CS/HB 7229

1	A bill to be entitled
2	An act relating to economic incentives for energy
3	initiatives; amending s. 377.601, F.S.; revising
4	legislative intent relating to the state's energy policy;
5	amending s. 377.703, F.S.; conforming cross-references;
6	creating s. 366.90, F.S.; providing legislative intent
7	relating to renewable energy production of electricity;
8	amending s. 366.91, F.S.; deleting legislative intent
9	provisions to conform to changes made by the act; revising
10	the definitions of the terms "biomass" and "renewable
11	energy"; amending s. 366.92, F.S.; deleting the
12	legislative intent provisions; deleting and revising
13	definitions; deleting provisions for the renewable
14	portfolio standard and renewable energy credits; providing
15	a mechanism for providers to recover costs to produce or
16	purchase specified amounts of renewable energy through the
17	environmental cost-recovery clause under certain
18	conditions; requiring providers to include specified
19	information related to renewable energy development in a
20	certain report; authorizing a developer of solar energy
21	generation to locate a solar energy generation facility on
22	the premises of a host consumer under certain
23	circumstances; requiring the commission to adopt rules and
24	submit reports to the Legislature; exempting the expansion
25	of existing renewable energy electric generating
26	facilities from requirements for a determination of need
27	under certain circumstances; establishing the Agriculture
28	and Clean Energy Economic Development Pilot Project;
29	providing that certain electric energy be considered
30	renewable energy under the pilot project; amending s.
31	403.44, F.S.; revising legislative intent for the Florida
32	Climate Protection Act; prohibiting the Department of
33	Environmental Protection from adopting a cap-and-trade
34	regulatory program or otherwise regulating carbon
35	emissions in the state; amending s. 366.8255, F.S.;
36	conforming a provision to changes made by the act;
37	amending s. 403.503, F.S.; revising the definition of
38	"electrical power plant" for purposes of the Florida
39	Electrical Power Plant Siting Act; amending ss. 288.9602
40	and 288.9603, F.S.; revising legislative findings and
41	declarations and definitions for purposes of the Florida
42	Development Finance Corporation Act; amending s. 288.9604,
43	F.S.; revising requirements for the establishment and
44	organization of the Florida Development Finance
45	Corporation; amending s. 288.9605, F.S.; revising the
46	powers of the corporation; amending s. 288.9606, F.S.;
47	revising requirements for the corporation's issuance of
48	revenue bonds; amending s. 288.9607, F.S.; limiting the
49	corporation's approval of guaranties for debt service for
50	bonds or other indebtedness for any one capital project;
51	deleting provisions for the corporation's investment of
52	certain funds in the State Transportation Trust Fund;
53	authorizing guarantees to be used in conjunction with
54	federal guaranty programs; amending s. 288.9608, F.S.;
55	creating the Energy, Technology, and Economic Development
56	Guaranty Fund; providing for the deposit and use of
57	certain moneys in the fund; deleting requirements for the
58	corporation's debt service reserve account and Revenue
59	Bond Guaranty Reserve Account; amending ss. 288.9609,
60	288.9610, 206.46, 215.47, 339.08, and 339.135, F.S.;
61	conforming provisions to changes made by the act;
62	providing legislative findings; requiring the Department
63	of Community Affairs and the Office of Tourism, Trade, and
64	Economic Development, in consultation with the Florida
65	Energy and Climate Commission, to submit recommendations
66	to the Governor and Legislature relating to the Energy
67	Economic Zone Pilot Program; requiring coordination with
68	the pilot communities and clean technology industries in
69	identifying certain incentives and strategies; providing
70	for severability; providing a directive to the Division of
71	Statutory Revision; providing an effective date.
72
73	Be It Enacted by the Legislature of the State of Florida:
74
75	Section 1.  Section 377.601, Florida Statutes, is amended
76	to read:
77	377.601  Legislative intent.-
78	(1)  The purpose of the state's energy policy is to ensure
79	an adequate and reliable supply of energy for the state in a
80	manner that promotes the health and welfare of the public,
81	promotes sustainable economic growth, and minimizes and
82	mitigates any adverse impacts. The Legislature intends that
83	governance of the state's energy policy be efficiently directed
84	toward achieving this purpose. The Legislature finds that the
85	state's energy security can be increased by lessening
86	on foreign oil; that the impacts of global climate
87	reduced through the reduction of greenhouse gas
88	that the implementation of alternative energy technologies can
89	be a source of new jobs and employment opportunities for many
90	Floridians. The Legislature further finds that the state is
91	positioned at the front line against potential impacts of global
92	climate change. Human and economic costs of those impacts can be
93	averted by global actions and, where necessary, adapted to by a
94	concerted effort to make Florida's communities more resilient
95	and less vulnerable to these impacts. In focusing the
96	government's policy and efforts to benefit and protect our
97	state, its citizens, and its resources, the Legislature believes
98	that a single government entity with a specific focus on energy
99	and climate change is both desirable and advantageous. Further,
100	the Legislature finds that energy infrastructure provides the
101	foundation for secure and reliable access to the energy supplies
102	and services on which Florida depends. Therefore, there is
103	significant value to Florida consumers that comes from
104	investment in Florida's energy infrastructure that increases
105	system reliability, enhances energy independence and
106	diversification, stabilizes energy costs, and reduces greenhouse
107	gas emissions.
108	(2)  In furtherance of this purpose, the state's energy
109	policy shall be implemented through effective, efficient, and
110	reliable governance and shall be guided by the following goals
111	in order of their priority:
112	(a)  Ensuring an affordable energy supply.
113	(b)  Ensuring adequate supply and capacity.
114	(c)  Ensuring a secure and reliable energy supply.
115	(d)  Minimizing energy cost volatility.
116	(e)  Minimizing the negative impacts of energy production
117	on the state's environment, social fabric, and the public health
118	and welfare.
119	(f)  Maximizing economic synergies for the state associated
120	with its energy policy.
121	(g)  Reducing the net export of energy expenditures.
122	(3)  It is further the policy of the state of Florida to:
123	(a)  Develop and promote the effective use of energy in the
124	state, discourage all forms of energy waste, and recognize and
125	address the potential of global climate change wherever
126	possible.
127	(b)  Play a leading role in developing and instituting
128	energy management programs aimed at promoting energy
129	conservation, energy security, and the reduction of greenhouse
130	gas emissions.
131	(c)  Include energy considerations in all state, regional,
132	and local planning.
133	(d)  Utilize and manage effectively energy resources used
134	within state agencies.
135	(e)  Encourage local governments to include energy
136	considerations in all planning and to support their work in
137	promoting energy management programs.
138	(f)  Include the full participation of citizens in the
139	development and implementation of energy programs.
140	(g)  Consider in its decisions the energy needs of each
141	economic sector, including residential, industrial, commercial,
142	agricultural, and governmental uses, and reduce those needs
143	whenever possible.
144	(h)  Promote energy education and the public dissemination
145	of information on energy and its environmental, economic, and
146	social impact.
147	(i)  Encourage the research, development, demonstration,
148	and application of alternative energy resources, particularly
149	renewable energy resources.
150	(j)  Consider, in its decisionmaking, the social, economic,
151	and environmental impacts of energy-related activities,
152	including the whole-life-cycle impacts of any potential energy
153	use choices, so that detrimental effects of these activities are
154	understood and minimized.
155	(k)  Develop and maintain energy emergency preparedness
156	plans to minimize the effects of an energy shortage within
157	Florida.
158	Section 2.  Subsection (1) and paragraph (f) of subsection
159	(2) of section 377.703, Florida Statutes, is amended to read:
160	377.703  Additional functions of the Florida Energy and
161	Climate Commission.-
162	(1)  LEGISLATIVE INTENT.-Recognizing that energy supply and
163	demand questions have become a major area of concern to the
164	state which must be dealt with by effective and well-coordinated
165	state action, it is the intent of the Legislature to promote the
166	efficient, effective, and economical management of energy
167	problems, centralize energy coordination responsibilities,
168	pinpoint responsibility for conducting energy programs, and
169	ensure the accountability of state agencies for the
170	implementation of s. 377.601(2), the state energy policy. It is
171	the specific intent of the Legislature that nothing in this act
172	shall in any way change the powers, duties, and responsibilities
173	assigned by the Florida Electrical Power Plant Siting Act, part
174	II of chapter 403, or the powers, duties, and responsibilities
175	of the Florida Public Service Commission.
176	(2)  FLORIDA ENERGY AND CLIMATE COMMISSION; DUTIES.-The
177	commission shall perform the following functions consistent with
178	the development of a state energy policy:
179	(f)  The commission shall submit an annual report to the
180	Governor and the Legislature reflecting its activities and
181	making recommendations of policies for improvement of the
182	state's response to energy supply and demand and its effect on
183	the health, safety, and welfare of the people of Florida. The
184	report shall include a report from the Florida Public Service
185	Commission on electricity and natural gas and information on
186	energy conservation programs conducted and underway in the past
187	year and shall include recommendations for energy conservation
188	programs for the state, including, but not limited to, the
189	following factors:
190	1.  Formulation of specific recommendations for improvement
191	in the efficiency of energy utilization in governmental,
192	residential, commercial, industrial, and transportation sectors.
193	2.  Collection and dissemination of information relating to
194	energy conservation.
195	3.  Development and conduct of educational and training
196	programs relating to energy conservation.
197	4.  An analysis of the ways in which state agencies are
198	seeking to implement s. 377.601(2), the state energy policy, and
199	recommendations for better fulfilling this policy.
200	Section 3.  Section 366.90, Florida Statutes, is created to
201	read:
202	366.90  Renewable energy for electricity production.-In
203	furtherance of the energy policy goals established in s.
