| 1 | Representative Weatherford offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Remove everything after the enacting clause and insert: |
| 5 | Section 1. Section 288.097, Florida Statutes, is created to |
| 6 | read: |
| 7 | 288.097 Building Florida's Future Revolving Loan Guarantee |
| 8 | Program.-- |
| 9 | (1) As used in this section, the term "targeted |
| 10 | industries" means those industries referenced in s. |
| 11 | 288.106(1)(o). |
| 12 | (2) There is created within the Office of Tourism, Trade, |
| 13 | and Economic Development the Building Florida's Future Revolving |
| 14 | Loan Guarantee Program. The purpose of the program is to provide |
| 15 | loan guarantees or credit enhancements to units of local |
| 16 | government or private entities seeking financing to construct or |
| 17 | modernize facilities and infrastructure necessary to attract or |
| 18 | expand targeted industries as part of an economic-development |
| 19 | project. |
| 20 | (3) The program may provide loan guarantees or other |
| 21 | credit enhancements to applicants seeking financing for the |
| 22 | following purposes: |
| 23 | (a) The acquisition of land, buildings, or fixed |
| 24 | equipment; |
| 25 | (b) Site preparation and the construction or |
| 26 | reconstruction of buildings; or |
| 27 | (c) The installation of or provision of access to |
| 28 | telecommunications, energy sources, or other water supply |
| 29 | utilities. |
| 30 | (4)(a) All moneys available within the program's trust |
| 31 | fund, including investment earnings, are designated to carry out |
| 32 | the purposes of this section. |
| 33 | (b) Any funds within the trust fund that are not needed on |
| 34 | an immediate basis for loan guarantees or credit enhancements |
| 35 | may be invested pursuant to s. 215.49. The cost of administering |
| 36 | the program may be paid from reasonable service fees that may be |
| 37 | imposed upon applicants so as to enhance program perpetuity. |
| 38 | (5) The office shall consider, but need not be limited to, |
| 39 | the following criteria in evaluating projects for assistance: |
| 40 | (a) A demonstration that the project would create or |
| 41 | enhance economic benefits. |
| 42 | (b) The likelihood that the loan guarantee or credit |
| 43 | enhancement would enable the project to proceed. |
| 44 | (c) The extent to which assistance would foster innovative |
| 45 | public-private partnerships and attract private debt or equity |
| 46 | investment. |
| 47 | (d) The creditworthiness of the entity or entities |
| 48 | applying to the program. |
| 49 | (e) Whether the project is consistent, to the maximum |
| 50 | extent feasible, with local government comprehensive plans. |
| 51 | (6) Enterprise Florida, Inc., shall assist the office in |
| 52 | evaluating applications and determining whether an applicant |
| 53 | meets the criteria of subsection (5). |
| 54 | (7) The office shall adopt rules pursuant to ss. |
| 55 | 120.536(1) and 120.54 to administer the program which specify |
| 56 | the application forms, deadlines for submitting applications, |
| 57 | requirements for the selection process, service fees, and |
| 58 | requirements for audits. |
| 59 | (8) The office shall submit to the President of the Senate |
| 60 | and the Speaker of the House of Representatives an annual report |
| 61 | concerning activity within the program. The first report shall |
| 62 | be submitted on January 5, 2009, and subsequent reports shall be |
| 63 | submitted on January 5 every year thereafter, so long as the |
| 64 | revolving fund exists. |
| 65 | (9) The fund shall be created if CS/CS/SB Senate Bill 2712 |
| 66 | or similar legislation is adopted in the same legislative |
| 67 | session or an extension thereof and becomes law. |
| 68 | Section 2. Subsection (8) is added to section 288.1254, |
| 69 | Florida Statutes, to read: |
| 70 | 288.1254 Entertainment industry financial incentive |
| 71 | program.-- |
| 72 | (8) REVERSION OF FUNDS; USE FOR FILM OR ARTS |
| 73 | FESTIVALS.--Notwithstanding any provision of s. 216.301 to the |
| 74 | contrary, funds appropriated for the purposes of implementing |
| 75 | this section shall not revert until the end of the second fiscal |
| 76 | year of the appropriation. Of funds appropriated in fiscal year |
| 77 | 2008-2009, $1.5 million shall be used for international cultural |
| 78 | festival planning and programming that generates significant |
| 79 | regional or statewide return on investment and uses existing |
| 80 | state-owned cultural facilities. |
| 81 | Section 3. Subsections (1), (5), (6), and (9) of section |
| 82 | 288.1162, Florida Statutes, are amended, and subsections (10), |
| 83 | (11), and (12) are added to that section, to read: |
