ENROLLED
       2016 Legislature                            CS for CS for SB 196
       
       
       
       
       
       
                                                              2016196er
    1  
    2         An act relating to public records; amending s. 339.55,
    3         F.S.; providing an exemption from public records
    4         requirements for financial information of a private
    5         entity applicant which the Department of
    6         Transportation requires as part of an application
    7         process for loans or credit enhancements from the
    8         state-funded infrastructure bank; providing an
    9         exception to the exemption; defining the term
   10         “financial information”; providing for future
   11         legislative review and repeal of the exemption;
   12         providing a statement of public necessity; providing
   13         an effective date.
   14          
   15  Be It Enacted by the Legislature of the State of Florida:
   16  
   17         Section 1. Subsection (10) is added to section 339.55,
   18  Florida Statutes, to read:
   19         339.55 State-funded infrastructure bank.—
   20         (10)(a) Financial information of a private entity applicant
   21  which the department requires as part of the application process
   22  for loans or credit enhancements from the state-funded
   23  infrastructure bank is exempt from s. 119.07(1) and s. 24(a),
   24  Art. I of the State Constitution. This exemption does not apply
   25  to records of an applicant who is in default of a loan issued
   26  under this section. As used in this subsection, the term
   27  “financial information” means any business plan, pro forma
   28  statement, account balance, operating income or revenue, asset
   29  value, or debt of the applicant.
   30         (b) This subsection is subject to the Open Government
   31  Sunset Review Act in accordance with s. 119.15 and shall stand
   32  repealed on October 2, 2021, unless reviewed and saved from
   33  repeal through reenactment by the Legislature.
   34         Section 2. (1) The Legislature finds that it is a public
   35  necessity that financial information of a private entity that
   36  the Department of Transportation requires as part of the
   37  application process for a loan or credit enhancement from the
   38  state-funded infrastructure bank be protected from disclosure.
   39  Financial information means any business plan, pro forma
   40  statement, account balance, operating income or revenue, asset
   41  value, or debt of the applicant.
   42         (2) The disclosure of such information could harm a private
   43  entity in the marketplace by giving the private entity’s
   44  competitors insights into its financial status and business
   45  plan, thereby putting the private entity at a competitive
   46  disadvantage. Additionally, the disclosure of sensitive
   47  financial information regarding a private entity could create
   48  the opportunity for theft, fraud, and other illegal activity,
   49  thereby jeopardizing the financial security of the private
   50  entity and placing it at risk for substantial financial harm. If
   51  an individual is required to provide his or her personal
   52  financial information to the department as part of the
   53  application process for his or her business, the individual
   54  could be subject to identity theft and other criminal activity.
   55  Without an exemption from public records requirements under s.
   56  119.07(1), Florida Statutes, and s. 24(a), Article I of the
   57  State Constitution, some private entities might be unwilling to
   58  submit an application to the state-funded infrastructure bank.
   59  This unwillingness to submit applications could, in turn, limit
   60  opportunities the department might otherwise have for providing
   61  loans or credit enhancements to private entities who could
   62  propose cost-effective or strategic solutions for constructing
   63  and improving transportation facilities. The Legislature finds
   64  that the benefit to the public of more private entities applying
   65  for loans or credit enhancements outweighs any public benefit
   66  that may be derived from the disclosure of the financial
   67  information of a private entity. For this reason, the
   68  Legislature declares that financial information that the
   69  department requires as part of an application process for loans
   70  or credit enhancements from the state-funded infrastructure bank
   71  is exempt from s. 119.07(1), Florida Statutes, and s. 24(a),
   72  Article I of the State Constitution.
   73         Section 3. This act shall take effect July 1, 2016.