Florida Senate - 2020                              CS for SB 666
       By the Committee on Commerce and Tourism; and Senator Mayfield
       577-02398-20                                           2020666c1
    1                        A bill to be entitled                      
    2         An act relating to the Florida Development Finance
    3         Corporation; amending s. 20.60, F.S.; requiring the
    4         executive director of the Department of Economic
    5         Opportunity to serve as the chair of the board of
    6         directors of the Florida Development Finance
    7         Corporation; requiring that the annual report of the
    8         corporation be incorporated into the department’s
    9         annual report on the condition of the business climate
   10         and economic development in the state; requiring the
   11         department to develop performance standards for the
   12         corporation and to include certain information
   13         relating to the standards in the department’s annual
   14         report; amending s. 288.9604, F.S.; revising the
   15         membership of the board of directors of the
   16         corporation; requiring that the director of the
   17         Division of Bond Finance of the State Board of
   18         Administration, or his or her designee, serve on the
   19         board of directors of the corporation; making
   20         conforming changes; providing for future repeals;
   21         requiring the chair and vice chair of the board of
   22         directors of the corporation to serve as regular
   23         members of the board after a specified date; providing
   24         construction; amending s. 288.9610, F.S.; requiring
   25         the corporation to submit an annual report containing
   26         specified information to the department; providing for
   27         the continuation of certain contracts and interlocal
   28         agreements; providing an effective date.
   30  Be It Enacted by the Legislature of the State of Florida:
   32         Section 1. Paragraph (c) is added to subsection (9) of
   33  section 20.60, Florida Statutes, and paragraph (b) of subsection
   34  (10) and subsection (11) of that section are amended, to read:
   35         20.60 Department of Economic Opportunity; creation; powers
   36  and duties.—
   37         (9) The executive director shall:
   38         (c)Serve as the chair of the board of directors of the
   39  Florida Development Finance Corporation.
   40         (10) The department, with assistance from Enterprise
   41  Florida, Inc., shall, by November 1 of each year, submit an
   42  annual report to the Governor, the President of the Senate, and
   43  the Speaker of the House of Representatives on the condition of
   44  the business climate and economic development in the state.
   45         (b) The report must incorporate annual reports of other
   46  programs, including:
   47         1. Information provided by the Department of Revenue under
   48  s. 290.014.
   49         2. Information provided by enterprise zone development
   50  agencies under s. 290.0056 and an analysis of the activities and
   51  accomplishments of each enterprise zone.
   52         3. The Economic Gardening Business Loan Pilot Program
   53  established under s. 288.1081 and the Economic Gardening
   54  Technical Assistance Pilot Program established under s.
   55  288.1082.
   56         4. A detailed report of the performance of the Black
   57  Business Loan Program and a cumulative summary of quarterly
   58  report data required under s. 288.714.
   59         5. The Rural Economic Development Initiative established
   60  under s. 288.0656.
   61         6. The Florida Unique Abilities Partner Program.
   62         7.A detailed report of the performance of the Florida
   63  Development Finance Corporation and a summary of the
   64  corporation’s report required under s. 288.9610.
   65         (11) The department shall establish annual performance
   66  standards for Enterprise Florida, Inc., CareerSource Florida,
   67  Inc., the Florida Tourism Industry Marketing Corporation, and
   68  Space Florida, and the Florida Development Finance Corporation
   69  and report annually on how these performance measures are being
   70  met in the annual report required under subsection (10).
   71         Section 2. Subsection (2), paragraphs (a) and (c) of
   72  subsection (3), and subsection (4) of section 288.9604, Florida
   73  Statutes, are amended, and subsection (5) is added to that
   74  section, to read:
   75         288.9604 Creation of the authority.—
   76         (2) The board of directors of the corporation shall consist
   77  of seven directors. The executive director of the department, or
   78  his or her designee, shall serve as chair of the board of
   79  directors of the corporation. The director of the Division of
   80  Bond Finance of the State Board of Administration, or his or her
   81  designee, shall serve as a director of the board of directors of
   82  the corporation. The Governor, subject to confirmation by the
   83  Senate, shall appoint the remaining five directors of the board
   84  of directors of the corporation, who shall be five in number.
