((LATE FILED FOR: 4/24/2008 5:00:00 PM))	Amendment
Bill No. CS/HB 1295

Amendment No. 749215

CHAMBER ACTION
Senate		House
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1	Representative Attkisson offered the following:
2
3	Substitute Amendment for Amendment (437311) (with title
4	amendment)
5	Remove everything after the enacting clause and insert:
6	Section 1.  The Legislature finds that financially prudent
7	technology and growth investments by the State Board of
8	Administration with funds from the Florida Retirement System
9	Trust Fund have the potential for high-growth, high-wage jobs
10	that will provide significant benefits to state residents and a
11	variety of business sectors. The Legislature further finds that
12	such investments will create jobs and housing, improve the
13	state's general infrastructure, and serve the broad interests of
14	the beneficiaries of the trust fund. The Legislature also finds
15	that technology and growth investments help promote employer
16	contributions to the system by strengthening the economy and the
17	well-being of employers. Therefore, it is a policy of this state
18	that the State Board of Administration identify and invest in
19	technology and growth investments if such investments are
20	consistent with and do not compromise or conflict with the
21	fiduciary duties of the State Board of Administration to the
22	participants, members, and beneficiaries of the Florida
23	Retirement System.
24	Section 2.  Subsection (5) of section 215.44, Florida
25	Statutes, is amended to read:
26	215.44  Board of Administration; powers and duties in
27	relation to investment of trust funds.--
28	(5)  On or before January 1 of each year, the board shall
29	provide to the Legislature a report including the following
30	items for each fund which, by law, has been entrusted to the
31	board for investment:
32	(a)  A schedule of the annual beginning and ending asset
33	values and changes and sources of changes in the asset value of:
34	1.  Each fund managed by the board; and
35	2.  Each asset class and portfolio within the Florida
36	Retirement System Trust Fund.;
37	(b)  A description of the investment policy for each fund,
38	and changes in investment policy for each fund since the
39	previous annual report.;
40	(c)  A description of compliance with investment strategy
41	for each fund.;
42	(d)  A description of the risks inherent in investing in
43	financial instruments of the major asset classes held in the
44	fund.; and
45	(e)  A summary of the type and amount of technology and
46	growth investments held by each fund.
47	(f)(e)  Other information deemed of interest by the
48	executive director of the board.
49	Section 3. Present subsections (7) through (17) of section
50	215.47, Florida Statutes, are renumbered as subsections (8)
51	through (18), respectively, new subsections (7) and (19) are
52	added to that section, and present subsection (14) of that
53	section is amended, to read:
54	215.47  Investments; authorized securities; loan of
55	securities.--Subject to the limitations and conditions of the
56	State Constitution or of the trust agreement relating to a trust
57	fund, moneys available for investments under ss. 215.44-215.53
58	may be invested as follows:
59	(7)  The State Board of Administration, consistent with its
60	fiduciary duties, may invest up to 1.5 percent of the net assets
61	of the system trust fund in technology and growth investments of
62	businesses domiciled in this state or businesses whose principal
63	address is in this state. As used in this subsection, the term
64	"technology and growth investments" includes, but is not limited
65	to, space technology, aerospace and aviation engineering,
66	computer technology, renewable energy, biotechnology, and
67	medical and life sciences.
68	(15)(14)  With no more, in the aggregate, than 10 5 percent
69	of any fund in alternative investments, as defined in s.
70	215.44(8)(c)1.a., through participation in the vehicles defined
71	in s. 215.44(8)(c)1.b., or in securities or investments, whether
72	they are publicly traded or not, and are not otherwise
73	authorized by this section.
74	(19)  The State Board of Administration may offer
75	opportunities to small, state-based investment management firms
76	to facilitate their development and growth.
77	Section 4.  Section 215.474, Florida Statutes, is created
78	to read:
79	215.474  Analyses of technology and growth
80	investments.--The Office of Program Policy Analysis and
81	Government Accountability shall perform an annual review of
82	technology and growth investments made by the State Board of
83	Administration and submit its findings to the State Board of
84	Administration, the President of the Senate, and the Speaker of
85	the House of Representatives by January 15 of each year. The
86	office may consult with the board, the Department of Revenue,
87	the Office of Economic and Demographic Research, and other
88	entities as necessary to obtain and evaluate the information
89	requested. The annual review shall include:
90	(1)  The dollar amount of technology and growth investments
91	made by the board during the previous year ending June 30 and
92	the investment's percentage share of the system trust fund's net
93	assets.
94	(2)  A list of investments identified by the board as
95	technology and growth investments within each asset class.
96	(3)  An analysis of the direct and indirect economic
97	benefits to the state resulting from the technology and growth
98	investments.
