HB 1209CS

CHAMBER ACTION




1The Committee on State Administration recommends the following:
2
3     Committee Substitute
4     Remove the entire bill and insert:
5
6
A bill to be entitled
7An act relating to regional cultural facilities; amending
8s. 265.702, F.S.; revising the time period during which a
9specified total amount of grants may be awarded to a
10regional cultural facility; providing for adjustment of
11the total cost of a regional cultural facility project
12within specified limits; providing for the use of grant
13funds if commencement of a project occurs prior to the
14award of such funds; amending s. 265.606, F.S.; revising a
15requirement for receipt of state matching funds by a local
16sponsoring organization under the Cultural Endowment
17Program; providing an effective date.
18
19Be It Enacted by the Legislature of the State of Florida:
20
21     Section 1.  Subsection (7) of section 265.702, Florida
22Statutes, 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
25acquisition, renovation, or construction; funding; approval;
26allocation.--
27     (7)  The annual amount of a grant made under this section
28may not exceed the lesser of $2.5 million or 10 percent of the
29total costs of the regional cultural facility. The total amount
30of the grants awarded to a regional cultural facility in a 10-
31year 5-year period may not exceed the lesser of $10 million or
3210 percent of the total costs of a regional cultural facility.
33The total cost of a regional cultural facility must be
34calculated with respect to the primary scope of the original
35proposal as submitted under this section. However, because it is
36recognized that major projects as contemplated by this section
37often require changes in scope to reflect unexpected costs, the
38incorporation of alternatives elected for reasons of aesthetics
39or cost, or modifications of design, the total cost of a
40regional cultural facility project may be adjusted by additions
41to or modifications of the project as originally proposed so
42long as the cost of such additions or modifications does not
43exceed 25 percent of the total cost as originally proposed and
44does not change the basic nature of the proposed project and may
45not include the cost of any additions that change the scope of
46the regional cultural facility, such as additional facilities or
47significant design alterations.
48     (8)  State funds granted under this section for a project
49commenced prior to the award of such funds may be used to repay
50the county, municipality, or qualified corporation for project
51construction costs incurred from the commencement of the project
52to the time at which funds are made available in accordance with
53rules adopted by the Division of Cultural Affairs of the
54Department of State.
55     Section 2.  Paragraph (b) of subsection (6) of section
56265.606, Florida Statutes, is amended to read:
57     265.606  Cultural Endowment Program; administration;
58qualifying criteria; matching fund program levels;
59distribution.--
60     (6)
61     (b)  The investment objectives of the trustee are to
62preserve the principal amount of each endowment while maximizing
63current income through the use of investment-quality financial
64instruments of the types set forth in rules promulgated by the
65department. The minimum net cost market value of $600,000 for
66each individual endowment in a local cultural endowment program
67fund shall be maintained.
68     Section 3.  This act shall take effect upon becoming a law.


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