204	377.601, the Legislature finds that it is in the public interest
205	to promote the development of renewable energy resources in the
206	state, for purposes of electricity production, through the
207	mechanisms established in ss. 366.91 and 366.92. The Legislature
208	further finds that renewable energy resources have the potential
209	to help diversify fuel types to alleviate the state's growing
210	dependence on natural gas and other fossil fuels for the
211	production of electricity, minimize the volatility of fuel
212	costs, encourage investment within the state, improve
213	environmental conditions, and make the state a leader in new and
214	innovative technologies.
215	Section 4.  Subsection (1) and paragraphs (a) and (d) of
216	subsection (2) of section 366.91, Florida Statutes, are amended,
217	and subsections (2) through (8) of that section are renumbered
218	as subsections (1) through (7), respectively, to read:
219	366.91  Renewable energy.-
220	(1)  The Legislature finds that it is in the public
221	interest to promote the development of renewable energy
222	resources in this state. Renewable energy resources have the
223	potential to help diversify fuel types to meet Florida's growing
224	dependency on natural gas for electric production, minimize the
225	volatility of fuel costs, encourage investment within the state,
226	improve environmental conditions, and make Florida a leader in
227	new and innovative technologies.
228	(1)(2)  As used in this section, the term:
229	(a)  "Biomass" means a power source that is comprised of,
230	but not limited to, combustible residues or gases from forest
231	products manufacturing, waste, byproducts, or products from
232	agricultural and orchard crops, waste or coproducts from
233	livestock and poultry operations, waste or byproducts from food
234	processing, recycling byproducts, urban wood waste, municipal
235	solid waste, municipal liquid waste treatment operations, and
236	landfill gas.
237	(d)  "Renewable energy" means electrical energy produced
238	from a method that uses one or more of the following fuels or
239	energy sources: hydrogen produced from sources other than fossil
240	fuels, biomass, solar energy, geothermal energy, wind energy,
241	ocean energy, and hydroelectric power. The term includes the
242	alternative energy resource, waste heat, from sulfuric acid
243	manufacturing operations and electrical energy produced using
244	pipeline-quality synthetic gas produced from waste petroleum
245	coke with carbon capture and sequestration.
246	Section 5.  Section 366.92, Florida Statutes, is amended to
247	read:
248	366.92  Florida renewable energy policy.-
249	(1)  It is the intent of the Legislature to promote the
250	development of renewable energy; protect the economic viability
251	of Florida's existing renewable energy facilities; diversify the
252	types of fuel used to generate electricity in Florida; lessen
253	Florida's dependence on natural gas and fuel oil for the
254	production of electricity; minimize the volatility of fuel
255	costs; encourage investment within the state; improve
256	environmental conditions; and, at the same time, minimize the
257	costs of power supply to electric utilities and their customers.
258	(1)(2)  As used in this section, the term:
259	(a)  "Florida renewable energy resources" means renewable
260	energy, as defined in s. 377.803, that is produced in Florida.
261	(a)(b)  "Provider" means a "utility" as defined in s.
262	366.8255(1)(a).
263	(b)(c)  "Renewable energy" means renewable energy as
264	defined in s. 366.91(2)(d) that is produced in the state.
265	(d)  "Renewable energy credit" or "REC" means a product
266	that represents the unbundled, separable, renewable attribute of
267	renewable energy produced in Florida and is equivalent to 1
268	megawatt-hour of electricity generated by a source of renewable
269	energy located in Florida.
270	(e)  "Renewable portfolio standard" or "RPS" means the
271	minimum percentage of total annual retail electricity sales by a
272	provider to consumers in Florida that shall be supplied by
273	renewable energy produced in Florida.
274	(3)  The commission shall adopt rules for a renewable
275	portfolio standard requiring each provider to supply renewable
276	energy to its customers directly, by procuring, or through
277	renewable energy credits. In developing the RPS rule, the
278	commission shall consult the Department of Environmental
279	Protection and the Florida Energy and Climate Commission. The
280	rule shall not be implemented until ratified by the Legislature.
281	The commission shall present a draft rule for legislative
282	consideration by February 1, 2009.
283	(a)  In developing the rule, the commission shall evaluate
284	the current and forecasted levelized cost in cents per kilowatt
285	hour through 2020 and current and forecasted installed capacity
286	in kilowatts for each renewable energy generation method through
287	2020.
288	(b)  The commission's rule:
289	1.  Shall include methods of managing the cost of
290	compliance with the renewable portfolio standard, whether
291	through direct supply or procurement of renewable power or
292	through the purchase of renewable energy credits. The commission
293	shall have rulemaking authority for providing annual cost
294	recovery and incentive-based adjustments to authorized rates of
295	return on common equity to providers to incentivize renewable
296	energy. Notwithstanding s. 366.91(3) and (4), upon the
297	ratification of the rules developed pursuant to this subsection,
298	the commission may approve projects and power sales agreements
299	with renewable power producers and the sale of renewable energy
300	credits needed to comply with the renewable portfolio standard.
301	In the event of any conflict, this subparagraph shall supersede
302	s. 366.91(3) and (4). However, nothing in this section shall
303	alter the obligation of each public utility to continuously
304	offer a purchase contract to producers of renewable energy.
305	2.  Shall provide for appropriate compliance measures and
306	the conditions under which noncompliance shall be excused due to
307	a determination by the commission that the supply of renewable
308	energy or renewable energy credits was not adequate to satisfy
309	the demand for such energy or that the cost of securing
310	renewable energy or renewable energy credits was cost
311	prohibitive.
312	3.  May provide added weight to energy provided by wind and
313	solar photovoltaic over other forms of renewable energy, whether
314	directly supplied or procured or indirectly obtained through the
315	purchase of renewable energy credits.
316	4.  Shall determine an appropriate period of time for which
317	renewable energy credits may be used for purposes of compliance
318	with the renewable portfolio standard.
319	5.  Shall provide for monitoring of compliance with and
320	enforcement of the requirements of this section.
321	6.  Shall ensure that energy credited toward compliance
322	with the requirements of this section is not credited toward any
323	other purpose.
324	7.  Shall include procedures to track and account for
325	renewable energy credits, including ownership of renewable
326	energy credits that are derived from a customer-owned renewable
327	energy facility as a result of any action by a customer of an
328	electric power supplier that is independent of a program
329	sponsored by the electric power supplier.
330	8.  Shall provide for the conditions and options for the
331	repeal or alteration of the rule in the event that new
332	provisions of federal law supplant or conflict with the rule.
333	(c)  Beginning on April 1 of the year following final
334	adoption of the commission's renewable portfolio standard rule,
335	each provider shall submit a report to the commission describing
336	the steps that have been taken in the previous year and the
337	steps that will be taken in the future to add renewable energy
338	to the provider's energy supply portfolio. The report shall
339	state whether the provider was in compliance with the renewable
340	portfolio standard during the previous year and how it will
341	comply with the renewable portfolio standard in the upcoming
342	year.
343	(2)(4)  Subject to the provisions of this subsection In
344	order to demonstrate the feasibility and viability of clean
345	energy systems, the commission shall provide for full cost
346	recovery under the environmental cost-recovery clause of all
347	reasonable and prudent costs incurred by a provider to produce
348	or purchase for renewable energy for purposes of supplying
349	electrical energy to its retail customers projects that are zero
350	greenhouse gas emitting at the point of generation, up to a
351	total of 110 megawatts statewide, and for which the provider has
352	secured necessary land, zoning permits, and transmission rights
353	within the state. Such costs shall be deemed reasonable and
354	prudent for purposes of cost recovery so long as the provider
355	has used reasonable and customary industry practices in the
356	design, procurement, and construction of the project in a cost-
357	effective manner appropriate to the location of the facility.
358	The provider shall report to the commission as part of the cost-
359	recovery proceedings the construction costs, in-service costs,
360	operating and maintenance costs, hourly energy production of the
361	renewable energy project, and any other information deemed
362	relevant by the commission. Any provider constructing a clean
363	energy facility pursuant to this section shall file for cost
364	recovery no later than July 1, 2009.
365	(a)  A provider may petition the commission through July 1,
366	2015, for recovery of costs to produce or purchase renewable
367	energy, subject to the cost cap in paragraph (c). The provider
368	has sole discretion to determine the type and technology of the
369	renewable energy resource that it intends to use. However, at
370	least 20 percent of the total nameplate capacity for which a
371	provider is permitted to recover costs in any calendar year
372	under this subsection must be produced or purchased from
373	renewable energy resources other than solar energy. In addition,
374	at least 5 percent of the total energy produced from solar
375	energy resources for which a provider is permitted to recover
376	costs in any calendar year under this subsection must be from
377	customer-owned renewable generation as defined in s. 366.91 from
378	facilities that do not exceed 2 megawatts in capacity. A
379	provider must file with the commission, no later than when the
380	provider files a petition for cost recovery under this
381	subsection, a schedule of planned production and purchases for
382	the calendar year in which cost recovery is requested. If any
383	portion of the capacity required from nonsolar renewable energy
384	resources is committed but, for reasons found by the commission
385	to be beyond the control of the provider, is not available
386	during the calendar year for which cost recovery is requested,
387	the provider may continue to recover costs to produce or
388	purchase renewable energy from solar energy resources if the
389	provider continues in good faith to pursue the production or
390	purchase of renewable energy from nonsolar resources. The
391	provider has sole discretion to determine whether to construct
392	new renewable energy generating facilities, convert existing
393	fossil fuel generating facilities to renewable energy generating
394	facilities, or contract for the purchase of renewable energy
395	from third-party generating facilities in the state.
396	(b)  In addition to the full cost recovery for such
397	renewable energy projects, a return on equity of at least 50
398	basis points above the top of the range of the provider's last
399	authorized rate of return on equity approved by the commission
400	for energy projects shall be approved and provided for such
401	renewable energy projects if a majority value of the energy-
402	producing components incorporated into such projects are
403	manufactured or assembled in the state.
