The Florida Senate

288.9613  Powers and authority of the capital development board.--The capital development board shall have all the powers and authority, not explicitly prohibited by statute, necessary or convenient to carry out and effectuate the purposes of this act, as well as the functions, duties, and responsibilities of the board, including, but not limited to, the following:

(1)  Advise and assist in the formulation and coordination of the state's economic development policy regarding capital availability for the formation, growth, and development of firms critical to achieve the purposes of the capital board, as stated in this act and consistent with the policies of the board of directors of Enterprise Florida, Inc.

(2)  Use a corporate seal.

(3)  Advise and assist in developing the state's strategic capital availability development plan and subsequent implementation plans as part of the strategic economic development plan of Enterprise Florida, Inc.

(4)  Advise and assist in the state's capital availability development strategic planning process.

(5)  Evaluate the performance and effectiveness of Florida's capital availability programs.

(6)  Report to the board of directors of Enterprise Florida, Inc., regarding its functions, duties, recommendations, and responsibilities.

(7)  Solicit, borrow, accept, receive, and invest funds from any public or private source.

(8)  Contract with public and private entities as necessary to further the directives of this act, except that any contract made with an organization represented on the nominating council or on the board of directors must be approved by a two-thirds vote of the entire board of directors, and the board member representing such organization shall abstain from voting. No more than 65 percent of the dollar value of all contracts or other agreements entered into in any fiscal year, exclusive of grant programs, shall be made with an organization represented on the nominating council or the board of directors. An organization represented on the board or on the nominating council may not enter into a contract to receive a state-funded economic development incentive or similar grant, unless such incentive award is specifically endorsed by a two-thirds vote of the entire board. The board member representing such organization, if applicable, shall abstain from voting and refrain from discussing the issue with other members of the board. No more than 50 percent of the dollar value of grants issued by the board in any fiscal year may go to businesses associated with board members.

(9)  Carry forward any unexpended state appropriations into succeeding fiscal years.

(10)  Provide an annual report by November 1 of each year to the board of directors of Enterprise Florida, Inc.

(11)  Annually review and prepare a report showing how and at what level other state governments support the availability of capital for businesses essential to economic growth and development. The board shall recommend appropriate levels of support from Florida state government, the Federal Government, and private enterprise which will cause the access of Florida businesses to capital which is competitive with those of other states. The findings and recommendations of the board shall be submitted to Enterprise Florida, Inc.

History.--s. 37, ch. 93-187; s. 107, ch. 96-320; s. 39, ch. 97-278.