Senate Bill sb0338

    Florida Senate - 2004                                   SB 338

    By Senator Constantine





    22-154-04

  1                      A bill to be entitled

  2         An act relating to brownfield loan guarantees;

  3         amending s. 376.86, F.S.; revising certain

  4         restrictions on investing funds maintained in

  5         the Nonmandatory Land Reclamation Trust Fund;

  6         providing for a schedule for legislative review

  7         of the Brownfield Areas Loan Guarantee Program;

  8         providing an effective date.

  9  

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

11  

12         Section 1.  Subsections (3) and (8) of section 376.86,

13  Florida Statutes, as amended by section 56 of chapter

14  2003-399, Laws of Florida, are amended to read:

15         376.86  Brownfield Areas Loan Guarantee Program.--

16         (3)  The council may enter into an investment agreement

17  with the Department of Environmental Protection and the State

18  Board of Administration concerning the investment of the

19  earnings accrued and collected upon the investment of the

20  balance of funds maintained in the Nonmandatory Land

21  Reclamation Trust Fund. The investment must be limited as

22  follows:

23         (a)  Not more than $5 million of the investment

24  earnings earned on the investment of the minimum balance of

25  the Nonmandatory Land Reclamation Trust Fund in a fiscal year

26  may be at risk at any time on loan guarantees or as loan loss

27  reserves. Of that amount, 15 percent shall be reserved for

28  investment agreements involving predominantly minority-owned

29  businesses which meet the requirements of subsection (4).

30  

31  

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






    Florida Senate - 2004                                   SB 338
    22-154-04




 1         (b)  Such funds at risk at any time The investment

 2  earnings may not be used to guarantee any loan guaranty or

 3  loan loss reserve agreement for a period longer than 5 years.

 4         (8)  The council shall provide an annual report to the

 5  Legislature by February 1 of each year describing its

 6  activities and agreements approved relating to redevelopment

 7  of brownfield areas. By January 1, 2007, the Legislature shall

 8  review the provisions of this section which pledge portions of

 9  the Nonmandatory Land Reclamation Trust Fund as a contingency

10  on loan guarantees made pursuant to this section in order to

11  determine the ability of that trust fund to continue serving

12  as a contingency fund on loan guarantees.  New loan guarantees

13  may not be approved in 2007 until the review by the

14  Legislature has been completed and a determination made as to

15  an appropriate trust fund to serve as a contingency fund on

16  loan guarantees. This section shall be reviewed by the

17  Legislature by January 1, 2007 October 1, 2003, and a

18  determination made related to the need to continue or modify

19  this section. New loan guarantees may not be approved in 2007

20  2003 until the review by the Legislature has been completed

21  and a determination has been made as to the feasibility of

22  continuing the use of the Nonmandatory Land Reclamation Trust

23  Fund to guarantee portions of loans under this section.

24         Section 2.  This act shall take effect July 1, 2004.

25  

26            *****************************************

27                          SENATE SUMMARY

28    Provides that a portion of the balance of funds rather
      than accrued earnings in the Nonmandatory Land
29    Reclamation Trust Fund may be used as loan guarantees for
      certain investment agreements. Requires that the
30    Legislature review the Brownfield Areas Loan Guarantee
      Program by January 1, 2007.
31  

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