404	(c)  For the production or purchase of renewable energy
405	under this subsection, a provider may recover costs up to and in
406	excess of its full avoided cost, as defined in s. 366.051 and
407	approved by the commission, if the recovery of costs in excess
408	of the provider's full avoided cost does not exceed, at any
409	time, 2 percent of the provider's total revenues from the retail
410	sale of electricity for calendar year 2009. For purposes of cost
411	recovery under this subsection, costs shall be computed using a
412	methodology that, for a renewable energy generating facility,
413	averages the revenue requirements of the facility over its
414	economic life and, for a renewable energy purchase, averages the
415	revenue requirements of the purchase over the life of the
416	contract.
417	(d)  Cost recovery under this subsection is limited to new
418	construction or conversion projects for which construction is
419	commenced on or after July 1, 2010, and to purchases made on or
420	after that date. To be eligible for cost recovery under this
421	subsection, combustion technologies must demonstrate overall
422	thermal efficiencies of more than 33 percent. All renewable
423	energy projects for which costs are approved by the commission
424	for recovery through the environmental cost recovery clause
425	before July 1, 2010, are not subject to or included in the
426	calculation of the cost cap.
427	(e)  The costs incurred by a provider to produce or
428	purchase renewable energy under this subsection are deemed to be
429	prudent for purposes of cost recovery if the provider uses
430	reasonable and customary industry practices in the design,
431	procurement, and construction of the project in a cost-effective
432	manner for the type of renewable energy resource and appropriate
433	to the location of the facility. Costs incurred by a provider to
434	construct a new facility for the production of renewable energy
435	under this subsection are deemed prudent for purposes of cost
436	recovery if the life-cycle cost of the new facility does not
437	exceed 75 percent of the life-cycle cost of any facility of the
438	same type and technology that has been constructed by a
439	nongovernmental entity in the state in the 24 months preceding
440	the filing of a petition under this subsection.
441	(f)  Subject to the cost cap in paragraph (c), the
442	commission shall allow a provider to recover the costs
443	associated with the production or purchase of renewable energy
444	under this subsection as follows:
445	1.  For new renewable energy generating facilities, the
446	commission shall allow recovery of reasonable and prudent costs,
447	including, but not limited to, the siting, licensing,
448	engineering, design, permitting, construction, operation, and
449	maintenance of such facilities, including any applicable taxes
450	and a return based on the provider's last authorized rate of
451	return.
452	2.  For conversion of existing fossil fuel generating
453	facilities to renewable energy generating facilities, the
454	commission shall allow recovery of reasonable and prudent
455	conversion costs, including the costs of retirement of the
456	fossil fuel plant that exceed any amounts accrued by the
457	provider for such purposes through rates previously set by the
458	commission.
459	3.  For purchase of renewable energy from third-party
460	generating facilities in the state, the commission shall allow
461	recovery of reasonable and prudent costs associated with the
462	purchase. Any petition for approval of a purchased power
463	agreement for renewable energy that is filed with the commission
464	before April 2, 2010, and remains pending on the effective date
465	of this act shall be considered by the commission to have been
466	filed in accordance with, and shall be subject to the provisions
467	of, this subsection, except that, before January 1, 2011, the
468	provider is not required to file with the commission a schedule
469	of planned production and purchases pursuant to paragraph (a).
470	(g)  In a proceeding to recover costs incurred under this
471	subsection, a provider must provide the commission all cost
472	information, hourly energy production information, and other
473	information deemed relevant by the commission with respect to
474	each project.
475	(h)  When a provider purchases renewable energy under this
476	subsection at a cost in excess of its full avoided cost, the
477	seller must surrender to the provider all renewable attributes
478	of the renewable energy purchased.
479	(i)  Revenues derived from any renewable energy credit,
480	carbon credit, or other mechanism that attributes value to the
481	production of renewable energy, either existing or hereafter
482	devised, received by a provider by virtue of the production or
483	purchase of renewable energy for which cost recovery is approved
484	under this subsection shall be shared with the provider's
485	ratepayers such that the ratepayers are credited at least 75
486	percent of such revenues. However, the provider is not required
487	to share with its ratepayers any value derived from credits
488	received by the provider by virtue of the purchase of renewable
489	energy from a third-party generating facility in the state that
490	does not exceed 2 megawatts in capacity and that is not a
491	regulated utility or its unregulated affiliate.
492	(j)  Section 403.519 does not apply to a renewable energy
493	generating facility constructed or converted from an existing
494	fossil fuel generating facility under this subsection, and the
495	commission is not required to submit a report for such a project
496	under s. 403.507(4)(a).
497	(3)  Each provider shall, in its 10-year site plan
498	submitted to the commission pursuant to s. 186.801, provide the
499	following information:
500	(a)  The amount of renewable energy resources the provider
501	produces or purchases.
502	(b)  The amount of renewable energy resources the provider
503	plans to produce or purchase over the 10-year planning horizon
504	and the means by which such production or purchases will be
505	achieved.
506	(c)  A statement indicating how the production and purchase
507	of renewable energy resources impact the provider's present and
508	future capacity and energy needs.
509	(4)(5)  Each municipal electric utility and rural electric
510	cooperative shall develop standards for the promotion,
511	encouragement, and expansion of the use of renewable energy
512	resources and energy conservation and efficiency measures. On or
513	before April 1, 2009, and annually thereafter, each municipal
514	electric utility and electric cooperative shall submit to the
515	commission a report that identifies such standards.
516	(5)(6)  Nothing in This section and any action taken under
517	this section may not shall be construed to impede or impair the
518	terms and conditions of, or serve as a basis for renegotiating
519	or repricing, an existing contract contracts.
520	(6)  In order to further promote renewable energy, any
521	expansion of an existing renewable energy electric generating
522	facility, subject to a total of up to 200 net megawatts
523	statewide, for which a site certification application is filed
524	before January 1, 2011, and which is owned by a local government
525	entity, does not require a determination of need pursuant to s.
526	403.519.
527	(7)  There is created the Agriculture and Clean Energy
528	Economic Development Pilot Project. In order to promote economic
529	development in the agriculture community by demonstrating the
530	viability of clean energy farming, any energy purchased by a
531	municipal electric utility or a rural electric cooperative from
532	a new electric generating facility with a minimum system
533	efficiency of 75 percent that utilizes waste heat and carbon for
534	the purpose of growing agriculture in greenhouse facilities
535	shall be considered renewable energy for up to 65 megawatts for
536	a single pilot project.
537	(8)(7)  The commission may adopt rules to administer and
538	implement the provisions of this section.
539	Section 6.  Section 403.44, Florida Statutes, is amended to
540	read:
541	403.44  Florida Climate Protection Act.-
542	(1)  The Legislature finds that it is in the best interest
543	of the state to address carbon emissions through comprehensive
544	national or international measures and that it is contrary to
545	the economic and environmental well-being of the state to pursue
546	or authorize carbon emissions regulation. The Legislature
547	further finds that carbon emissions regulation by the state is
548	inconsistent with the goals of developing an affordable,
549	adequate, and reliable supply of energy document, to the
550	greatest extent practicable, greenhouse gas emissions and to
551	pursue a market-based emissions abatement program, such as cap
552	and trade, to address greenhouse gas emissions reductions.
553	(2)  As used in this section, the term:
554	(a)  "Allowance" means a credit issued by the department
555	through allotments or auction which represents an authorization
556	to emit specific amounts of greenhouse gases, as further defined
557	in department rule.
558	(b)  "Cap and trade" or "emissions trading" means an
559	administrative approach used to control pollution by providing a
560	limit on total allowable emissions, providing for allowances to
561	emit pollutants, and providing for the transfer of the
562	allowances among pollutant sources as a means of compliance with
563	emission limits.
564	(c)  "Greenhouse gas" or "GHG" means carbon dioxide,
565	methane, nitrous oxide, and fluorinated gases such as
566	hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride.
567	(d)  "Leakage" means the offset of emission abatement that
568	is achieved in one location subject to emission control
569	regulation by increased emissions in unregulated locations.
570	(e)  "Major emitter" means an electric utility regulated
571	under this chapter.
572	(3)  A major emitter shall be required to use The Climate
573	Registry for purposes of emission registration and reporting.
574	(4)  The department shall establish the methodologies,
575	reporting periods, and reporting systems that shall be used when
576	major emitters report to The Climate Registry. The department
577	may require the use of quality-assured data from continuous
578	emissions monitoring systems.
579	(2)(5)  The department may not adopt rules for a cap-and-
580	trade regulatory program or otherwise regulate carbon to reduce
581	greenhouse gas emissions in this state from major emitters. When
582	developing the rules, the department shall consult with the
583	Florida Energy and Climate Commission and the Florida Public
584	Service Commission and may consult with the Governor's Action
585	Team for Energy and Climate Change. The department shall not
586	adopt rules until after January 1, 2010. The rules shall not
587	become effective until ratified by the Legislature.
588	(6)  The rules of the cap-and-trade regulatory program
589	shall include, but are not limited to:
590	(a)  A statewide limit or cap on the amount of greenhouse
591	gases emitted by major emitters.
592	(b)  Methods, requirements, and conditions for allocating
593	the cap among major emitters.
594	(c)  Methods, requirements, and conditions for emissions
595	allowances and the process for issuing emissions allowances.
596	(d)  The relationship between allowances and the specific
597	amounts of greenhouse gas emissions they represent.
598	(e)  The length of allowance periods and the time over
599	which entities must account for emissions and surrender
600	allowances equal to emissions.
601	(f)  The timeline of allowances from the initiation of the
602	program through to 2050.
603	(g)  A process for the trade of allowances between major
604	emitters, including a registry, tracking, or accounting system
605	for such trades.
606	(h)  Cost containment mechanisms to reduce price and cost
607	risks associated with the electric generation market in this
608	state. Cost containment mechanisms to be considered for
609	inclusion in the rules include, but are not limited to:
610	1.  Allowing major emitters to borrow allowances from
611	future time periods to meet their greenhouse gas emission
612	limits.
613	2.  Allowing major emitters to bank greenhouse gas emission
614	reductions in the current year to be used to meet emission
615	limits in future years.
