Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 2656
Barcode 671322
CHAMBER ACTION
Senate House
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11 The Committee on Commerce and Consumer Services (Saunders)
12 recommended the following 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. Section 288.9961, Florida Statutes, is
19 created to read:
20 288.9961 Trade secret information; identification and
21 performance information; public records exemption.--A trade
22 secret, as defined in s. 688.002, held by the Florida
23 Opportunity Fund is confidential and exempt from s. 119.07(1)
24 and s. 24(a), Art. I of the State Constitution. Tax
25 identification numbers, analyses of gross receipts, the amount
26 of taxes paid, the amount of capital investment, the amount of
27 employee wages paid, and the detailed documentation to
28 substantiate such performance information included in
29 portfolio data pertaining to specific companies within the
30 portfolios of venture capital funds receiving investment from
31 the Florida Opportunity Fund are confidential and exempt from
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 2656
Barcode 671322
1 s. 119.07(1) and s. 24(a), Art. I of the State Constitution.
2 This section is subject to the Open Government Sunset Review
3 Act in accordance with s. 119.15 and shall stand repealed on
4 October 2, 2011, unless reviewed and saved from repeal through
5 reenactment by the Legislature.
6 Section 2. The Legislature finds that it is a public
7 necessity that a trade secret, as defined in the Uniform Trade
8 Secrets Act, held by the Florida Opportunity Fund be held
9 confidential and exempt from s. 119.07(1), Florida Statutes,
10 and s. 24(a), Art. I of the State Constitution. In addition,
11 the Legislature finds that it is a public necessity that tax
12 identification numbers, analyses of gross receipts, amount of
13 taxes paid, amount of capital investment, amount of employee
14 wages paid, and detailed documentation to substantiate such
15 performance information included in portfolio data pertaining
16 to specific companies within the portfolios of venture capital
17 funds receiving investment from the Florida Opportunity Fund
18 be held confidential and exempt from s. 119.07(1), Florida
19 Statutes, and s. 24(a), Art. I of the State Constitution. The
20 disclosure of information concerning businesses which is
21 obtained through the administration of the Florida Opportunity
22 Fund under ss. 288.996 and 288.9961, Florida Statutes, the
23 "Florida Capital Formation Act," could injure a business in
24 the marketplace by providing its competitors with detailed
25 insights into the financial status and the strategic plans of
26 the business, thereby diminishing the advantage that the
27 business maintains over those that do not possess such
28 information. Without this exemption, private sector
29 businesses, whose records generally are not required to be
30 open to the public, might refrain from participating in the
31 economic development program and thus would not be able to use
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 2656
Barcode 671322
1 the incentives available under the program. If a business were
2 unable to use the incentives, the business might choose not to
3 invest venture capital in the State of Florida, depriving the
4 state and the public of the potential economic benefits
5 associated with such investment activities in this state. The
6 harm to businesses in the marketplace and to the effective
7 administration of the economic development program caused by
8 the public disclosure of such information far outweighs the
9 public benefits derived from its release.
10 Section 3. This act shall take effect July 1, 2006, if
11 Senate Bill 2668 or similar legislation is adopted in the same
12 legislative session or an extension thereof and becomes law.
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15 ================ T I T L E A M E N D M E N T ===============
16 And the title is amended as follows:
17 Delete everything before the enacting clause
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19 and insert:
20 A bill to be entitled
21 An act relating to public records; creating s.
22 288.9961, F.S.; providing an exemption from
23 public records requirements for information
24 held by the Florida Opportunity Fund that is a
25 trade secret; providing an exemption from
26 public records requirements for tax
27 identification numbers, analyses of gross
28 receipts, amount of taxes paid, amount of
29 capital investment, amount of employee wages
30 paid, and detailed documentation to
31 substantiate such performance information
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2:47 PM 04/03/06 s2656d-cm37-c3r
Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 2656
Barcode 671322
1 included in portfolio data pertaining to
2 specific companies within the portfolios of
3 venture capital funds receiving investment from
4 the Florida Opportunity Fund; providing for
5 review and repeal; providing a statement of
6 public necessity; providing a contingent
7 effective date.
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