   85  The terms of office for the appointed directors shall be for 4
   86  years from the date of their appointment. A vacancy occurring
   87  during a term of an appointed director shall be filled for the
   88  unexpired term. A director shall be eligible for reappointment.
   89  At least three of the appointed directors of the corporation
   90  shall be bankers or individuals with experience in finance who
   91  have been selected by the Governor from a list of bankers who
   92  were nominated by Enterprise Florida, Inc., and one of the
   93  directors shall be an economic development specialist.
   94         (3)(a)1. A director may not receive compensation for his or
   95  her services, but is entitled to necessary expenses, including
   96  travel expenses, incurred in the discharge of his or her duties.
   97  Each appointed director shall hold office until his or her
   98  successor has been appointed.
   99         2. Directors are subject to ss. 112.313(1)-(8), (10), (12),
  100  and (15); 112.3135; and 112.3143(2). For purposes of applying
  101  ss. 112.313(1)-(8), (10), (12), and (15); 112.3135; and
  102  112.3143(2) to activities of directors, directors shall be
  103  considered public officers and the corporation shall be
  104  considered their agency.
  105         (c) The directors of the corporation shall annually elect
  106  one of their members as chair and one as vice chair. The
  107  corporation may employ a president, technical experts, and such
  108  other agents and employees, permanent and temporary, as it
  109  requires and determine their qualifications, duties, and
  110  compensation. For such legal services as it requires, the
  111  corporation may employ or retain its own counsel and legal
  112  staff.
  113         (4) The board may remove an appointed a director for
  114  inefficiency, neglect of duty, or misconduct in office. Such
  115  director may be removed only after a hearing and only if he or
  116  she has been given a copy of the charges at least 10 days before
  117  such hearing and has had an opportunity to be heard in person or
  118  by counsel. The removal of a director shall create a vacancy on
  119  the board which shall be filled pursuant to subsection (2).
  120         (5)This section is repealed October 1, 2022, and October 1
  121  of every fourth year thereafter, unless reviewed and saved from
  122  repeal by the Legislature.
  123         Section 3. In order to implement the changes made by this
  124  act to s. 288.9604, Florida Statutes, the chair and vice chair
  125  of the board of directors of the Florida Development Finance
  126  Corporation as of June 30, 2020, shall serve as regular members
  127  beginning July 1, 2020. Nothing in this act may be construed to
  128  affect the terms of the directors serving on the board on July
  129  1, 2020.
  130         Section 4. Section 288.9610, Florida Statutes, is amended
  131  to read:
  132         288.9610 Annual reports of Florida Development Finance
  133  Corporation.—On or before 90 days after the close of the Florida
  134  Development Finance Corporation’s fiscal year, the corporation
  135  shall submit to the Governor, the Legislature, the Auditor
  136  General, the Department of Economic Opportunity, and the
  137  governing body of each public entity with which it has entered
  138  into an interlocal agreement a complete and detailed report
  139  setting forth:
  140         (1) The results of any audit conducted pursuant to s.
  141  11.45.
  142         (2) The activities, operations, and accomplishments of the
  143  Florida Development Finance Corporation, including the number of
  144  businesses assisted by the corporation.
  145         (3) Its assets, liabilities, income, and operating expenses
  146  at the end of its most recent fiscal year, including a
  147  description of all of its outstanding revenue bonds.
  148         Section 5. Any contract or interlocal agreement existing
  149  before July 1, 2020, between the Florida Development Finance
  150  Corporation, or any entity or agent of the corporation, and any
  151  other entity or person shall continue as a contract or agreement
  152  on the successor department or entity responsible for the
  153  program, activity, or function relative to the contract or
  154  agreement.
  155         Section 6. This act shall take effect July 1, 2020.