((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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1Representative Attkisson offered the following:
2
3     Substitute Amendment for Amendment (437311) (with title
4amendment)
5     Remove everything after the enacting clause and insert:
6     Section 1.  The Legislature finds that financially prudent
7technology and growth investments by the State Board of
8Administration with funds from the Florida Retirement System
9Trust Fund have the potential for high-growth, high-wage jobs
10that will provide significant benefits to state residents and a
11variety of business sectors. The Legislature further finds that
12such investments will create jobs and housing, improve the
13state's general infrastructure, and serve the broad interests of
14the beneficiaries of the trust fund. The Legislature also finds
15that technology and growth investments help promote employer
16contributions to the system by strengthening the economy and the
17well-being of employers. Therefore, it is a policy of this state
18that the State Board of Administration identify and invest in
19technology and growth investments if such investments are
20consistent with and do not compromise or conflict with the
21fiduciary duties of the State Board of Administration to the
22participants, members, and beneficiaries of the Florida
23Retirement System.
24     Section 2.  Subsection (5) of section 215.44, Florida
25Statutes, is amended to read:
26     215.44  Board of Administration; powers and duties in
27relation to investment of trust funds.--
28     (5)  On or before January 1 of each year, the board shall
29provide to the Legislature a report including the following
30items for each fund which, by law, has been entrusted to the
31board for investment:
32     (a)  A schedule of the annual beginning and ending asset
33values 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
36Retirement System Trust Fund.;
37     (b)  A description of the investment policy for each fund,
38and changes in investment policy for each fund since the
39previous annual report.;
40     (c)  A description of compliance with investment strategy
41for each fund.;
42     (d)  A description of the risks inherent in investing in
43financial instruments of the major asset classes held in the
44fund.; and
45     (e)  A summary of the type and amount of technology and
46growth investments held by each fund.
47     (f)(e)  Other information deemed of interest by the
48executive director of the board.
49     Section 3. Present subsections (7) through (17) of section
50215.47, Florida Statutes, are renumbered as subsections (8)
51through (18), respectively, new subsections (7) and (19) are
52added to that section, and present subsection (14) of that
53section is amended, to read:
54     215.47  Investments; authorized securities; loan of
55securities.--Subject to the limitations and conditions of the
56State Constitution or of the trust agreement relating to a trust
57fund, moneys available for investments under ss. 215.44-215.53
58may be invested as follows:
59     (7)  The State Board of Administration, consistent with its
60fiduciary duties, may invest up to 1.5 percent of the net assets
61of the system trust fund in technology and growth investments of
62businesses domiciled in this state or businesses whose principal
63address is in this state. As used in this subsection, the term
64"technology and growth investments" includes, but is not limited
65to, space technology, aerospace and aviation engineering,
66computer technology, renewable energy, biotechnology, and
67medical and life sciences.
68     (15)(14)  With no more, in the aggregate, than 10 5 percent
69of any fund in alternative investments, as defined in s.
70215.44(8)(c)1.a., through participation in the vehicles defined
71in s. 215.44(8)(c)1.b., or in securities or investments, whether
72they are publicly traded or not, and are not otherwise
73authorized by this section.
74     (19)  The State Board of Administration may offer
75opportunities to small, state-based investment management firms
76to facilitate their development and growth.
77     Section 4.  Section 215.474, Florida Statutes, is created
78to read:
79     215.474  Analyses of technology and growth
80investments.--The Office of Program Policy Analysis and
81Government Accountability shall perform an annual review of
82technology and growth investments made by the State Board of
83Administration and submit its findings to the State Board of
84Administration, the President of the Senate, and the Speaker of
85the House of Representatives by January 15 of each year. The
86office may consult with the board, the Department of Revenue,
87the Office of Economic and Demographic Research, and other
88entities as necessary to obtain and evaluate the information
89requested. The annual review shall include:
90     (1)  The dollar amount of technology and growth investments
91made by the board during the previous year ending June 30 and
92the investment's percentage share of the system trust fund's net
93assets.
94     (2)  A list of investments identified by the board as
95technology and growth investments within each asset class.
96     (3)  An analysis of the direct and indirect economic
97benefits to the state resulting from the technology and growth
98investments.
99     Section 5.  Reusable Space Vehicle Industry Prize
100Program.--
101     (1)  The Legislature finds that awarding a prize for
102achieving a specific goal stimulates entrepreneurial investment
103in the state, which ultimately produces a significant monetary
104return on the prize purse as well as considerable social
105benefit.
