Florida Senate - 2017                          SENATOR AMENDMENT
       Bill No. HB 7077, 1st Eng.
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                Floor: 1/AD/2R         .            Floor: C            
             05/01/2017 01:15 PM       .      05/02/2017 02:04 PM       

       Senators Gainer, Broxson, and Montford moved the following:
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 288.80, Florida Statutes, is amended to
    6  read:
    7         288.80 Short title.—This section and ss. 288.8011-288.8018
    8  ss. 288.8011-288.8017 may be cited as the “Gulf Coast Economic
    9  Corridor Act.”
   10         Section 2. Section 288.8012, Florida Statutes, is amended
   11  to read:
   12         288.8012 Definitions.—As used in ss. 288.8011-288.8018 ss.
   13  288.80-288.8017, the term:
   14         (1) “Awardee” means a person, organization, or local
   15  government granted an award of funds as authorized in s.
   16  288.8017 from the Recovery Fund for a project or program.
   17         (2)“Department” means the Department of Economic
   18  Opportunity.
   19         (3)(2) “Disproportionately affected county” means Bay
   20  County, Escambia County, Franklin County, Gulf County, Okaloosa
   21  County, Santa Rosa County, Walton County, or Wakulla County.
   22         (3)“Earnings” means all the income generated by
   23  investments and interest.
   24         (4) “Settlement agreement” means the agreement entitled
   25  “Settlement Agreement Between the Gulf States and the BP
   26  Entities with Respect to Economic and Other Claims Arising from
   27  the Deepwater Horizon Incident,” which was entered into on
   28  October 5, 2015, in the case styled In re: Oil Spill by the Oil
   29  Rig Deepwater Horizon in the Gulf of Mexico, on April 20,
   30  2010, MDL 2179 in the United States District Court for the
   31  Eastern District of Louisiana “Recovery Fund” means a trust
   32  account established by Triumph Gulf Coast, Inc., for the benefit
   33  of the disproportionately affected counties.
   34         Section 3. Section 288.8013, Florida Statutes, is amended
   35  to read:
   36         288.8013 Triumph Gulf Coast, Inc.; Recovery Fund; creation;
   37  funding; investment.—
   38         (1) There is created within the department of Economic
   39  Opportunity a nonprofit corporation, to be known as Triumph Gulf
   40  Coast, Inc., which shall be registered, incorporated, organized,
   41  and operated in compliance with chapter 617, and which is not a
   42  unit or entity of state government. Triumph Gulf Coast, Inc.,
   43  may receive, hold, invest, and administer the Recovery Fund in
   44  support of this act. Triumph Gulf Coast, Inc., is a separate
   45  budget entity and is not subject to control, supervision, or
   46  direction by the department of Economic Opportunity in any
   47  manner, including, but not limited to, personnel, purchasing,
   48  transactions involving real or personal property, and budgetary
   49  matters.
   50         (2) Seventy-five percent of all payments to the state
   51  pursuant to the settlement agreement shall be transferred
   52  immediately by the Chief Financial Officer from the General
   53  Revenue Fund to the Triumph Gulf Coast Trust Fund Triumph Gulf
   54  Coast, Inc., must create and administer the Recovery Fund for
   55  the benefit of the disproportionately affected counties. The
   56  principal of the fund shall derive from 75 percent of all funds
   57  recovered by the Attorney General for economic damage to the
   58  state resulting from the Deepwater Horizon disaster, after
   59  payment of reasonable and necessary attorney fees, costs, and
   60  expenses, including such attorney fees, costs, and expenses
   61  pursuant to s. 16.0155.
   62         (a)Such funds are appropriated to Triumph Gulf Coast,
   63  Inc., and shall be released by the department for deposit into
   64  the trust account established by Triumph Gulf Coast, Inc.,
   65  pursuant to subsection (3) as follows:
   66         1.Seventy-five percent of the moneys received by the state
   67  pursuant to the settlement agreement on or before July 1, 2017,
   68  shall be immediately released to Triumph Gulf Coast, Inc.
   69         2.Seventy-five percent of the moneys received by the state
   70  pursuant to the settlement agreement after July 1, 2017, shall
   71  be released to Triumph Gulf Coast, Inc., no later than 30 days
   72  after such funds are transferred to the Triumph Gulf Coast Trust
   73  Fund.
   74         (b)Triumph Gulf Coast, Inc., shall make awards for
   75  projects or programs within the geographic boundaries of each
   76  disproportionately affected county based on the following
   77  minimum allocations:
   78         1.At least 40 percent of the moneys transferred to Triumph
   79  Gulf Coast, Inc., pursuant to subparagraph (a)1., must be
   80  allocated equally among the eight disproportionately affected
   81  counties based on a minimum allocation of at least 5 percent per
   82  county.