99	Section 5.  Reusable Space Vehicle Industry Prize
100	Program.--
101	(1)  The Legislature finds that awarding a prize for
102	achieving a specific goal stimulates entrepreneurial investment
103	in the state, which ultimately produces a significant monetary
104	return on the prize purse as well as considerable social
105	benefit.
106	(2)  There is created within the Office of Tourism, Trade,
107	and Economic Development of the Executive Office of the Governor
108	a Reusable Space Vehicle Industry Prize Program.
109	(3)  The program shall award a one-time cash prize,
110	including $2 million in state funds and provided by private
111	sponsors, to the firm or individual in the private sector
112	providing the most significant advancements within the reusable
113	space vehicle industry during the period beginning January 1,
114	2009, and ending January 1, 2014.
115	(4)  The Lieutenant Governor of Florida shall serve as
116	chair of the program and appoint a committee for the purpose of
117	establishing or adopting an application form, criteria for
118	awarding the prize, and any other rules or guidelines related to
119	the entry, judging, administration, or results of the program.
120	The application and all other information shall be posted on the
121	website of the Office of Tourism, Trade, and Economic
122	Development on or before January 1, 2009.
123	(5)  The structure and operation of the program shall, to
124	the extent practicable, mirror the Ansari X Prize program
125	awarded by the X PRIZE FOUNDATION on November 6, 2004.
126	(6)  The Office of Tourism, Trade, and Economic Development
127	shall adopt rules necessary to administer the program.
128	(7)  The program shall terminate January 2, 2014.
129	Section 6.  Subsections (5), (6), and (9) of section
130	288.1162, Florida Statutes, are amended, and subsections (10),
131	(11), and (12) are added to that section, to read:
132	288.1162  Professional sports franchises; spring training
133	franchises; duties.--
134	(5)(a)  As used in this section, the term "retained spring
135	training franchise" means a spring training franchise that has
136	been based in this state prior to January 1, 2000.
137	(b)  Prior to certifying an applicant as a "facility for a
138	retained spring training franchise," the Office of Tourism,
139	Trade, and Economic Development must determine that:
140	1.  A "unit of local government" as defined in s. 218.369
141	is responsible for the acquisition, construction, management, or
142	operation of the facility for a retained spring training
143	franchise or holds title to the property on which the facility
144	for a retained spring training franchise is located.
145	2.  The applicant has a verified copy of a signed agreement
146	with a retained spring training franchise for the use of the
147	facility for a term of at least 15 years.
148	3.  The applicant has a financial commitment to provide 50
149	percent or more of the funds required by an agreement for the
150	acquisition, construction, or renovation of the facility for a
151	retained spring training franchise. The agreement can be
152	contingent upon the awarding of funds under this section and
153	other conditions precedent to use by the spring training
154	franchise.
155	4.  The applicant has projections, verified by the Office
156	of Tourism, Trade, and Economic Development, which demonstrate
157	that the facility for a retained spring training franchise will
158	attract a paid attendance of at least 50,000 annually.
159	5.  The facility for a retained spring training franchise
160	is located in a county that is levying a tourist development tax
161	pursuant to s. 125.0104.
162	(c)1.  The Office of Tourism, Trade, and Economic
163	Development shall competitively evaluate applications for
164	funding of a facility for a retained spring training franchise.
165	The total number of certifications made by the Office of
166	Tourism, Trade, and Economic Development shall not exceed 10. If
167	the Office of Tourism, Trade, and Economic Development withdraws
168	certification for any given facility, the Office of Tourism,
169	Trade, and Economic Development may accept applications for an
170	additional certification. A facility or unit of local government
171	shall not be certified for more than one spring training
172	franchise at any one time. Applications must be submitted by
173	October 1, 2000, with certifications to be made by January 1,
174	2001. If the number of applicants exceeds five and the aggregate
175	funding request of all applications exceeds $208,335 per month,
176	the office shall rank the applications according to a selection
177	criteria, certifying the highest ranked proposals. The
178	evaluation criteria shall include, with priority given in
179	descending order to the following items:
180	1.a.  The intended use of the funds by the applicant for
181	acquisition of a facility, construction of a new facility, or
182	renovation of an existing facility, with priority given to the
183	construction of a new facility.
184	2.b.  The length of time that the existing franchise has
185	been located in the state, with priority given to retaining
186	franchises that have been in the same location the longest.
187	3.c.  The length of time that a facility to be used by a
188	retained spring training franchise has been used by one or more
189	spring training franchises, with priority given to a facility
190	that has been in continuous use as a facility for spring
191	training the longest.
192	4.d.  For those teams leasing a spring training facility
193	from a unit of local government, the remaining time on the lease
194	for facilities used by the spring training franchise, with
195	priority given to the shortest time period remaining on the
196	lease.
197	5.e.  The duration of the future-use agreement with the
198	retained spring training franchise, with priority given to the
199	future-use agreement having the longest duration.
