disproportionately affected counties.
   88         Section 3. Section 288.8013, Florida Statutes, is amended
   89  to read:
   90         288.8013 Triumph Gulf Coast, Inc.; Recovery Fund; creation;
   91  funding; investment.—
   92         (1) There is created within the department of Economic
   93  Opportunity a nonprofit corporation, to be known as Triumph Gulf
   94  Coast, Inc., which shall be registered, incorporated, organized,
   95  and operated in compliance with chapter 617, and which is not a
   96  unit or entity of state government. Triumph Gulf Coast, Inc.,
   97  may receive, hold, invest, and administer the Recovery Fund in
   98  support of this act. Triumph Gulf Coast, Inc., is a separate
   99  budget entity and is not subject to control, supervision, or
  100  direction by the department of Economic Opportunity in any
  101  manner, including, but not limited to, personnel, purchasing,
  102  transactions involving real or personal property, and budgetary
  103  matters.
  104         (2) Seventy-five percent of all payments to the state
  105  pursuant to the settlement agreement shall be transferred
  106  immediately from the General Revenue Fund to the Triumph Gulf
  107  Coast Trust Fund within the department to be allocated by the
  108  board of directors of the Triumph Gulf Coast, Inc. Triumph Gulf
  109  Coast, Inc., must create and administer the Recovery Fund for
  110  the benefit of the disproportionately affected counties. The
  111  principal of the fund shall derive from 75 percent of all funds
  112  recovered by the Attorney General for economic damage to the
  113  state resulting from the Deepwater Horizon disaster, after
  114  payment of reasonable and necessary attorney fees, costs, and
  115  expenses, including such attorney fees, costs, and expenses
  116  pursuant to s. 16.0155.
  117         (a)Seventy-five percent of the moneys received by the
  118  state on or before July 1, 2017, shall be immediately
  119  transferred to Triumph Gulf Coast, Inc., and up to 0.75 percent
  120  of such moneys may be used to pay administrative costs. Forty
  121  percent of the remaining moneys shall be allocated by the board
  122  to projects identified in s. 288.8017, and as reviewed and
  123  approved by the appropriate board of county commissioners, in
  124  the eight disproportionately affected counties, with no county
  125  receiving less than 5 percent of the total allocation. Any
  126  remaining funds shall be allocated by the board to projects
  127  identified in s. 288.8017 in any disproportionately affected
  128  county to address impacts of the Deepwater Horizon event.
  129         (b) Seventy-five percent of the moneys received by the
  130  state after July 1, 2017, pursuant to the settlement agreement
  131  shall be deposited into the Triumph Gulf Coast Trust Fund for
  132  appropriation by the Legislature. Up to 0.75 percent of such
  133  moneys may be used to pay for administrative costs. Thirty-two
  134  percent of the remaining funds appropriated shall be allocated
  135  by the board to projects identified in s. 288.8017, and as
  136  reviewed and approved by the appropriate board of county
  137  commissioners, to the eight disproportionately affected
  138  counties, with no county receiving less than 4 percent of each
  139  settlement distribution to the state. Any remaining funds shall
  140  be allocated by the board to projects identified in s. 288.8017.
  141         (c) Notwithstanding s. 216.301, and pursuant to s. 216.351,
  142  funds transferred under this section to the trust fund for the
  143  2017-2018 fiscal year may be expended at any time before the end
  144  of the 2018-2019 fiscal year.
  145         (3) The Recovery Fund must be maintained as a long-term and
  146  stable source of revenue, which shall decline over a 30-year
  147  period in equal amounts each year. Triumph Gulf Coast, Inc.,
  148  shall establish a trust account at a federally insured financial
  149  institution to hold funds transferred or appropriated to it from
  150  the Triumph Gulf Coast Trust Fund and make deposits and
  151  payments. Interest earned in the trust account shall be
  152  deposited monthly into the Triumph Gulf Coast Trust Fund.
  153  Triumph Gulf Coast, Inc., may invest surplus funds in the Local
  154  Government Surplus Funds Trust Fund, pursuant to s. 218.407, and
  155  interest earned, net of fees, shall be transferred monthly into
  156  the Triumph Gulf Coast Trust Fund. Earnings generated by
  157  investments and interest of the fund, plus the amount of
  158  principal available each year, shall be available to make awards
  159  pursuant to this act and pay administrative costs. Earnings
  160  shall be accounted for separately from principal funds set forth
  161  in subsection (2). Administrative costs may not exceed the
  162  amounts specifically appropriated for this purpose and may are
  163  limited to 2.25 percent of the earnings in a calendar year.