   83         2.For each transfer of funds to Triumph Gulf Coast, Inc.,
   84  pursuant to subparagraph (a)2., at least 32 percent of the
   85  moneys must be allocated equally among the eight
   86  disproportionately affected counties based on a minimum
   87  allocation of at least 4 percent per county.
   88         (c)Each board of county commissioners shall solicit
   89  proposed projects and programs from other elected local
   90  governing boards within the county and shall provide Triumph
   91  Gulf Coast, Inc., with a list of proposed projects and programs
   92  located within its county. The submitted list of proposed
   93  projects and programs must include projects and programs
   94  submitted by other elected local governing boards and projects
   95  and programs recommended by the board of county commissioners.
   96         (d)Any remaining funds shall be allocated by Triumph Gulf
   97  Coast, Inc., for administrative costs and to make awards
   98  pursuant to s. 288.8017. Administrative costs may not exceed
   99  0.75 percent of the funds released to Triumph Gulf Coast, Inc.
  100         (3) The Recovery Fund must be maintained as a long-term and
  101  stable source of revenue, which shall decline over a 30-year
  102  period in equal amounts each year. Triumph Gulf Coast, Inc.,
  103  shall establish a trust account at a federally insured financial
  104  institution to hold funds received from the Triumph Gulf Coast
  105  Trust Fund and make deposits and payments. Interest earned in
  106  the trust account shall be deposited monthly into the Triumph
  107  Gulf Coast Trust Fund. Triumph Gulf Coast, Inc., may invest
  108  surplus funds in the Local Government Surplus Funds Trust Fund,
  109  pursuant to s. 218.407, and interest earned, net of fees, shall
  110  be transferred monthly into the Triumph Gulf Coast Trust Fund
  111  Earnings generated by investments and interest of the fund, plus
  112  the amount of principal available each year, shall be available
  113  to make awards pursuant to this act and pay administrative
  114  costs. Earnings shall be accounted for separately from principal
  115  funds set forth in subsection (2). Administrative costs may are
  116  limited to 2.25 percent of the earnings in a calendar year.
  117  Administrative costs include payment of investment fees, travel
  118  and per diem expenses of board members, audits, salary or other
  119  costs for employed or contracted staff, including required staff
  120  under s. 288.8014(9), and other allowable costs. The annual
  121  salary for any employee or contracted staff may not exceed
  122  $130,000 and associated benefits may not exceed 35 percent of
  123  salary Any funds remaining in the Recovery Fund after 30 years
  124  shall revert to the State Treasury.
  125         (4)Triumph Gulf Coast, Inc., shall invest and reinvest the
  126  principal of the Recovery Fund in accordance with s. 617.2104,
  127  in such a manner not to subject the funds to state or federal
  128  taxes, and consistent with an investment policy statement
  129  adopted by the corporation.
  130         (a)The board of directors shall formulate an investment
  131  policy governing the investment of the principal of the Recovery
  132  Fund. The policy shall pertain to the types, kinds, or nature of
  133  investment of any of the funds, and any limitations, conditions
  134  or restrictions upon the methods, practices, or procedures for
  135  investment, reinvestments, purchases, sales, or exchange
  136  transactions, provided such policies shall not conflict with nor
  137  be in derogation of any state constitutional provision or law.
  138  The policy shall be formulated with the advice of the financial
  139  advisor in consultation with the State Board of Administration.
  140         (b)Triumph Gulf Coast, Inc., must competitively procure
  141  one or more money managers, under the advice of the financial
  142  advisor in consultation with the State Board of Administration,
  143  to invest the principal of the Recovery Fund. The applicant
  144  manager or managers may not include representatives from the
  145  financial institution housing the trust account for the Recovery
  146  Fund. The applicant manager or managers must present a plan to
  147  invest the Recovery Fund to maximize earnings while prioritizing
  148  the preservation of Recovery Fund principal. Any agreement with
  149  a money manager must be reviewed by Triumph Gulf Coast, Inc.,
  150  for continuance at least every 5 years. Plans should include
  151  investment in technology and growth businesses domiciled in, or
  152  that will be domiciled in, this state or businesses whose
  153  principal address is in this state.