616	3.  Allowing major emitters to purchase emissions offsets
617	from other entities that produce verifiable reductions in
618	unregulated greenhouse gas emissions or that produce verifiable
619	reductions in greenhouse gas emissions through voluntary
620	practices that capture and store greenhouse gases that otherwise
621	would be released into the atmosphere. In considering this cost
622	containment mechanism, the department shall identify sectors and
623	activities outside of the capped sectors, including other state,
624	federal, or international activities, and the conditions under
625	which reductions there can be credited against emissions of
626	capped entities in place of allowances issued by the department.
627	The department shall also consider potential methods and their
628	effectiveness to avoid double-incentivizing such activities.
629	4.  Providing a safety valve mechanism to ensure that the
630	market prices for allowances or offsets do not surpass a
631	predetermined level compatible with the affordability of
632	electric utility rates and the well-being of the state's
633	economy. In considering this cost containment mechanism, the
634	department shall evaluate different price levels for the safety
635	valve and methods to change the price level over time to reflect
636	changing state, federal, and international markets, regulatory
637	environments, and technological advancements.
638
639	In considering cost containment mechanisms for inclusion in the
640	rules, the department shall evaluate the anticipated overall
641	effect of each mechanism on the abatement of greenhouse gas
642	emissions and on electricity ratepayers and the benefits and
643	costs of each to the state's economy, and shall also consider
644	the interrelationships between the mechanisms under
645	consideration.
646	(i)  A process to allow the department to exercise its
647	authority to discourage leakage of GHG emissions to neighboring
648	states attributable to the implementation of this program.
649	(j)  Provisions for a trial period on the trading of
650	allowances before full implementation of a trading system.
651	(7)  In recommending and evaluating proposed features of
652	the cap-and-trade system, the following factors shall be
653	considered:
654	(a)  The overall cost-effectiveness of the cap-and-trade
655	system in combination with other policies and measures in
656	meeting statewide targets.
657	(b)  Minimizing the administrative burden to the state of
658	implementing, monitoring, and enforcing the program.
659	(c)  Minimizing the administrative burden on entities
660	covered under the cap.
661	(d)  The impacts on electricity prices for consumers.
662	(e)  The specific benefits to the state's economy for early
663	adoption of a cap-and-trade system for greenhouse gases in the
664	context of federal climate change legislation and the
665	development of new international compacts.
666	(f)  The specific benefits to the state's economy
667	associated with the creation and sale of emissions offsets from
668	economic sectors outside of the emissions cap.
669	(g)  The potential effects on leakage if economic activity
670	relocates out of the state.
671	(h)  The effectiveness of the combination of measures in
672	meeting identified targets.
673	(i)  The implications for near-term periods of long-term
674	targets specified in the overall policy.
675	(j)  The overall costs and benefits of a cap-and-trade
676	system to the state economy.
677	(k)  How to moderate impacts on low-income consumers that
678	result from energy price increases.
679	(l)  Consistency of the program with other state and
680	possible federal efforts.
681	(m)  The feasibility and cost-effectiveness of extending
682	the program scope as broadly as possible among emitting
683	activities and sinks in Florida.
684	(n)  Evaluation of the conditions under which Florida
685	should consider linking its trading system to the systems of
686	other states or other countries and how that might be affected
687	by the potential inclusion in the rule of a safety valve.
688	(8)  Recognizing that the international, national, and
689	neighboring state policies and the science of climate change
690	will evolve, prior to submitting the proposed rules to the
691	Legislature for consideration, the department shall submit the
692	proposed rules to the Florida Energy and Climate Commission,
693	which shall review the proposed rules and submit a report to the
694	Governor, the President of the Senate, the Speaker of the House
695	of Representatives, and the department. The report shall
696	address:
697	(a)  The overall cost-effectiveness of the proposed cap-
698	and-trade system in combination with other policies and measures
699	in meeting statewide targets.
700	(b)  The administrative burden to the state of
701	implementing, monitoring, and enforcing the program.
702	(c)  The administrative burden on entities covered under
703	the cap.
704	(d)  The impacts on electricity prices for consumers.
705	(e)  The specific benefits to the state's economy for early
706	adoption of a cap-and-trade system for greenhouse gases in the
707	context of federal climate change legislation and the
708	development of new international compacts.
709	(f)  The specific benefits to the state's economy
710	associated with the creation and sale of emissions offsets from
711	economic sectors outside of the emissions cap.
712	(g)  The potential effects on leakage if economic activity
713	relocates out of the state.
714	(h)  The effectiveness of the combination of measures in
715	meeting identified targets.
716	(i)  The economic implications for near-term periods of
717	short-term and long-term targets specified in the overall
718	policy.
719	(j)  The overall costs and benefits of a cap-and-trade
720	system to the economy of the state.
721	(k)  The impacts on low-income consumers that result from
722	energy price increases.
723	(l)  The consistency of the program with other state and
724	possible federal efforts.
725	(m)  The evaluation of the conditions under which the state
726	should consider linking its trading system to the systems of
727	other states or other countries and how that might be affected
728	by the potential inclusion in the rule of a safety valve.
729	(n)  The timing and changes in the external environment,
730	such as proposals by other states or implementation of a federal
731	program that would spur reevaluation of the Florida program.
732	(o)  The conditions and options for eliminating the Florida
733	program if a federal program were to supplant it.
734	(p)  The need for a regular reevaluation of the progress of
735	other emitting regions of the country and of the world, and
736	whether other regions are abating emissions in a commensurate
737	manner.
738	(q)  The desirability of and possibilities of broadening
739	the scope of the state's cap-and-trade system at a later date to
740	include more emitting activities as well as sinks in Florida,
741	the conditions that would need to be met to do so, and how the
742	program would encourage these conditions to be met, including
743	developing monitoring and measuring techniques for land use
744	emissions and sinks, regulating sources upstream, and other
745	considerations.
746	Section 7.  Paragraph (d) of subsection (1) of section
747	366.8255, Florida Statutes, is amended to read:
748	366.8255  Environmental cost recovery.-
749	(1)  As used in this section, the term:
750	(d)  "Environmental compliance costs" includes all costs or
751	expenses incurred by an electric utility in complying with
752	environmental laws or regulations, including, but not limited
753	to:
754	1.  Inservice capital investments, including the electric
755	utility's last authorized rate of return on equity thereon.
756	2.  Operation and maintenance expenses.
757	3.  Fuel procurement costs.
758	4.  Purchased power costs.
759	5.  Emission allowance costs.
760	6.  Direct taxes on environmental equipment.
761	7.  Costs or expenses prudently incurred by an electric
762	utility pursuant to an agreement entered into on or after the
763	effective date of this act and prior to October 1, 2002, between
764	the electric utility and the Florida Department of Environmental
765	Protection or the United States Environmental Protection Agency
766	for the exclusive purpose of ensuring compliance with ozone
767	ambient air quality standards by an electrical generating
768	facility owned by the electric utility.
769	8.  Costs or expenses prudently incurred for the
770	quantification, reporting, and third-party verification as
771	required for participation in greenhouse gas emission registries
772	for greenhouse gases as defined in s. 403.44. As used in this
773	subparagraph, the term "greenhouse gases" means carbon dioxide,
774	methane, nitrous oxide, and fluorinated gases such as
775	hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride.
776	9.  Costs or expenses prudently incurred for scientific
777	research and geological assessments of carbon capture and
778	storage conducted in this state for the purpose of reducing an
779	electric utility's greenhouse gas emissions when such costs or
780	expenses are incurred in joint research projects with Florida
781	state government agencies and Florida state universities.
782	Section 8.  Subsection (14) of section 403.503, Florida
783	Statutes, is amended to read:
784	403.503  Definitions relating to Florida Electrical Power
785	Plant Siting Act.-As used in this act:
786	(14)  "Electrical power plant" means, for the purpose of
787	certification, any steam or solar electrical generating facility
788	using any process or fuel, including nuclear materials, except
789	that this term does not include any steam or solar electrical
790	generating facility of less than 75 megawatts in capacity or any
791	solar electrical generating facility of any sized capacity
792	unless the applicant for such a facility elects to apply for
793	certification under this act. This term also includes the site;
794	all associated facilities that will be owned by the applicant
795	that are physically connected to the site; all associated
796	facilities that are indirectly connected to the site by other
797	proposed associated facilities that will be owned by the
798	applicant; and associated transmission lines that will be owned
799	by the applicant which connect the electrical power plant to an
800	existing transmission network or rights-of-way to which the
801	applicant intends to connect. At the applicant's option, this
802	term may include any offsite associated facilities that will not
803	be owned by the applicant; offsite associated facilities that
804	are owned by the applicant but that are not directly connected
805	to the site; any proposed terminal or intermediate substations
806	or substation expansions connected to the associated
807	transmission line; or new transmission lines, upgrades, or
808	improvements of an existing transmission line on any portion of
809	the applicant's electrical transmission system necessary to
810	support the generation injected into the system from the
811	proposed electrical power plant.
812	Section 9.  Section 288.9602, Florida Statutes, is amended
813	to read:
814	288.9602  Findings and declarations of necessity.-The
815	Legislature finds and declares that:
816	(1)  There is a need to enhance economic activity in the
817	cities and counties of the state by attracting manufacturing,
818	development, redevelopment of brownfield areas, business
819	enterprise management, and other activities conducive to
820	economic promotion in order to provide a stronger, more
821	balanced, and stable economy in the cities and counties of the
822	state.
823	(2)  A significant portion of businesses located in the
824	cities and counties of the state or desiring to locate in the
825	cities and counties of the state encounter difficulty in
826	obtaining financing on terms competitive with those available to
827	businesses located in other states and nations or are unable to
828	obtain such financing at all.
829	(3)  The difficulty in obtaining such financing impairs the
830	expansion of economic activity and the creation of jobs and
831	income in communities throughout the state.
832	(4)  The businesses most often affected by these financing
833	difficulties are small businesses critical to the economic
834	development of the state cities and counties of Florida.
