Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
CHAMBER ACTION
Senate House
.
.
1 Comm: RCS .
04/24/2007 01:36 PM .
2 .
.
3 .
.
4 ______________________________________________________________
5
6
7
8
9
10 ______________________________________________________________
11 The Committee on Transportation and Economic Development
12 Appropriations (Diaz de la Portilla) recommended the following
13 amendment:
14
15 Senate Amendment (with title amendment)
16 Delete everything after the enacting clause
17
18 and insert:
19 Section 1. Subsection (4) of section 1004.226, Florida
20 Statutes, is amended, present subsection (7) of that section
21 is redesignated as subsection (8) and amended, and a new
22 subsection (7) is added to that section, to read:
23 1004.226 The 21st Century Technology, Research, and
24 Scholarship Enhancement Act.--
25 (4) FLORIDA TECHNOLOGY, RESEARCH, AND SCHOLARSHIP
26 BOARD.--The Florida Technology, Research, and Scholarship
27 Board is created within the Board of Governors of the State
28 University System to guide the establishment of Centers of
29 Excellence, and the attraction of world class scholars, and
30 the commercialization of products and services developed from
31 the research and development conducted at state universities.
1
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (a) The board shall consist of 11 members. Five
2 members shall be appointed by the Governor, one of whom the
3 Governor shall appoint as chair of the board, one of whom must
4 be a member of the board of directors of Enterprise Florida,
5 Inc., and one of whom must be a member of the Board of
6 Governors of the State University System. Three members shall
7 be appointed by the President of the Senate, and three members
8 shall be appointed by the Speaker of the House of
9 Representatives. Appointed members must be representative of
10 business leaders, industrial researchers, academic
11 researchers, scientists, and leaders in the emerging and
12 advanced technology sector. Appointed members may not serve
13 for more than 4 years, and any vacancy that occurs during
14 these appointees' terms shall be filled in the same manner as
15 the original appointment. A majority of members constitutes a
16 quorum.
17 (b) Members of the board shall serve without
18 compensation, but are entitled to receive reimbursement for
19 per diem and travel expenses in accordance with s. 112.061
20 while in the performance of their duties.
21 (c) The Board of Governors shall provide staff support
22 for the activities of the board and per diem and travel
23 expenses for board members.
24 (d) The board is charged with recommending criteria to
25 the Board of Governors for the 21st Century World Class
26 Scholars Program and with providing guidance to the Board of
27 Governors regarding the implementation and administration of
28 the Centers of Excellence Program.
29 (e) The board shall recommend to the Board of
30 Governors the qualifications, standards, and requirements for
31 approval of investments in Centers of Excellence under this
2
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 act. The board may form committees of its members and is
2 encouraged to consult with Enterprise Florida, Inc., the
3 Florida Research Consortium, Bio-Florida, IT Florida, the
4 Florida Aviation Aerospace Alliance, and any other entity
5 whose input may be helpful in determining the requirements and
6 standards for the program.
7 (f) The board shall review and approve State
8 University Research Commercialization Assistance Grants under
9 subsection (7). The board is encouraged to consult with
10 Enterprise Florida, Inc., entities that have prior experience
11 in early state business investment, and any other entity whose
12 input may be helpful in evaluating grant proposals.
13 (g) Members of the board must agree to refrain from
14 having any direct interest in any contract, franchise,
15 privilege, or other benefit arising from a state university
16 project receiving a State University Research
17 Commercialization Assistance Grant during the term of his or
18 her appointment and for 2 years after the termination of such
19 appointment. It is a misdemeanor of the first degree,
20 punishable as provided in s. 775.082 or s. 775.083, for a
21 person to serve on the board in violation of this paragraph or
22 to accept a direct interest in any contract, franchise,
23 privilege, or other benefit granted by the grant receipts
24 within 2 years after the termination of his or her service on
25 the board.
26 (7) STATE UNIVERSITY RESEARCH COMMERCIALIZATION
27 ASSISTANCE GRANT PROGRAM.--The State University Research
28 Commercialization Assistance Grant Program is established to
29 promote the commercialization of university research products
30 for the purpose of enhancing the state's economy and the
31 state's public universities. All phase two and phase three
3
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 grants established by this program require one dollar in
2 private investment for each one dollar in state funding
3 provided. A state university may apply for early stage capital
4 funding for the purpose of developing products and services
5 resulting from university research. An application may include
6 joint participation in the development of products and
7 services by a cooperating university. Such funding may be used
8 by the university for a variety of premarketing activities,
9 including, but not limited to, securing patents, establishing
10 start-up companies, developing license agreements, attracting
11 private investment, and supporting other activities that are
12 necessary to establish commercially viable ventures for the
13 marketing and sale of products resulting from university
14 research. Funds may not be used for research or development.