200	6.f.  The amount of the local match, with priority given to
201	the largest percentage of local match proposed.
202	7.g.  The net increase of total active recreation space
203	owned by the applying unit of local government following the
204	acquisition of land for the spring training facility, with
205	priority given to the largest percentage increase of total
206	active recreation space.
207	8.h.  The location of the facility in a brownfield, an
208	enterprise zone, a community redevelopment area, or other area
209	of targeted development or revitalization included in an Urban
210	Infill Redevelopment Plan, with priority given to facilities
211	located in these areas.
212	9.i.  The projections on paid attendance attracted by the
213	facility and the proposed effect on the economy of the local
214	community, with priority given to the highest projected paid
215	attendance.
216	2.  Beginning July 1, 2006, the Office of Tourism, Trade,
217	and Economic Development shall competitively evaluate
218	applications for funding of facilities for retained spring
219	training franchises in addition to those certified and funded
220	under subparagraph 1. An applicant that is a unit of government
221	that has an agreement for a retained spring training franchise
222	for 15 or more years which was entered into between July 1,
223	2003, and July 1, 2004, shall be eligible for funding.
224	Applications must be submitted by October 1, 2006, with
225	certifications to be made by January 1, 2007. The office shall
226	rank the applications according to selection criteria,
227	certifying no more than five proposals. The aggregate funding
228	request of all applicants certified shall not exceed an
229	aggregate funding request of $208,335 per month. The evaluation
230	criteria shall include the following, with priority given in
231	descending order:
232	a.  The intended use of the funds by the applicant for
233	acquisition or construction of a new facility.
234	b.  The intended use of the funds by the applicant to
235	renovate a facility.
236	c.  The length of time that a facility to be used by a
237	retained spring training franchise has been used by one or more
238	spring training franchises, with priority given to a facility
239	that has been in continuous use as a facility for spring
240	training the longest.
241	d.  For those teams leasing a spring training facility from
242	a unit of local government, the remaining time on the lease for
243	facilities used by the spring training franchise, with priority
244	given to the shortest time period remaining on the lease. For
245	consideration under this subparagraph, the remaining time on the
246	lease shall not exceed 5 years, unless an agreement of 15 years
247	or more was entered into between July 1, 2003, and July 1, 2004.
248	e.  The duration of the future-use agreement with the
249	retained spring training franchise, with priority given to the
250	future-use agreement having the longest duration.
251	f.  The amount of the local match, with priority given to
252	the largest percentage of local match proposed.
253	g.  The net increase of total active recreation space owned
254	by the applying unit of local government following the
255	acquisition of land for the spring training facility, with
256	priority given to the largest percentage increase of total
257	active recreation space.
258	h.  The location of the facility in a brownfield area, an
259	enterprise zone, a community redevelopment area, or another area
260	of targeted development or revitalization included in an urban
261	infill redevelopment plan, with priority given to facilities
262	located in those areas.
263	i.  The projections on paid attendance attracted by the
264	facility and the proposed effect on the economy of the local
265	community, with priority given to the highest projected paid
266	attendance.
267	(d)  Funds may not be expended to subsidize privately owned
268	and maintained facilities for use by the spring training
269	franchise.
270	(e)  Funds may be used to relocate a retained spring
271	training franchise to another unit of local government if
272	approved by the Office of Tourism, Trade, and Economic
273	Development upon a review of documentation showing that the
274	local government currently certified as the host for the
275	franchise seeking to move no longer meets the criteria for
276	certification and state funding, and has been decertified
277	pursuant to subsection (10) only if the existing unit of local
278	government with the retained spring training franchise agrees to
279	the relocation.
280	(6)(a)  An applicant certified as a facility for a new
281	professional sports franchise or a facility for a retained
282	professional sports franchise or as a facility for a retained
283	spring training franchise may use funds provided pursuant to s.
284	212.20 only for the public purpose of paying for the
285	acquisition, construction, reconstruction, or renovation of a
286	facility for a new professional sports franchise, a facility for
287	a retained professional sports franchise, or a facility for a
288	retained spring training franchise or to pay or pledge for the
289	payment of debt service on, or to fund debt service reserve
290	funds, arbitrage rebate obligations, or other amounts payable
291	with respect to, bonds issued for the acquisition, construction,
292	reconstruction, or renovation of such facility or for the
293	reimbursement of such costs or the refinancing of bonds issued
294	for such purposes.
295	(b)  Beginning September 1, 2008, and every year
296	thereafter, each local governmental entity certified to receive
297	funding for a facility for a retained spring training franchise
298	shall submit to the Office of Tourism, Trade, and Economic
299	Development a report that includes, but is not limited to, a
300	copy of its most recent annual audit; a detailed report on all
301	local and state funds expended to date on the project being
302	financed pursuant to this section; a copy of the contract
303	between the certified local governmental entity and the spring
304	training team; and evidence that the certified applicant
305	continues to meet the criteria in paragraph (5)(b).