835	(5)  The economic well-being of the people in, and the
836	commercial and industrial resources of, the cities and counties
837	of the state would be enhanced by the provision of financing to
838	businesses on terms competitive with those available in the most
839	developed financial markets worldwide.
840	(6)  In order to improve the prosperity and welfare of the
841	cities and counties of this state and its inhabitants, to
842	improve and promote the financing of projects related to the
843	economic development of the cities and counties of this state,
844	including redevelopment of brownfield areas, and to increase the
845	purchasing power and opportunities for gainful employment of
846	citizens of the cities and counties of this state, it is
847	necessary and in the public interest to facilitate the financing
848	of such projects as provided for in this act and to do so
849	without regard to the boundaries between counties,
850	municipalities, special districts, and other local governmental
851	bodies or agencies in order to more effectively and efficiently
852	serve the interests of the greatest number of people in the
853	widest area practicable.
854	(7)  In order to promote and stimulate development and
855	advance the business prosperity and economic welfare of the
856	cities and counties of this state and its inhabitants; to
857	encourage and assist new business and industry in this state
858	through loans, investments, or other business transactions; to
859	rehabilitate and assist existing businesses; to stimulate and
860	assist in the expansion of all kinds of for-profit and not-for-
861	profit business activity; and to create maximum opportunities
862	for employment, encouragement of thrift, and improvement of the
863	standard of living of the citizens of Florida, it is necessary
864	and in the public interest to facilitate the cooperation and
865	action between organizations, public and private, in the
866	promotion, development, and conduct of all kinds of for-profit
867	and not-for-profit business activity in the state.
868	(8)  In order to efficiently and effectively achieve the
869	purposes of this act, it is necessary and in the public interest
870	to create a special development finance authority to cooperate
871	and act in conjunction with public agencies of this state and
872	local governments of this state, through interlocal agreements
873	pursuant to the Florida Interlocal Cooperation Act of 1969, in
874	the promotion and advancement of projects related to economic
875	development, including redevelopment of brownfield areas,
876	throughout the state.
877	(9)  The purposes to be achieved by the special development
878	finance authority through such projects and such financings of
879	business and industry in compliance with the criteria and the
880	requirements of this act are predominantly the public purposes
881	stated in this section, and such purposes implement the
882	governmental purposes under the State Constitution of providing
883	for the health, safety, and welfare of the people of the state,
884	including implementing the purpose of s. 10(c), Art. VII of the
885	State Constitution and simultaneously provide new and innovative
886	means for the investment of public trust funds in accordance
887	with s. 10(a), Art. VII of the State Constitution.
888	Section 10.  Subsections (6), (11), and (12) of section
889	288.9603, Florida Statutes, are amended to read:
890	288.9603  Definitions.-
891	(6)  "Debt service" shall mean for any bonds issued by the
892	corporation or for any bonds or other form of indebtedness and
893	for which a guaranty has been issued pursuant to ss. 288.9606,
894	288.9607, and 288.9608, for any period for which such
895	determination is to be made, the aggregate amount of all
896	interest charges due or which shall become due on or with
897	respect to such bonds or indebtedness during the period for
898	which such determination is being made, plus the aggregate
899	amount of scheduled principal payments due or which shall become
900	due on or with respect to such bonds or indebtedness during the
901	period for which such determination is being made. Scheduled
902	principal payments may include only principal payments that are
903	scheduled as part of the terms of the original bond or
904	indebtedness issue and that result in the reduction of the
905	outstanding principal balance of the bonds or indebtedness.
906	(11)  "Guaranty agreement" means an agreement by and
907	between the corporation and an applicant a public agency
908	pursuant to the provisions of s. 288.9607.
909	(12)  "Guaranty agreement fund" means the Energy,
910	Technology, and Economic Development Revenue Bond Guaranty Fund
911	Reserve Account established by the corporation pursuant to s.
912	288.9608.
913	Section 11.  Section 288.9604, Florida Statutes, is amended
914	to read:
915	288.9604  Creation of the authority.-
916	(1)  Upon a finding of necessity by a city or county of
917	this state, selected pursuant to subsection (2), There is
918	created a public body corporate and politic known as the
919	"Florida Development Finance Corporation." The corporation shall
920	be constituted as a public instrumentality of local government,
921	and the exercise by the corporation of the powers conferred by
922	this act shall be deemed and held to be the performance of an
923	essential public function. The corporation has the power to
924	function within the corporate limits of any public agency with
925	which it has entered into an interlocal agreement for any of the
926	purposes of this act.
927	(2)  A city or county of Florida shall be selected by a
928	search committee of Enterprise Florida, Inc. This city or county
929	shall be authorized to activate the corporation. The search
930	committee shall be composed of two commercial banking
931	representatives, the Senate member of the partnership, the House
932	of Representatives member of the partnership, and a member who
933	is an industry or economic development professional.
934	(2)(3)  Upon activation of the corporation, The Governor,
935	subject to confirmation by the Senate, shall appoint the board
936	of directors of the corporation, who shall be five in number.
937	The terms of office for the directors shall be for 4 years from
938	the date of their appointment. A vacancy occurring during a term
939	shall be filled for the unexpired term. A director shall be
940	eligible for reappointment. At least three of the directors of
941	the corporation shall be bankers who have been selected by the
942	Governor from a list of bankers who were nominated by Enterprise
943	Florida, Inc., and one of the directors shall be an economic
944	development specialist. The chairperson of the Florida Black
945	Business Investment Board shall be an ex officio member of the
946	board of the corporation.
947	(3)(4)(a)  A director shall receive no compensation for his
948	or her services, but is entitled to the necessary expenses,
949	including travel expenses, incurred in the discharge of his or
950	her duties. Each director shall hold office until his or her
951	successor has been appointed.
952	(b)  The powers of the corporation shall be exercised by
953	the directors thereof. A majority of the directors constitutes a
954	quorum for the purposes of conducting business and exercising
955	the powers of the corporation and for all other purposes. Action
956	may be taken by the corporation upon a vote of a majority of the
957	directors present, unless in any case the bylaws require a
958	larger number. Any person may be appointed as director if he or
959	she resides, or is engaged in business, which means owning a
960	business, practicing a profession, or performing a service for
961	compensation or serving as an officer or director of a
962	corporation or other business entity so engaged, within the
963	state.
964	(c)  The directors of the corporation shall annually elect
965	one of their members as chair and one as vice chair. The
966	corporation may employ a president, technical experts, and such
967	other agents and employees, permanent and temporary, as it
968	requires and determine their qualifications, duties, and
969	compensation. For such legal services as it requires, the
970	corporation may employ or retain its own counsel and legal
971	staff. The corporation shall file with the governing body of
972	each public agency with which it has entered into an interlocal
973	agreement and with the Governor, the Speaker of the House of
974	Representatives, the President of the Senate, the Minority
975	Leaders of the Senate and House of Representatives, and the
976	Auditor General, on or before 90 days after the close of the
977	fiscal year of the corporation, a report of its activities for
978	the preceding fiscal year, which report shall include a complete
979	financial statement setting forth its assets, liabilities,
980	income, and operating expenses as of the end of such fiscal
981	year.
982	(4)(5)  The board may remove a director for inefficiency,
983	neglect of duty, or misconduct in office only after a hearing
984	and only if he or she has been given a copy of the charges at
985	least 10 days before prior to such hearing and has had an
986	opportunity to be heard in person or by counsel. The removal of
987	a director shall create a vacancy on the board which shall be
988	filled pursuant to subsection (4) (3).
989	Section 12.  Section 288.9605, Florida Statutes, is amended
990	to read:
991	288.9605  Corporation powers.-
992	(1)  The powers of the corporation created by s. 288.9604
993	shall include all the powers necessary or convenient to carry
994	out and effectuate the purposes and provisions of this act.
995	(2)  The corporation is authorized and empowered to:
996	(a)  Have perpetual succession as a body politic and
997	corporate and adopt bylaws for the regulation of its affairs and
998	the conduct of its business.
999	(b)  Adopt an official seal and alter the same at its
1000	pleasure.
1001	(c)  Maintain an office at such place or places as it may
1002	designate.
1003	(d)  Sue and be sued in its own name and plead and be
1004	impleaded.
1005	(e)  Enter into interlocal agreements pursuant to s.
1006	163.01(7) with public agencies of this state for the exercise of
1007	any power, privilege, or authority consistent with the purposes
1008	of this act.
1009	(f)  Issue, from time to time, revenue bonds, notes, or
1010	other evidence of indebtedness, including, but not limited to,
1011	taxable bonds and bonds the interest on which is exempt from
1012	federal income taxation, for the purpose of financing and
1013	refinancing any capital projects that promote economic
1014	development within the state, thereby benefitting the citizens
1015	of the state, for applicants and exercise all powers in
1016	connection with the authorization, issuance, and sale of bonds,
1017	subject to the provisions of s. 288.9606.
1018	(g)  Issue bond anticipation notes in connection with the
1019	authorization, issuance, and sale of such bonds, pursuant to the
1020	provisions of s. 288.9606.
1021	(h)  Make and execute contracts and other instruments
1022	necessary or convenient to the exercise of its powers under the
1023	act.
1024	(i)  Disseminate information about itself and its
1025	activities.
1026	(j)  Acquire, by purchase, lease, option, gift, grant,
1027	bequest, devise, or otherwise, real property, together with any
1028	improvements thereon, or personal property for its
1029	administrative purposes or in furtherance of the purposes of
1030	this act, together with any improvements thereon.
1031	(k)  Hold, improve, clear, or prepare for development any
1032	such property.
1033	(l)  Mortgage, pledge, hypothecate, or otherwise encumber
1034	or dispose of any real or personal property.
1035	(m)  Insure or provide for insurance of any real or
1036	personal property or operations of the corporation or any
1037	private enterprise against any risks or hazards, including the
1038	power to pay premiums on any such insurance.
1039	(n)  Establish and fund a guaranty fund in furtherance of
1040	the purposes of this act.
