The Florida Senate

420.504  Public corporation; creation, membership, terms, expenses.--

(1)  There is created within the Department of Community Affairs a public corporation and a public body corporate and politic, to be known as the "Florida Housing Finance Corporation." It is declared to be the intent of and constitutional construction by the Legislature that the Florida Housing Finance Corporation constitutes an entrepreneurial public corporation organized to provide and promote the public welfare by administering the governmental function of financing or refinancing housing and related facilities in Florida and that the corporation is not a department of the executive branch of state government within the scope and meaning of s. 6, Art. IV of the State Constitution, but is functionally related to the Department of Community Affairs in which it is placed. The executive function of state government to be performed by the secretary of the department in the conduct of the business of the Florida Housing Finance Corporation must be performed pursuant to an annual contract to monitor and set performance standards for the implementation of the business plan for the provision of housing approved for the corporation as provided in s. 420.0006. This contract shall include the performance standards for the provision of affordable housing in Florida established in the business plan described in s. 420.511.

(2)  The corporation is constituted as a public instrumentality, and the exercise by the corporation of the power conferred by this act is considered to be the performance of an essential public function. The corporation shall constitute an agency for the purposes of s. 120.52. The corporation is subject to chapter 119, subject to exceptions applicable to the corporation, and to the provisions of chapter 286. The corporation is not governed by chapter 607, but by the provisions of this part. If for any reason the establishment of the corporation is deemed in violation of law, such provision is severable and the remainder of this act remains in full force and effect.

(3)  The corporation is a separate budget entity and is not subject to control, supervision, or direction by the Department of Community Affairs in any manner, including, but not limited to, personnel, purchasing, transactions involving real or personal property, and budgetary matters. The corporation shall consist of a board of directors composed of the Secretary of Community Affairs as an ex officio and voting member and eight members appointed by the Governor subject to confirmation by the Senate from the following:

(a)  One citizen actively engaged in the residential home building industry.

(b)  One citizen actively engaged in the banking or mortgage banking industry.

(c)  One citizen who is a representative of those areas of labor engaged in home building.

(d)  One citizen with experience in housing development who is an advocate for low-income persons.

(e)  One citizen actively engaged in the commercial building industry.

(f)  One citizen who is a former local government elected official.

(g)  Two citizens of the state who are not principally employed as members or representatives of any of the groups specified in paragraphs (a) through (f).

The changes in membership categories required by this act shall be effective when the term of one citizen member expires in 1998.

(4)

(a)  Members of the corporation shall be appointed for terms of 4 years, except that any vacancy shall be filled for the unexpired term.

(b)  Subject to removal or reinstatement of the member by the Senate, the Governor may suspend a member for cause, including, but not limited to, failure to attend at least 3 meetings of the board during any 12-month period.

(5)  The chair and a vice chair shall be elected annually by the members thereof. Any additional officers, who need not be members, as may be deemed necessary by the members of the corporation may be designated and elected by the members thereof.

(6)  A member of the board of directors of the corporation shall receive no compensation for his or her services but shall be entitled to the necessary expenses, including per diem and travel expenses, incurred in the discharge of his or her duties, as provided by law.

(7)  Each member of the board of directors of the corporation shall file full and public disclosure of financial interests at the times and places and in the same manner required of elected constitutional officers under s. 8, Art. II of the State Constitution and any law implementing s. 8, Art. II of the State Constitution.

(8)  A member of the board of directors of the corporation is not personally liable for monetary damages to the corporation or to any person for any statement, vote, decision, or failure to take an action regarding corporation management or policy by that member, unless:

(a)  The member breached or failed to perform his or her duties as a member; and

(b)  The member's breach of, or failure to perform, his or her duties constitutes:

1.  A violation of criminal law, unless the member had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful. A judgment or other final adjudication against a member in any criminal proceeding for violation of the criminal law estops that member from contesting the fact that his or her breach, or failure to perform, constitutes a violation of the criminal law, but does not estop the member from establishing that he or she had reasonable cause to believe that his or her conduct was lawful or had no reasonable cause to believe that his or her conduct was unlawful;

2.  A transaction from which the member derived an improper personal benefit, either directly or indirectly; or

3.  Recklessness or an act or omission that was committed in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety, or property.

(9)  For purposes of this section, the term "recklessness" means the acting, or omission to act, in conscious disregard of a risk:

(a)  Known, or so obvious that it should have been known, to the member; and

(b)  Known to the member, or so obvious that it should have been known, to be so great as to make it highly probable that harm would follow from the action or omission.

(10)  The members of the agency in office on December 31, 1997, shall continue in office as the directors of the corporation without further act of the Governor or Senate for the balance of their respective terms of office with their terms being defined to have commenced as of the date of first appointment for purposes of chapter 112.

History.--s. 1, ch. 80-161; s. 48, ch. 81-167; s. 51, ch. 83-55; s. 19, ch. 85-265; s. 6, ch. 88-376; s. 7, ch. 93-181; s. 1, ch. 96-332; s. 1045, ch. 97-103; s. 7, ch. 97-167.