HB 1553

1
A bill to be entitled
2An act relating to black business investment; amending s.
3288.702, F.S.; revising a short title; amending s. 20.18,
4F.S.; revising a duty of the Department of Community
5Affairs; including as a purpose of the Office of Urban
6Opportunity in the Department of Community Affairs the
7administration of the Black Business Loan Program;
8amending s. 288.706, F.S.; deleting references to the
9Florida Black Business Investment Board, Inc., and black
10business investment corporations from a list of certain
11financial institutions maintained by the Department of
12Management Services; requiring the Department of
13Management Services to collaborate with the Florida Black
14Business Investment Board, Inc., and the Department of
15Community Affairs for certain purposes; creating s.
16288.7065, F.S.; providing a short title; amending s.
17288.707, F.S.; revising provisions creating the Florida
18Black Business Investment Board, Inc.; revising
19legislative findings; creating the board; requiring the
20board to contract with the Department of Community Affairs
21for certain purposes; specifying application of public
22records and public meetings requirements; providing for
23appointment of a board of directors; specifying terms of
24office and experience requirements of board members;
25providing for filling of board vacancies; authorizing the
26Governor to appoint a chair; providing for meetings;
27requiring members to serve without compensation; providing
28for reimbursement of expenses; requiring members to file
29disclosure of financial interests; terminating existing
30board appointments and providing for new appointments;
31amending s. 288.708, F.S.; deleting a provision specifying
32prudent use of certain funds and requiring use of funds
33according to applicable laws, bylaws, or contracts;
34applying certain salary limitation provisions to employees
35of the board; amending s. 288.709, F.S.; revising the
36powers of the board; amending s. 288.7091, F.S.; revising
37the duties of the board; creating s. 288.710, F.S.;
38providing a definition; specifying eligibility of certain
39black business investment corporations to participate in
40the Black Business Loan Program; requiring the department
41to give priority consideration to such corporations for
42participation in the program; creating s. 288.7102, F.S.;
43establishing the Black Business Loan Program in the
44Department of Community Affairs; requiring the department
45to provide loans and loan guarantees under the program for
46certain purposes; providing duties and responsibilities of
47the department in administering the program; requiring the
48Florida Black Business Investment Board, Inc., and
49participating black business investment corporations to
50adopt uniform loan and loan guarantee underwriting
51policies and application criteria and to establish a
52minimum interest rate; providing for payment of certain
53administrative expenses through state funds; providing a
54limitation; requiring the department to develop a service
55allocation policy for certain purposes; providing loan
56recipient eligibility requirements; requiring annual
57certification of eligibility; requiring the department to
58consult with the Florida Black Business Investment Board,
59Inc.; requiring the department to adopt rules; creating s.
60288.7103, F.S.; providing black business enterprise
61eligibility requirements for receiving loans or loan
62guarantees; amending s. 288.711, F.S.; renaming the
63Florida Investment Incentive Trust Fund as the Florida
64Black Business Loan Program Trust Fund; placing the fund
65in the Department of Community Affairs for purposes of
66implementing and administering the Black Business Loan
67Program; deleting provisions relating to authorizations
68for the board to make investments from the fund for
69certain purposes; deleting certain intent and purposes
70provisions; amending s. 288.714, F.S.; requiring
71recipients to provide quarterly and annual reports;
72specifying report requirements; requiring the department
73to submit an annual program report to the Governor and
74Legislature; specifying report requirements; requiring the
75Florida Black Business Investment Board, Inc., and certain
76black business investment corporations to submit an annual
77report to the department on uses of certain state funds;
78specifying report requirements; amending s. 288.9015,
79F.S.; requiring Enterprise Florida, Inc., to collaborate
80with the Florida Black Business Investment Board, Inc.,
81and the Department of Community Affairs for certain
82purposes; requiring the Office of Program Policy Analysis
83and Government Accountability to submit a status report to
84the Governor and Legislature on the department's
85implementation of the Florida Black Business Investment
86Act; requiring the office to conduct a program review of
87the department; requiring the office to submit a program
88review report to the Governor and Legislature; requiring
89the Auditor General to conduct an audit of the Florida
90Black Business Investment Board, Inc.'s, investment
91activity for a certain time period; requiring the Auditor
92General to submit an audit report to the Governor and
93Legislature; repealing s. 288.7092, F.S., relating to
94return on investment from activities of the corporation;
95repealing s. 288.7095, F.S., relating to duties of black
96business investment corporations; repealing s. 288.71,
97F.S., relating to conditions for board action; repealing
98s. 288.7101, F.S., relating to the state employee leasing
99program of the Department of Management Services for
100employees of the Florida Black Business Investment Board,
101Inc.; repealing s. 288.712, F.S., relating to Florida
102guarantor funds; repealing s. 288.713, F.S., relating to
103capital participation instruments; providing an
104appropriation; authorizing certain positions and approved
105salary rates; providing an effective date.