  154         (c)Costs and fees for investment services shall be
  155  deducted from the earnings as administrative costs. Fees for
  156  investment services shall be no greater than 150 basis points.
  157         (d)Annually, Triumph Gulf Coast, Inc., shall cause an
  158  audit to be conducted of the investment of the Recovery Fund by
  159  the independent certified public accountant retained in s.
  160  288.8014. The expense of such audit shall be paid from earnings
  161  for administrative purposes.
  162         (4)(5) Triumph Gulf Coast, Inc., shall report on June 30
  163  and December 30 of each year to the Governor, the President of
  164  the Senate, and the Speaker of the House of Representatives on
  165  the financial status of the Recovery Fund and its investments,
  166  the established priorities;, the project and program selection
  167  process, including a list of all submitted projects and programs
  168  and reasons for approval or denial;, and the status of all
  169  approved awards.
  170         (5)(6) The Auditor General shall conduct an operational
  171  audit of the Recovery Fund and Triumph Gulf Coast, Inc.,
  172  annually. Triumph Gulf Coast, Inc., shall provide to the Auditor
  173  General any detail or supplemental data required.
  174         Section 4. Subsections (2), (3), (4), (7), and (9) of
  175  section 288.8014, Florida Statutes, are amended to read:
  176         288.8014 Triumph Gulf Coast, Inc.; organization; board of
  177  directors.—
  178         (2) Triumph Gulf Coast, Inc., shall initially be governed
  179  by a five-member 5-member board of directors. Each of the
  180  Trustees of the State Board of Administration, the President of
  181  the Senate, and the Speaker of the House of Representatives
  182  shall each appoint one member from the private sector. As of the
  183  effective date of this act, the number of board members is
  184  increased to seven, with the President of the Senate and the
  185  Speaker of the House of Representatives each appointing an
  186  additional member from the private sector in one of the four
  187  least populous disproportionately affected counties, as
  188  identified by the United States Census Bureau in its April 2016
  189  estimates of county populations, to ensure that two such
  190  counties are represented on the board. The board of directors
  191  shall annually elect a chairperson from among the board’s
  192  members. The chairperson may be removed by a majority vote of
  193  the members. His or her successor shall be elected to serve for
  194  the balance of the removed chairperson’s term. The chairperson
  195  is responsible to ensure records are kept of the proceedings of
  196  the board of directors and is the custodian of all books,
  197  documents, and papers filed with the board; the minutes of
  198  meetings of the board; and the official seal of Triumph Gulf
  199  Coast, Inc.
  200         (3) Notwithstanding s. 20.052(4)(c), each initial
  201  appointment to the board of directors by the Board of Trustees
  202  of the State Board of Administration shall serve for a term that
  203  ends 4 years after the Legislature appropriates funds to Triumph
  204  Gulf Coast, Inc. the Recovery Fund. To achieve staggered terms
  205  among the members of the board, each initial appointment to the
  206  board of directors by the President of the Senate and the
  207  Speaker of the House of Representatives shall serve for a term
  208  that ends 5 years after the Legislature appropriates funds to
  209  Triumph Gulf Coast, Inc. the Recovery Fund. Thereafter, each
  210  member of the board of directors shall serve for a term of 4
  211  years. A member is not eligible for reappointment to the board;,
  212  except, however, any member appointed to fill a vacancy for a
  213  term of 2 years or less may be reappointed for an additional
  214  term of 4 years. The initial appointments to the board must be
  215  made by November 15, 2013. Vacancies on the board of directors
  216  shall be filled by the officer who originally appointed the
  217  member. A vacancy that occurs before the scheduled expiration of
  218  the term of the member shall be filled for the remainder of the
  219  unexpired term.
  220         (4) The Legislature determines that it is in the public
  221  interest for the members of the board of directors to be subject
  222  to the requirements of ss. 112.313, 112.3135, and 112.3143,
  223  notwithstanding the fact that the board members are not public
  224  officers or employees. For purposes of those sections, the board
  225  members shall be considered to be public officers or employees.
  226  In addition to the postemployment restrictions of s. 112.313(9),
  227  a person appointed to the board of directors must agree to
  228  refrain from having any direct interest in any contract,
  229  franchise, privilege, project, program, or other benefit arising
  230  from an award by Triumph Gulf Coast, Inc., during the term of
  231  his or her appointment and for 6 2 years after the termination
  232  of such appointment. It is a misdemeanor of the first degree,
  233  punishable as provided in s. 775.082 or s. 775.083, for a person
  234  to accept appointment to the board of directors in violation of
  235  this subsection or to accept a direct interest in any contract,
  236  franchise, privilege, project, program, or other benefit granted
  237  by Triumph Gulf Coast, Inc., to an awardee within 6 2 years
  238  after the termination of his or her service on the board.