1041	(o)  Invest funds held in reserve or sinking funds or any
1042	such funds not required for immediate disbursement in property
1043	or securities in such manner as the board shall determine,
1044	subject to the authorizing resolution on any bonds issued, and
1045	to terms established in the investment agreement pursuant to ss.
1046	288.9606, 288.9607, and 288.9608, and redeem such bonds as have
1047	been issued pursuant to s. 288.9606 at the redemption price
1048	established therein or purchase such bonds at less than
1049	redemption price, all such bonds so redeemed or purchased to be
1050	canceled.
1051	(p)  Borrow money and apply for and accept advances, loans,
1052	grants, contributions, and any other form of financial
1053	assistance from the Federal Government or the state, county, or
1054	other public agency body or from any sources, public or private,
1055	for the purposes of this act and give such security as may be
1056	required and enter into and carry out contracts or agreements in
1057	connection therewith; and include in any contract for financial
1058	assistance with the Federal Government or the state, county, or
1059	other public agency for, or with respect to, any purposes under
1060	this act and related activities such conditions imposed pursuant
1061	to federal laws as the county or municipality or other public
1062	agency deems reasonable and appropriate which are not
1063	inconsistent with the provisions of this act.
1064	(q)  Make or have all surveys and plans necessary for the
1065	carrying out of the purposes of this act, contract with any
1066	person, public or private, in making and carrying out such
1067	plans, and adopt, approve, modify, and amend such plans.
1068	(r)  Develop, test, and report methods and techniques and
1069	carry out demonstrations and other activities for the promotion
1070	of any of the purposes of this act.
1071	(s)  Apply for, accept, and utilize grants from the Federal
1072	Government or the state, county, or other public agency
1073	available for any of the purposes of this act.
1074	(t)  Make expenditures necessary to carry out the purposes
1075	of this act.
1076	(u)  Exercise all or any part or combination of powers
1077	granted in this act.
1078	(v)  Enter into investment agreements with the Florida
1079	Black Business Investment Board concerning the issuance of bonds
1080	and other forms of indebtedness and capital for the purposes of
1081	ss. 288.707-288.714.
1082	(w)  Determine the situations and circumstances for
1083	participation in partnerships by agreement with local
1084	governments, financial institutions, and others associated with
1085	the redevelopment of brownfield areas pursuant to the
1086	Brownfields Redevelopment Act for a limited state guaranty of
1087	revenue bonds, loan guarantees, or loan loss reserves.
1088	Section 13.  Subsections (3) and (5) of section 288.9606,
1089	Florida Statutes, are amended, and subsection (7) is added to
1090	that section, to read:
1091	288.9606  Issue of revenue bonds.-
1092	(3)  Bonds issued under this section shall be authorized by
1093	a public agency of this state pursuant to the terms of an
1094	interlocal agreement, unless such bonds are issued pursuant to
1095	subsection (7); may be issued in one or more series; and shall
1096	bear such date or dates, be payable upon demand or mature at
1097	such time or times, bear interest rate or rates, be in such
1098	denomination or denominations, be in such form either with or
1099	without coupon or registered, carry such conversion or
1100	registration privileges, have such rank or priority, be executed
1101	in such manner, be payable in such medium of payments at such
1102	place or places, be subject to such terms of redemption, with or
1103	without premium, be secured in such manner, and have such other
1104	characteristics as may be provided by the corporation interlocal
1105	agreement issued pursuant thereto. Bonds issued under this
1106	section may be sold in such manner, either at public or private
1107	sale, and for such price as the corporation may determine will
1108	effectuate the purpose of this act.
1109	(5)  In any suit, action, or proceeding involving the
1110	validity or enforceability of any bond issued under this act, or
1111	the security therefor, any such bond reciting in substance that
1112	it has been issued by the corporation in connection with any
1113	purpose of the act shall be conclusively deemed to have been
1114	issued for such purpose, and such purpose shall be conclusively
1115	deemed to have been carried out in accordance with the act. The
1116	complaint in any action to validate such bonds shall be filed
1117	only in the Circuit Court for Leon County. The notice required
1118	to be published by s. 75.06 shall be published only in Leon
1119	County, and the complaint and order of the circuit court shall
1120	be served only on the State Attorney of the Second Judicial
1121	Circuit and on the state attorney of each circuit in each county
1122	where the public agencies which were initially a party to the
1123	interlocal agreement are located. Notice of such proceedings
1124	shall be published in the manner and the time required by s.
1125	75.06, in Leon County and in each county where the public
1126	agencies which were initially a party to the interlocal
1127	agreement are located. Obligations of the corporation pursuant
1128	to a loan agreement as described in this subsection may be
1129	validated as provided in chapter 75. The validation of at least
1130	the first bonds approved by the corporation shall be appealed to
1131	the Florida Supreme Court. The complaint in the validation
1132	proceeding shall specifically address the constitutionality of
1133	using the investment of the earnings accrued and collected upon
1134	the investment of the minimum balance funds required to be
1135	maintained in the State Transportation Trust Fund to guarantee
1136	such bonds. If such proceeding results in an adverse ruling and
1137	such bonds and guaranty are found to be unconstitutional,
1138	invalid, or unenforceable, then the corporation shall no longer
1139	be authorized to use the investment of the earnings accrued and
1140	collected upon the investment of the minimum balance of the
1141	State Transportation Trust Fund to guarantee any bonds.
1142	(7)  Notwithstanding any provision of this section, the
1143	corporation in its corporate capacity may, without authorization
1144	from a public agency under s. 163.01(7), issue revenue bonds or
1145	other evidence of indebtedness under this section to:
1146	(a)  Finance the undertaking of any project within the
1147	state that promotes renewable energy as defined in s. 377.803 or
1148	s. 366.91;
1149	(b)  Finance the undertaking of any project within the
1150	state that is a project contemplated or allowed under s. 406 of
1151	the American Recovery and Reinvestment Act of 2009; or
1152	(c)  If permitted by federal law, finance qualifying
1153	improvement projects within the state under s. 163.08.
1154	Section 14.  Section 288.9607, Florida Statutes, is amended
1155	to read:
1156	288.9607  Guaranty of bond issues.-
1157	(1)  The corporation may is hereby authorized to approve or
1158	deny, by a majority vote of the membership of the directors, a
1159	guaranty of debt service payments for bonds or other
1160	indebtedness used to finance any capital project that promotes
1161	economic development in the state, including, but not limited
1162	to, those capital projects for which revenue bonds are the
1163	guaranty of any revenue bonds issued under pursuant to this act,
1164	if any such guaranty does not exceed 5 percent of the total
1165	aggregate principal amount of bonds or other indebtedness
1166	relating to any one capital project. The corporation may also
1167	use moneys deposited into the Energy, Technology, and Economic
1168	Development Guaranty Fund to satisfy requirements to obtain
1169	federal loan guarantees for capital projects authorized pursuant
1170	to this section. The guaranty may also be of the obligations of
1171	the corporation with respect to any letter of credit, bond
1172	insurance, or other form of credit enhancement provided by any
1173	person with respect to any revenue bonds issued by the
1174	corporation pursuant to this act.
1175	(2)  Any applicant for financing from the corporation,
1176	requesting a guaranty of the bonds issued by the corporation
1177	under this act must submit a guaranty application, in a form
1178	acceptable to the corporation, together with supporting
1179	documentation to the corporation as provided in this section.
1180	(3)  All applicants which have entered into a guaranty
1181	agreement with the corporation shall pay a guaranty premium on
1182	such terms and at such rates as the corporation shall determine
1183	before prior to the issuance of the guaranty bonds. The
1184	corporation may adopt such guaranty premium structures as it
1185	deems appropriate, including, without limitation, guaranty
1186	premiums which are payable one time upon the issuance of the
1187	guaranty bonds or annual premiums payable upon the outstanding
1188	principal balance of bonds or other indebtedness that is
1189	guaranteed from time to time. The premium payment may be
1190	collected by the corporation from any the lessee of the project
1191	involved, from the applicant, or from any other payee of any the
1192	loan agreement involved.
1193	(4)  All applications for a guaranty must acknowledge that
1194	as a condition to the issuance of the guaranty, the corporation
1195	may require that the financing must be secured by a mortgage or
1196	security interest on the property acquired which will have such
1197	priority over other liens on such property as may be required by
1198	the corporation, and that the financing must be guaranteed by
1199	such person or persons with such ownership interest in the
1200	applicant as may be required by the corporation.
1201	(5)  Personal financial records, trade secrets, or
1202	proprietary information of applicants delivered to or obtained
1203	by the corporation shall be confidential and exempt from the
1204	provisions of s. 119.07(1).
1205	(6)  If the application for a guaranty is approved by the
1206	corporation, the corporation and the applicant shall enter into
1207	a guaranty agreement. In accordance with the provisions of the
1208	guaranty agreement, the corporation guarantees to use the funds
1209	on deposit in its Energy, Technology, and Economic Development
1210	Guaranty Fund Revenue Bond Guaranty Reserve Account to meet debt
1211	service amortization payments on the bonds or indebtedness as
1212	they become due, in the event and to the extent that the
1213	applicant is unable to meet such payments in accordance with the
1214	terms of the bond indenture when called to do so by the trustee
1215	of the bondholders, or to make similar payments to reimburse any
1216	person which has provided credit enhancement for the bonds and
1217	which has advanced funds to meet such debt service amortization
1218	payments as they become due, if such guaranty of the corporation
1219	is limited to 5 percent of the total aggregate principal amount
1220	of bonds or other indebtedness relating to any one capital
1221	project. The corporation may also use moneys deposited in the
1222	Energy, Technology, and Economic Development Guaranty Fund to
1223	satisfy requirements to obtain federal loan guarantees for
1224	capital projects authorized under this section. If the applicant
1225	defaults on debt service bond amortization payments, the
1226	corporation may use funds on deposit in the Energy, Technology,
1227	and Economic Development Guaranty Fund Revenue Bond Guaranty
1228	Reserve Account to pay insurance, maintenance, and other costs
1229	which may be required for the preservation of any capital
1230	project or other collateral security for any bond or
1231	indebtedness issued to finance a capital project for which debt
1232	service payments are guaranteed by the corporation issued by the
1233	corporation, or to otherwise protect the reserve account from
1234	loss, or to minimize losses to the reserve account, in each case
1235	in such manner as may be deemed necessary and advisable by the
1236	corporation.
