SENATE AMENDMENT
Bill No. SB 338
Amendment No. 1 Barcode 491646
CHAMBER ACTION
Senate House
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11 The Committee on Natural Resources recommended the following
12 amendment:
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14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
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17 and insert:
18 Section 1. Subsections (3) and (8) of section 376.86,
19 Florida Statutes, as amended by section 56 of chapter
20 2003-399, Laws of Florida, are amended to read:
21 376.86 Brownfield Areas Loan Guarantee Program.--
22 (3) The council may enter into an investment agreement
23 with the Department of Environmental Protection and the State
24 Board of Administration concerning the investment of the
25 earnings accrued and collected upon the investment of the
26 balance of funds maintained in the Inland Protection Trust
27 Fund Nonmandatory Land Reclamation Trust Fund. The investment
28 must be limited as follows:
29 (a) Not more than $5 million of the investment
30 earnings earned on the investment of the minimum balance of
31 the Inland Protection Trust Fund Nonmandatory Land Reclamation
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SENATE AMENDMENT
Bill No. SB 338
Amendment No. 1 Barcode 491646
1 Trust Fund in a fiscal year may be at risk at any time on loan
2 guarantees or as loan loss reserves. Of that amount, 15
3 percent shall be reserved for investment agreements involving
4 predominantly minority-owned businesses which meet the
5 requirements of subsection (4).
6 (b) Such funds at risk at any time The investment
7 earnings may not be used to guarantee any loan guaranty or
8 loan loss reserve agreement for a period longer than 5 years.
9 (8) The council shall provide an annual report to the
10 Legislature by February 1 of each year describing its
11 activities and agreements approved relating to redevelopment
12 of brownfield areas. This section shall be reviewed by the
13 Legislature by January 1, 2007 October 1, 2003, and a
14 determination made related to the need to continue or modify
15 this section. New loan guarantees may not be approved in 2007
16 2003 until the review by the Legislature has been completed
17 and a determination has been made as to the feasibility of
18 continuing the use of the Inland Protection Trust Fund
19 Nonmandatory Land Reclamation Trust Fund to guarantee portions
20 of loans under this section.
21 Section 2. This act shall take effect July 1, 2004.
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25 And the title is amended as follows:
26 Delete everything before the enacting clause
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28 and insert:
29 A bill to be entitled
30 An act relating to brownfield loan guarantees;
31 amending s. 376.86, F.S.; revising certain
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10:29 AM 02/17/04 s0338.nr.01
SENATE AMENDMENT
Bill No. SB 338
Amendment No. 1 Barcode 491646
1 restrictions on investing funds maintained in
2 the Inland Protection Trust Fund; providing a
3 schedule for legislative review of the
4 Brownfield Areas Loan Guarantee Program;
5 providing an effective date.
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