| 84 | 288.1162 Professional sports franchises; spring training |
| 85 | franchises; duties.-- |
| 86 | (1) The Office of Tourism, Trade, and Economic Development |
| 87 | shall serve as the state agency for screening applicants for |
| 88 | state funding pursuant to s. 212.20 and for certifying an |
| 89 | applicant as a "facility for a new professional sports |
| 90 | franchise," a "facility for a retained professional sports |
| 91 | franchise," or a "facility for a retained spring training |
| 92 | franchise." to receive state funding pursuant to s. 212.20. |
| 93 | (5)(a) As used in this section, the term "retained spring |
| 94 | training franchise" means a spring training franchise that has |
| 95 | been based in this state prior to January 1, 2000. |
| 96 | (b) Prior to certifying an applicant as a "facility for a |
| 97 | retained spring training franchise," the Office of Tourism, |
| 98 | Trade, and Economic Development must determine that: |
| 99 | 1. A "unit of local government" as defined in s. 218.369 |
| 100 | is responsible for the acquisition, construction, management, or |
| 101 | operation of the facility for a retained spring training |
| 102 | franchise or holds title to the property on which the facility |
| 103 | for a retained spring training franchise is located. |
| 104 | 2. The applicant has a verified copy of a signed agreement |
| 105 | with a retained spring training franchise for the use of the |
| 106 | facility for a term of at least 15 years. |
| 107 | 3. The applicant has a financial commitment to provide 50 |
| 108 | percent or more of the funds required by an agreement for the |
| 109 | acquisition, construction, or renovation of the facility for a |
| 110 | retained spring training franchise. The agreement can be |
| 111 | contingent upon the awarding of funds under this section and |
| 112 | other conditions precedent to use by the spring training |
| 113 | franchise. |
| 114 | 4. The applicant has projections, verified by the Office |
| 115 | of Tourism, Trade, and Economic Development, which demonstrate |
| 116 | that the facility for a retained spring training franchise will |
| 117 | attract a paid attendance of at least 50,000 annually. |
| 118 | 5. The facility for a retained spring training franchise |
| 119 | is located in a county that is levying a tourist development tax |
| 120 | pursuant to s. 125.0104. |
| 121 | (c)1. The Office of Tourism, Trade, and Economic |
| 122 | Development shall competitively evaluate applications for |
| 123 | funding of a facility for a retained spring training franchise. |
| 124 | The total number of certifications made by the Office of |
| 125 | Tourism, Trade, and Economic Development shall not exceed 10. If |
| 126 | the Office of Tourism, Trade, and Economic Development withdraws |
| 127 | certification for any given facility or unit of local |
| 128 | government, the Office of Tourism, Trade, and Economic |
| 129 | Development may accept applications for an additional |
| 130 | certification. A facility or unit of local government shall not |
| 131 | be certified for more than one spring training franchise at any |
| 132 | one time. Applications must be submitted by October 1, 2000, |
| 133 | with certifications to be made by January 1, 2001. If the number |
| 134 | of applicants exceeds five and the aggregate funding request of |
| 135 | all applications exceeds $208,335 per month, the office shall |
| 136 | rank the applications according to a selection criteria, |
| 137 | certifying the highest ranked proposals. The evaluation criteria |
| 138 | shall include, with priority given in descending order to the |
| 139 | following items: |
| 140 | 1.a. The intended use of the funds by the applicant for |
| 141 | acquisition of a facility, construction of a new facility, or |
| 142 | renovation of an existing facility, with priority given to the |
| 143 | construction of a new facility. |
| 144 | 2.b. The length of time that the existing franchise has |
| 145 | been located in the state, with priority given to retaining |
| 146 | franchises that have been in the same location the longest. |
| 147 | 3.c. The length of time that a facility to be used by a |
| 148 | retained spring training franchise has been used by one or more |
| 149 | spring training franchises, with priority given to a facility |
| 150 | that has been in continuous use as a facility for spring |
| 151 | training the longest. |
| 152 | 4.d. For those teams leasing a spring training facility |
| 153 | from a unit of local government, the remaining time on the lease |
| 154 | for facilities used by the spring training franchise, with |
| 155 | priority given to the shortest time period remaining on the |
