HB 1695 2003
1	A bill to be entitled
2	An act relating to the Florida Black Business Investment
3	Board, Inc.; amending s. 288.703, F.S.; revising a
4	definition; amending s. 288.709, F.S.; deleting a
5	requirement that certain proposed bylaws or policies be
6	approved by a majority of black business investment
7	corporations; amending s. 288.7091, F.S.; requiring the
8	board to certify black business investment corporations at
9	least every 5 years; amending s. 288.71, F.S.; requiring
10	the board to adopt certain policies rather than rules;
11	amending s. 288.714, F.S.; changing a report filing date;
12	providing an effective date.
13
14	Be It Enacted by the Legislature of the State of Florida:
15
16	Section 1. Subsection (7) of section 288.703, Florida
17	Statutes, is amended to read:
18	288.703 Definitions.--As used in this act, the following
19	words and terms shall have the following meanings unless the
20	content shall indicate another meaning or intent:
21	(7) "Financial institution" means any bank, trust company,
22	insurance company, savings and loan association, credit union,
23	federal lending agency, or foundation, or corporation engaged
24	primarily in lending or investing funds.
25	Section 2. Subsection (1) of section 288.709, Florida
26	Statutes, is amended to read:
27	288.709 Powers of the Florida Black Business Investment
28	Board, Inc.--The board shall have all the powers necessary or
29	convenient to carry out and effectuate the purposes and
30	provisions of ss. 288.707-288.714, including, but not limited
31	to, the power to:
32	(1) Adopt bylaws for the regulation of its affairs and the
33	conduct of its business and adopt policies to implement the
34	provisions of law conferring duties upon it. However, any
35	proposed bylaws or policies affecting the operation or
36	administration or financial well-being of any of the black
37	business investment corporations must first be approved by a
38	majority of the black business investment corporations.Such
39	bylaws shall provide that the corporation is subject to the
40	requirements of s. 24, Art. I of the State Constitution and
41	chapter 119 and s. 286.011.
42	Section 3. Subsection (1) of section 288.7091, Florida
43	Statutes, is amended to read:
44	288.7091 Duties of the Florida Black Business Investment
45	Board, Inc.--The Florida Black Business Investment Board, Inc.,
46	shall:
47	(1) Establish certification criteria for black business
48	investment corporations and certify at least once every 5 years
49	each of the black business investment corporations.
50	Certification criteria shall include administrative capacity,
51	fiduciary controls, and, in the case of existing black business
52	investment corporations, solvency and soundness of prior loan
53	decisions;
54	Section 4. Section 288.71, Florida Statutes, is amended to
55	read:
56	288.71 Conditions for board action.--The board shall
57	require of all programs in which the board participates that any
58	black business enterprise demonstrate to the appropriate entity
59	that:
60	(1) The proposed investment is economically sound and will
61	benefit the people of the state by increasing opportunities for
62	employment, strengthening the economy of the state, or expanding
63	black business enterprises.
64	(2) The black business enterprise proposed to be assisted
65	will be able to compete successfully in the private sector if it
66	obtains the requested financial assistance and has, or will
67	obtain, necessary technical or managerial support through a
68	private mentor, a state or federally sponsored small business
69	assistance center, or other credible source. In determining
70	whether a black business enterprise will be able to compete
71	successfully, the entity shall consider such factors as:
72	(a) The successful completion of, or participation in,
73	courses of study recognized by an appropriate accrediting agency
74	or appropriate state agency as providing financial, technical,
75	or managerial skills related to the operation of the business by
76	the owner or partner;
77	(b) The prior success of the owner or partner in personal,
78	career, or business activities;
79	(c) Amount of local and other financial assistance
80	available to the black business enterprise;
81	(d) The availability of ongoing technical or managerial
82	assistance by private sources; and
83	(e) Other factors identified by the board.
84
85	The board shall adopt policiesrulesthat prescribe criteria
86	used by the board to evaluate applications for financial
87	assistance to black business enterprises.
88	Section 5. Section 288.714, Florida Statutes, is amended
89	to read:
90	288.714 Annual report.--By MayFebruary1 of each year the
91	board of the corporation shall submit to the Governor, the
92	President of the Senate, the Speaker of the House of
93	Representatives, and the director of the Office of Tourism,
94	Trade, and Economic Development a complete and detailed report
95	setting forth:
96	(1) Operations and accomplishments of the corporation;
97	(2) The number of black business enterprises which
98	participated during the past year in programs established or
99	administered by the corporation;
100	(3) The number of black business enterprises receiving
101	assistance from the corporation and the manner in which the
102	assistance was received;
103	(4) The status of black business enterprises which
104	participated in programs established or administered by the
105	corporation;
106	(5) The total number of jobs represented by black business
107	enterprises participating in programs established or
108	administered by the corporation;
109	(6) Receipts and expenditures of the corporation during
110	its most recent fiscal year in accordance with the categories or
111	classifications established by the corporation for its operating
112	and capital accounts;
113	(7) Assets and liabilities of the corporation at the end
114	of its most recent fiscal year and the status of its trust
115	funds; and
116	(8) A schedule of local bonds outstanding authorized by
117	the corporation and capital participation instruments issued by
118	the corporation for the year and the total to date.
119	Section 6. This act shall take effect upon becoming a law.