1

The Committee on Transportation and Economic Development

2

Appropriations (Fasano) recommended the following amendment:

3

4

     Senate Amendment (with title amendments)

5

     Between line(s) 997 and 998,

6

insert:

7

     Section 3.  Paragraph (a) of subsection (4) of section

8

288.9624, Florida Statutes, is amended to read:

9

     288.9624  Florida Opportunity Fund; creation; duties.--

10

     (4)  For the purpose of mobilizing investment in a broad

11

variety of Florida-based, new technology companies and generating

12

a return sufficient to continue reinvestment, the fund shall:

13

     (a)1. Except as otherwise provided in this section, invest

14

directly only in seed and early stage venture capital funds that

15

have experienced managers or management teams with demonstrated

16

experience, expertise, and a successful history in the investment

17

of venture capital funds. Investments must be focused, focusing

18

on opportunities in this state. The fund may not make direct

19

investments in individual businesses. While not precluded from

20

investing in venture capital funds that have investments outside

21

this state, the fund must require a venture capital fund to show

22

a record of successful investment in this state, to be based in

23

this state, or to have an office in this state staffed with a

24

full-time, professional venture investment executive in order to

25

be eligible for investment.

26

     2. In entering into partnerships with state universities

27

that are designated as research universities having very high

28

research activity by the 2005 Carnegie Classifications, invest

29

directly in state-based seed or early stage venture capital

30

funds. These investments shall be used to support companies that

31

are developing the commercialization of a particular product or

32

service, and that are operating from laboratory or office space

33

on a university campus which has been constructed by a private

34

developer who is providing a minimum match of $3 for every $1 of

35

state funds for construction and investment. The fund may not

36

make direct investments in individual businesses.

37

38

================ T I T L E  A M E N D M E N T ================

39

And the title is amended as follows:

40

     On line(s) 30, after the semicolon

41

insert:

42

amending s. 288.9624, F.S.; providing that venture-capital

43

funds affiliated with certain state universities are

44

eligible for investment by the Florida Opportunity Fund;

4/9/2008  3:55:00 PM     11-07142-08