Senate Bill sb1998

    Florida Senate - 2003                                  SB 1998

    By Senator Constantine





    22-944A-03

  1                      A bill to be entitled

  2         An act relating to brownfield loan guarantees;

  3         amending s. 376.86, F.S.; revising certain

  4         restrictions on investing funds maintained in

  5         the Nonmandatory Land Reclamation Trust Fund;

  6         providing for a schedule for legislative review

  7         of the Brownfield Areas Loan Guarantee Program;

  8         providing an effective date.

  9  

10  Be It Enacted by the Legislature of the State of Florida:

11  

12         Section 1.  Subsections (3) and (8) of section 376.86,

13  Florida Statutes, are amended to read:

14         376.86  Brownfield Areas Loan Guarantee Program.--

15         (3)  The council may enter into an investment agreement

16  with the Department of Environmental Protection and the State

17  Board of Administration concerning the investment of the

18  earnings accrued and collected upon the investment of the

19  balance of funds maintained in the Nonmandatory Land

20  Reclamation Trust Fund. The investment must be limited as

21  follows:

22         (a)  Not more than $5 million of the investment

23  earnings earned on the investment of the minimum balance of

24  the Nonmandatory Land Reclamation Trust Fund in a fiscal year

25  may be at risk at any time on loan guarantees or as loan loss

26  reserves. Of that amount, 15 percent shall be reserved for

27  investment agreements involving predominantly minority-owned

28  businesses which meet the requirements of subsection (4).

29         (b)  Such funds at risk at any time The investment

30  earnings may not be used to guarantee any loan guaranty or

31  loan loss reserve agreement for a period longer than 5 years.

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2003                                  SB 1998
    22-944A-03




 1         (8)  The council shall provide an annual report to the

 2  Legislature by February 1 of each year describing its

 3  activities and agreements approved relating to redevelopment

 4  of brownfield areas. The provisions of this section pledging

 5  portions of the Nonmandatory Land Reclamation Trust Fund as a

 6  contingency on loan guarantees made pursuant to this section

 7  shall be reviewed by the Legislature by January 1, 2006, to

 8  determine the ability of that trust fund to continue serving

 9  as a contingency fund on loan guarantees. New loan guarantees

10  may not be approved in 2006 until the review by the

11  Legislature has been completed and a determination made as to

12  an appropriate trust fund to serve as a contingency fund on

13  loan guarantees. This section shall be reviewed by the

14  Legislature by January 1, 2006 October 1, 2003, and a

15  determination made related to the need to continue or modify

16  this section. New loan guarantees may not be approved in 2006

17  2003 until the review by the Legislature has been completed

18  and a determination has been made as to the feasibility of

19  continuing the use of the Nonmandatory Land Reclamation Trust

20  Fund to guarantee portions of loans under this section.

21         Section 2.  This act shall take effect upon becoming a

22  law.

23  

24            *****************************************

25                          SENATE SUMMARY

26    Provides that a portion of the balance of funds rather
      than accrued earnings in the Nonmandatory Land
27    Reclamation Trust Fund may be used as loan guarantees for
      certain investment agreements. Requires that the
28    Legislature review the Brownfield Areas Loan Guarantee
      Program by January 1, 2006.
29  

30  

31  

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CODING: Words stricken are deletions; words underlined are additions.