The Florida Senate

288.775  Florida Export Finance Corporation Guarantee Account.--

(1)  The board shall create the Florida Export Finance Corporation Guarantee Account for the purpose of receiving state, federal, and private financial resources, and the return from investments of those resources, and for the purposes of this part. The account shall be under the exclusive control of the board.

(2)  Resources in the account shall be allocated for operating expenses of the corporation and for other purposes authorized in this part.

(3)  Appropriations for the corporation shall be deposited into the account.

(a)  The board of the corporation may deposit the resources of the account designated for the purposes of this section with state or federally chartered financial institutions in this state and may invest the remaining portion in permissible securities.

(b)  At all times, the board shall attempt to maximize the returns on these funds.

(c)  All funds received from the activity of the corporation shall be redeposited in the account to be used to support the purposes of this part.

(4)  Any claims against the account shall be paid solely from the account. Under no circumstances shall the credit of the state be pledged other than funds appropriated by law to the account, nor shall the state be liable or obligated in any way for claims on the account or against the corporation.

History.--s. 51, ch. 93-187; s. 71, ch. 96-320; s. 22, ch. 97-278.