15 (a) State University Research Commercialization
16 Assistance Grants may be provided under the following
17 categories:
18 1. Phase one grants, which may not exceed $50,000 per
19 project, shall be available to assist with early market
20 research, independent evaluation, consultation, and other
21 initial activities that may be required to develop an initial
22 business model for a university research product that has the
23 potential for commercialization.
24 2. Phase two grants, which may not exceed $100,000 per
25 project, shall be available to assist with the development of
26 a complete business plan for the commercialization of a
27 university research product.
28 3. Phase three grants, which may not exceed $250,000
29 per project, shall be available for the implementation and
30 execution of a completed business plan for a university
31 research product.
4
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (b) Based on the availability of funds, the board
2 shall periodically solicit proposals from state universities
3 for State University Research Commercialization Assistance
4 Grants. The board shall establish guidelines prescribing the
5 criteria and format for the submission of grant applications
6 by state universities. Any state university, upon approval of
7 its board of trustees, may submit a request to the board for a
8 grant to facilitate the commercialization of a university
9 research product or the commercialization of a patent held by
10 a state agency under a cooperative agreement between the state
11 agency and the university. A state university need not receive
12 prior stage grants in order to be eligible for phase two or
13 phase three grants. When evaluating the applications submitted
14 for funding, the board shall consider the following criteria:
15 1. The potential return to the university which may be
16 reasonably assumed based on the business case presented in
17 support of the proposed project;
18 2. The potential for the creation of high-wage jobs
19 resulting from the success of the proposed project;
20 3. The potential of the proposed project to address
21 pressing needs of the residents of the state;
22 4. The potential of the proposed project to enhance
23 the economic competitiveness of the state and the university;
24 5. The technical, financial, organizational, and
25 marketing feasibility of the project and its business plan;
26 and
27 6. The potential of the proposed project to create
28 other related business enterprises.
29
30 Each proposed project shall be evaluated on its individual
31 merits.
5
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (c) The board shall negotiate and execute contracts
2 with state universities governing the terms of State
3 University Research Commercial Assistance Grants. The board
4 may not execute a contract unless the contract is approved by
5 the affirmative vote of at least 6 of the 11 members of the
6 board. Each contract, at a minimum, must contain provisions
7 that:
8 1. Specify the procedures and schedules that govern
9 the disbursement of funds under this section and specify the
10 conditions or deliverables that the state university must
11 satisfy before the release of each disbursement.
12 2. Require the state university to submit a business
13 plan in a form and manner prescribed by the board.
14 3. Require the state university to submit data to the
15 board concerning the activities and performance of projects
16 funded pursuant to this subsection and to provide to the board
17 an annual accounting of the expenditure of funds disbursed
18 under this subsection.
19 4. Require the state university to negotiate repayment
20 to the General Revenue Fund of the amount of the grant awarded
21 to a project when the project generates sufficient revenues to
22 sustain a profitable operation.
23 5. Require the state university to expend 95 percent
24 of grant proceeds for described uses in the approved grant
25 application and not otherwise reduce grant proceeds with
26 facilities charges or fees by the university.
27 (d) Upon verification by the Board of Governors that a
28 state university has executed a contract with the board for a
29 State University Research Commercialization Assistance Grant,
30 the Board of Governors shall release grant funds to the
31 university.
6
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (8)(7) ANNUAL REPORT.--The board, in cooperation with
2 the Board of Governors of the State University System and the
3 state universities or research centers receiving investments
4 under this act, shall issue an annual report by December 31
5 each year of the activities conducted, including the
6 accomplishments and overall economic benefits to the state,
7 the number of 21st Century World Class Scholars attracted, the
8 number of Centers of Excellence created or expanded, the
9 success of collaborations with related industries, the number
10 and amount of State University Research Commercialization
11 Assistance Grants awarded and repaid, and the success of these
12 programs. The annual report shall be presented to the
13 Governor, the President of the Senate, and the Speaker of the
14 House of Representatives. The annual report must include a
15 copy of an independent audit of the board and a review of the
16 progress of programs administered by the board.