106
107Be It Enacted by the Legislature of the State of Florida:
108
109     Section 1.  Section 288.702, Florida Statutes, is amended
110to read:
111     288.702  Short title.--This section and sections 288.703-
112288.706 This act shall be known and may be cited as the "Florida
113Small and Minority Business Assistance Act of 1985."
114     Section 2.  Paragraph (b) of subsection (4) and subsection
115(6) of section 20.18, Florida Statutes, are amended to read:
116     20.18  Department of Community Affairs.--There is created a
117Department of Community Affairs.
118     (4)  In addition to its other powers, duties, and
119functions, the department shall, under the general supervision
120of the secretary and the Interdepartmental Coordinating Council
121on Community Services, assist and encourage the development of
122state programs by the various departments for the productive use
123of human resources, and the department shall work with other
124state agencies in order that together they might:
125     (b)  Assist Enterprise Florida, Inc., the Department of
126Commerce in the development of employment opportunities; and
127     (6)  The Office of Urban Opportunity is created within the
128Department of Community Affairs. The purpose of the office is to
129administer the Front Porch Florida initiative, a comprehensive,
130community-based urban core redevelopment program that enables
131urban core residents to craft solutions to the unique challenges
132of each designated community, and the Black Business Loan
133Program, the purpose of which is to leverage state, local, and
134private funds to provide loans and loan guarantees to black
135business enterprises that cannot obtain capital through
136conventional lending institutions but which otherwise could
137compete successfully in the private sector.
138     Section 3.  Subsection (11) of section 288.706, Florida
139Statutes, is amended, and subsection (12) is added to that
140section, to read:
141     288.706  Florida Minority Business Loan Mobilization
142Program.--
143     (11)  The Department of Management Services shall maintain
144a listing of financial institutions willing to participate in
145the Florida Minority Business Loan Mobilization Program, which
146may include the Florida Black Business Investment Board, Inc.,
147and black business investment corporations. This list of
148financial institutions shall not be exclusive. A minority
149business enterprise vendor who has a working relationship with a
150financial institution is encouraged to request that the
151financial institution apply to participate as a financial
152institution for the program.
153     (12)  The Department of Management Services shall
154collaborate with the Florida Black Business Investment Board,
155Inc., and the Department of Community Affairs to assist in the
156development and enhancement of black business enterprises.
157     Section 4.  Section 288.7065, Florida Statutes, is created
158to read:
159     288.7065  Short title.--This section and sections 288.707-
160288.707-288.714 may be cited as the "Florida Black Business
161Investment Act."
162     Section 5.  Section 288.707, Florida Statutes, is amended
163to read:
164(Substantial rewording of section. See
165s. 288.707, F.S., for present text.)
166     288.707  Florida Black Business Investment Board, Inc.;
167findings; creation; membership; organization; meetings;
168disclosure.--
169     (1)  The Legislature finds that the public interest of the
170state will be served by the creation of a nonprofit public-
171private entity the primary mission of which shall be to assist
172in the development and expansion of black business enterprises
173by:
174     (a)  Advising the Department of Community Affairs in its
175oversight of the Black Business Loan Program and creating long-
176range strategic policy for the program.
177     (b)  Evaluating the unmet need for capital by black
178business enterprises in the state.
179     (c)  Creating partnerships between state and local
180governments and private enterprises to aid in the development
181and expansion of black business enterprises.
182     (d)  Providing a network of information resources for black
183business enterprises and providing technical assistance through
184this network.