| 156 | lease. |
| 157 | 5.e. The duration of the future-use agreement with the |
| 158 | retained spring training franchise, with priority given to the |
| 159 | future-use agreement having the longest duration. |
| 160 | 6.f. The amount of the local match, with priority given to |
| 161 | the largest percentage of local match proposed. |
| 162 | 7.g. The net increase of total active recreation space |
| 163 | owned by the applying unit of local government following the |
| 164 | acquisition of land for the spring training facility, with |
| 165 | priority given to the largest percentage increase of total |
| 166 | active recreation space. |
| 167 | 8.h. The location of the facility in a brownfield, an |
| 168 | enterprise zone, a community redevelopment area, or other area |
| 169 | of targeted development or revitalization included in an Urban |
| 170 | Infill Redevelopment Plan, with priority given to facilities |
| 171 | located in these areas. |
| 172 | 9.i. The projections on paid attendance attracted by the |
| 173 | facility and the proposed effect on the economy of the local |
| 174 | community, with priority given to the highest projected paid |
| 175 | attendance. |
| 176 | 2. Beginning July 1, 2006, the Office of Tourism, Trade, |
| 177 | and Economic Development shall competitively evaluate |
| 178 | applications for funding of facilities for retained spring |
| 179 | training franchises in addition to those certified and funded |
| 180 | under subparagraph 1. An applicant that is a unit of government |
| 181 | that has an agreement for a retained spring training franchise |
| 182 | for 15 or more years which was entered into between July 1, |
| 183 | 2003, and July 1, 2004, shall be eligible for funding. |
| 184 | Applications must be submitted by October 1, 2006, with |
| 185 | certifications to be made by January 1, 2007. The office shall |
| 186 | rank the applications according to selection criteria, |
| 187 | certifying no more than five proposals. The aggregate funding |
| 188 | request of all applicants certified shall not exceed an |
| 189 | aggregate funding request of $208,335 per month. The evaluation |
| 190 | criteria shall include the following, with priority given in |
| 191 | descending order: |
| 192 | a. The intended use of the funds by the applicant for |
| 193 | acquisition or construction of a new facility. |
| 194 | b. The intended use of the funds by the applicant to |
| 195 | renovate a facility. |
| 196 | c. The length of time that a facility to be used by a |
| 197 | retained spring training franchise has been used by one or more |
| 198 | spring training franchises, with priority given to a facility |
| 199 | that has been in continuous use as a facility for spring |
| 200 | training the longest. |
| 201 | d. For those teams leasing a spring training facility from |
| 202 | a unit of local government, the remaining time on the lease for |
| 203 | facilities used by the spring training franchise, with priority |
| 204 | given to the shortest time period remaining on the lease. For |
| 205 | consideration under this subparagraph, the remaining time on the |
| 206 | lease shall not exceed 5 years, unless an agreement of 15 years |
| 207 | or more was entered into between July 1, 2003, and July 1, 2004. |
| 208 | e. The duration of the future-use agreement with the |
| 209 | retained spring training franchise, with priority given to the |
| 210 | future-use agreement having the longest duration. |
| 211 | f. The amount of the local match, with priority given to |
| 212 | the largest percentage of local match proposed. |
| 213 | g. The net increase of total active recreation space owned |
| 214 | by the applying unit of local government following the |
| 215 | acquisition of land for the spring training facility, with |
| 216 | priority given to the largest percentage increase of total |
| 217 | active recreation space. |
| 218 | h. The location of the facility in a brownfield area, an |
| 219 | enterprise zone, a community redevelopment area, or another area |
| 220 | of targeted development or revitalization included in an urban |
| 221 | infill redevelopment plan, with priority given to facilities |
| 222 | located in those areas. |
| 223 | i. The projections on paid attendance attracted by the |
| 224 | facility and the proposed effect on the economy of the local |
| 225 | community, with priority given to the highest projected paid |
| 226 | attendance. |
| 227 | (d) Funds may not be expended to subsidize privately owned |
| 228 | and maintained facilities for use by the spring training |
| 229 | franchise. |
| 230 | (e) Funds may be used to relocate a retained spring |
| 231 | training franchise to another unit of local government if |