17 Section 2. Section 288.9625, Florida Statutes, is
18 created to read:
19 288.9625 Institute for the Commercialization of Public
20 Research.--There is established the Institute for the
21 Commercialization of Public Research.
22 (1) The institute shall be a not-for-profit
23 corporation registered, incorporated, and operated in
24 accordance with chapter 617.
25 (2) The purpose of the institute is to assist in the
26 commercialization of products developed by the research and
27 development activities of universities and colleges, research
28 institutes, and publicly supported organizations within the
29 state. The institute shall operate to fulfill its purpose and
30 in the best interests of the state. The institute:
31 (a) Shall be a corporation primarily acting as an
7
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 instrumentality of the state, pursuant to s. 768.28(2), for
2 the purposes of sovereign immunity;
3 (b) Is not an agency within the meaning of s.
4 20.03(11);
5 (c) Is subject to the open records and meetings
6 requirements of s. 24, Art. I of the State Constitution,
7 chapter 119, and s. 286.011;
8 (d) Is not subject to the provisions of chapter 287;
9 (e) Shall be governed by the code of ethics for public
10 officers and employees as set forth in part III of chapter
11 112;
12 (f) Is not authorized to create corporate
13 subsidiaries;
14 (g) Shall support existing commercialization efforts
15 at Florida universities; and
16 (h) May not supplant, replace, or direct existing
17 technology transfer operations or other commercialization
18 programs, including incubators and accelerators.
19 (3) The articles of incorporation of the institute
20 must be approved in a written agreement with Enterprise
21 Florida, Inc. The agreement and the articles of incorporation
22 shall:
23 (a) Provide that the institute shall provide equal
24 employment opportunities for all persons regardless of race,
25 color, religion, gender, national origin, age, handicap, or
26 marital status;
27 (b) Provide that the institute is subject to the
28 public records and meeting requirements of s. 24, Art. I of
29 the State Constitution;
30 (c) Provide that all officers, directors, and
31 employees of the institute shall be governed by the code of
8
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 ethics for public officers and employees as set forth in part
2 III of chapter 112;
3 (d) Provide that members of the institute's board of
4 directors are responsible for the prudent use of all public
5 and private funds and that they will ensure that the use of
6 funds is in accordance with all applicable laws, bylaws, and
7 contractual requirements; and
8 (e) Provide that the fiscal year of the institute is
9 from July 1 to June 30.
10 (4) The affairs of the institute shall be managed by a
11 board of directors who shall serve without compensation. Each
12 director shall have only one vote. The chair of the board of
13 directors shall be selected by a majority vote of the
14 directors, a quorum being present. The board of directors
15 shall consist of the following five members:
16 (a) The chair of Enterprise Florida, Inc., or the
17 chair's designee.
18 (b) The president of the university where the
19 institute is located or the president's designee unless
20 multiple universities jointly sponsor the institute, in which
21 case the presidents of the sponsoring universities shall agree
22 upon a designee.
23 (c) Three directors appointed by the Governor to
24 3-year staggered terms, to which directors may be reappointed.
25 (5) By December 1 of each year the board shall provide
26 a copy of the institute's annual report to the Governor, the
27 President of the Senate, the Speaker of the House of
28 Representatives, Enterprise Florida, Inc., and the president
29 of the university at which the institute is located. The
30 report shall include, at a minimum:
31 (a) Any assistance and activities provided to assist
9
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 publicly supported universities, colleges, research
2 institutes, and other publicly supported organizations in the
3 state, by institute.
4 (b) A description of the benefits to this state
5 resulting from the institute, including the number of
6 businesses created, associated industries started, the number
7 of jobs created, and the growth of related projects.
8 (c) Independently audited financial statements,
9 including statements that show receipts and expenditures
10 during the preceding fiscal year for personnel,
11 administration, and operational costs of the institute.
12 (6) Enterprise Florida, Inc., the president and the
13 board of trustees of the university where the institute is
14 located, the Auditor General, and the Office of Program Policy
15 Analysis and Government Accountability may require and receive
16 from the institute or its independent auditor any detail or
17 supplemental data relative to the operation of the
18 corporation.
19 (7) Enterprise Florida, Inc., shall issue a request
20 for proposals to public universities in Florida requesting
21 proposals to fulfill the purposes of the institute as
22 described in this section and provide for its physical
23 location in a major metropolitan area in the southern part of
24 the state having extensive commercial air service to
25 facilitate access by Venture Capital providers. Enterprise
26 Florida, Inc., shall review the proposals in a committee
27 appointed by its board of directors which shall make a
28 recommendation for final selection. Final approval of the
29 selected proposal must be by the board of directors of
30 Enterprise Florida, Inc., at one of its duly noticed meetings.
31 (a) To be eligible for assistance, the company or
10
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 organization attempting to commercialize its product must be
2 accepted by the institute before receiving the institute's
3 assistance.
