The Florida Senate

288.711  Florida Investment Incentive Trust Fund.--

(1)  There is hereby created the Florida Investment Incentive Trust Fund from which money may be drawn for investments or loans, as authorized by this section, to encourage the development of appropriate financial mechanisms in the private sector to capitalize and assist in the development of black business enterprises. All income earned by investments of the fund shall be deposited in the fund for carrying out the purposes of ss. 288.707-288.714. Administrative costs of the program shall be appropriated in a lump-sum appropriation from the fund created herein and shall be provided in the General Appropriations Act.

(2)  The board is authorized to invest from the Florida Investment Incentive Trust Fund in black business investment corporations which conduct, or agree to conduct, programs of assisting the development of black business enterprises. Such investments shall be made under conditions required by law and as the board may, from time to time, require and may take any of the following forms:

(a)  Purchases of stock, preferred or common, voting or nonvoting, as determined by the board;

(b)  Loans, with or without recourse, in either a subordinated or priority position, as determined by the board; provided, however, that no more than 20 percent of the capital base may be used for direct loans to black business enterprises; or

(c)  Any other investment authorized by the board based on the expertise of its members.

(3)  It is the intent of the Legislature that if any one type of investment mechanism authorized in subsection (2) is held to be invalid all other valid mechanisms remain available.

(4)  All loans and investments, and any income related thereto, shall be used to carry out the public purpose of ss. 288.707-288.714, which is to develop black business enterprises. This is not meant to preclude a reasonable profit for the participating black business investment corporation or for return of equity developed to the state and participating financial institutions upon any distribution of the assets or excess income of the investment corporation.

History.--ss. 13, 32, ch. 85-104; s. 3, ch. 94-271; s. 28, ch. 94-322; s. 6, ch. 2002-180.