Senate Bill sb1854

    Florida Senate - 2006                                  SB 1854

    By Senator Saunders





    37-1640-06                                              See HB

  1                      A bill to be entitled

  2         An act relating to black business investment

  3         corporations; amending s. 288.7095, F.S.;

  4         requiring black business investment

  5         corporations to form a consortium for certain

  6         purposes; requiring a memorandum of

  7         understanding with the Department of Community

  8         Affairs; providing memorandum requirements

  9         relating to appropriations, reporting, and

10         auditing; deleting a requirement for black

11         business investment corporations to coordinate

12         with certain agencies for certain purposes;

13         providing an effective date.

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

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17         Section 1.  Section 288.7095, Florida Statutes, is

18  amended to read:

19         288.7095  Duties of the black business investment

20  corporations.--The black business investment corporations

21  shall form a consortium to develop a public-private

22  partnership through a memorandum of understanding with the

23  Department of Community Affairs describing efforts of common

24  interest and future collaboration to expand black business

25  development throughout this state. The memorandum of

26  understanding shall ensure that:

27         (1)  Any appropriations by the Legislature to the

28  department on behalf of the black business investment

29  corporations are provided to the corporations in the manner

30  and amount prescribed by the legislative appropriations.

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






    Florida Senate - 2006                                  SB 1854
    37-1640-06                                              See HB




 1         (2)  The consortium prepares a quarterly report

 2  describing the performance of each black business investment

 3  corporation as such performance relates to community

 4  development to include capital investment in black businesses

 5  and addressing the number of jobs created or retained, the

 6  success and failure rates among loan recipients, and the

 7  amount of funds leveraged from other sources.

 8         (3)  The consortium provides an annual compliance and

 9  financial audit of accounts and records by an independent

10  certified public accountant. Within 12 months after the end of

11  the fiscal year, the audit report shall be provided to the

12  Governor, the President of the Senate, the Speaker of the

13  House of Representatives, and the Auditor General coordinate

14  with Enterprise Florida, Inc., and the Office of Tourism,

15  Trade, and Economic Development to avoid duplication and to

16  develop local business and the necessary infrastructure to

17  support it.

18         Section 2.  This act shall take effect July 1, 2006.

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