Florida Senate - 2020                       CS for CS for SB 666
       By the Committees on Governmental Oversight and Accountability;
       and Commerce and Tourism; and Senator Mayfield
       585-03398-20                                           2020666c2
    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 a member of the board of
    6         directors of the Florida Development Finance
    7         Corporation; authorizing the executive director to
    8         designate a department employee to serve in this
    9         capacity; requiring that the annual report of the
   10         corporation be incorporated into the department’s
   11         annual report on the condition of the business climate
   12         and economic development in the state; requiring the
   13         department to develop performance standards for the
   14         corporation and to include certain information
   15         relating to the standards in the department’s annual
   16         report; amending s. 288.9604, F.S.; revising the
   17         membership of the board of directors of the
   18         corporation; requiring that the director of the
   19         Division of Bond Finance of the State Board of
   20         Administration, or his or her designee, serve on the
   21         board of directors of the corporation; making
   22         conforming changes; providing for future repeals;
   23         requiring the chair and vice chair of the board of
   24         directors of the corporation to serve as regular
   25         members of the board after a specified date; providing
   26         construction; amending s. 288.9610, F.S.; requiring
   27         the corporation to submit an annual report containing
   28         specified information to the department; providing an
   29         effective date.
   31  Be It Enacted by the Legislature of the State of Florida:
   33         Section 1. Paragraph (c) is added to subsection (9) of
   34  section 20.60, Florida Statutes, and paragraph (b) of subsection
   35  (10) and subsection (11) of that section are amended, to read:
   36         20.60 Department of Economic Opportunity; creation; powers
   37  and duties.—
   38         (9) The executive director shall:
   39         (c) Serve as a member of the board of directors of the
   40  Florida Development Finance Corporation. The executive director
   41  may designate an employee of the department to serve in this
   42  capacity.
   43         (10) The department, with assistance from Enterprise
   44  Florida, Inc., shall, by November 1 of each year, submit an
   45  annual report to the Governor, the President of the Senate, and
   46  the Speaker of the House of Representatives on the condition of
   47  the business climate and economic development in the state.
   48         (b) The report must incorporate annual reports of other
   49  programs, including:
   50         1. Information provided by the Department of Revenue under
   51  s. 290.014.
   52         2. Information provided by enterprise zone development
   53  agencies under s. 290.0056 and an analysis of the activities and
   54  accomplishments of each enterprise zone.
   55         3. The Economic Gardening Business Loan Pilot Program
   56  established under s. 288.1081 and the Economic Gardening
   57  Technical Assistance Pilot Program established under s.
   58  288.1082.
   59         4. A detailed report of the performance of the Black
   60  Business Loan Program and a cumulative summary of quarterly
   61  report data required under s. 288.714.
   62         5. The Rural Economic Development Initiative established
   63  under s. 288.0656.
   64         6. The Florida Unique Abilities Partner Program.
   65         7.A detailed report of the performance of the Florida
   66  Development Finance Corporation and a summary of the
   67  corporation’s report required under s. 288.9610.
   68         (11) The department shall establish annual performance
   69  standards for Enterprise Florida, Inc., CareerSource Florida,
   70  Inc., the Florida Tourism Industry Marketing Corporation, and
   71  Space Florida, and the Florida Development Finance Corporation
   72  and report annually on how these performance measures are being
   73  met in the annual report required under subsection (10).
   74         Section 2. Subsection (2), paragraphs (a) and (c) of
   75  subsection (3), and subsection (4) of section 288.9604, Florida
   76  Statutes, are amended, and subsection (5) is added to that
   77  section, to read:
   78         288.9604 Creation of the authority.—
   79         (2) The board of directors of the corporation shall consist
   80  of seven directors. The executive director of the department, or
   81  his or her designee, shall serve as chair of the board of
   82  directors of the corporation. The director of the Division of
   83  Bond Finance of the State Board of Administration, or his or her
   84  designee, shall serve as a director of the board of directors of
   85  the corporation. The Governor, subject to confirmation by the
   86  Senate, shall appoint the remaining five directors of the board
   87  of directors of the corporation, who shall be five in number.
   88  The terms of office for the appointed directors shall be for 4
   89  years from the date of their appointment. A vacancy occurring
   90  during a term of an appointed director shall be filled for the
   91  unexpired term. A director shall be eligible for reappointment.
   92  At least three of the appointed directors of the corporation
   93  shall be bankers or individuals with experience in finance who
   94  have been selected by the Governor from a list of bankers who
   95  were nominated by Enterprise Florida, Inc., and one of the
   96  directors shall be an economic development specialist.
   97         (3)(a)1. A director may not receive compensation for his or
   98  her services, but is entitled to necessary expenses, including
   99  travel expenses, incurred in the discharge of his or her duties.
  100  Each appointed director shall hold office until his or her
  101  successor has been appointed.
  102         2. Directors are subject to ss. 112.313(1)-(8), (10), (12),
  103  and (15); 112.3135; and 112.3143(2). For purposes of applying
  104  ss. 112.313(1)-(8), (10), (12), and (15); 112.3135; and
  105  112.3143(2) to activities of directors, directors shall be
  106  considered public officers and the corporation shall be
  107  considered their agency.
  108         (c) The directors of the corporation shall annually elect
  109  one of their members as chair and one as vice chair. The
  110  corporation may employ a president, technical experts, and such
  111  other agents and employees, permanent and temporary, as it
  112  requires and determine their qualifications, duties, and
  113  compensation. For such legal services as it requires, the
  114  corporation may employ or retain its own counsel and legal
  115  staff.
  116         (4) The board may remove an appointed a director for
  117  inefficiency, neglect of duty, or misconduct in office. Such
  118  director may be removed only after a hearing and only if he or
  119  she has been given a copy of the charges at least 10 days before
  120  such hearing and has had an opportunity to be heard in person or
  121  by counsel. The removal of a director shall create a vacancy on
  122  the board which shall be filled pursuant to subsection (2).
  123         (5)This section is repealed October 1, 2022, and October 1
  124  of every fourth year thereafter, unless reviewed and saved from
  125  repeal by the Legislature.
  126         Section 3. In order to implement the changes made by this
  127  act to s. 288.9604, Florida Statutes, the chair and vice chair
  128  of the board of directors of the Florida Development Finance
  129  Corporation as of June 30, 2020, shall serve as regular members
  130  beginning July 1, 2020. Nothing in this act may be construed to
  131  affect the terms of the directors serving on the board on July
  132  1, 2020.
  133         Section 4. Section 288.9610, Florida Statutes, is amended
  134  to read:
  135         288.9610 Annual reports of Florida Development Finance
  136  Corporation.—On or before 90 days after the close of the Florida
  137  Development Finance Corporation’s fiscal year, the corporation
  138  shall submit to the Governor, the Legislature, the Auditor
  139  General, the Department of Economic Opportunity, and the
  140  governing body of each public entity with which it has entered
  141  into an interlocal agreement a complete and detailed report
  142  setting forth:
  143         (1) The results of any audit conducted pursuant to s.
  144  11.45.
  145         (2) The activities, operations, and accomplishments of the
  146  Florida Development Finance Corporation, including the number of
  147  businesses assisted by the corporation.
  148         (3) Its assets, liabilities, income, and operating expenses
  149  at the end of its most recent fiscal year, including a
  150  description of all of its outstanding revenue bonds.
  151         Section 5. This act shall take effect July 1, 2020.