185     (2)  There is created a not-for-profit corporation to be
186known as the Florida Black Business Investment Board, Inc.,
187referred to in this section as the board, which shall be
188registered, incorporated, organized, and operated in compliance
189with chapter 617 and which shall not be a unit or entity of
190state government. The board shall contract with the Department
191of Community Affairs to implement the provisions of ss. 288.707-
192288.714. However, the Legislature determines that public policy
193dictates that the corporation operate in the most open and
194accessible manner consistent with its public purpose. Therefore,
195the Legislature specifically declares that the board and its
196advisory committees or similar groups created by the board,
197including any subsidiaries, are subject to the provisions of
198chapter 119, relating to public records, and the provisions of
199chapter 286, relating to public meetings and records.
200     (3)  The board shall be governed by a board of directors
201chosen as follows:
202     (a)  Four members appointed by the Governor who shall serve
203terms of 4 years, except that in making initial appointments,
204the Governor shall appoint two members to serve for terms of 2
205years and two members to serve for terms of 3 years.
206     (b)  Two members appointed by the President of the Senate,
207who shall serve terms of 2 years.
208     (c)  Two members appointed by the Speaker of the House of
209Representatives, who shall serve terms of 2 years.
210     (d)  The vice chair of Enterprise Florida, Inc., or his or
211her designee, who shall be an ex officio, nonvoting member.
212     (e)  Three members who are officers or directors of
213participating black business investment corporations, who shall
214be appointed by the Secretary of Community Affairs upon the
215recommendation of the Florida Consortium of Black Business
216Investment Corporations, Inc.
217     (4)  Members of the board must have experience in business,
218including financial services, banking, or economic development.
219     (5)  Any person appointed to fill a vacancy on the board
220shall be appointed in a like manner and shall serve for only the
221unexpired term. Any member shall be eligible for reappointment.
222     (6)  The Governor shall appoint the chair, who shall be a
223member of the board and who shall serve at the pleasure of the
224Governor. The board shall annually elect one of its members as
225vice chair and one of its members as secretary-treasurer. The
226secretary-treasurer shall keep a record of the proceedings of
227the board and shall be the custodian of all books, documents,
228and papers filed with the board, the minutes of meetings of the
229board, and the board's official seal.
230     (7)  The board shall meet at least four times annually upon
231the call of the chair or vice chair or at the request of a
232majority of the membership. A majority of the total number of
233current members of the board shall constitute a quorum. The
234board may take official action by a majority vote of the members
235present at any meeting at which a quorum is present.
236     (8)  Members of the board shall serve without compensation,
237but members, the president of the corporation, and other board
238employees may be reimbursed for all reasonable, necessary, and
239actual expenses as determined by the board and approved by the
240department.
241     (9)  Each member of the board who is not otherwise required
242to disclose financial interests pursuant to s. 8, Art. II of the
243State Constitution or s. 112.3144 shall file a statement of
244financial interests pursuant to s. 112.3145.
245     (10)  Existing board terms shall expire on the effective
246date of this act and new members shall be appointed according to
247the terms of this act by October 1, 2007.
248     Section 6.  Subsection (2) of section 288.708, Florida
249Statutes, is amended to read:
250     288.708  President; employees.--
251     (2)  The corporation and its officers and board members are
252responsible for the prudent use of all public and private funds
253and shall ensure that the use of such funds is in accordance
254with all applicable laws, bylaws, or contractual requirements.
255An employee of the board corporation may not receive
256compensation for employment that exceeds the salary paid to the
257Governor, unless the board corporation and the employee have
258executed a contract that prescribes specific and measurable
259performance outcomes for the employee, the satisfaction of which
260provides the basis for the award of incentive payments that
261increase the employee's total compensation to a level above the
262salary paid to the Governor.
263     Section 7.  Section 288.709, Florida Statutes, is amended
264to read:
265     288.709  Powers of the Florida Black Business Investment
266Board, Inc.--The board shall have all the powers granted under
267chapter 617 and any powers necessary or convenient to carry out
268and effectuate the purposes and provisions of ss. 288.707-
269288.714, including, but not limited to, the power to:
270     (1)  Adopt bylaws for the regulation of its affairs and the
271conduct of its business and adopt policies to implement the
272provisions of law conferring duties upon it. Such bylaws shall
273provide that the corporation is subject to the requirements of
274s. 24, Art. I of the State Constitution and chapter 119 and s.