  239  Further, each member of the board of directors who is not
  240  otherwise required to file financial disclosure under s. 8, Art.
  241  II of the State Constitution or s. 112.3144 shall file
  242  disclosure of financial interests under s. 112.3145.
  243         (7) The board of directors shall meet at least quarterly,
  244  upon the call of the chairperson or at the request of a majority
  245  of the membership, to review the Recovery Fund, establish and
  246  review priorities for economic recovery, diversification, and
  247  enhancement of the in disproportionately affected counties, and
  248  determine use of funds the earnings available. A majority of the
  249  members of the board of directors constitutes a quorum. Members
  250  may not vote by proxy.
  251         (9)(a) Triumph Gulf Coast, Inc., is permitted to hire or
  252  contract for all staff necessary to the proper execution of its
  253  powers and duties to implement this act. The corporation is
  254  required to retain:
  255         1. An independent certified public accountant licensed in
  256  this state pursuant to chapter 473 to inspect the records of and
  257  to annually audit the expenditure of funds the earnings and
  258  available principal disbursed by Triumph Gulf Coast, Inc.
  259         2.An independent financial advisor to assist Triumph Gulf
  260  Coast, Inc., in the development and implementation of a
  261  strategic plan consistent with the requirements of this act.
  262         3.An economic advisor who will assist in the award
  263  process, including the development of priorities, allocation
  264  decisions, and the application and process; will assist the
  265  board in determining eligibility of award applications and the
  266  evaluation and scoring of applications; and will assist in the
  267  development of award documentation.
  268         2.4. A legal advisor with expertise in not-for-profit
  269  investing and contracting and who is a member of The Florida Bar
  270  to assist with contracting and carrying out the intent of this
  271  act.
  272         (b) All Triumph Gulf Coast, Inc., shall require all
  273  employees of the corporation shall to comply with the code of
  274  ethics for public employees under part III of chapter 112.
  275  Retained staff under paragraph (a) must agree to refrain from
  276  having any direct interest in any contract, franchise,
  277  privilege, project, program, or other benefit arising from an
  278  award of funds by Triumph Gulf Coast, Inc., during the term of
  279  his or her appointment and for 6 2 years after the termination
  280  of such appointment.
  281         (c)Retained staff under paragraph (a) shall be available
  282  to consult with the board of directors and shall attend meetings
  283  of the board of directors. These individuals shall not be
  284  permitted to vote on any matter before the board.
  285         Section 5. Subsection (2) of section 288.8015, Florida
  286  Statutes, is amended to read:
  287         288.8015 Board of directors; powers.—In addition to the
  288  powers and duties prescribed in chapter 617 and the articles and
  289  bylaws adopted in compliance with that chapter, the board of
  290  directors may:
  291         (2) Make expenditures including any necessary
  292  administrative expenditure from earnings consistent with its
  293  powers.
  295  Under no circumstances may the credit of the State of Florida be
  296  pledged on behalf of Triumph Gulf Coast, Inc.
  297         Section 6. Subsection (4) of section 288.8016, Florida
  298  Statutes, is amended to read:
  299         288.8016 Triumph Gulf Coast, Inc.; duties.—Triumph Gulf
  300  Coast, Inc., shall have the following duties:
  301         (4) Operate in a transparent manner, providing public
  302  access to information, notice of meetings, awards, and the
  303  status of projects and programs. To this end, Triumph Gulf
  304  Coast, Inc., shall maintain a website that provides public
  305  access to this information. At least 14 calendar days before
  306  approving an award pursuant to s. 288.8017, Triumph Gulf Coast,
  307  Inc., shall publish on the website a summary of the project or
  308  program and indicate its intent to approve the award.
  309         Section 7. Section 288.8017, Florida Statutes, is amended
  310  to read:
  311         288.8017 Awards.—
  312         (1) Triumph Gulf Coast, Inc., shall make awards from
  313  available funds earnings and principal derived under s.
  314  288.8013(2) to projects or programs that meet the priorities for
  315  economic recovery, diversification, and enhancement of the
  316  disproportionately affected counties, notwithstanding s. 377.43.