106     (2)  There is created within the Office of Tourism, Trade,
107and Economic Development of the Executive Office of the Governor
108a Reusable Space Vehicle Industry Prize Program.
109     (3)  The program shall award a one-time cash prize,
110including $2 million in state funds and provided by private
111sponsors, to the firm or individual in the private sector
112providing the most significant advancements within the reusable
113space vehicle industry during the period beginning January 1,
1142009, and ending January 1, 2014.
115     (4)  The Lieutenant Governor of Florida shall serve as
116chair of the program and appoint a committee for the purpose of
117establishing or adopting an application form, criteria for
118awarding the prize, and any other rules or guidelines related to
119the entry, judging, administration, or results of the program.
120The application and all other information shall be posted on the
121website of the Office of Tourism, Trade, and Economic
122Development on or before January 1, 2009.
123     (5)  The structure and operation of the program shall, to
124the extent practicable, mirror the Ansari X Prize program
125awarded by the X PRIZE FOUNDATION on November 6, 2004.
126     (6)  The Office of Tourism, Trade, and Economic Development
127shall 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
130288.1162, 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
133franchises; duties.--
134     (5)(a)  As used in this section, the term "retained spring
135training franchise" means a spring training franchise that has
136been based in this state prior to January 1, 2000.
137     (b)  Prior to certifying an applicant as a "facility for a
138retained spring training franchise," the Office of Tourism,
139Trade, and Economic Development must determine that:
140     1.  A "unit of local government" as defined in s. 218.369
141is responsible for the acquisition, construction, management, or
142operation of the facility for a retained spring training
143franchise or holds title to the property on which the facility
144for a retained spring training franchise is located.
145     2.  The applicant has a verified copy of a signed agreement
146with a retained spring training franchise for the use of the
147facility for a term of at least 15 years.
148     3.  The applicant has a financial commitment to provide 50
149percent or more of the funds required by an agreement for the
150acquisition, construction, or renovation of the facility for a
151retained spring training franchise. The agreement can be
152contingent upon the awarding of funds under this section and
153other conditions precedent to use by the spring training
154franchise.
155     4.  The applicant has projections, verified by the Office
156of Tourism, Trade, and Economic Development, which demonstrate
157that the facility for a retained spring training franchise will
158attract a paid attendance of at least 50,000 annually.
159     5.  The facility for a retained spring training franchise
160is located in a county that is levying a tourist development tax
161pursuant to s. 125.0104.
162     (c)1.  The Office of Tourism, Trade, and Economic
163Development shall competitively evaluate applications for
164funding of a facility for a retained spring training franchise.
165The total number of certifications made by the Office of
166Tourism, Trade, and Economic Development shall not exceed 10. If
167the Office of Tourism, Trade, and Economic Development withdraws
168certification for any given facility, the Office of Tourism,
169Trade, and Economic Development may accept applications for an
170additional certification. A facility or unit of local government
171shall not be certified for more than one spring training
172franchise at any one time. Applications must be submitted by
173October 1, 2000, with certifications to be made by January 1,
1742001. If the number of applicants exceeds five and the aggregate
175funding request of all applications exceeds $208,335 per month,
176the office shall rank the applications according to a selection
177criteria, certifying the highest ranked proposals. The
178evaluation criteria shall include, with priority given in
179descending order to the following items:
180     1.a.  The intended use of the funds by the applicant for
181acquisition of a facility, construction of a new facility, or
182renovation of an existing facility, with priority given to the
183construction of a new facility.
184     2.b.  The length of time that the existing franchise has
185been located in the state, with priority given to retaining
186franchises that have been in the same location the longest.
187     3.c.  The length of time that a facility to be used by a
188retained spring training franchise has been used by one or more
189spring training franchises, with priority given to a facility
190that has been in continuous use as a facility for spring
191training the longest.
192     4.d.  For those teams leasing a spring training facility
193from a unit of local government, the remaining time on the lease
194for facilities used by the spring training franchise, with
195priority given to the shortest time period remaining on the
196lease.
197     5.e.  The duration of the future-use agreement with the
198retained spring training franchise, with priority given to the
199future-use agreement having the longest duration.
200     6.f.  The amount of the local match, with priority given to
201the largest percentage of local match proposed.
202     7.g.  The net increase of total active recreation space
203owned by the applying unit of local government following the
204acquisition of land for the spring training facility, with
205priority given to the largest percentage increase of total
206active recreation space.