  164  Administrative costs include payment of investment fees, travel
  165  and per diem expenses of board members, audits, salary or other
  166  costs for employed or contracted staff, including required staff
  167  under s. 288.8014(9), and other allowable costs. The annual
  168  salary for any employee or contracted staff may not exceed
  169  $130,000 and associated benefits may not exceed 35 percent of
  170  salary. Any funds remaining in the Recovery Fund after 30 years
  171  shall revert to the State Treasury.
  172         (4)Triumph Gulf Coast, Inc., shall invest and reinvest the
  173  principal of the Recovery Fund in accordance with s. 617.2104,
  174  in such a manner not to subject the funds to state or federal
  175  taxes, and consistent with an investment policy statement
  176  adopted by the corporation.
  177         (a)The board of directors shall formulate an investment
  178  policy governing the investment of the principal of the Recovery
  179  Fund. The policy shall pertain to the types, kinds, or nature of
  180  investment of any of the funds, and any limitations, conditions
  181  or restrictions upon the methods, practices, or procedures for
  182  investment, reinvestments, purchases, sales, or exchange
  183  transactions, provided such policies shall not conflict with nor
  184  be in derogation of any state constitutional provision or law.
  185  The policy shall be formulated with the advice of the financial
  186  advisor in consultation with the State Board of Administration.
  187         (b)Triumph Gulf Coast, Inc., must competitively procure
  188  one or more money managers, under the advice of the financial
  189  advisor in consultation with the State Board of Administration,
  190  to invest the principal of the Recovery Fund. The applicant
  191  manager or managers may not include representatives from the
  192  financial institution housing the trust account for the Recovery
  193  Fund. The applicant manager or managers must present a plan to
  194  invest the Recovery Fund to maximize earnings while prioritizing
  195  the preservation of Recovery Fund principal. Any agreement with
  196  a money manager must be reviewed by Triumph Gulf Coast, Inc.,
  197  for continuance at least every 5 years. Plans should include
  198  investment in technology and growth businesses domiciled in, or
  199  that will be domiciled in, this state or businesses whose
  200  principal address is in this state.
  201         (c)Costs and fees for investment services shall be
  202  deducted from the earnings as administrative costs. Fees for
  203  investment services shall be no greater than 150 basis points.
  204         (d)Annually, Triumph Gulf Coast, Inc., shall cause an
  205  audit to be conducted of the investment of the Recovery Fund by
  206  the independent certified public accountant retained in s.
  207  288.8014. The expense of such audit shall be paid from earnings
  208  for administrative purposes.
  209         (4)(5) Triumph Gulf Coast, Inc., shall report on June 30
  210  and December 30 each year to the Governor, the President of the
  211  Senate, and the Speaker of the House of Representatives on the
  212  financial status of the Recovery Fund and its investments, the
  213  established priorities, the project and program selection
  214  process, including a list of all submitted projects and programs
  215  and reasons for approval or denial, and the status of all
  216  approved awards.
  217         (5)(6) The Auditor General shall conduct an operational
  218  audit of the Recovery Fund and Triumph Gulf Coast, Inc.,
  219  annually. Triumph Gulf Coast, Inc., shall provide to the Auditor
  220  General any detail or supplemental data required.
  221         Section 4. Subsections (2), (3), (4), (7), and (9) of
  222  section 288.8014, Florida Statutes, are amended to read:
  223         288.8014 Triumph Gulf Coast, Inc.; organization; board of
  224  directors.—
  225         (2) Triumph Gulf Coast, Inc., shall initially be governed
  226  by a five-member 5-member board of directors. Each of the
  227  Trustees of the State Board of Administration, the President of
  228  the Senate, and the Speaker of the House of Representatives
  229  shall each appoint one member from the private sector. As of the
  230  effective date of this act, the number of board members is
  231  increased to seven, with the President of the Senate and the
  232  Speaker of the House of Representatives each appointing an
  233  additional member from the private sector in one of the four
  234  least populous disproportionately affected counties as
  235  identified by the United States Census Bureau in its March 2017
  236  estimates of county populations, to ensure that two such
  237  counties are represented on the board. The board of directors
  238  shall annually elect a chairperson from among the board’s
  239  members. The chairperson may be removed by a majority vote of
  240  the members. His or her successor shall be elected to serve for
  241  the balance of the removed chairperson’s term. The chairperson
  242  is responsible to ensure records are kept of the proceedings of
  243  the board of directors and is the custodian of all books,
  244  documents, and papers filed with the board; the minutes of
  245  meetings of the board; and the official seal of Triumph Gulf
  246  Coast, Inc.
  247         (3) Notwithstanding s. 20.052(4)(c), each initial
  248  appointment to the board of directors by the Board of Trustees
  249  of the State Board of Administration shall serve for a term that
  250  ends 4 years after the Legislature appropriates funds to Triumph
  251  Gulf Coast, Inc. the Recovery Fund. To achieve staggered terms
  252  among the members of the board, each initial appointment to the
  253  board of directors by the President of the Senate and the
  254  Speaker of the House of Representatives shall serve for a term
  255  that ends 5 years after the Legislature appropriates funds to
  256  Triumph Gulf Coast, Inc. the Recovery Fund. Thereafter, each
  257  member of the board of directors shall serve for a term of 4
  258  years. A member is not eligible for reappointment to the board,
  259  except, however, any member appointed to fill a vacancy for a
  260  term of 2 years or less may be reappointed for an additional
  261  term of 4 years. The initial appointments to the board must be
  262  made by November 15, 2013. Vacancies on the board of directors
  263  shall be filled by the officer who originally appointed the
  264  member. A vacancy that occurs before the scheduled expiration of
  265  the term of the member shall be filled for the remainder of the
  266  unexpired term.
  267         (4) The Legislature determines that it is in the public
  268  interest for the members of the board of directors to be subject
  269  to the requirements of ss. 112.313, 112.3135, and 112.3143,
  270  notwithstanding the fact that the board members are not public
  271  officers or employees. For purposes of those sections, the board
  272  members shall be considered to be public officers or employees.
  273  In addition to the postemployment restrictions of s. 112.313(9),
  274  a person appointed to the board of directors must agree to
  275  refrain from having any direct interest in any contract,
  276  franchise, privilege, project, program, or other benefit arising
  277  from an award by Triumph Gulf Coast, Inc., during the term of
  278  his or her appointment and for 6 2 years after the termination
  279  of such appointment. It is a misdemeanor of the first degree,
  280  punishable as provided in s. 775.082 or s. 775.083, for a person
  281  to accept appointment to the board of directors in violation of
  282  this subsection or to accept a direct interest in any contract,
  283  franchise, privilege, project, program, or other benefit granted
  284  by Triumph Gulf Coast, Inc., to an awardee within 6 2 years
  285  after the termination of his or her service on the board.
  286  Further, each member of the board of directors who is not
  287  otherwise required to file financial disclosure under s. 8, Art.
  288  II of the State Constitution or s. 112.3144 shall file
  289  disclosure of financial interests under s. 112.3145.
  290         (7) The board of directors shall meet at least quarterly,
  291  upon the call of the chairperson or at the request of a majority
  292  of the membership, to review the Recovery Fund, establish and
  293  review priorities for economic recovery, diversification, and
  294  enhancement of the in disproportionately affected counties, and
  295  determine use of funds the earnings available. A majority of the
  296  members of the board of directors constitutes a quorum. Members
  297  may not vote by proxy.
  298         (9)(a) Triumph Gulf Coast, Inc., is permitted to hire or
  299  contract for all staff necessary to the proper execution of its
  300  powers and duties to implement this act. The corporation is
  301  required to retain:
  302         1. An independent certified public accountant licensed in
  303  this state pursuant to chapter 473 to inspect the records of and
  304  to annually audit the expenditure of funds the earnings and
  305  available principal disbursed by Triumph Gulf Coast, Inc.
  306         2.An independent financial advisor to assist Triumph Gulf
  307  Coast, Inc., in the development and implementation of a
  308  strategic plan consistent with the requirements of this act.