275286.011.
276     (2)  Adopt an official seal.
277     (3)  Sue and be sued in its own name.
278     (4)  Make and execute contracts and other instruments
279necessary or convenient for the exercise of its power and
280functions.
281     (5)  Acquire, hold, and dispose of personal property for
282its corporate purposes.
283     (1)(6)  Enter into agreements or other transactions with
284any federal, state, or local agency or private entity.
285     (7)  Encourage financial institutions to participate in
286consortia for the purpose of investing in black business
287enterprises.
288     (8)  Ensure that funds available to the board for purposes
289set forth in ss. 288.707-288.714 are disbursed on a statewide
290basis and are not concentrated in one geographical area.
291     (2)(9)  Invest any funds held in reserves or sinking funds,
292or any funds not required for immediate disbursement, in such
293investments as may be authorized for trust funds under s.
294215.47; however, such investments will be made on behalf of the
295board by the Chief Financial Officer or by another trustee
296appointed for that purpose.
297     (10)  Appear in its own behalf before boards, commissions,
298departments, or other agencies of municipal, county, state, or
299Federal Government.
300     (11)  Procure insurance or require bond against any loss in
301connection with its property in such amounts and from such
302insurers as may be necessary or desirable.
303     (3)(12)  Apply for, accept, and disburse from any state or
304nonstate source Receive and accept from any federal, state, or
305local agency grants, loans, or advances for, or in aid of, the
306purposes of ss. 288.707-288.714, and to receive and accept
307contributions from any source of either money, property, labor,
308or other things of value, to be held, used, and applied for said
309purposes.
310     (13)  Create, issue, and buy and sell stock, evidences of
311indebtedness, and other capital participation instruments; to
312hold such stock, evidences of indebtedness, and capital
313participation instruments; and to underwrite the creation of a
314capital market for these securities in a manner designed to
315enhance development of capital ownership in the target group.
316     (4)(14)  Provide and pay for such advisory services and
317technical assistance as may be necessary or desirable to carry
318out the purposes of this act, upon the approval of the
319department.
320     (5)(15)  Engage in special programs to enhance the
321development of black business enterprises as authorized by this
322act and approved by the department.
323     (16)  Promote black ownership of financial institutions in
324Florida.
325     (17)  Take, hold, and improve property, including real
326property.
327     (18)  Do any and all things necessary or convenient to
328carry out the purposes of, and exercise the powers given and
329granted in, ss. 288.707-288.714, and exercise any other powers,
330rights, or responsibilities of a corporation.
331     (6)(19)  In addition to any indemnification available under
332chapter 617, indemnify, and purchase and maintain insurance on
333behalf of, directors, officers, and employees of the corporation
334and its boards against any personal liability or accountability
335by reason of actions taken while acting within the scope of
336their authority.
337     (7)(20)  Provide in its bylaws that, upon the dissolution
338of the corporation, all of its assets acquired through the use
339of state funds, after payment of all legal debts and
340liabilities, revert to this state.
341     Section 8.  Section 288.7091, Florida Statutes, is amended
342to read:
343(Substantial rewording of section. See
344s. 288.7091, F.S., for present text.)
345     288.7091  Duties of the Florida Black Business Investment
346Board, Inc.--The board shall:
347     (1)  Serve as an advisory board to the Department of
348Community Affairs, through contract with the department, to
349assist the department with the implementation of ss. 288.707-
350288.714.
351     (2)  Aid the development and expansion of black business
352enterprises by leveraging state, local, and private funds to be
353held by the department for use according to the provisions of
354ss. 288.707-288.714.
355     (3)  Serve as the clearinghouse for information and sources
356of technical assistance that will enhance the development and
357expansion of black business enterprises and facilitate the
358provision of technical assistance in communities in which such
359services are otherwise unavailable.
360     (4)  Aggressively market the Black Business Loan Program
361and related services to black business enterprises through all
362appropriate media outlets, including media targeting the
363African-American community.
364     (5)  Collaborate with Enterprise Florida, Inc., or its
365affiliates to develop and expand black business enterprises.
