The Florida Senate

331.411  Board of directors; powers and duties.--

(1)  There is created a board of directors of the corporation, which shall consist of up to 7 voting members as follows:

(a)  One representative appointed by each of the following:

1.  The board of supervisors of the Florida Space Authority.

2.  The board of directors of the Florida Export Finance Corporation.

3.  The director of the Office of Tourism, Trade, and Economic Development.

4.  The board of directors of Enterprise Florida, Inc.

5.  The Secretary of Transportation.

(b)  The Governor shall appoint the following members:

1.  A member representing the investment banking industry.

2.  An attorney at law in private practice.

The board shall also include two ex officio nonvoting members, a member of the House of Representatives selected by the Speaker of the House of Representatives, and a member of the Senate selected by the President of the Senate, both of whom shall serve 2-year terms.

(2)  Each voting member shall serve a 3-year term, beginning on July 1. Members appointed pursuant to paragraph (1)(a) shall serve at the pleasure of the appointing authority. Members appointed pursuant to paragraph (1)(b) shall serve at the pleasure of the Governor. Initial appointments shall be made no later than 60 days after the effective date of this act.

(3)(a)  No person appointed pursuant to paragraph (1)(a) may be employed full time by any entity that applies for financial support.

(b)  The members of the board who are federal employees shall not vote on any financial matter, but may vote on all corporate policies and procedures.

(c)  All board members must be residents of the state.

(4)  Board members shall serve without compensation but may be reimbursed for all necessary expenses in the performance of their duties, including attending board meetings and conducting board business.

(5)  The board shall:

(a)  Prior to the expenditure of funds from the account, adopt bylaws, rules, and policies necessary to carry out its responsibilities under this part, particularly with respect to the implementation of the corporation's programs to insure, coinsure, lend, provide loan guarantees, and make direct, guaranteed, or collateralized loans to support aerospace-related transactions.

(b)  Hold regularly scheduled meetings, at least quarterly, in order to carry out the objectives and responsibilities of the board.

(c)  Adopt policies, including criteria, establishing which aerospace-related transactions shall be eligible for insurance, coinsurance, loan guarantees, and direct, guaranteed, or collateralized loans which may be extended by the corporation. To implement this paragraph, the board shall adopt rules which include the following criteria:

1.  Any individual signing any corporation loan application and loan or guarantee agreement must have an equity interest in the business applying for financial assistance.

2.  Applicants must be domiciled in this state and will be contractually obligated to use Florida launch facilities to the maximum extent possible.

(d)  Adopt requirements to ensure the full repayment of loans and loan guarantees, plus accrued interest, full-recourse claims, and indemnities on direct loan originations sold by the corporation, and the solvency of any insurance and coinsurance program extended under this part.

(e)  Approve any extension of insurance, coinsurance, loans, loan guarantees, or direct loan originations for sale under this part.

(f)  Consult with Enterprise Florida, Inc., and its boards, or any state or federal agency, to ensure that their respective loan guarantee or working capital loan origination programs are not duplicative and that each program makes full use, to the extent practicable, of the resources of the other.

(g)  Work to secure a delegated line of authority from the United States Export-Import Bank or other appropriate federal or state agency or private sector entity in order to take advantage of possible funding or guarantee sources.

(h)  Develop a streamlined application and review process.

History.--s. 18, ch. 99-256; s. 21, ch. 2002-183; s. 37, ch. 2003-286.