  317  Awards may be provided for:
  318         (a) Ad valorem tax rate reduction within disproportionately
  319  affected counties;
  320         (b)Payment of impact fees adopted pursuant to s. 163.31801
  321  and imposed within disproportionately affected counties;
  322         (c)Administrative funding for economic development
  323  organizations located within the disproportionately affected
  324  counties;
  325         (b)(d) Local match requirements of s. 288.0655 ss.
  326  288.0655, 288.0659, 288.1045, and 288.106 for projects in the
  327  disproportionately affected counties;
  328         (e)Economic development projects in the disproportionately
  329  affected counties;
  330         (c)(f)Public infrastructure projects for construction,
  331  expansion, or maintenance which that are shown to enhance
  332  economic recovery, diversification, and enhancement of
  333  development in the disproportionately affected counties;
  334         (d)(g) Grants to local governments in the
  335  disproportionately affected counties to establish and maintain
  336  equipment and trained personnel for local action plans of
  337  response to respond to disasters, such as plans created for the
  338  Coastal Impacts Assistance Program;
  339         (e)(h) Grants to support programs of excellence that
  340  prepare students for future occupations and careers at K-20
  341  institutions that have home campuses in the disproportionately
  342  affected counties. Eligible programs include those that increase
  343  students’ technology skills and knowledge; encourage industry
  344  certifications; provide rigorous, alternative pathways for
  345  students to meet high school graduation requirements; strengthen
  346  career readiness initiatives; fund high-demand programs of
  347  emphasis at the bachelor’s and master’s level designated by the
  348  Board of Governors; and, similar to or the same as talent
  349  retention programs created by the Chancellor of the State
  350  University System and the Commission of Education, encourage
  351  students with interest or aptitude for science, technology,
  352  engineering, mathematics, and medical disciplines to pursue
  353  postsecondary education at a state university or a Florida
  354  College System institution within the disproportionately
  355  affected counties; and
  356         (f)Grants to support programs that provide participants in
  357  the disproportionately affected counties with transferrable,
  358  sustainable workforce skills that are not confined to a single
  359  employer; and
  360         (g)(i) Grants to the tourism entity created under s.
  361  288.1226 for the purpose of advertising and promoting tourism
  362  and, Fresh From Florida, and grants to promote workforce and
  363  infrastructure, or related content on behalf of one or all of
  364  the disproportionately affected counties.
  365         (2) Triumph Gulf Coast, Inc., shall establish an
  366  application procedure for awards and a scoring process for the
  367  selection of projects and programs that have the potential to
  368  generate increased economic activity in the disproportionately
  369  affected counties, giving priority to projects and programs
  370  that:
  371         (a) Generate maximum estimated economic benefits, based on
  372  tools and models not generally employed by economic input-output
  373  analyses, including cost-benefit, return-on-investment, or
  374  dynamic scoring techniques to determine how the long-term
  375  economic growth potential of the disproportionately affected
  376  counties may be enhanced by the investment.
  377         (b) Increase household income in the disproportionately
  378  affected counties above national average household income.
  379         (c)Expand high growth industries or establish new high
  380  growth industries in the region.
  381         1.Industries that are supported must have strong growth
  382  potential in the disproportionately affected counties.
  383         2.An industry’s growth potential is defined based on a
  384  detailed review of the current industry trends nationally and
  385  the necessary supporting asset base for that industry in the
  386  disproportionately affected counties region.
  387         (c)(d) Leverage or further enhance key regional assets,
  388  including educational institutions, research facilities, and
  389  military bases.
  390         (d)(e) Partner with local governments to provide funds,
  391  infrastructure, land, or other assistance for the project.
  392         (f)Have investment commitments from private equity or
  393  private venture capital funds.
  394         (g)Provide or encourage seed stage investments in start-up
  395  companies.
  396         (h)Provide advice and technical assistance to companies on
  397  restructuring existing management, operations, or production to
  398  attract advantageous business opportunities.
  399         (e)(i) Benefit the environment, in addition to the economy.
  400         (f)(j) Provide outcome measures for programs of excellence
  401  support, including terms of intent and metrics.
  402         (g)(k) Partner with K-20 educational institutions or school
  403  districts located within the disproportionately affected
  404  counties as of January 1, 2017.
  405         (h) Are recommended by the board of county commissioners of
  406  the county in which the project or program will be located.
  407         (i)(l) Partner with convention and visitor bureaus, tourist
  408  development councils, or chambers of commerce located within the
  409  disproportionately affected counties.
