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The Florida Senate

1998 Florida Statutes

SECTION 055
Florida Film and Television Investment Trust Fund.

288.055  Florida Film and Television Investment Trust Fund.--

(1)  There is created within the State Treasury the Florida Film and Television Investment Trust Fund, from which money may be expended for investments or loans, as authorized by this act, to encourage and assist feature film producers, television production companies, and distributors to select Florida as their production location.

(2)  The trust fund may be the repository of funds deposited by private and public sector investors, upon such terms and conditions as agreed upon between investors and the board. In no way shall such trust funds be made available, reappropriated, or transferred to the state's General Revenue Fund.

(3)  The board is authorized to invest and make loans from the Florida Film and Television Investment Trust Fund individually or jointly under capital participation arrangements with public and private sector investors in film productions and television productions which select Florida as their production location. Such investments or loans will be made under conditions required by law.

(4)  The board may invest trust funds in privately managed capital funds in order to achieve the investment purposes contained in this section.

(5)  In order for the trust fund to maintain a sufficient pool of money, the board may disburse any profits earned by investments of the board to private sector or public investors as an inducement for such investors to maintain their principal investment sum in the Florida Film and Television Investment Trust Fund pool for such time and terms as the board may determine by rule.

(6)  The trust fund will be funded primarily from contributions, gifts, scholarships, grants, and fundraising activities of the board and the Office of Tourism, Trade, and Economic Development. Additionally, the trust fund is authorized to accept any contributions from the Legislature, when so appropriated.

(7)  It is the intent of the Legislature that if any one type of investment mechanism authorized in this act is held to be invalid, all other mechanisms remain available.

(8)  The board may separate and categorize the state's Film and Television Investment Trust Fund moneys to assure that the board's investments and loans during each fiscal year are representative of film, television, major studios, mini-major studios, and independent production companies.

(9)  Under no circumstance shall the credit of the state be pledged, other than moneys in the Film and Television Investment Trust Fund.

History.--s. 5, ch. 92-201; s. 40, ch. 96-320.