CODING: Words stricken are deletions; words underlined are additions.House Bill 0129c1
Florida House of Representatives - 1997 CS/HB 129
By the Committee on Education Innovation and
Representatives Gay, Livingston and Feeney
1 A bill to be entitled
2 An act relating to investments in education;
3 creating the Florida Education Technology
4 Foundation for certain purposes; providing for
5 a board of directors; providing for membership;
6 providing for appointing members; providing for
7 electing members; providing duties of the
8 board; providing for creation of Florida's
9 Future Investment Funds for certain purposes;
10 providing for investment of moneys in such
11 funds; providing for donating certain revenues
12 to the foundation; providing for contributing a
13 portion of investment interest to the
14 foundation for certain purposes; providing for
15 a reduced intangibles tax rate on securities in
16 Florida's Future Investment Funds under certain
17 circumstances; providing an effective date.
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19 Be It Enacted by the Legislature of the State of Florida:
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21 Section 1. (1) The purpose of this section is to
22 provide a mechanism by which the business community in this
23 state can directly participate in providing assistance to the
24 growth and development of education enhancement in this state
25 through contributions to special state-sponsored investment
26 funds. The purpose of such funds is to provide funding for
27 computers, computer technology, training in computer
28 education, and scholarships for business-related careers for
29 the education system, including kindergarten through twelfth
30 grade, community colleges, and universities.
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Florida House of Representatives - 1997 CS/HB 129
603-100-97
1 (2) The Florida Education Technology Foundation is
2 hereby created as a nonprofit corporation for the purpose of
3 establishing a series of state-sponsored investment funds to
4 be known as Florida's Future Investment Funds. The purpose of
5 such funds is to provide a source of revenue which shall be
6 used by the foundation to provide funding for:
7 (a) Buying and maintaining computers and
8 computer-related technology for all levels of the education
9 system in this state.
10 (b) Training teachers and faculty to use computer
11 equipment and technology and to teach the effective use of
12 computer equipment and technology.
13 (c) Scholarships for business-related fields.
14 (3) The foundation shall be governed by a board of
15 directors consisting of 11 members, one of whom shall be the
16 Commissioner of Education or his or her designee, one of whom
17 shall be the Treasurer or his or her designee, one of whom
18 shall be appointed by the President of the Senate, one of whom
19 shall be appointed by the Speaker of the House of
20 Representatives, and the remaining 7 of whom shall initially
21 be appointed by the Florida Council of 100 from membership of
22 the council and thereafter shall be elected by the
23 corporations and businesses which contribute moneys to a
24 Florida's Future Investment Fund. Of the first members
25 appointed by the Florida Council of 100, three shall be
26 appointed for a term of 1 year and four shall be appointed for
27 a term of 2 years. Thereafter, those members shall be elected
28 and shall serve for terms of 4 years. Each corporation shall
29 receive one vote for investing up to $25 million in a
30 Florida's Future Investment Fund and shall receive an
31 additional vote for each additional investment of $25 million.
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Florida House of Representatives - 1997 CS/HB 129
603-100-97
1 A chair shall be elected by the members of the board and the
2 board shall meet at the call of the chair. In no event shall
3 the state be liable for the actions of the foundation or the
4 fund managers.
5 (4) The foundation shall establish Florida's Future
6 Investment Funds for the purpose of investing moneys placed in
7 such funds by corporations and businesses in this state and
8 receiving a portion of such interest to be used as provided in
9 subsection (2). The board of directors shall provide for the
10 administration and management of such funds to maximize the
11 return on investment of moneys in such funds. The board of
12 directors may hire outside managers to administer and invest
13 the moneys in the Florida's Future Investment Funds. The
14 board shall prescribe the level of prudence and ethical
15 standards to be followed by the fund managers. It is the
16 intent of the Legislature that administrative fees be as low
17 as possible. The staff of the Commissioner of Education shall
18 serve as support staff for the board of directors.
19 (5) It is the intent of the Legislature that any
20 corporation or business participating in a Florida's Future
21 Investment Fund contribute a portion of the interest earned on
22 investments of moneys in the fund to the Florida Education
23 Technology Foundation to be used as provided in subsection
24 (2). The portion of interest earned and donated may be
25 determined by action of the board of directors of the
26 foundation.
27 Section 2. (1) Notwithstanding the provisions of
28 chapter 199, Florida Statutes, the tax imposed under s.
29 199.032, Florida Statutes, on securities in a Florida's Future
30 Investment Fund shall apply at the rate of 1.85 mills when the
31 average daily balance in such funds exceeds $2 billion and at
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Florida House of Representatives - 1997 CS/HB 129
603-100-97
1 the rate of 1.70 mills when the average daily balance in such
2 funds exceeds $5 billion.
3 (2) This section shall not apply in any year in which
4 the revenues of the foundation in the previous calendar year
5 are less than the tax savings allowed by this section. "Tax
6 savings" means the difference between the tax that would be
7 imposed pursuant to s. 199.032, Florida Statutes, and the tax
8 rate specified in subsection (1).
9 Section 3. This act shall take effect upon becoming a
10 law.
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13 HOUSE SUMMARY
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Creates the Florida Education Technology Foundation for
15 the purpose of receiving moneys from interest from
investments of moneys in Florida's Future Investment
16 Funds and providing funding to schools, community
colleges, and universities for computers, computer
17 technology, computer-education training, and scholarships
in business-related fields. See bill for details.
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