Senate Bill sb1720c1

    Florida Senate - 2004                           CS for SB 1720

    By the Committee on Governmental Oversight and Productivity;
    and Senator Margolis




    302-2644-04

  1                      A bill to be entitled

  2         An act relating to regional cultural

  3         facilities; amending s. 265.702, F.S.; revising

  4         the time period during which a specified total

  5         amount of grants may be awarded to a regional

  6         cultural facility; providing for adjustment of

  7         the total cost of a regional cultural facility

  8         project within specified limits; providing for

  9         the use of grant funds if commencement of a

10         project occurs prior to the award of such

11         funds; amending s. 265.606, F.S.; revising a

12         requirement for receipt of state matching funds

13         by a local sponsoring organization under the

14         Cultural Endowment Program; providing an

15         effective date.

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

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19         Section 1.  Subsection (7) of section 265.702, Florida

20  Statutes, is amended, present subsection (8) of that section

21  is redesignated as subsection (9), and a new subsection (8) is

22  added to that section, to read:

23         265.702  Regional cultural facilities; grants for

24  acquisition, renovation, or construction; funding; approval;

25  allocation.--

26         (7)  The annual amount of a grant made under this

27  section may not exceed the lesser of $2.5 million or 10

28  percent of the total costs of the regional cultural facility.

29  The total amount of the grants awarded to a regional cultural

30  facility in a 10-year 5-year period may not exceed the lesser

31  of $10 million or 10 percent of the total costs of a regional

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






    Florida Senate - 2004                           CS for SB 1720
    302-2644-04




 1  cultural facility. The total cost of a regional cultural

 2  facility must be calculated with respect to the primary scope

 3  of the original proposal as submitted under this section.

 4  However, because it is recognized that major projects as

 5  contemplated by this section often require changes in scope to

 6  reflect unexpected costs, the incorporation of alternatives

 7  elected for reasons of aesthetics or cost, or modifications of

 8  design, the total cost of a regional cultural facility project

 9  may be adjusted by additions to or modifications of the

10  project as originally proposed so long as the cost of such

11  additions or modifications does not exceed 25 percent of the

12  total cost as originally proposed and does not change the

13  basic nature of the proposed project and may not include the

14  cost of any additions that change the scope of the regional

15  cultural facility, such as additional facilities or

16  significant design alterations.

17         (8)  State funds granted under this section for a

18  project commenced prior to the award of such funds may be used

19  to repay the county, municipality, or qualified corporation

20  for project construction costs incurred from the commencement

21  of the project to the time at which funds are made available

22  in accordance with rules adopted by the Division of Cultural

23  Affairs of the Department of State.

24         Section 2.  Paragraph (b) of subsection (6) of section

25  265.606, Florida Statutes, is amended to read:

26         265.606  Cultural Endowment Program; administration;

27  qualifying criteria; matching fund program levels;

28  distribution.--

29         (6)

30         (b)  The investment objectives of the trustee are to

31  preserve the principal amount of each endowment while

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






    Florida Senate - 2004                           CS for SB 1720
    302-2644-04




 1  maximizing current income through the use of

 2  investment-quality financial instruments of the types set

 3  forth in rules promulgated by the department. The minimum net

 4  cost market value of $600,000 for each individual endowment in

 5  a local cultural endowment program fund shall be maintained.

 6         Section 3.  This act shall take effect upon becoming a

 7  law.

 8  

 9          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
10                             SB 1720

11                                 

12  Amends s. 265.606, F.S., to provide that endowments under the
    Cultural Endowment Program are to be valued at cost, as
13  opposed to, market value.

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