1237	(7)(a)  The corporation is authorized to enter into an
1238	investment agreement with the Department of Transportation and
1239	the State Board of Administration concerning the investment of
1240	the earnings accrued and collected upon the investment of the
1241	minimum balance of funds required to be maintained in the State
1242	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1243	investment shall be limited as follows:
1244	1.  Not more than $4 million of the investment earnings
1245	earned on the investment of the minimum balance of the State
1246	Transportation Trust Fund in a fiscal year shall be at risk at
1247	any time on one or more bonds or series of bonds issued by the
1248	corporation.
1249	2.  The investment earnings shall not be used to guarantee
1250	any bonds issued after June 30, 1998, and in no event shall the
1251	investment earnings be used to guarantee any bond issued for a
1252	maturity longer than 15 years.
1253	3.  The corporation shall pay a reasonable fee, set by the
1254	State Board of Administration, in return for the investment of
1255	such funds. The fee shall not be less than the comparable rate
1256	for similar investments in terms of size and risk.
1257	4.  The proceeds of bonds, or portions thereof, issued by
1258	the corporation for which a guaranty has been or will be issued
1259	pursuant to s. 288.9606, s. 288.9608, or this section used to
1260	make loans to any one person, including any related interests,
1261	as defined in s. 658.48, of such person, shall not exceed 20
1262	percent of the principal of all such outstanding bonds of the
1263	corporation issued prior to the first composite bond issue of
1264	the corporation, or December 31, 1995, whichever comes first,
1265	and shall not exceed 15 percent of the principal of all such
1266	outstanding bonds of the corporation issued thereafter, in each
1267	case determined as of the date of issuance of the bonds for
1268	which such determination is being made and taking into account
1269	the principal amount of such bonds to be issued. The provisions
1270	of this subparagraph shall not apply when the total amount of
1271	all such outstanding bonds issued by the corporation is less
1272	than $10 million. For the purpose of calculating the limits
1273	imposed by the provisions of this subparagraph, the first $10
1274	million of bonds issued by the corporation shall be taken into
1275	account.
1276	5.  The corporation shall establish a debt service reserve
1277	account which contains not less than 6 months' debt service
1278	reserves from the proceeds of the sale of any bonds, or portions
1279	thereof, guaranteed by the corporation.
1280	6.  The corporation shall establish an account known as the
1281	Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
1282	corporation shall deposit a sum of money or other cash
1283	equivalents into this fund and maintain a balance of money or
1284	cash equivalents in this fund, from sources other than the
1285	investment of earnings accrued and collected upon the investment
1286	of the minimum balance of funds required to be maintained in the
1287	State Transportation Trust Fund, not less than a sum equal to 1
1288	year of maximum debt service on all outstanding bonds, or
1289	portions thereof, of the corporation for which a guaranty has
1290	been issued pursuant to ss. 288.9606, 288.9607, and 288.9608. In
1291	the event the corporation fails to maintain the balance required
1292	pursuant to this subparagraph for any reason other than a
1293	default on a bond issue of the corporation guaranteed pursuant
1294	to this section or because of the use by the corporation of any
1295	such funds to pay insurance, maintenance, or other costs which
1296	may be required for the preservation of any project or other
1297	collateral security for any bond issued by the corporation, or
1298	to otherwise protect the Revenue Bond Guaranty Reserve Account
1299	from loss while the applicant is in default on amortization
1300	payments, or to minimize losses to the reserve account in each
1301	case in such manner as may be deemed necessary or advisable by
1302	the corporation, the corporation shall immediately notify the
1303	Department of Transportation of such deficiency. Any
1304	supplemental funding authorized by an investment agreement
1305	entered into with the Department of Transportation and the State
1306	Board of Administration concerning the use of investment
1307	earnings of the minimum balance of funds is void unless such
1308	deficiency of funds is cured by the corporation within 90 days
1309	after the corporation has notified the Department of
1310	Transportation of such deficiency.
1311	(b)  Unless specifically prohibited in the General
1312	Appropriations Act, the earnings accrued and collected upon the
1313	investment of the minimum balance of funds required to be
1314	maintained in the State Transportation Trust Fund may continue
1315	to be used pursuant to paragraph (a).
1316	(c)  The guaranty is shall not be a general obligation of
1317	the corporation or of the state, but is shall be a special
1318	obligation, which constitutes the investment of a public trust
1319	fund. In no event shall the guaranty constitute an indebtedness
1320	of the corporation, the state of Florida, or any political
1321	subdivision thereof within the meaning of any constitutional or
1322	statutory limitation. Each guaranty agreement shall have plainly
1323	stated on the face thereof that it has been entered into under
1324	the provisions of this act and that it does not constitute an
1325	indebtedness of the corporation, the state, or any political
1326	subdivision thereof within any constitutional or statutory
1327	limitation, and that neither the full faith and credit of the
1328	state of Florida nor any of its revenues is pledged to meet any
1329	of the obligations of the corporation under such guaranty
1330	agreement. Each such agreement shall state that the obligation
1331	of the corporation under the guaranty shall be limited to the
1332	funds available in the Energy, Technology, and Economic
1333	Development Guaranty Fund Revenue Bond Guaranty Reserve Account
1334	as authorized by this section.
1335
1336	The corporation shall include, as part of the annual report
1337	prepared pursuant to s. 288.9610, a detailed report concerning
1338	the use of guaranteed bond proceeds for loans guaranteed or
1339	issued pursuant to any agreement with the Florida Black Business
1340	Investment Board, including the percentage of such loans
1341	guaranteed or issued and the total volume of such loans
1342	guaranteed or issued.
1343	(8)  In the event the corporation does not approve the
1344	application for a guaranty, the applicant shall be notified in
1345	writing of the corporation's determination that the application
1346	not be approved.
1347	(9)  The membership of the corporation is authorized and
1348	directed to conduct such investigation as it may deem necessary
1349	for promulgation of regulations to govern the operation of the
1350	guaranty program authorized by this section. The regulations may
1351	include such other additional provisions, restrictions, and
1352	conditions as the corporation, after its investigation referred
1353	to in this subsection, shall determine to be proper to achieve
1354	the most effective utilization of the guaranty program. This may
1355	include, without limitation, a detailing of the remedies that
1356	must be exhausted by the bondholders, or a trustee acting on
1357	their behalf, or other credit provided before prior to calling
1358	upon the corporation to perform under its guaranty agreement and
1359	the subrogation of other rights of the corporation with
1360	reference to the capital project and its operation or the
1361	financing in the event the corporation makes payment pursuant to
1362	the applicable guaranty agreement. The regulations promulgated
1363	by the corporation to govern the operation of the guaranty
1364	program may shall contain specific provisions with respect to
1365	the rights of the corporation to enter, take over, and manage
1366	all financed properties upon default. These regulations shall be
1367	submitted by set forth the respective rights of the corporation
1368	to the Florida Energy and Climate Commission for approval and
1369	the bondholders in regard thereto.
1370	(10)  The guaranty program described in this section may be
1371	used by the corporation in conjunction with any federal guaranty
1372	programs described in s. 406 of the American Recovery and
1373	Reinvestment Act of 2009. All policies, procedures, and
1374	regulations of the guaranty program adopted by the corporation,
1375	to the extent such guaranty program of the corporation is used
1376	in conjunction with a federal guaranty program described in s.
1377	406 of the American Recovery and Reinvestment Act of 2009, must
1378	be consistent with s. 406 of the American Recovery and
1379	Reinvestment Act of 2009.
1380	Section 15.  Section 288.9608, Florida Statutes, is amended
1381	to read:
1382	288.9608  Creation and funding of the Energy, Technology,
1383	and Economic Development Guaranty Fund guaranty account.-
1384	(1)  The corporation shall establish a debt service reserve
1385	account which contains not less than 6 months' debt service
1386	reserves from the proceeds of the sale of any bonds guaranteed
1387	by the corporation. Funds in such debt service reserve account
1388	shall be used prior to funds in the Revenue Bond Guaranty
1389	Reserve Account established in subsection (2). The corporation
1390	shall make best efforts to liquidate collateralized property and
1391	draw upon personal guarantees, and shall utilize the Revenue
1392	Bond Guaranty Reserve Account prior to use of supplemental
1393	funding for the Guaranty Reserve Account under the provisions of
1394	subsection (3).
1395	(2)(a)  The corporation shall establish an account known as
1396	the Energy, Technology, and Economic Development Guaranty Fund
1397	Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
1398	corporation may shall deposit moneys a sum of money or other
1399	cash equivalents into the this fund and maintain a balance in
1400	the this fund, from general revenue funds of the state as are
1401	authorized for that purpose or any other designated funding
1402	sources not inconsistent with state law sources other than the
1403	State Transportation Trust Fund, not less than a sum equal to 1
1404	year of maximum debt service on all outstanding bonds, or
1405	portions thereof, of the corporation for which a guaranty has
1406	been issued pursuant to ss. 288.9606, 288.9607, and 288.9608.
1407	(2)(b)  If the corporation determines that the moneys in
1408	the guaranty agreement fund are not sufficient to meet the
1409	obligations of the guaranty agreement fund, the corporation is
1410	authorized to use the necessary amount of any available moneys
1411	that it may have which are not needed for, then or in the
1412	foreseeable future, or committed to other authorized functions
1413	and purposes of the corporation. Any such moneys so used may be
1414	reimbursed out of the guaranty agreement fund if and when there
1415	are moneys therein available for the purpose.
