Senate Bill sb2656c1

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    Florida Senate - 2006                           CS for SB 2656

    By the Committee on Commerce and Consumer Services; and
    Senator Atwater




    577-2209-06

  1                      A bill to be entitled

  2         An act relating to public records; creating s.

  3         288.9961, F.S.; providing an exemption from

  4         public-records requirements for information

  5         held by the Florida Opportunity Fund that is a

  6         trade secret; providing an exemption from

  7         public-records requirements for tax

  8         identification numbers, analyses of gross

  9         receipts, amount of taxes paid, amount of

10         capital investment, amount of employee wages

11         paid, and detailed documentation to

12         substantiate such performance information

13         included in portfolio data pertaining to

14         specific companies within the portfolios of

15         venture capital funds receiving investment from

16         the Florida Opportunity Fund; providing for

17         review and repeal; providing a statement of

18         public necessity; providing a contingent

19         effective date.

20  

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

22  

23         Section 1.  Section 288.9961, Florida Statutes, is

24  created to read:

25         288.9961  Trade secret information; identification and

26  performance information; public-records exemption.--A trade

27  secret, as defined in s. 688.002, held by the Florida

28  Opportunity Fund is confidential and exempt from s. 119.07(1)

29  and s. 24(a), Art. I of the State Constitution. Tax

30  identification numbers, analyses of gross receipts, the amount

31  of taxes paid, the amount of capital investment, the amount of

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    Florida Senate - 2006                           CS for SB 2656
    577-2209-06




 1  employee wages paid, and the detailed documentation to

 2  substantiate such performance information included in

 3  portfolio data pertaining to specific companies within the

 4  portfolios of venture capital funds receiving investment from

 5  the Florida Opportunity Fund are confidential and exempt from

 6  s. 119.07(1) and s. 24(a), Art. I of the State Constitution.

 7  This section is subject to the Open Government Sunset Review

 8  Act in accordance with s. 119.15 and shall stand repealed on

 9  October 2, 2011, unless reviewed and saved from repeal through

10  reenactment by the Legislature.

11         Section 2.  The Legislature finds that it is a public

12  necessity that a trade secret, as defined in the Uniform Trade

13  Secrets Act, held by the Florida Opportunity Fund be held

14  confidential and exempt from s. 119.07(1), Florida Statutes,

15  and s. 24(a), Art. I of the State Constitution. In addition,

16  the Legislature finds that it is a public necessity that tax

17  identification numbers, analyses of gross receipts, amount of

18  taxes paid, amount of capital investment, amount of employee

19  wages paid, and detailed documentation to substantiate such

20  performance information included in portfolio data pertaining

21  to specific companies within the portfolios of venture capital

22  funds receiving investment from the Florida Opportunity Fund

23  be held confidential and exempt from s. 119.07(1), Florida

24  Statutes, and s. 24(a), Art. I of the State Constitution. The

25  disclosure of information concerning businesses which is

26  obtained through the administration of the Florida Opportunity

27  Fund under ss. 288.996 and 288.9961, Florida Statutes, the

28  "Florida Capital Formation Act," could injure a business in

29  the marketplace by providing its competitors with detailed

30  insights into the financial status and the strategic plans of

31  the business, thereby diminishing the advantage that the

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    Florida Senate - 2006                           CS for SB 2656
    577-2209-06




 1  business maintains over those that do not possess such

 2  information. Without this exemption, private sector

 3  businesses, whose records generally are not required to be

 4  open to the public, might refrain from participating in the

 5  economic development program and thus would not be able to use

 6  the incentives available under the program. If a business were

 7  unable to use the incentives, the business might choose not to

 8  invest venture capital in the State of Florida, depriving the

 9  state and the public of the potential economic benefits

10  associated with such investment activities in this state. The

11  harm to businesses in the marketplace and to the effective

12  administration of the economic development program caused by

13  the public disclosure of such information far outweighs the

14  public benefits derived from its release.

15         Section 3.  This act shall take effect July 1, 2006, if

16  Senate Bill 2668 or similar legislation is adopted in the same

17  legislative session or an extension thereof and becomes law.

18  

19          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
20                         Senate Bill 2656

21                                 

22  This committee substitute amends the bill as filed in the
    following manner:
23  
    -    Removes Florida Opportunity Fund Management Corporation
24       as a covered entity;

25  -    Changes the catchline of the statute creating the
         exemption from "Confidentiality of records" to "Trade
26       secret information; identification and performance
         information; public records exemption";
27  
    -    Deletes social security numbers from the list of
28       information that is confidential and exempt since that
         information is currently statutorily protected from
29       disclosure; and

30  -    Revises the statement of public necessity by removing
         references to the Florida Capital Investment Trust and
31       employee information.

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