4 (b) The institute shall receive recommendations from
5 any publicly supported organization on behalf of any company
6 that is commercializing the research, technology, or patents
7 from a qualifying publicly supported organization and which
8 should be accepted into the institute.
9 (c) The institute shall review the business plans and
10 technology information of each such recommended company. If
11 accepted, the institute shall mentor the company, develop
12 marketing information on the company, and use its resources to
13 attract capital investment into the company, as well as bring
14 other resources to the company which may foster its effective
15 management, growth, capitalization, technology protection,
16 marketing or business success.
17 (8) The institute shall:
18 (a) Maintain a centralized location to showcase
19 companies and their technologies and products;
20 (b) Develop an efficient process to inventory and
21 publicize companies and products;
22 (c) Routinely communicate with private investors and
23 venture capital organizations regarding the investment
24 opportunities in its showcased companies;
25 (d) Facilitate meetings between prospective investors
26 and eligible organizations in the institute;
27 (e) Hire full-time staff who understand relevant
28 technologies needed to market companies to the angel investors
29 and venture capital investment community;
30 (f) Operate within an allocated annual budget of $1
31 million or less; and
11
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (g) Develop cooperative relationships with publicly
2 supported organizations all of which work together to provide
3 resources or special knowledge that is likely to be helpful to
4 institute companies.
5 (9) The institute may not develop or accrue any
6 ownership, royalty, patent, or other such rights over or
7 interest in companies or products in the institute and shall
8 maintain the secrecy of proprietary information.
9 (10) The institute may not charge for services
10 rendered to state universities and affiliated organizations,
11 community colleges, or state agencies.
12 Section 3. Sections 288.9621, 288.9622, 288.9623, and
13 288.9624, Florida Statutes, are created to read:
14 288.9621 Short title.--Sections 288.9621-288.9624 may
15 be cited as the "Florida Capital Formation Act."
16 288.9622 Findings and intent.--
17 (1) The Legislature finds and declares that there is
18 need to increase the availability of seed capital and early
19 stage venture equity capital for emerging companies in the
20 state, including, without limitation, enterprises in life
21 sciences, information technology, advanced manufacturing
22 processes, aviation and aerospace, and homeland security and
23 defense, as well as other strategic technologies.
24 (2) It is the intent of the Legislature that this act
25 serve to mobilize private investment in a broad variety of
26 venture capital partnerships in diversified industries and
27 geographies; retain private-sector investment criteria focused
28 on rate of return; use the services of highly qualified
29 managers in the venture capital industry regardless of
30 location; facilitate the organization of the Florida
31 Opportunity Fund as a fund-of-funds investor in seed and early
12
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 stage venture capital and angel funds; and precipitate capital
2 investment and extensions of credit to and in the Florida
3 Opportunity Fund.
4 (3) It is the intent of the Legislature to mobilize
5 venture equity capital for investment in such a manner as to
6 result in a significant potential to create new businesses and
7 jobs in this state which are based on high growth potential
8 technologies, products, or services and which will further
9 diversify the economy of this state.
10 (4) It is the further intent of the Legislature that
11 an institute be created to mentor, market, and attract capital
12 to such commercialization ventures throughout the State of
13 Florida.
14 288.9623 Definitions.--As used in ss.
15 288.9621-288.9624, the term:
16 (1) "Board" means the board of directors of the
17 Florida Opportunity Fund.
18 (2) "Fund" means the Florida Opportunity Fund.
19 288.9624 Florida Opportunity Fund; creation; duties.--
20 (1)(a) Enterprise Florida, Inc., shall facilitate the
21 creation of the Florida Opportunity Fund, a private,
22 not-for-profit corporation organized and operated under
23 chapter 617. Enterprise Florida, Inc., shall be the fund's
24 sole shareholder or member. The fund is not a public
25 corporation or instrumentality of the state. The fund shall
26 manage its business affairs and conduct business consistently
27 with its organizational documents and the purposes set forth
28 in this section. Notwithstanding the powers granted under
29 chapter 617, the corporation may not amend, modify, or repeal
30 a bylaw or article of incorporation without the express
31 written consent of Enterprise Florida, Inc.