| 232 | approved by the Office of Tourism, Trade, and Economic |
| 233 | Development upon a review of documentation showing that the |
| 234 | local government currently certified as the host for the |
| 235 | franchise seeking to move no longer meets the criteria for |
| 236 | certification and state funding and has been decertified |
| 237 | pursuant to subsection (10) and only if the existing unit of |
| 238 | local government with the retained spring training franchise |
| 239 | agrees to the relocation. |
| 240 | (6)(a) An applicant certified as a facility for a new |
| 241 | professional sports franchise or a facility for a retained |
| 242 | professional sports franchise or as a facility for a retained |
| 243 | spring training franchise may use funds provided pursuant to s. |
| 244 | 212.20 only for the public purpose of paying for the |
| 245 | acquisition, construction, reconstruction, or renovation of a |
| 246 | facility for a new professional sports franchise, a facility for |
| 247 | a retained professional sports franchise, or a facility for a |
| 248 | retained spring training franchise or to pay or pledge for the |
| 249 | payment of debt service on, or to fund debt service reserve |
| 250 | funds, arbitrage rebate obligations, or other amounts payable |
| 251 | with respect to, bonds issued for the acquisition, construction, |
| 252 | reconstruction, or renovation of such facility or for the |
| 253 | reimbursement of such costs or the refinancing of bonds issued |
| 254 | for such purposes. |
| 255 | (b) Beginning September 1, 2008, and every year |
| 256 | thereafter, each local governmental entity certified to receive |
| 257 | funding for a facility for a retained spring training franchise |
| 258 | shall submit to the Office of Tourism, Trade, and Economic |
| 259 | Development a report that includes, but is not limited to, a |
| 260 | copy of its most recent annual audit, a detailed report on all |
| 261 | local and state funds expended to date on the project being |
| 262 | financed pursuant to this section, a copy of the contract |
| 263 | between the certified local governmental entity and the spring |
| 264 | training team, a cost-benefit analysis of the team's impact on |
| 265 | the community, and evidence that the certified applicant |
| 266 | continues to meet the criteria in paragraph (5)(b). |
| 267 | (9) An applicant is not qualified for certification under |
| 268 | this section if the franchise formed the basis for a previous |
| 269 | certification, unless the previous certification was withdrawn |
| 270 | by the facility or invalidated by the Office of Tourism, Trade, |
| 271 | and Economic Development or the Department of Commerce before |
| 272 | any funds were distributed pursuant to s. 212.20 or has been |
| 273 | decertified pursuant to subsection (10). This subsection does |
| 274 | not disqualify an applicant if the previous certification |
| 275 | occurred between May 23, 1993, and May 25, 1993; however, any |
| 276 | funds to be distributed pursuant to s. 212.20 for the second |
| 277 | certification shall be offset by the amount distributed to the |
| 278 | previous certified facility. Distribution of funds for the |
| 279 | second certification shall not be made until all amounts payable |
| 280 | for the first certification have been distributed. |
| 281 | (10)(a) The Office of Tourism, Trade, and Economic |
| 282 | Development may decertify an applicant for funding pursuant to |
| 283 | s. 212.20 upon approval of the local government or upon receipt |
| 284 | of information that the applicant no longer meets the following |
| 285 | criteria: |
| 286 | 1. The local government has a valid, unexpired legal |
| 287 | agreement with a baseball spring-training franchise; or |
| 288 | 2. The local government is continuing to meet its financial |
| 289 | obligations originally approved during the certification |
| 290 | process. |
| 291 | (b) A local government opposing a decertification shall |
| 292 | have 60 days to demonstrate to the office that the information |
| 293 | is incorrect, prior to decertification becoming official. The |
| 294 | Office of Tourism, Trade, and Economic Development shall notify |
| 295 | the Department of Revenue within 10 days after the |
| 296 | decertification has become official. |
| 297 | (c) The Office of Tourism, Trade, and Economic Development |
| 298 | shall order a decertified local government to repay the total |
| 299 | amount of unencumbered state funds received and any interest |
| 300 | earnings on those funds within 60 days after the decertification |
| 301 | becomes official. These funds and their interest earnings shall |
| 302 | be deposited into the General Revenue Fund. |
