1 | The Committee on State Administration recommends the following: |
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3 | Committee Substitute |
4 | Remove the entire bill and insert: |
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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. |
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19 | Be It Enacted by the Legislature of the State of Florida: |
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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. |