13
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 (b) The vice chair of Enterprise Florida, Inc., shall
2 select from among its sitting board of directors a five-person
3 appointment committee. The appointment committee shall select
4 five initial members of a board of directors for the fund.
5 (c) The persons selected to the initial board of
6 directors by the appointment committee shall include persons
7 who have expertise in the area of the selection and
8 supervision of early stage investment managers or in the
9 fiduciary management of investment funds and other areas of
10 expertise as considered appropriate by the appointment
11 committee.
12 (d) After selection of the initial board of directors,
13 vacancies on the board shall be filled by vote of the board of
14 directors of Enterprise Florida, Inc., and board members shall
15 serve terms as provided in the fund's organizational
16 documents.
17 (e) Members of the board are subject to any
18 restrictions on conflicts of interest specified in the
19 organizational documents and may not have an interest in any
20 venture capital investment selected by the fund under ss.
21 288.9621-288.9624.
22 (f) Members of the board shall serve without
23 compensation, but members, the president of the board, and
24 other board employees may be reimbursed for all reasonable,
25 necessary, and actual expenses as determined and approved by
26 the board pursuant to s. 112.061.
27 (g) The fund shall have all powers granted under its
28 organizational documents and shall indemnify members to the
29 broadest extent permissible under the laws of this state.
30 (2) Upon organization, the board shall conduct a
31 national solicitation for investment plan proposals from
14
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 qualified venture capital investment managers for the raising
2 and investing of capital by the Florida Opportunity Fund. Any
3 proposed investment plan must address the applicant's level of
4 experience, quality of management, investment philosophy and
5 process, provability of success in fundraising, prior
6 investment fund results, and plan for achieving the purposes
7 of this act. The board shall select only venture capital
8 investment managers that have demonstrated expertise in the
9 management of and investment in companies.
10 (3) The board is responsible for negotiating the terms
11 of a contract with the Florida Opportunity Fund investment
12 manager; executing the contract with the selected venture
13 capital investment fund manager on behalf of the Florida
14 Opportunity Fund; managing the business affairs of the Florida
15 Opportunity Fund, such as accounting, audit, insurance, and
16 related requirements; soliciting and negotiating the terms of,
17 contracting for, and receiving investment capital and loan
18 proceeds with the assistance of the investment manager;
19 receiving investment returns; paying investors and debtors;
20 and reinvesting the investment returns in the fund in order to
21 provide additional venture capital investments designed to
22 result in a significant potential to create new businesses and
23 jobs in this state and further diversify the economy of this
24 state.
25 (4) For the purpose of mobilizing investment in a
26 broad variety of Florida-based, new technology companies and
27 generating a return sufficient to continue reinvestment, the
28 fund shall:
29 (a) Invest directly only in seed and early stage
30 venture capital funds that have experienced managers or
31 management teams with demonstrated experience, expertise, and
15
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 a successful history in the investment of venture capital
2 funds, focusing on opportunities in this state. The fund may
3 not make direct investments in individual businesses. While
4 not precluded from investing in venture capital funds that
5 have investments outside this state, the fund must require a
6 venture capital fund to show a record of successful investment
7 in this state, to be based in this state, or to have an office
8 in this state staffed with a full-time, professional venture
9 investment executive in order to be eligible for investment.
10 (b) Negotiate for investment capital or loan proceeds
11 from private, institutional, or banking sources.
12 (c) Negotiate any and all terms and conditions for its
13 investments.
14 (d) Invest only in funds that have raised capital from
15 other sources so that the amount invested in an entity in this
16 state is at least twice the amount invested by the fund.
17 Investments must be made in Florida-based companies,
18 including, without limitation, enterprises in life sciences,
19 information technology, advanced manufacturing processes,
20 aviation and aerospace, and homeland security and defense, as
21 well as other strategic technologies.
22 (5) By December 1 of each year, the board shall issue
23 an annual report concerning the activities conducted by the
24 fund to the Governor, the President of the Senate, and the
25 Speaker of the House of Representatives. The annual report, at
26 a minimum, must include:
27 (a) An accounting of the amount of investments
28 disbursed by the fund and the progress of the fund.
29 (b) A description of the benefits to this state
30 resulting from the fund, including the number of businesses
31 created, associated industries started, the number of jobs
16
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 created, and the growth of related research projects.
2 (c) Independently audited financial statements,
3 including statements that show receipts and expenditures
4 during the preceding fiscal year for personnel,
5 administration, and operational costs of the fund.
