The Florida Senate

288.709  Powers of the Florida Black Business Investment Board.--The board shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of ss. 9-21, chapter 85-104, Laws of Florida, including, but not limited to, the power to:

(1)  Adopt bylaws for the regulation of its affairs and the conduct of its business and adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of law conferring duties upon it. However, any proposed rules affecting the operation or administration or financial well-being of any of the black business investment corporations must first be approved by a majority of the black business investment corporations.

(2)  Adopt an official seal.

(3)  Sue and be sued in its own name.

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

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

(6)  Enter into agreements or other transactions with any federal, state, or local agency.

(7)  Encourage financial institutions to participate in consortia for the purpose of investing in black business enterprises.

(8)  Ensure that funds available to the board for purposes set forth in ss. 9-21, chapter 85-104, Laws of Florida, are disbursed on a statewide basis and are not concentrated in one geographical area.

(9)  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, and 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.

(10)  Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be authorized for trust funds under s. 215.47; provided, such investments will be made on behalf of the board by the Office of State Treasurer or by another trustee appointed for that purpose.

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

(12)  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.

(13)  Receive and accept from any federal, state, or local agency grants, loans, or advances for, or in aid of, the purposes of ss. 9-21, chapter 85-104, Laws of Florida, 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.

(14)  Create, issue, and buy and sell stock, evidences of indebtedness, and other capital participation instruments; to hold such stock, evidences of indebtedness, and capital participation instruments; and to underwrite the creation of a capital market for these securities in a manner designed to enhance development of capital ownership in the target group.

(15)  Provide and pay for such advisory services and technical assistance as may be necessary or desirable to carry out the purposes of this act.

(16)  Engage in special programs to enhance the development of black business enterprises as authorized by this act.

(17)  Promote black ownership of financial institutions in Florida.

(18)  Take, hold, and improve property, including real property.

(19)  Do any and all things necessary or convenient to carry out the purposes of, and exercise the powers given and granted in, ss. 9-21, chapter 85-104, Laws of Florida, and exercise any other powers, rights, or responsibilities of a corporation.

History.--ss. 11, 32, ch. 85-104; s. 80, ch. 87-224; s. 28, ch. 94-322; s. 65, ch. 96-320; s. 57, ch. 98-200; s. 48, ch. 99-251.