366     (6)  Collaborate with the Department of Transportation, the
367Department of Management Services, including the Florida
368Minority Business Loan Mobilization Program, Workforce Florida,
369Inc., and other state agencies and partners, the State
370University System, including the Florida Agricultural and
371Mechanical University's Institute of Urban Policy and Commerce,
372school boards, and local governments to create a network of
373information and seek out available resources to enhance the
374development and expansion of black business enterprises.
375     (7)  Develop strategies to increase financial institution
376investment in black business enterprises.
377     (8)  Provide a 5-year projection of the need for capital by
378black business enterprises. The board shall contract with an
379independent entity to prepare the projection once every 5 years.
380     (9)  Annually provide for a financial audit as defined in
381s. 11.45 of the board's accounts and records by an independent
382certified public accountant. The audit shall include an
383explanation of all investments made by the board and an
384explanation of administrative costs. Within 6 months after the
385end of the fiscal year, the audit report shall be provided to
386the Governor, the President of the Senate, the Speaker of the
387House of Representatives, and the Auditor General.
388     Section 9.  Section 288.710, Florida Statutes, is created
389to read:
390     288.710  Black business investment corporations.--
391     (1)  The term "black business investment corporation" means
392a subsidiary of a financial institution or a consortium of
393financial institutions incorporated as a nonprofit corporation
394to provide loans and loan guarantees to black business
395enterprises under ss. 288.707-288.714.
396     (2)  A black business investment corporation that meets the
397requirements of s. 288.7102(7) is eligible to participate in the
398Black Business Loan Program and shall receive priority
399consideration by the department for participation in the
400program.
401     Section 10.  Section 288.7102, Florida Statutes, is created
402to read:
403     288.7102  Black Business Loan Program.--The Black Business
404Loan Program is established in the Department of Community
405Affairs. Under the program, the department shall provide loans
406and loan guarantees, through eligible recipients, from the
407Florida Black Business Investment Incentive Trust Fund to black
408business enterprises who cannot obtain capital through
409conventional lending institutions but which could otherwise
410compete successfully in the private sector.
411     (1)  The department shall establish a uniform, open, and
412competitive application and annual certification process for
413eligible recipients who seek funds to provide loans or loan
414guarantees to black business enterprises pursuant to the Florida
415Black Business Investment Act.
416     (2)  The Florida Black Business Investment Board, Inc., and
417participating black business investment corporations shall adopt
418uniform loan and loan guarantee underwriting policies, which
419must be approved by the department.
420     (3)  The Florida Black Business Investment Board, Inc., and
421participating black business investment corporations shall
422establish a minimum interest rate for loans and loan guarantees
423to ensure that necessary loan administration costs are covered.
424The minimum interest rate must be approved by the department.
425     (4)  The department shall adopt uniform criteria to be used
426by eligible recipients in evaluating and approving applications
427for loans or loan guarantees consistent with s. 288.7103.
428     (5)  Administrative expenses directly related to state
429funds and accountability requirements incurred by an eligible
430recipient in providing assistance to a black business enterprise
431receiving a loan or loan guarantee may be paid out of state
432funds not to exceed 7 percent.
433     (6)  The department shall develop an allocation policy to
434ensure that services provided under ss. 288.707-288.714 for the
435benefit of black business enterprises are disbursed equitably
436throughout the state.
437     (7)  To be eligible to receive funds and provide loans or
438loan guarantees under this section, a recipient must:
439     (a)  Be a corporation not for profit registered in the
440state.
441     (b)  Demonstrate that its board of directors includes
442citizens of the state experienced in the development of black
443business enterprises.
444     (c)  Demonstrate that the recipient has a business plan
445that will allow the recipient to operate consistent with ss.
446288.707-288.714 and the rules of the department.
447     (d)  Demonstrate that the recipient has the technical
448skills to analyze and evaluate applications by black business
449enterprises for loans or loan guarantees.
450     (e)  Demonstrate that the recipient has established viable
451partnerships with public and private funding sources, economic
452development agencies, and workforce development and job referral
453networks.
454     (f)  Demonstrate that the recipient can provide a private
455match equal to 75 percent of the amount of the loan or loan
456guarantee provided by the department.
457     (g)  Agree to maintain the recipient's books and records
458relating to funds received by the department according to
459generally accepted accounting principles and to make such books
460and records available to the department for inspection upon
461reasonable notice.
