The Florida Senate

288.054  Administration; powers.--

(1)  The board shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this act, including, but not limited to, the power to:

(a)  Adopt bylaws for the governance of its affairs and the conduct of its business and rules to implement provisions of this act pursuant to chapter 120.

(b)  Adopt an official seal.

(c)  Make and execute contracts and other instruments necessary or convenient for the exercise of its power and function.

(d)  Enter into agreements or other transactions with individual investors or investor groups in furtherance of the purposes contained in this act.

(e)  Acquire, hold, and dispose of personal property for its corporate and investment purposes.

(f)  Solicit, request, and receive money, property, labor, or other things of value from any public or private sector source to be used and applied consistent with the purposes of this act.

(g)  Expend, invest, or loan funds held in trust or otherwise consistent with the purposes of this act.

(h)  Invest any funds not required for immediate disbursements, in such investments as may be authorized under this act.

(i)  Create, issue, hold, buy and sell, and invest in stock, partnerships, limited partnerships, evidences of indebtedness, and other equity or capital participation instruments in furtherance of the purposes contained in this act and to underwrite the creation of a capital market for these securities in a manner designed to enhance development of film and television production in this state.

(j)  Hire an investment manager or investment firm to make investments meeting the requirements of s. 288.056 or to invest in venture capital or other investment pools which will provide adequate assurances that at least 40 percent of the dollar amount of projects financed by the pool will be expended within the state. Such investments will be subject to the board's supervision.

(k)  Acquire real property or any interest therein, by purchase or foreclosure, where such acquisition is necessary or appropriate to protect or secure any investment or loan in which the board has an interest, to sell, transfer, or convey any such property to a buyer without regard to the provisions of chapters 253 and 270, and, in the event that such sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease such property for occupancy by eligible persons.

(l)  Appear in its own behalf before boards, commissions, departments, or other agencies of municipal, county, state, or federal government.

(m)  Procure insurance or require bond against any loss in connection with its property in such amounts and from such insurers as may be necessary or desirable.

(n)  Do any and all things necessary or convenient to carry out the purposes of and exercise the powers given and granted in this act.

(o)  Receive and accept from any federal, state, or local agency grants, loans, or advances for or in aid of the purposes herein, and to receive and accept contributions from any source of either money, property, labor, or other things of value to be held, used, and applied for said purposes.

(p)  Design, develop, and stage fundraising activities to further the purposes of this act.

(q)  Hire an executive director, subject to the provisions of part V of chapter 110, and all necessary employees of the board who shall be exempt from the provisions of part II of chapter 110.

(r)  Adopt rules pursuant to chapter 120.

(2)  The executive director or, prior to the appointment of an executive director, the director of the Office of Tourism, Trade, and Economic Development or a designee, shall be the chief administrative and operational officer of the board and shall direct and supervise administrative affairs and the general management of the board. The chief administrative and operational officer:

(a)  May contract with or employ financial, legal, or technical experts and such other consultants and employees, permanent or temporary.

(b)  Shall attend meetings of the board.

(c)  Shall cause copies to be made of all minutes and other records or documents of the board.

(3)  The Office of Tourism, Trade, and Economic Development may provide administrative funding, provide investment funding pursuant to legislative appropriation, and perform the administrative functions and responsibilities for the board.

History.--s. 4, ch. 92-201; s. 39, ch. 96-320.