  309         3.An economic advisor who will assist in the award
  310  process, including the development of priorities, allocation
  311  decisions, and the application and process; will assist the
  312  board in determining eligibility of award applications and the
  313  evaluation and scoring of applications; and will assist in the
  314  development of award documentation.
  315         2.4. A legal advisor with expertise in not-for-profit
  316  investing and contracting and who is a member of The Florida Bar
  317  to assist with contracting and carrying out the intent of this
  318  act.
  319         (b) All Triumph Gulf Coast, Inc., shall require all
  320  employees of the corporation shall to comply with the code of
  321  ethics for public employees under part III of chapter 112.
  322  Retained staff under paragraph (a) must agree to refrain from
  323  having any direct interest in any contract, franchise,
  324  privilege, project, program, or other benefit arising from an
  325  award of funds by Triumph Gulf Coast, Inc., during the term of
  326  his or her appointment and for 6 2 years after the termination
  327  of such appointment.
  328         (c)Retained staff under paragraph (a) shall be available
  329  to consult with the board of directors and shall attend meetings
  330  of the board of directors. These individuals shall not be
  331  permitted to vote on any matter before the board.
  332         Section 5. Subsection (2) of section 288.8015, Florida
  333  Statutes, is amended to read:
  334         288.8015 Board of directors; powers.—In addition to the
  335  powers and duties prescribed in chapter 617 and the articles and
  336  bylaws adopted in compliance with that chapter, the board of
  337  directors may:
  338         (2) Make expenditures including any necessary
  339  administrative expenditure from earnings consistent with its
  340  powers.
  342  Under no circumstances may the credit of the State of Florida be
  343  pledged on behalf of Triumph Gulf Coast, Inc.
  344         Section 6. Subsection (4) of section 288.8016, Florida
  345  Statutes, is amended to read:
  346         288.8016 Triumph Gulf Coast, Inc.; duties.—Triumph Gulf
  347  Coast, Inc., shall have the following duties:
  348         (4) Operate in a transparent manner, providing public
  349  access to information, notice of meetings, awards, and the
  350  status of projects and programs. To this end, Triumph Gulf
  351  Coast, Inc., shall maintain a website that provides public
  352  access to this information. At least 14 calendar days before
  353  approving an award pursuant to s. 288.8017, Triumph Gulf Coast,
  354  Inc., shall publish on the website a summary of the project or
  355  program and indicate its intent to approve the award.
  356         Section 7. Section 288.8017, Florida Statutes, is amended
  357  to read:
  358         288.8017 Awards.—
  359         (1) Triumph Gulf Coast, Inc., shall make awards from
  360  available funds earnings and principal derived under s.
  361  288.8013(2) to projects or programs that meet the priorities for
  362  economic recovery, diversification, and enhancement of the
  363  disproportionately affected counties, notwithstanding s. 377.43.
  364  Awards may be provided for:
  365         (a) Ad valorem tax rate reduction within disproportionately
  366  affected counties;
  367         (b) Payment of impact fees adopted pursuant to s. 163.31801
  368  and imposed within disproportionately affected counties;
  369         (c)Administrative funding for economic development
  370  organizations located within the disproportionately affected
  371  counties;
  372         (c)(d) Local match requirements of s. 288.0655 ss.
  373  288.0655, 288.0659, 288.1045, and 288.106 for projects in the
  374  disproportionately affected counties;
  375         (e)Economic development projects in the disproportionately
  376  affected counties;
  377         (d)(f)Public infrastructure projects for construction,
  378  expansion, or maintenance which that are shown to enhance
  379  economic recovery, diversification, and enhancement of
  380  development in the disproportionately affected counties;
  381         (e)(g) Grants to local governments in the
  382  disproportionately affected counties to establish and maintain
  383  equipment and trained personnel for local action plans of
  384  response to respond to disasters, such as plans created for the
  385  Coastal Impacts Assistance Program;
  386         (f)(h) Grants to support programs of excellence that
  387  prepare students for future occupations and careers at K-20
  388  institutions that have home campuses in the disproportionately
  389  affected counties. Eligible programs include those that increase
  390  students’ technology skills and knowledge; encourage industry
  391  certifications; provide rigorous, alternative pathways for
  392  students to meet high school graduation requirements; strengthen
  393  career readiness initiatives; fund high-demand programs of
  394  emphasis at the bachelor’s and master’s level designated by the
  395  Board of Governors; and, similar to or the same as talent
  396  retention programs created by the Chancellor of the State
  397  University System and the Commission of Education, encourage
  398  students with interest or aptitude for science, technology,
  399  engineering, mathematics, and medical disciplines to pursue
  400  postsecondary education at a state university or a Florida
  401  College System institution within the disproportionately
  402  affected counties; and
  403         (g)Grants to support programs that provide participants in
  404  the disproportionately affected counties with transferrable,
  405  sustainable workforce skills that are not confined to a single
  406  employer; and
  407         (i)Grants to the tourism entity created under s. 288.1226
  408  for the purpose of advertising and promoting tourism, Fresh From
  409  Florida, or related content on behalf of one or all of the
  410  disproportionately affected counties.