1416	(3)(c)  The determination of when additional moneys will be
1417	needed for the guaranty agreement fund, the amounts that will be
1418	needed, and the availability or unavailability of other moneys
1419	shall be made solely by the corporation in the exercise of its
1420	discretion. However, supplemental funding for the Guaranty Fund
1421	as described in subsection (3) shall be made in accordance with
1422	the investment agreement of the corporation and the Department
1423	of Transportation and the State Board of Administration.
1424	(3)(a)  If the corporation determines that the funds in the
1425	Guaranty Fund will not be sufficient to meet the present or
1426	reasonably projected obligations of the Guaranty Fund, due to a
1427	default on a loan made by the corporation from the proceeds of a
1428	bond issued by the corporation which is guaranteed pursuant to
1429	s. 288.9607(7), no later than 90 days before amortization
1430	payments are due on such bonds, the corporation shall notify the
1431	Secretary of Transportation and the State Board of
1432	Administration of the amount of funds required to meet, as and
1433	when due, all amortization payments for which the Guaranty Fund
1434	is obligated. The Secretary of Transportation shall immediately
1435	notify the Speaker of the House of Representatives, the
1436	President of the Senate, and the chairs of the Senate and House
1437	Committees on Appropriations of the amount of funds required,
1438	and the projected impact on each affected year of the adopted
1439	work program of the Department of Transportation.
1440	(b)  Within 30 days of the receipt of notification from the
1441	corporation, the Department of Transportation shall submit a
1442	budget amendment request to the Executive Office of the Governor
1443	pursuant to chapter 216, to increase budget authority to carry
1444	out the purposes of this section. Upon approval of said
1445	amendment, the department shall proceed to amend the adopted
1446	work program, if necessary, in accordance with the amendment.
1447	Within 60 days of the receipt of notification, and subject to
1448	approval of the budget authority, the Secretary of
1449	Transportation shall transfer, subject to the amount available
1450	from the source described in paragraph (c), the amount of funds
1451	requested by the corporation required to meet, as and when due,
1452	all amortization payments for which the Guaranty Fund is
1453	obligated. Any moneys so transferred shall be reimbursed to the
1454	Department of Transportation, with interest at the rate earned
1455	on investment by the State Treasury, from the funds available in
1456	the Guaranty Fund or as otherwise available to the corporation.
1457	(c)  Pursuant to s. 288.9607(7), the Secretary of
1458	Transportation and the State Board of Administration may make
1459	available for transfer to the Guaranty Fund, earnings accrued
1460	and collected upon the investment of the minimum balance of
1461	funds required to be maintained in the State Transportation
1462	Trust Fund. However, the earnings accrued and collected upon the
1463	investment of the minimum balance of funds required to be
1464	maintained in the State Transportation Trust Fund which shall be
1465	subject to transfer shall be limited to those earnings accrued
1466	and collected on the investment of the minimum balance of funds
1467	required to be maintained in the State Transportation Trust Fund
1468	for the fiscal year in which the notification is received by the
1469	secretary and fiscal years thereafter.
1470	(4)  If the corporation receives supplemental funding for
1471	the Guaranty Fund under the provisions of this section, then any
1472	proceeds received by the corporation with respect to a loan in
1473	default, including proceeds from the sale of collateral for such
1474	loan, enforcement of personal guarantees or other pledges to the
1475	corporation to secure such loan, shall first be applied to the
1476	obligation of the corporation to repay the Department of
1477	Transportation pursuant to this section. Until such repayment is
1478	complete, no new bonds may be guaranteed pursuant to this
1479	section.
1480	(5)  Prior to the use of the guaranty provided in this
1481	section, and on an annual basis, the corporation must certify in
1482	writing to the State Board of Administration and the Secretary
1483	of Transportation that it has fully implemented the requirements
1484	of this section and s. 288.9607 and the regulations of the
1485	corporation.
1486	Section 16.  Section 288.9609, Florida Statutes, is amended
1487	to read:
1488	288.9609  Bonds as legal investments.-All banks, trust
1489	companies, bankers, savings banks and institutions, building and
1490	loan associations, savings and loan associations, investment
1491	companies, and other persons carrying on a banking and
1492	investment business; all insurance companies, insurance
1493	associations, and other persons carrying on an insurance
1494	business; and all executors, administrators, curators, trustees,
1495	and other fiduciaries may legally invest any sinking funds,
1496	moneys, or other funds belonging to them or within their control
1497	in any bonds or other obligations issued by the corporation
1498	pursuant to an interlocal agreement with a public agency of this
1499	state. Such bonds and obligations shall be authorized security
1500	for all public deposits. It is the purpose of this section to
1501	authorize all persons, political subdivisions, and officers,
1502	public and private, to use any funds owned or controlled by them
1503	for the purchase of any such bonds or other obligations. Nothing
1504	contained in this section with regard to legal investments shall
1505	be construed as relieving any person of any duty of exercising
1506	reasonable care in selecting securities.
1507	Section 17.  Section 288.9610, Florida Statutes, is amended
1508	to read:
1509	288.9610  Annual reports of Florida Development Finance
1510	Corporation.-By December 1 of each year, the Florida Development
1511	Finance Corporation shall submit to the Governor, the President
1512	of the Senate, the Speaker of the House of Representatives, the
1513	Senate Minority Leader, and the House Minority Leader, and the
1514	city or county activating the Florida Development Finance
1515	Corporation a complete and detailed report setting forth:
1516	(1)  The evaluation required in s. 11.45(3)(j).
1517	(2)  The operations and accomplishments of the Florida
1518	Development Finance Corporation, including the number of
1519	businesses assisted by the corporation.
1520	(3)  Its assets and liabilities at the end of its most
1521	recent fiscal year, including a description of all of its
1522	outstanding revenue bonds.
1523	Section 18.  Subsection (4) of section 206.46, Florida
1524	Statutes, is amended to read:
1525	206.46  State Transportation Trust Fund.-
1526	(4)  The department may authorize the investment of the
1527	earnings accrued and collected upon the investment of the
1528	minimum balance of funds required to be maintained in the State
1529	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1530	investment shall be limited as provided in s. 288.9607(7).
1531	Section 19.  Subsection (14) of section 215.47, Florida
1532	Statutes, is amended to read:
1533	215.47  Investments; authorized securities; loan of
1534	securities.-Subject to the limitations and conditions of the
1535	State Constitution or of the trust agreement relating to a trust
1536	fund, moneys available for investments under ss. 215.44-215.53
1537	may be invested as follows:
1538	(14)  The State Board of Administration, consistent with
1539	sound investment policy, may invest the earnings accrued and
1540	collected upon the investment of the minimum balance of funds
1541	required to be maintained in the State Transportation Trust Fund
1542	pursuant to s. 339.135(6)(b). Such investment shall be limited
1543	as provided in s. 288.9607(7).
1544	Section 20.  Subsection (3) of section 339.08, Florida
1545	Statutes, is amended to read:
1546	339.08  Use of moneys in State Transportation Trust Fund.-
1547	(3)  The department may authorize the investment of the
1548	earnings accrued and collected upon the investment of the
1549	minimum balance of funds required to be maintained in the State
1550	Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1551	investment shall be limited as provided in s. 288.9607(7).
1552	Section 21.  Paragraph (f) of subsection (7) of section
1553	339.135, Florida Statutes, is amended to read:
1554	339.135  Work program; legislative budget request;
1555	definitions; preparation, adoption, execution, and amendment.-
1556	(7)  AMENDMENT OF THE ADOPTED WORK PROGRAM.-
1557	(f)  The department may authorize the investment of the
1558	earnings accrued and collected upon the investment of the
1559	minimum balance of funds required to be maintained in the State
1560	Transportation Trust Fund pursuant to paragraph (b). Such
1561	investment shall be limited as provided in s. 288.9607(7).
1562	Section 22.  (1)  The Legislature finds that the ability of
1563	the pilot communities designated under the Energy Economic Zone
1564	Pilot Program pursuant to s. 377.809, Florida Statutes, to
1565	provide incentives is essential to these communities attracting
1566	clean technology industries and investments to the state and
1567	establishing the base information necessary to assess whether to
1568	revise state policies and expand the pilot program to other
1569	communities.
1570	(2)  By February 1, 2011, the Department of Community
1571	Affairs and the Office of Tourism, Trade, and Economic
1572	Development, in consultation with the Florida Energy and Climate
1573	Commission, shall submit recommendations to the Governor, the
1574	President of the Senate, and the Speaker of the House of
1575	Representatives of appropriate incentives and statutory
1576	revisions necessary to provide the pilot communities with the
1577	tools for accomplishing the goals of the pilot program. In
1578	developing their recommendations, the Department of Community
1579	Affairs and the Office of Tourism, Trade, and Economic
1580	Development, at a minimum, shall consider:
1581	(a)  Fiscal and regulatory incentives.
1582	(b)  A jobs tax credit and corporate property tax credit
1583	pursuant to chapter 220, Florida Statutes.
1584	(c)  Refunds and exemptions from the sales and use tax in
1585	chapter 212, Florida Statutes, for job creation, building
1586	materials, business property, and products used for clean
1587	technology industries and investments within the designated
1588	energy economic zones.
1589	(3)  The Department of Community Affairs and the Office of
1590	Tourism, Trade, and Economic Development shall also coordinate
1591	with the pilot communities and clean technology industries in
1592	identifying incentives and strategies that will help attract
1593	emerging clean technology industries and investments to the
1594	state.
1595	Section 23.  If any provision of this act or the
1596	application thereof to any person or circumstance is held
1597	invalid, the invalidity does not affect other provisions or
1598	applications of the act that may be given effect without the
1599	invalid provision or application, and to this end the provisions
1600	of this act are declared to be severable.
1601	Section 24.  The Division of Statutory Revision is directed
1602	to replace the phrase "the effective date of this act" wherever
1603	it occurs in the underlined additions provided in this act with
1604	the date this act becomes a law.
1605	Section 25.  This act shall take effect upon becoming a
1606	law.

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