462     (h)  Agree to be subject to the provisions of chapter 119
463relating to public records and the provisions of chapter 286
464relating to public meetings, with respect to all state funds
465received by the eligible recipient from the department.
466     (8)  The department shall annually certify each eligible
467recipient, who must meet the provisions of ss. 288.707-288.714,
468the terms of the contract between the recipient and the
469department, and any other applicable state or federal laws. An
470entity may not receive funds under ss. 288.707-288.714 unless
471the entity meets annual certification requirements.
472     (9)  The department shall consult with the Florida Black
473Business Investment Board, Inc., in implementing the provisions
474of this section.
475     (10)  The department shall adopt rules pursuant to ss.
476120.536(1) and 120.54 to implement the provisions of this
477section.
478     Section 11.  Section 288.7103, Florida Statutes, is created
479to read:
480     288.7103  Eligibility for loan or loan guarantee.--A black
481business enterprise is not eligible to receive a loan or loan
482guarantee unless the enterprise demonstrates that:
483     (1)  The proposed loan or loan guarantee is economically
484sound and will assist the black business enterprise in entering
485the conventional lending market, increasing opportunities for
486employment, and strengthening the economy of the state.
487     (2)  The enterprise will be able to compete successfully in
488the private sector if the enterprise obtains the requested
489financial assistance and has or will obtain appropriate and
490credible technical or managerial support through an organization
491approved by the corporation.
492     Section 12.  Section 288.711, Florida Statutes, is amended
493to read:
494     288.711  Florida Black Business Investment Incentive Trust
495Fund.--
496     (1)  There is hereby created the Florida Black Business
497Loan Program Investment Incentive Trust Fund in the Department
498of Community Affairs for purposes of providing loans or loan
499guarantees under the Black Business Loan Program as provided in
500s. 288.7102 from which money may be drawn for investments or
501loans, as authorized by this section, to encourage the
502development of appropriate financial mechanisms in the private
503sector to capitalize and assist in the development of black
504business enterprises. All income earned by investments of the
505fund shall be deposited in the fund for carrying out the
506purposes of ss. 288.707-288.714. Administrative costs of the
507program shall be appropriated in a lump-sum appropriation from
508the fund created herein and shall be provided in the General
509Appropriations Act.
510     (2)  The board is authorized to invest from the Florida
511Investment Incentive Trust Fund in black business investment
512corporations which conduct, or agree to conduct, programs of
513assisting the development of black business enterprises. Such
514investments shall be made under conditions required by law and
515as the board may, from time to time, require and may take any of
516the following forms:
517     (a)  Purchases of stock, preferred or common, voting or
518nonvoting, as determined by the board;
519     (b)  Loans, with or without recourse, in either a
520subordinated or priority position, as determined by the board;
521provided, however, that no more than 20 percent of the capital
522base may be used for direct loans to black business enterprises;
523or
524     (c)  Any other investment authorized by the board based on
525the expertise of its members.
526     (3)  It is the intent of the Legislature that if any one
527type of investment mechanism authorized in subsection (2) is
528held to be invalid all other valid mechanisms remain available.
529     (4)  All loans and investments, and any income related
530thereto, shall be used to carry out the public purpose of ss.
531288.707-288.714, which is to develop black business enterprises.
532This is not meant to preclude a reasonable profit for the
533participating black business investment corporation or for
534return of equity developed to the state and participating
535financial institutions upon any distribution of the assets or
536excess income of the investment corporation.
537     Section 13.  Section 288.714, Florida Statutes, is amended
538to read:
539(Substantial rewording of section. See
540s. 288.714, F.S., for present text.)
541     288.714  Quarterly and annual reports.--
542     (1)  Each recipient of state funds under ss.
543288.707-288.714 shall provide to the department a quarterly
544report within 15 days after the end of each calendar quarter
545that includes a detailed summary of the recipient's performance
546of the duties imposed by ss. 288.707-288.714, including, but not
547limited to:
548     (a)  The dollar amount of all loans or loan guarantees made
549to black business enterprises, the percentages of the loans
550guaranteed, and the name and identification of the types of
551businesses served.
552     (b)  Loan performance information.
553     (c)  The amount and nature of all other financial
554assistance provided to black business enterprises.
