The Florida Senate

331.409  Powers and limitations.--

(1)  The corporation may charge fees to help defray the operating expenses of its programs. The amount of fees shall be determined by the board.

(2)  The total of loans, guarantees, direct loan originations for sale, and insured transactions outstanding shall not be more than five times the balance of the account. The board may elect to require a higher reserve.

(3)  The board shall adopt rules with respect to the terms and limits for loans, guarantees, and direct loan originations, but a loan guarantee or a direct loan origination shall not exceed 90 percent of the transaction contract.

(4)  In providing assistance, the board shall create a fiscal strategy for Florida which will guide and facilitate the successful expansion of space-related jobs.

(5)  The board shall explore the possibility of organizing financial institutions and international bank syndicates for the purpose of offering nonrecourse financing to the Florida aerospace industry.

(6)  The board may exercise all powers granted to not-for-profit corporations under chapter 617.

(7)  The board shall manage all funds in its possession and invest in permissible securities.

History.--s. 18, ch. 99-256.