| 1 | The Committee on State Administration recommends the following: |
| 2 |
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| 3 | Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 |
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| 6 | A bill to be entitled |
| 7 | An act relating to regional cultural facilities; amending |
| 8 | s. 265.702, F.S.; revising the time period during which a |
| 9 | specified total amount of grants may be awarded to a |
| 10 | regional cultural facility; providing for adjustment of |
| 11 | the total cost of a regional cultural facility project |
| 12 | within specified limits; providing for the use of grant |
| 13 | funds if commencement of a project occurs prior to the |
| 14 | award of such funds; amending s. 265.606, F.S.; revising a |
| 15 | requirement for receipt of state matching funds by a local |
| 16 | sponsoring organization under the Cultural Endowment |
| 17 | Program; providing an effective date. |
| 18 |
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| 19 | Be It Enacted by the Legislature of the State of Florida: |
| 20 |
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| 21 | Section 1. Subsection (7) of section 265.702, Florida |
| 22 | Statutes, is amended, subsection (8) is renumbered as subsection |
| 23 | (9), and a new subsection (8) is added to said section, to read: |
| 24 | 265.702 Regional cultural facilities; grants for |
| 25 | acquisition, renovation, or construction; funding; approval; |
| 26 | allocation.-- |
| 27 | (7) The annual amount of a grant made under this section |
| 28 | may not exceed the lesser of $2.5 million or 10 percent of the |
| 29 | total costs of the regional cultural facility. The total amount |
| 30 | of the grants awarded to a regional cultural facility in a 10- |
| 31 | year 5-year period may not exceed the lesser of $10 million or |
| 32 | 10 percent of the total costs of a regional cultural facility. |
| 33 | The total cost of a regional cultural facility must be |
| 34 | calculated with respect to the primary scope of the original |
| 35 | proposal as submitted under this section. However, because it is |
| 36 | recognized that major projects as contemplated by this section |
| 37 | often require changes in scope to reflect unexpected costs, the |
| 38 | incorporation of alternatives elected for reasons of aesthetics |
| 39 | or cost, or modifications of design, the total cost of a |
| 40 | regional cultural facility project may be adjusted by additions |
| 41 | to or modifications of the project as originally proposed so |
| 42 | long as the cost of such additions or modifications does not |
| 43 | exceed 25 percent of the total cost as originally proposed and |
| 44 | does not change the basic nature of the proposed project and may |
| 45 | not include the cost of any additions that change the scope of |
| 46 | the regional cultural facility, such as additional facilities or |
| 47 | significant design alterations. |
| 48 | (8) State funds granted under this section for a project |
| 49 | commenced prior to the award of such funds may be used to repay |
| 50 | the county, municipality, or qualified corporation for project |
| 51 | construction costs incurred from the commencement of the project |
| 52 | to the time at which funds are made available in accordance with |
| 53 | rules adopted by the Division of Cultural Affairs of the |
| 54 | Department of State. |
| 55 | Section 2. Paragraph (b) of subsection (6) of section |
| 56 | 265.606, Florida Statutes, is amended to read: |
| 57 | 265.606 Cultural Endowment Program; administration; |
| 58 | qualifying criteria; matching fund program levels; |
| 59 | distribution.-- |
| 60 | (6) |
| 61 | (b) The investment objectives of the trustee are to |
| 62 | preserve the principal amount of each endowment while maximizing |
| 63 | current income through the use of investment-quality financial |
| 64 | instruments of the types set forth in rules promulgated by the |
| 65 | department. The minimum net cost market value of $600,000 for |
| 66 | each individual endowment in a local cultural endowment program |
| 67 | fund shall be maintained. |
| 68 | Section 3. This act shall take effect upon becoming a law. |