| 303 | (11) For the purpose of retaining the tradition of spring |
| 304 | training baseball in this state, by December 31, 2008, the |
| 305 | Office of Tourism, Trade, and Economic Development shall develop |
| 306 | a comprehensive strategic plan related to the following: |
| 307 | (a) Financing of spring training facilities. |
| 308 | (b) Certification and decertification processes, including |
| 309 | development of the contract or funding agreement to be signed by |
| 310 | the office and local governments, including local governments |
| 311 | currently certified. |
| 312 | (c) Recovery of state funds from decertified local |
| 313 | governments. |
| 314 | (d) Monitoring and oversight of the state funds awarded to |
| 315 | applicants. |
| 316 | (e) Identification of the financial impact spring training |
| 317 | has on the state. |
| 318 | (f) Identification of efforts made by other states to |
| 319 | develop or grow their baseball spring training efforts and the |
| 320 | effect of those efforts on this state's relationship with |
| 321 | professional baseball. |
| 322 | (g) Legislative recommendations on how to sustain or |
| 323 | improve this state's spring training tradition. |
| 324 | (h) Recommendations for the role and responsibilities for |
| 325 | a Florida Commissioner of Baseball. |
| 326 | |
| 327 | A copy of the strategic plan shall be submitted to the Governor, |
| 328 | the President of the Senate, and the Speaker of the House of |
| 329 | Representatives. |
| 330 | (12) The Office of Tourism, Trade, and Economic |
| 331 | Development may adopt rules pursuant to ss. 120.536(1) and |
| 332 | 120.54 to administer this section. |
| 333 | Section 4. Subsection (2) of section 288.9622, Florida |
| 334 | Statutes, is amended to read: |
| 335 | (2) It is the intent of the Legislature that ss. 288.9621- |
| 336 | 288.9625 serve to mobilize private investment in a broad variety |
| 337 | of venture capital partnerships in diversified industries and |
| 338 | geographies; retain private sector investment criteria focused |
| 339 | on rate of return; use the services of highly qualified managers |
| 340 | in the venture capital industry regardless of location; |
| 341 | facilitate the organization of the Florida Opportunity Fund as |
| 342 | an a fund-of-funds investor in seed and early stage businesses, |
| 343 | venture capital, or and angel funds; and precipitate capital |
| 344 | investment and extensions of credit to and in the Florida |
| 345 | Opportunity Fund. |
| 346 | Section 5. Subsection (2) and paragraphs (a) and (d) of |
| 347 | subsection (4) of section 288.9624, Florida Statutes, are |
| 348 | amended to read: |
| 349 | 288.9624 Florida Opportunity Fund; creation; duties.-- |
| 350 | (2) Upon organization, the board shall conduct a national |
| 351 | solicitation for investment plan proposals from qualified |
| 352 | venture capital investment managers for the raising and |
| 353 | investing of capital by the Florida Opportunity Fund. Any |
| 354 | proposed investment plan must address the applicant's level of |
| 355 | experience, quality of management, investment philosophy and |
| 356 | process, provability of success in fundraising, prior investment |
| 357 | fund results, and plan for achieving the purposes of ss. |
| 358 | 288.9621-288.9624. The board shall select only venture capital |
| 359 | investment managers having demonstrated expertise in the |
| 360 | management of and investment in companies. |
| 361 | (4) For the purpose of mobilizing investment in a broad |
| 362 | variety of Florida-based, new technology companies and |
| 363 | generating a return sufficient to continue reinvestment, the |
| 364 | fund shall: |
| 365 | (a)1. Invest directly only in seed and early stage venture |
| 366 | capital funds that have experienced managers or management teams |
| 367 | with demonstrated experience, expertise, and a successful |
| 368 | history in the investment of venture capital funds. Investments |
| 369 | must be focused, focusing on opportunities in this state. The |
| 370 | fund may not make direct investments in individual, Florida- |
| 371 | based businesses or businesses that have potential to create |
| 372 | significant economic benefit by creating jobs in Florida or |
| 373 | solving significant economic problems for Florida communities |
| 374 | with strategic technologies businesses. While not precluded from |
| 375 | investing in venture capital funds that have investments outside |
| 376 | this state, the fund must require a venture capital fund to show |
| 377 | a record of successful investment in this state, to be based in |
| 378 | this state, or to have an office in this state staffed with a |
