The Florida Senate

¹288.9605  Exercise of powers by the corporation.--

(1)  The powers of the corporation created by s. 288.9604 shall include all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this act.

(2)  The corporation is authorized and empowered to:

(a)  Have perpetual succession as a body politic and corporate and adopt bylaws for the regulation of its affairs and the conduct of its business.

(b)  Adopt an official seal and alter the same at its pleasure.

(c)  Maintain an office at such place or places as it may designate.

(d)  Sue and be sued in its own name and plead and be impleaded.

(e)  Enter into interlocal agreements pursuant to s. 163.01(7) with public agencies of this state for the exercise of any power, privilege, or authority consistent with the purposes of this act.

(f)  Issue, from time to time, revenue bonds, including, but not limited to, bonds the interest on which is exempt from federal income taxation, for the purpose of financing and refinancing any capital projects for applicants and exercise all powers in connection with the authorization, issuance, and sale of bonds, subject to the provisions of ²s. 288.9606.

(g)  Issue bond anticipation notes in connection with the authorization, issuance, and sale of such bonds, pursuant to the provisions of s. 288.9606.

(h)  Make and execute contracts and other instruments necessary or convenient to the exercise of its powers under the act.

(i)  Disseminate information about itself and its activities.

(j)  Acquire, by purchase, lease, option, gift, grant, bequest, devise, or otherwise, real property, or personal property for its administrative purposes, together with any improvements thereon.

(k)  Hold, improve, clear, or prepare for development any such property.

(l)  Mortgage, pledge, hypothecate, or otherwise encumber or dispose of any real or personal property.

(m)  Insure or provide for insurance of any real or personal property or operations of the corporation or any private enterprise against any risks or hazards, including the power to pay premiums on any such insurance.

(n)  Establish and fund a guaranty fund.

(o)  Invest funds held in reserve or sinking funds or any such funds not required for immediate disbursement in property or securities in such manner as the board shall determine, subject to the authorizing resolution on any bonds issued, and to terms established in the investment agreement pursuant to ss. 288.9606, 288.9607, and 288.9608, and redeem such bonds as have been issued pursuant to s. 288.9606 at the redemption price established therein or purchase such bonds at less than redemption price, all such bonds so redeemed or purchased to be canceled.

(p)  Borrow money and apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the Federal Government or the state, county, or other public body or from any sources, public or private, for the purposes of this act and give such security as may be required and enter into and carry out contracts or agreements in connection therewith; and include in any contract for financial assistance with the Federal Government for, or with respect to, any purposes under this act and related activities such conditions imposed pursuant to federal laws as the county or municipality deems reasonable and appropriate which are not inconsistent with the provisions of this act.

(q)  Make or have all surveys and plans necessary for the carrying out of the purposes of this act, contract with any person, public or private, in making and carrying out such plans, and adopt, approve, modify, and amend such plans.

(r)  Develop, test, and report methods and techniques and carry out demonstrations and other activities for the promotion of any of the purposes of this act.

(s)  Apply for, accept, and utilize grants from the Federal Government available for any of the purposes of this act.

(t)  Make expenditures necessary to carry out the purposes of this act.

(u)  Exercise all or any part or combination of powers granted in this act.

(v)  Enter into investment agreements with the Florida Black Business Investment Board concerning the issuance of bonds and other forms of indebtedness and capital for the purposes of ss. 288.707-288.714.

History.--ss. 29, 62, ch. 93-187; s. 1, ch. 93-402; s. 12, ch. 94-136.

¹Note.--Section 62, ch. 93-187, as amended by s. 1, ch. 93-402, provides that "[b]y December 31, 1998, the Legislature shall review the Florida Development Finance Corporation, including evaluating its success in attaining its statutory mission, identifying any new or unintended risks created for the state by it, and its record in covering increasing portions of its operating expenses."

²Note.--Substituted for a reference to section 6. The reference to section 6 is an apparent error, as the reference appears to have been retained from C.S. for H.B. 2263, the substance of which was incorporated into C.S. for S.B. 2382 (which became ch. 93-187) by House Amendment 1 (see Journal of the House of Representatives 1993, p. 1204). Section 6 of C.S. for H.B. 2263 became s. 30, ch. 93-187, codified as s. 288.9606.