207     8.h.  The location of the facility in a brownfield, an
208enterprise zone, a community redevelopment area, or other area
209of targeted development or revitalization included in an Urban
210Infill Redevelopment Plan, with priority given to facilities
211located in these areas.
212     9.i.  The projections on paid attendance attracted by the
213facility and the proposed effect on the economy of the local
214community, with priority given to the highest projected paid
215attendance.
216     2.  Beginning July 1, 2006, the Office of Tourism, Trade,
217and Economic Development shall competitively evaluate
218applications for funding of facilities for retained spring
219training franchises in addition to those certified and funded
220under subparagraph 1. An applicant that is a unit of government
221that has an agreement for a retained spring training franchise
222for 15 or more years which was entered into between July 1,
2232003, and July 1, 2004, shall be eligible for funding.
224Applications must be submitted by October 1, 2006, with
225certifications to be made by January 1, 2007. The office shall
226rank the applications according to selection criteria,
227certifying no more than five proposals. The aggregate funding
228request of all applicants certified shall not exceed an
229aggregate funding request of $208,335 per month. The evaluation
230criteria shall include the following, with priority given in
231descending order:
232     a.  The intended use of the funds by the applicant for
233acquisition or construction of a new facility.
234     b.  The intended use of the funds by the applicant to
235renovate a facility.
236     c.  The length of time that a facility to be used by a
237retained spring training franchise has been used by one or more
238spring training franchises, with priority given to a facility
239that has been in continuous use as a facility for spring
240training the longest.
241     d.  For those teams leasing a spring training facility from
242a unit of local government, the remaining time on the lease for
243facilities used by the spring training franchise, with priority
244given to the shortest time period remaining on the lease. For
245consideration under this subparagraph, the remaining time on the
246lease shall not exceed 5 years, unless an agreement of 15 years
247or more was entered into between July 1, 2003, and July 1, 2004.
248     e.  The duration of the future-use agreement with the
249retained spring training franchise, with priority given to the
250future-use agreement having the longest duration.
251     f.  The amount of the local match, with priority given to
252the largest percentage of local match proposed.
253     g.  The net increase of total active recreation space owned
254by the applying unit of local government following the
255acquisition of land for the spring training facility, with
256priority given to the largest percentage increase of total
257active recreation space.
258     h.  The location of the facility in a brownfield area, an
259enterprise zone, a community redevelopment area, or another area
260of targeted development or revitalization included in an urban
261infill redevelopment plan, with priority given to facilities
262located in those areas.
263     i.  The projections on paid attendance attracted by the
264facility and the proposed effect on the economy of the local
265community, with priority given to the highest projected paid
266attendance.
267     (d)  Funds may not be expended to subsidize privately owned
268and maintained facilities for use by the spring training
269franchise.
270     (e)  Funds may be used to relocate a retained spring
271training franchise to another unit of local government if
272approved by the Office of Tourism, Trade, and Economic
273Development upon a review of documentation showing that the
274local government currently certified as the host for the
275franchise seeking to move no longer meets the criteria for
276certification and state funding, and has been decertified
277pursuant to subsection (10) only if the existing unit of local
278government with the retained spring training franchise agrees to
279the relocation.
280     (6)(a)  An applicant certified as a facility for a new
281professional sports franchise or a facility for a retained
282professional sports franchise or as a facility for a retained
283spring training franchise may use funds provided pursuant to s.
284212.20 only for the public purpose of paying for the
285acquisition, construction, reconstruction, or renovation of a
286facility for a new professional sports franchise, a facility for
287a retained professional sports franchise, or a facility for a
288retained spring training franchise or to pay or pledge for the
289payment of debt service on, or to fund debt service reserve
290funds, arbitrage rebate obligations, or other amounts payable
291with respect to, bonds issued for the acquisition, construction,
292reconstruction, or renovation of such facility or for the
293reimbursement of such costs or the refinancing of bonds issued
294for such purposes.
295     (b)  Beginning September 1, 2008, and every year
296thereafter, each local governmental entity certified to receive
297funding for a facility for a retained spring training franchise
298shall submit to the Office of Tourism, Trade, and Economic
299Development a report that includes, but is not limited to, a
300copy of its most recent annual audit; a detailed report on all
301local and state funds expended to date on the project being
302financed pursuant to this section; a copy of the contract
303between the certified local governmental entity and the spring
304training team; and evidence that the certified applicant
305continues to meet the criteria in paragraph (5)(b).
