Florida Senate - 2016                              CS for SB 196
       
       
        
       By the Committee on Transportation; and Senator Hutson
       
       
       
       
       
       596-01091-16                                           2016196c1
    1                        A bill to be entitled                      
    2         An act relating to public records; amending s. 339.55,
    3         F.S.; providing an exemption from public records
    4         requirements for any financial statement or other
    5         financial information of a private entity applicant
    6         that the Department of Transportation requires as part
    7         of an application process for assistance from the
    8         state-funded infrastructure bank; providing an
    9         exception to the exemption; providing for future
   10         legislative review and repeal of the exemption;
   11         providing a statement of public necessity; providing
   12         an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Subsection (10) is added to section 339.55,
   17  Florida Statutes, to read:
   18         339.55 State-funded infrastructure bank.—
   19         (10)(a) Any financial statement or other financial
   20  information of a private entity applicant that the department
   21  requires as part of an application process for assistance from
   22  the state-funded infrastructure bank is exempt from s. 119.07(1)
   23  and s. 24(a), Art. I of the State Constitution. This exemption
   24  does not apply to records of an applicant who is in default of a
   25  loan issued under this section.
   26         (b) This subsection is subject to the Open Government
   27  Sunset Review Act in accordance with s. 119.15 and shall stand
   28  repealed on October 2, 2021, unless reviewed and saved from
   29  repeal through reenactment by the Legislature.
   30         Section 2. The Legislature finds that it is a public
   31  necessity that any financial statement or other financial
   32  information of a private entity that the Department of
   33  Transportation requires as part of an application to the state
   34  funded infrastructure bank be protected from disclosure. The
   35  disclosure of such information could harm a private entity in
   36  the marketplace by giving the private entity’s competitors
   37  insights into its financial status and business plan, thereby
   38  putting the private entity at a competitive disadvantage.
   39  Additionally, the disclosure of sensitive financial information
   40  regarding a private entity could create the opportunity for
   41  theft, identity theft, fraud, and other illegal activity,
   42  thereby jeopardizing the financial security of the private
   43  entity and placing it at risk for substantial financial harm.
   44  Without this exemption, private entities might be unwilling to
   45  submit an application to the state-funded infrastructure bank.
   46  This unwillingness to submit applications could, in turn, limit
   47  opportunities the department might otherwise have for finding
   48  cost-effective or strategic solutions for constructing and
   49  improving transportation facilities. The Legislature also finds
   50  that the harm to a private entity in disclosing confidential
   51  financial information significantly outweighs any public benefit
   52  derived from the disclosure of such information. For these
   53  reasons, the Legislature declares that any financial statement
   54  or other financial information that the department requires as
   55  part of an application to the state-funded infrastructure bank
   56  is exempt from s. 119.07(1), Florida Statutes, and s. 24(a),
   57  Article I of the State Constitution.
   58         Section 3. This act shall take effect July 1, 2016.