6 Section 4. The nonrecurring sum of $30 million is
7 appropriated from the General Revenue Fund to Enterprise
8 Florida, Inc., for the Florida Opportunity Fund for the
9 2007-2008 fiscal year. Of these funds, $500,000 shall be for
10 the purpose of initiating activities necessary to implement
11 the fund's responsibilities under this act, and $29.5 million
12 is provided for the purpose of making investments under s.
13 288.9624, Florida Statutes.
14 Section 5. The nonrecurring sum of $10 million is
15 appropriated to the Board of Governors of the State University
16 System from the General Revenue fund for the State University
17 Research Commercialization Grant Program created by this act.
18 Funds must be disbursed by the Board of Governors pursuant to
19 grant agreements and contracts by the Florida Technology,
20 Research, and Scholarship Board.
21 Section 6. The nonrecurring sum of $100,000 is
22 appropriated to Enterprise Florida, Inc., and the nonrecurring
23 sum of $900,000 is appropriated from the General Revenue Fund
24 to the Institute for the Commercialization of Public Research
25 for the purpose of initiating activities necessary to
26 implement its responsibilities under this act for the
27 2007-2008 fiscal year.
28 Section 7. Prior to the 2012 Regular Session of the
29 Legislature, the Office of Program Policy Analysis and
30 Government Accountability shall conduct an interim review and
31 evaluation of the effectiveness and viability of the Capital
17
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 Formation Act. The office shall specifically evaluate the
2 total capital investment in the state, private-sector
3 investment, rate-of-return, creation of new business and jobs,
4 debt incurred, and industries impacted. The office shall also
5 recommend outcome measures for further evaluation of the
6 program. The office shall submit a report of its findings and
7 recommendations to the Governor, the President of the Senate,
8 and the Speaker of the House of Representatives no later than
9 January 1, 2012.
10 Section 8. This act shall take effect July 1, 2007.
11
12
13 ================ T I T L E A M E N D M E N T ===============
14 And the title is amended as follows:
15 Delete everything before the enacting clause
16
17 and insert:
18 A bill to be entitled
19 An act relating to venture capital investment;
20 amending s. 1004.226, F.S.; amending the 21st
21 Century Technology, Research, and Scholarship
22 Enhancement Act to include the
23 commercialization of products and services
24 developed from the research and development
25 conducted at state universities; requiring the
26 Florida Technology, Research, and Scholarship
27 Board to review and approve State University
28 Research Commercialization Assistance Grants;
29 requiring board members to refrain from having
30 any direct interest or derive any benefit from
31 a project receiving a grant under the program
18
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 created by the act; providing guidelines for a
2 state university to receive funding through the
3 program; requiring private matching funds;
4 requiring the board to periodically solicit
5 proposals of state universities; requiring that
6 the board submit an annual report to the
7 Governor and the Legislature; creating s.
8 288.9625, F.S.; creating the Institute for the
9 Commercialization of Public Research; providing
10 that the institute is a not-for-profit
11 corporation; providing that the purpose of the
12 institute is to commercialize the products of
13 public research; providing for membership of
14 the board of directors; requiring the institute
15 to provide data to certain entities; providing
16 responsibilities of the institute; prohibiting
17 the institute from having any interest in any
18 product supported by the institute; creating s.
19 288.9621, F.S.; providing a short title;
20 creating s. 288.9622, F.S.; providing
21 legislative findings and intent; creating s.
22 288.9623, F.S.; providing definitions; creating
23 s. 288.9624, F.S.; requiring Enterprise
24 Florida, Inc., to facilitate creation of the
25 Florida Opportunity Fund; specifying criteria
26 of the fund; providing for appointment of an
27 appointment committee; providing for selection
28 of a board of directors of the fund by
29 Enterprise Florida, Inc.; specifying criteria;
30 providing for terms and requirements of the
31 directors; providing purposes of the fund;
19
7:38 AM 04/23/07 s2420.ta36.00a
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for CS for CS for SB 2420
Barcode 680404
1 providing duties and responsibilities of the
2 fund; authorizing the fund to negotiate all
3 contract terms; providing for reimbursement for
4 travel and other direct expenses; providing for
5 powers of the fund; providing investment
6 requirements for the fund; requiring the board
7 of directors to issue an annual report on the
8 activities of the fund; providing report
9 requirements; requiring review by the Office of
10 Program Policy Analysis and Governmental
11 Accountability; providing an appropriations;
12 providing an effective date.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
20
7:38 AM 04/23/07 s2420.ta36.00a