555     (d)  The amount and nature of technical assistance provided
556to black business enterprises, including technical services
557provided in areas in which such services are otherwise
558unavailable.
559     (e)  A balance sheet for the recipient, including an
560explanation of all investments and administrative and
561operational expenses.
562     (f)  A summary of all services provided to non-black
563business enterprises, including the dollar value and nature of
564such services and the name and identification of the types of
565businesses served.
566     (g)  Any other information as required by the department by
567rule.
568     (2)  By May 1 of each year, the department shall provide to
569the Governor, the President of the Senate, and the Speaker of
570the House of Representatives a detailed report of the
571performance of the Black Business Loan Program, including:
572     (a)  A cumulative summary of quarterly report data required
573by subsection (1).
574     (b)  A description of the strategies implemented by the
575department to increase private investment in black business
576enterprises.
577     (c)  A summary of the Florida Black Business Investment
578Board, Inc.'s, performance of its duties under ss. 288.707-
579288.714.
580     (d)  The most recent 5-year projection of the need for
581capital by black business enterprises.
582     (e)  Recommendations for legislative or other changes to
583enhance the development and expansion of black business
584enterprises in the state.
585     (f)  A projection of the program's activities during the
586next 12 months.
587     (3)  The Florida Black Business Investment Board, Inc., and
588any black business investment corporation that has received
589state funds prior to the implementation of ss. 288.707-288.714
590shall provide to the department by March 1 of each year a report
591with respect to the use of state funds received prior to and
592through the 2004-2005 fiscal year. The report must include:
593     (a)  The number of black business enterprises that received
594financial assistance, including loans or loan guarantees, funded
595in whole or in part by the state.
596     (b)  The number of black business enterprises receiving
597technical or other nonfinancial assistance from the recipient or
598third parties.
599     (c)  The status of black business enterprises that have
600received financial or other assistance from the recipient.
601     (d)  The total number of jobs created or maintained by
602black business enterprises that received financial or other
603assistance from the recipient.
604     (e)  An operating statement for the recipient, including an
605explanation of the use of all state funds, the return on
606investment or interest earned on state funds, and all
607administrative costs of the recipient.
608     Section 14.  Subsection (4) of section 288.9015, Florida
609Statutes, is amended to read:
610     288.9015  Enterprise Florida, Inc.; purpose; duties.--
611     (4)  Enterprise Florida, Inc., shall incorporate the needs
612of small and minority businesses into the economic-development,
613international-trade and reverse-investment, and workforce-
614development responsibilities assigned to the organization by
615this section. Where practicable and consistent with the
616expertise of the Black Business Investment Board, Inc.,
617Enterprise Florida, Inc., shall collaborate contract with the
618Florida Black Business Investment Board, Inc., and the
619Department of Community Affairs corporation for the delivery of
620services in fulfillment of the responsibilities of Enterprise
621Florida, Inc., relating to small and minority businesses.
622     Section 15.  The Office of Program Policy Analysis and
623Government Accountability shall prepare a status report on the
624initial implementation of the Florida Black Business Investment
625Act by the Department of Community Affairs and shall provide the
626report to the Governor, the President of the Senate, and the
627Speaker of the House of Representatives by December 1, 2007. The
628office shall a conduct a program review of the department's
629performance in meeting the goals of the Florida Black Business
630Investment Act and shall provide a
631report to the Governor, the President of the Senate, and the
632Speaker of the House of Representatives by December 1, 2008.
633     Section 16.  The Auditor General shall conduct an audit of
634the Florida Black Business Investment Board, Inc.'s, investment
635activity for fiscal years 2001-2002 through 2005-2006 and report
636its findings to the Governor, the President of the Senate, and
637the Speaker of the House of Representatives by January 1, 2007.
638     Section 17.  Sections 288.7092, 288.7095, 288.71, 288.7101,
639288.712, and 288.713, Florida Statutes, are repealed.
640     Section 18.  The sum of $          is appropriated from the
641General Revenue Fund to the Department of Community Affairs for
642the 2006-2007 fiscal year for purposes of implementing and
643administering the Black Business Loan Program, and            
644full-time equivalent positions and $           in approved
645salary rate are authorized.
646     Section 19.  This act shall take effect July 1, 2006.


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