306	(9)  An applicant is not qualified for certification under
307	this section if the franchise formed the basis for a previous
308	certification, unless the previous certification was withdrawn
309	by the facility or invalidated by the Office of Tourism, Trade,
310	and Economic Development or the Department of Commerce before
311	any funds were distributed pursuant to s. 212.20 or has been
312	decertified pursuant to subsection (10). This subsection does
313	not disqualify an applicant if the previous certification
314	occurred between May 23, 1993, and May 25, 1993; however, any
315	funds to be distributed pursuant to s. 212.20 for the second
316	certification shall be offset by the amount distributed to the
317	previous certified facility. Distribution of funds for the
318	second certification shall not be made until all amounts payable
319	for the first certification have been distributed.
320	(10)(a)  The Office of Tourism, Trade, and Economic
321	Development may decertify an applicant upon receipt of
322	information that the applicant no longer meets or satisfies the
323	criteria in paragraph (5)(b) or upon request of the local
324	government. The local government opposing a decertification
325	shall have 60 days to demonstrate to the office that the
326	information is incorrect, prior to the decertification becoming
327	official. The Office of Tourism, Trade, and Economic Development
328	shall notify the Department of Revenue within 10 days after the
329	decertification.
330	(b)  The Office of Tourism, Trade, and Economic Development
331	shall order a decertified applicant to repay the total amount of
332	unencumbered state funds received by the applicant and any
333	interest earnings on those funds. These funds and their interest
334	earnings shall be deposited in the General Revenue Fund.
335	(11)  For the purpose of retaining the tradition of spring
336	training baseball in this state, by December 31, 2008, the
337	Office of Tourism, Trade, and Economic Development shall develop
338	a comprehensive strategic plan related to the following:
339	(a)  Financing of spring training facilities.
340	(b)  Certification and decertification processes, including
341	development of the contract or funding agreement to be signed by
342	the office and local governments, including local governments
343	currently certified.
344	(c)  Clawback of state funds from decertified local
345	governments.
346	(d)  Monitoring and oversight of the state funds awarded to
347	applicants.
348	(e)  Identification of the financial impact spring training
349	has on the state.
350	(e)  Identification of efforts made by other states to
351	develop or grow their baseball spring training efforts and the
352	effect of those efforts on this state's relationship with
353	professional baseball.
354	(f)  Legislative recommendations on how to sustain or
355	improve this state's spring training tradition.
356	(g)  Recommendations for the role and responsibilities for
357	a Florida Commissioner of Baseball.
358	A copy of the strategic plan shall be submitted to the Governor,
359	the President of the Senate, and the Speaker of the House of
360	Representatives.
361	(12)  The Office of Tourism, Trade, and Economic
362	Development may adopt rules pursuant to ss. 120.536(1) and
363	120.54 to administer this section.
364	Section 7.  This act shall take effect July 1, 2008.
365
366	-----------------------------------------------------
367	T I T L E  A M E N D M E N T
368	Remove the entire title and insert:
369	A bill to be entitled
370	An act relating to stimulating the economy; providing
371	legislative findings and intent; amending s. 215.44, F.S.;
372	requiring the State Board of Administration to report on the
373	amount and type of technology and growth investments held by
374	each fund; amending s. 215.47, F.S.; authorizing the board to
375	invest a certain percentage of net assets in technology and
376	growth investments; increasing the percentage amount of
377	alternative investments in any fund, including investments
378	that are not publicly traded or specifically authorized;
379	authorizing the board to offer opportunities to small state-
380	based investment management firms; creating s. 215.474, F.S.;
381	requiring the Office of Program Policy Analysis and
382	Government Accountability to perform an annual review of
383	technology and growth investments made by the board and
384	report to the Legislature; creating the Reusable Space
385	Vehicle Industry Prize Program within the Office of Tourism,
386	Trade, and Economic Development of the Executive Office of
387	the Governor; providing for a specified cash prize to be
388	awarded to the individual or firm providing the most
389	significant advancements within the reusable space vehicle
390	industry during a specified period; requiring that the
391	Lieutenant Governor serve as chair of the program and appoint
392	a committee; requiring that the committee perform certain
393	tasks; requiring that the office adopt certain rules;
394	providing for the program to terminate on a specified date;
395	amending s. 288.1162, F.S.; revising provisions relating to
396	funding for relocation of spring training franchises;
397	requiring local governments receiving funds to submit annual
398	reports; providing for decertification of an applicant;
399	requiring the Office of Tourism, Trade, and Economic
400	Development to develop a comprehensive strategic plan;
401	providing rulemaking authority; providing an effective date.

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