Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 2-A
       
       
       
       
       
       
                                Ì8602380Î860238                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  06/07/2017           .                                
                                       .                                
                Floor: 3/F/2R          .                                
             06/08/2017 04:44 PM       .                                
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       The Committee on Commerce and Tourism (Latvala) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 301 - 322
    4  and insert:
    5         Section 4. Present subsection (3) of section 288.1201,
    6  Florida Statutes, is redesignated as subsection (4) and amended,
    7  and a new subsection (3) is added to that section, to read:
    8         288.1201 State Economic Enhancement and Development Trust
    9  Fund.—
   10         (3)(a) The department may make a payment from the trust
   11  fund after an independent third party has verified that an
   12  applicant has satisfied all of the requirements of an agreement
   13  or contract and the department has determined that the applicant
   14  meets the required project performance criteria and is eligible
   15  to receive a payment.
   16         (b) The department shall determine within 15 days after the
   17  end of each calendar quarter whether moneys in the trust fund
   18  are associated with an agreement or contract entered into
   19  pursuant to s. 288.1088 which the department has terminated,
   20  which has otherwise expired, or for which the applicant has not
   21  met performance conditions required by the agreement or
   22  contract. The portion of the appropriation associated with such
   23  moneys shall revert, and any such moneys shall be returned to
   24  the fund from which they were originally appropriated.
   25         (c) Moneys in the trust fund shall be managed and invested
   26  to generate the maximum amount of interest earnings, consistent
   27  with the requirement that the moneys be available to make
   28  payments as required pursuant to Quick Action Closing Fund
   29  contracts or agreements.
   30         (d) By September 1, 2017, the department shall return to
   31  the State Treasury all funds held by the escrow agent pursuant
   32  to a contract executed for the Quick Action Closing Fund which
   33  are unexpended as of June 30, 2017. Such unexpended funds shall
   34  be deposited into the State Economic Enhancement and Development
   35  Trust Fund.
   36         (3)(4) Moneys in the trust fund may be appropriated to make
   37  payments pursuant to agreements or contracts for projects
   38  authorized under s. 288.1088. Notwithstanding s. 216.301 and
   39  pursuant to s. 216.351, any balance in the trust fund at the end
   40  of any fiscal year shall remain in the trust fund at the end of
   41  the year and shall be available for carrying out the purposes of
   42  the trust fund.
   43         Section 5. For the 2017-2018 fiscal year, and from the
   44  amounts returned to the State Economic Enhancement Trust Fund
   45  pursuant to s. 288.1201(3)(d), Florida Statutes, the sum of
   46  $106,746,279 from the State Economic Enhancement and Development
   47  Trust Fund is appropriated to the Department of Economic
   48  Opportunity to make payments pursuant to agreements or contracts
   49  for projects authorized under s. 288.1088, Florida Statutes.
   50  Notwithstanding s. 216.301, Florida Statutes, and pursuant to s.
   51  216.351, Florida Statutes, any balance in the trust fund at the
   52  end of any fiscal year shall remain in the trust fund at the end
   53  of the year and shall be available for carrying out the purposes
   54  of the trust fund. The balance of any appropriation which is not
   55  disbursed by June 30, 2018, may be carried forward until all
   56  authorized projects are fully paid, except as provided in s.
   57  288.1201(3)(b).
   58  
   59  ================= T I T L E  A M E N D M E N T ================
   60  And the title is amended as follows:
   61         Delete lines 26 - 36
   62  and insert:
   63         s. 288.1201, F.S.; providing conditions that must be
   64         met before the Department of Economic Opportunity is
   65         authorized to make a payment from the State Economic
   66         Enhancement and Development Trust Fund; requiring the
   67         department to determine quarterly determine whether
   68         moneys in the trust fund are associated with certain
   69         agreements; requiring such funds to be returned to
   70         their originating fund; providing investment
   71         requirements for moneys in the trust fund; requiring
   72         the department to return to the State Treasury
   73         unexpended funds from the Quick Action Closing Fund
   74         which are held by certain entities; requiring such
   75         funds to be deposited to the trust fund; authorizing
   76         moneys in the trust fund to be appropriated to make
   77         certain payments; providing an appropriation; amending
   78         s. 288.1226, F.S.; requiring