| 379 | full-time, professional venture investment executive in order to |
| 380 | be eligible for investment. |
| 381 | 2. In entering into partnerships with state universities |
| 382 | that are designated as research universities having very high |
| 383 | research activity by the 2005 Carnegie Classifications, invest |
| 384 | directly in state-based seed or early stage venture capital |
| 385 | funds. These investments shall be used to support companies that |
| 386 | are developing the commercialization of a particular product or |
| 387 | service and that are operating from laboratory or office space |
| 388 | on a university campus which has been constructed by a private |
| 389 | developer who is providing a minimum match of $3 for every $1 of |
| 390 | state funds for constructions and investment. |
| 391 | (d) Invest only in funds or businesses that have raised |
| 392 | capital from other sources so that the amount invested in such |
| 393 | funds or businesses in an entity in this state is at least twice |
| 394 | the amount invested by the fund. Investments must be made in |
| 395 | Florida-based companies or businesses that have potential to |
| 396 | create significant economic benefit by creating jobs in Florida |
| 397 | or solving significant economic problems for Florida communities |
| 398 | with strategic technologies. Strategic technologies include , |
| 399 | including, but are not limited to, enterprises in life sciences, |
| 400 | information technology, advanced manufacturing processes, |
| 401 | aviation and aerospace, and homeland security and defense, as |
| 402 | well as other strategic technologies. |
| 403 | Section 6. For the 2008-2009 fiscal year, the sum of $20 |
| 404 | million is appropriated from the General Revenue Fund to the |
| 405 | Building Florida's Future Revolving Trust Fund which shall be |
| 406 | used by the Office of Tourism, Trade, and Economic Development |
| 407 | for the purpose of administering this act. Notwithstanding the |
| 408 | provisions of s. 2163.301, Florida Statutes, the unexpended |
| 409 | balance of this appropriation shall not revert. |
| 410 | Section 7. This act shall take effect July 1, 2008. |
| 411 |
|
| 412 | ----------------------------------------------------- |
| 413 | T I T L E A M E N D M E N T |
| 414 | Remove the entire title and insert: |
| 415 |
|
| 416 | A bill to be entitled |
| 417 | An act relating to economic development; creating s. 288.097, |
| 418 | F.S.; establishing Building Florida's Future Revolving Loan |
| 419 | Guarantee Program within the Office of Tourism, Trade, and |
| 420 | Economic Development; providing for the program to provide loan |
| 421 | guarantees or credit enhancements to units of local government |
| 422 | or to private entities for use in constructing or modernizing |
| 423 | facilities and infrastructure necessary to attract or expand |
| 424 | certain industries as part of an economic-development project; |
| 425 | providing requirements and criteria for the office to consider |
| 426 | in evaluating requests; requiring Enterprise Florida, Inc., to |
| 427 | assist the office in its evaluation; requiring the Office of |
| 428 | Tourism, Trade, and Economic Development to adopt rules; |
| 429 | requiring that the office provide an annual report to the |
| 430 | Legislature regarding the program; providing that the fund is |
| 431 | contingent on passage of a companion bill; amending s. 288.1254, |
| 432 | F.S., relating to the reversion of appropriations for film |
| 433 | incentives; providing a limited amount of funds to be used for |
| 434 | international cultural festivals upon certain determinations; |
| 435 | amending s. 288.1162, F.S.; revising provisions relating to |
| 436 | funding for relocation of spring training franchises; requiring |
| 437 | local governments receiving funds to submit annual reports; |
| 438 | providing for decertification of an applicant; requiring the |
| 439 | Office of Tourism, Trade, and Economic Development to develop a |
| 440 | comprehensive strategic plan including the use of financial |
| 441 | resources for the purpose of retaining the tradition of spring |
| 442 | training in this state; providing rulemaking authority; amending |
| 443 | s. 288.9622, F.S.; revising legislative intent; amending s. |
| 444 | 288.9624, F.S., relating to the Florida Opportunity Fund, |
| 445 | providing that venture capital funds affiliated with certain |
| 446 | state universities are eligible for investment by the fund; |
| 447 | providing for specified direct business investments by the fund; |
| 448 | providing an appropriation; providing for nonreversion of |
| 449 | certain unexpended balances; providing an effective date. |