  410         (3) Triumph Gulf Coast, Inc., may make awards as
  411  applications are received or may establish application periods
  412  for selection. Awards may not be used to finance 100 percent of
  413  any project or program. Triumph Gulf Coast, Inc., may require a
  414  one-to-one private-sector match or higher for an award, if
  415  applicable and deemed prudent by the board of directors. An
  416  awardee may not receive all of the funds earnings or available
  417  principal in any given year. An award may supplement but may not
  418  supplant existing funding sources.
  419         (4) A contract executed by Triumph Gulf Coast, Inc., with
  420  an awardee must include provisions requiring a performance
  421  report on the contracted activities, must account for the proper
  422  use of funds provided under the contract, and must include
  423  provisions for recovery of awards in the event the award was
  424  based upon fraudulent information or the awardee is not meeting
  425  the performance requirements of the award. Awardees must
  426  regularly report to Triumph Gulf Coast, Inc., the expenditure of
  427  funds and the status of the project or program on a schedule
  428  determined by the corporation.
  429         Section 8. Section 377.43, Florida Statutes, is repealed.
  430         Section 9. The revision made by this act to s. 288.8014(4),
  431  Florida Statutes, applies only to persons who are appointed to
  432  serve on the board of directors of Triumph Gulf Coast, Inc., on
  433  or after July 1, 2017.
  434         Section 10. The Division of Law Revision and Information is
  435  directed to replace the phrase “the effective date of this act”
  436  where it occurs in this act with the date this act takes effect.
  437         Section 11. This act shall take effect upon becoming a law.
  439  ================= T I T L E  A M E N D M E N T ================
  440  And the title is amended as follows:
  441         Delete everything before the enacting clause
  442  and insert:
  443                        A bill to be entitled                      
  444         An act relating to the Gulf Coast Economic Corridor;
  445         amending s. 288.80, F.S.; conforming provisions to
  446         changes made by the act; amending s. 288.8012, F.S.;
  447         defining and redefining terms; amending s. 288.8013,
  448         F.S.; deleting the creation and identification of
  449         purposes of the recovery fund; requiring a specified
  450         percentage of payments made to the state under a
  451         specified settlement of litigation related to the
  452         Deepwater Horizon oil spill be immediately transferred
  453         from the General Revenue Fund to the Triumph Gulf
  454         Coast Trust Fund; providing an appropriation and for
  455         the transfer of funds; providing requirements for the
  456         allocation of funds; requiring Triumph Gulf Coast,
  457         Inc., to make awards for projects or programs within
  458         disproportionately affected counties based on
  459         specified minimum allocations; requiring each board of
  460         county commissioners for such counties to solicit
  461         certain projects and programs from certain elected
  462         local governing boards; requiring such boards of
  463         county commissioners to provide Triumph Gulf Coast,
  464         Inc., with a list of projects and programs that are
  465         consistent with certain awards and priorities;
  466         providing a requirement for the list; providing for
  467         the disposition of any remaining funds; limiting
  468         administrative costs; requiring interest in the
  469         Triumph Gulf Coast, Inc., trust account to be
  470         deposited into the Triumph Gulf Coast Trust Fund;
  471         revising provisions related to the investment of funds
  472         in the trust account; limiting the annual salary of
  473         employees or contracted staff of Triumph Gulf Coast,
  474         Inc.; revising annual reporting requirements; amending
  475         s. 288.8014, F.S.; expanding the membership of the
  476         board of directors; specifying conditions for
  477         appointing additional board members; deleting
  478         references to the recovery fund; deleting obsolete
  479         language; revising conflict of interest restrictions
  480         imposed on board members of Triumph Gulf Coast, Inc.;
  481         removing the requirement that Triumph Gulf Coast,
  482         Inc., retain an independent financial advisor and an
  483         economic advisor; revising provisions relating to
  484         conflict of interest restrictions imposed on retained
  485         staff; amending s. 288.8015, F.S.; conforming a
  486         provision to changes made by the act; amending s.
  487         288.8016, F.S.; requiring Triumph Gulf Coast, Inc., to
  488         publish on its website specified information before
  489         making an award; amending s. 288.8017, F.S.;
  490         conforming provisions to changes made by the act;
  491         revising provisions governing the uses of awards from
  492         Triumph Gulf Coast, Inc.; repealing s. 377.43, F.S.,
  493         relating to the disbursement of funds received for
  494         damages caused by the Deepwater Horizon oil spill;
  495         specifying that certain conflict of interest
  496         restrictions imposed on board members of the Triumph
  497         Gulf Coast, Inc., apply to members appointed on or
  498         after a specified date; providing a directive to the
  499         Division of Law Revision and Information; providing an
  500         effective date.