  411         (2) Triumph Gulf Coast, Inc., shall establish an
  412  application procedure for awards and a scoring process for the
  413  selection of projects and programs that have the potential to
  414  generate increased economic activity in the disproportionately
  415  affected counties, giving priority to projects and programs
  416  that:
  417         (a) Generate maximum estimated economic benefits, based on
  418  tools and models not generally employed by economic input-output
  419  analyses, including cost-benefit, return-on-investment, or
  420  dynamic scoring techniques to determine how the long-term
  421  economic growth potential of the disproportionately affected
  422  counties may be enhanced by the investment.
  423         (b) Increase household income in the disproportionately
  424  affected counties above national average household income.
  425         (c)Expand high growth industries or establish new high
  426  growth industries in the region.
  427         1.Industries that are supported must have strong growth
  428  potential in the disproportionately affected counties.
  429         2.An industry’s growth potential is defined based on a
  430  detailed review of the current industry trends nationally and
  431  the necessary supporting asset base for that industry in the
  432  disproportionately affected counties region.
  433         (c)(d) Leverage or further enhance key regional assets,
  434  including educational institutions, research facilities, and
  435  military bases.
  436         (d)(e) Partner with local governments to provide funds,
  437  infrastructure, land, or other assistance for the project.
  438         (f)Have investment commitments from private equity or
  439  private venture capital funds.
  440         (g)Provide or encourage seed stage investments in start-up
  441  companies.
  442         (h)Provide advice and technical assistance to companies on
  443  restructuring existing management, operations, or production to
  444  attract advantageous business opportunities.
  445         (e)(i) Benefit the environment in addition to the economy.
  446         (f)(j) Provide outcome measures for programs of excellence
  447  support, including terms of intent and metrics.
  448         (g)(k) Partner with K-20 educational institutions or school
  449  districts located within the disproportionately affected
  450  counties as of January 1, 2017.
  451         (l)Partner with convention and visitor bureaus, tourist
  452  development councils, or chambers of commerce located within the
  453  disproportionately affected counties.
  454         (3) Triumph Gulf Coast, Inc., may make awards as
  455  applications are received or may establish application periods
  456  for selection. Awards may not be used to finance 100 percent of
  457  any project or program. Triumph Gulf Coast, Inc., may require a
  458  one-to-one private-sector match or higher for an award, if
  459  applicable and deemed prudent by the board of directors. An
  460  awardee may not receive all of the funds earnings or available
  461  principal in any given year. An award may supplement but may not
  462  supplant existing funding sources.
  463         (4) A contract executed by Triumph Gulf Coast, Inc., with
  464  an awardee must include provisions requiring a performance
  465  report on the contracted activities, must account for the proper
  466  use of funds provided under the contract, and must include
  467  provisions for recovery of awards in the event the award was
  468  based upon fraudulent information or the awardee is not meeting
  469  the performance requirements of the award. Awardees must
  470  regularly report to Triumph Gulf Coast, Inc., the expenditure of
  471  funds and the status of the project or program on a schedule
  472  determined by the corporation.
  473         Section 8. Section 377.43, Florida Statutes, is repealed.
  474         Section 9. The revision made by this act to s. 288.8014(4)
  475  applies only to persons who serve on the board of trustees of
  476  Triumph Gulf Coast, Inc., on or after July 1, 2017.
  477         Section 10. The Division of Law Revision and Information is
  478  directed to replace the phrase “the effective date of this act”
  479  where it occurs in this act with the date this act takes effect.
  480         Section 11. This act shall take effect upon becoming a law.