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The Florida Senate

2005 Florida Statutes

Section 288.707, Florida Statutes 2005

288.707  Florida Black Business Investment Board, Inc.--

(1)  The Legislature finds that the public interest of Florida will be served by the creation and growth of black business enterprises by:

(a)  Establishing a partnership between the public sector and the private sector which seeks to leverage the provision of state funds with funds and other resources from private sector businesses and other nonstate sources;

(b)  Increasing opportunities for employment of blacks, as well as the population in general;

(c)  Providing role models and establishing business networks for the benefit of future generations of aspiring black entrepreneurs;

(d)  Strengthening the economy of the state by increasing the number of qualified black business enterprises, which in turn will increase competition in the marketplace and improve the welfare of economically depressed neighborhoods; and

(e)  Taking measures to increase access of black businesses to both debt and equity capital.

(2)  For the purposes of ss. 288.707-288.714:

(a)  "Black business enterprise" means any business concern that is organized to engage in commercial transactions and that is at least 51 percent owned by one or more African Americans as defined in s. 288.703 and whose management and daily operations are controlled by such persons.

(b)  "Black business investment corporation" means a subsidiary of a financial institution or a consortium of financial institutions investing in, or lending to, black business enterprises.

(c)  "Consortium" means two or more financial institutions that jointly negotiate and agree to provide assistance to black business enterprises as provided in ss. 288.707-288.714.

(3)  There is created a not-for-profit corporation to be known as the Florida Black Business Investment Board, Inc., hereinafter referred to as the "corporation," which shall be registered, incorporated, organized, and operated in compliance with chapter 617 and which is not a unit or entity of state government.

(a)  The board of the corporation shall consist of the following members:

1.  Six members appointed by the Governor and subject to confirmation by the Senate, who must be experienced in investment finance and business development.

2.  One member from the private sector appointed by the President of the Senate, who must be experienced in investment finance and business development and who shall serve a term of 2 years.

3.  One member from the private sector appointed by the Speaker of the House of Representatives, who must be experienced in investment finance and business development and who shall serve a term of 2 years.

4.  Three representatives of black business investment corporations, who must be selected from among and by the chairs of the black business investment corporations. A representative from a black business investment corporation shall serve for a term of 2 years but is eligible for reappointment on a rotating basis with other representatives from black business investment corporations.

5.  The vice chair of Enterprise Florida, Inc., or his or her designee, who shall be an ex officio, nonvoting member, and who shall provide information, advice, and guidance designed to enhance the coordination of activities of Enterprise Florida, Inc., and the corporation.

6.  The chair of the Florida Development Finance Corporation, created pursuant to s. 288.9604, who shall be an ex officio, nonvoting member of the board.

(b)  Members appointed by the Governor shall serve terms of 4 years, except that in making the initial appointments, the Governor shall appoint two members to serve for terms of 2 years, two members to serve for terms of 3 years, and two members to serve for terms of 4 years.

(c)  Any person appointed to fill a vacancy on the board shall be appointed in a like manner and shall serve for only the unexpired term. Any member shall be eligible for reappointment.

(d)  The Governor shall appoint the chairperson who shall be a member of the board and shall serve at the pleasure of the Governor. The board shall annually elect one of its members as vice chairperson and shall designate a secretary-treasurer who need not be a member of the board. The secretary-treasurer shall keep a record of the proceedings of the board and shall be the custodian of all books, documents, and papers filed with the board, of the minute books of the board, and of its official seal.

(e)  The board shall meet at least four times each year, upon the call of the chair or the vice chair or at the request of a majority of the membership. A majority of the total number of all members fixed by paragraphs (a) and (h) shall constitute a quorum. The board may take official action by a majority vote of the members present at any meeting at which a quorum is present.

(f)  Members of the board shall serve without compensation, but members, the president of the board, and other board employees may be reimbursed for all reasonable, necessary, and actual expenses as determined by the board.

(g)  Each member of the board who is not otherwise required to file financial disclosure pursuant to s. 8, Art. II of the State Constitution or s. 112.3144 shall file disclosure of financial interests pursuant to s. 112.3145

(h)  Notwithstanding paragraph (a), the board may by resolution appoint two at-large members to the board from the private sector, each of whom may serve a 1-year term. At-large members shall have the powers and duties of other members of the board, except that they may not serve on an executive committee. An at-large member is eligible for reappointment but may not vote on his or her own reappointment.

History.--ss. 9, 32, ch. 85-104; s. 9, ch. 94-136; s. 28, ch. 94-322; s. 878, ch. 95-148; ss. 61, 64, ch. 96-320; s. 47, ch. 99-251; s. 1, ch. 2002-180.