306     (9)  An applicant is not qualified for certification under
307this section if the franchise formed the basis for a previous
308certification, unless the previous certification was withdrawn
309by the facility or invalidated by the Office of Tourism, Trade,
310and Economic Development or the Department of Commerce before
311any funds were distributed pursuant to s. 212.20 or has been
312decertified pursuant to subsection (10). This subsection does
313not disqualify an applicant if the previous certification
314occurred between May 23, 1993, and May 25, 1993; however, any
315funds to be distributed pursuant to s. 212.20 for the second
316certification shall be offset by the amount distributed to the
317previous certified facility. Distribution of funds for the
318second certification shall not be made until all amounts payable
319for the first certification have been distributed.
320     (10)(a)  The Office of Tourism, Trade, and Economic
321Development may decertify an applicant upon receipt of
322information that the applicant no longer meets or satisfies the
323criteria in paragraph (5)(b) or upon request of the local
324government. The local government opposing a decertification
325shall have 60 days to demonstrate to the office that the
326information is incorrect, prior to the decertification becoming
327official. The Office of Tourism, Trade, and Economic Development
328shall notify the Department of Revenue within 10 days after the
329decertification.
330     (b)  The Office of Tourism, Trade, and Economic Development
331shall order a decertified applicant to repay the total amount of
332unencumbered state funds received by the applicant and any
333interest earnings on those funds. These funds and their interest
334earnings shall be deposited in the General Revenue Fund.
335     (11)  For the purpose of retaining the tradition of spring
336training baseball in this state, by December 31, 2008, the
337Office of Tourism, Trade, and Economic Development shall develop
338a comprehensive strategic plan related to the following:
339     (a)  Financing of spring training facilities.
340     (b)  Certification and decertification processes, including
341development of the contract or funding agreement to be signed by
342the office and local governments, including local governments
343currently certified.
344     (c)  Clawback of state funds from decertified local
345governments.
346     (d)  Monitoring and oversight of the state funds awarded to
347applicants.
348     (e)  Identification of the financial impact spring training
349has on the state.
350     (e)  Identification of efforts made by other states to
351develop or grow their baseball spring training efforts and the
352effect of those efforts on this state's relationship with
353professional baseball.
354     (f)  Legislative recommendations on how to sustain or
355improve this state's spring training tradition.
356     (g)  Recommendations for the role and responsibilities for
357a Florida Commissioner of Baseball.
358A copy of the strategic plan shall be submitted to the Governor,
359the President of the Senate, and the Speaker of the House of
360Representatives.
361     (12)  The Office of Tourism, Trade, and Economic
362Development may adopt rules pursuant to ss. 120.536(1) and
363120.54 to administer this section.
364     Section 7.  This act shall take effect July 1, 2008.
365
366
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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
370An act relating to stimulating the economy; providing
371legislative findings and intent; amending s. 215.44, F.S.;
372requiring the State Board of Administration to report on the
373amount and type of technology and growth investments held by
374each fund; amending s. 215.47, F.S.; authorizing the board to
375invest a certain percentage of net assets in technology and
376growth investments; increasing the percentage amount of
377alternative investments in any fund, including investments
378that are not publicly traded or specifically authorized;
379authorizing the board to offer opportunities to small state-
380based investment management firms; creating s. 215.474, F.S.;
381requiring the Office of Program Policy Analysis and
382Government Accountability to perform an annual review of
383technology and growth investments made by the board and
384report to the Legislature; creating the Reusable Space
385Vehicle Industry Prize Program within the Office of Tourism,
386Trade, and Economic Development of the Executive Office of
387the Governor; providing for a specified cash prize to be
388awarded to the individual or firm providing the most
389significant advancements within the reusable space vehicle
390industry during a specified period; requiring that the
391Lieutenant Governor serve as chair of the program and appoint
392a committee; requiring that the committee perform certain
393tasks; requiring that the office adopt certain rules;
394providing for the program to terminate on a specified date;
395amending s. 288.1162, F.S.; revising provisions relating to
396funding for relocation of spring training franchises;
397requiring local governments receiving funds to submit annual
398reports; providing for decertification of an applicant;
399requiring the Office of Tourism, Trade, and Economic
400Development to develop a comprehensive strategic plan;
401providing rulemaking authority; providing an effective date.


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