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HB 1467 - Capital Formation

General Bill   by Grant (CO-SPONSORS) Carroll; Goldstein; Hasner; Williams, T.
Capital Formation: Creates the Florida Capital Formation Act; requires the Office of Tourism, Trade, and Economic Development to account for specified moneys separately within the Economic Development Trust Fund; requires the office to make specified funds available for investment by the State Board of Administration; provides for deducting specified fees and expenses; requires the State Board of Administration to liquidate investments and advance proceeds to the Florida Opportunity Fund; provides investment requirements for the State Board of Administration; provides operational requirements for the Florida Opportunity Fund; requires Enterprise Florida, Inc., to organize the Florida Opportunity Fund as a wholly owned private, not-for-profit limited liability Florida-based company; requires Enterprise Florida, Inc., to annually evaluate the company and report to the Governor and Legislature; provides for a board of directors for the company; provides for appointment and terms of board members; provides requirements and limitations for board members; requires board members to serve without compensation; provides for reimbursement of expenses of board members and company officers and employees; specifies powers of the company; authorizes the company to indemnify board members; specifies a fiduciary duty of board members and company officers and employees; subjects the company to public meetings and public records requirements; specifies duties of the company; requires the company to select a Florida Opportunity Fund allocation manager; specifies duties and requirements of the allocation manager; requires the company to guarantee private capital investments in the company; provides requirements for such guarantees; specifies investment requirements for the company; specifies investment limitations and prohibitions for the company; requires the company to issue an annual report to the Governor and the Legislature; specifies report requirements; provides for an independent audit; provides for a transfer of nonrecurring funds in the General Revenue Fund to the Economic Development Trust Fund for subsequent investment in the Florida Opportunity Fund; provides for retention of balances in the trust fund each year; provides for continuing appropriation and use of such moneys for a specified time period; provides for return of specified funds to the General Revenue Fund; requires the company to continue administering investments for specified purposes; provides for continuous reinvestment of specified funds by the company; provides for reversion of assets and funds of the company to the General Revenue Fund; prohibits Enterprise Florida, Inc., from selling or transferring ownership of the company.
Effective Date: July 1, 2006.
Last Event: 05/05/06 S Died in Messages on Saturday, May 06, 2006 1:11 AM
Date Available for Final Passage: Tuesday, May 02, 2006 9:18 AM

Referred Committees and Committee Actions

House Referrals

    -  Economic Development, Trade & Banking Committee
           On agenda for: 03/30/06 9:45 AM              Notice
        Favorable With Committee Substitute (final action)              See Votes
 
    -  Transportation & Economic Development Appropriations Committee
           On agenda for: 04/17/06 3:00 PM              Notice
        Favorable With Committee Substitute (final action)              See Votes
 
    -  Commerce Council
           On agenda for: 04/18/06 8:00 AM              Notice
        Favorable (final action)              See Votes
 

Related Bills
Bill # Subject Relationship
HB 1469 Public Records Linked
CS/CS/CS/SB 2668 Florida Capital Formation Act Similar
CS/CS/SB 2656 Florida Opportunity Fund/Pub. Rec. Compare

Bill Text
Engrossed 1 
Committee Substitute 2  
A 766243 , Grant Date Filed: 04/21/06, Page#: 0, Line#: 233 House: Withdrawn 4/28/2006 9:17:59 AM
A 885023 , Grant Date Filed: 04/25/06, Page#: 0, Line#: 233 House: Adopted 4/28/2006 9:18:26 AM
Committee Substitute 1  Laid on the Table
Original Filed Version  

Staff Analysis

Vote History
Chamber Date Yeas Nays Actions   Vote Detail Barcode
House 05/01/2006 03:23 PM   114 1 Passage Vote [Seq# 1016]

Bill History
Event Time Member Committee
05/05/06 S Died in Messages Saturday, May 06, 2006 1:11 AM
05/01/06 S In Messages Monday, May 01, 2006 4:31 PM
Message sent to senate Monday, May 01, 2006 4:13 PM
Passage on third reading Monday, May 01, 2006 3:24 PM
Passed as amended; YEAS 114, NAYS 1 Monday, May 01, 2006 3:23 PM
Read 3rd time Monday, May 01, 2006 3:23 PM
Added to Third Reading Calendar Friday, April 28, 2006 4:13 PM
Amendment 885023 adopted Friday, April 28, 2006 9:18 AM
Amendment 766243 withdrawn Friday, April 28, 2006 9:18 AM
Read 2nd time Friday, April 28, 2006 9:16 AM
Bill added to Special Order Calendar (4/28/2006) Wednesday, April 26, 2006 8:05 PM
Added to Second Reading Calendar Wednesday, April 26, 2006 6:20 PM
Amendment 885023 filed late Tuesday, April 25, 2006 2:45 PM
Bill added to Special Order Calendar (4/26/2006) Monday, April 24, 2006 10:10 PM
Amendment 766243 filed Friday, April 21, 2006 12:07 PM
Added to Second Reading Calendar Tuesday, April 18, 2006 12:08 PM
Bill released to House Calendar Tuesday, April 18, 2006 12:08 PM
Reported out of Commerce Council Tuesday, April 18, 2006 12:08 PM Commerce Council
Favorable by Commerce Council Tuesday, April 18, 2006 10:00 AM Commerce Council
Now in Commerce Council Monday, April 17, 2006 9:11 PM Commerce Council
Pending review of CS under Rule 6.3 Monday, April 17, 2006 8:24 PM
Reported out of Transportation & Economic Development Appropriations Committee Monday, April 17, 2006 8:22 PM Transportation & Economic Development Appropriations Committee
Favorable with CS by Transportation & Economic Development Appropriations Committee Monday, April 17, 2006 4:00 PM Transportation & Economic Development Appropriations Committee
Added to Commerce Council agenda Friday, April 14, 2006 3:53 PM Commerce Council
Added to Transportation & Economic Development Appropriations Committee agenda Thursday, April 13, 2006 4:20 PM Transportation & Economic Development Appropriations Committee
Now in Transportation & Economic Development Appropriations Committee Friday, March 31, 2006 4:07 PM Transportation & Economic Development Appropriations Committee
Remaining referral: Commerce Council Friday, March 31, 2006 4:07 PM Commerce Council
Pending review of CS under Rule 6.3 Friday, March 31, 2006 4:00 PM
Reported out of Economic Development, Trade & Banking Committee Friday, March 31, 2006 3:56 PM Economic Development, Trade & Banking Committee
Favorable with CS by Economic Development, Trade & Banking Committee Thursday, March 30, 2006 12:00 PM Economic Development, Trade & Banking Committee
Added to Economic Development, Trade & Banking Committee agenda Tuesday, March 28, 2006 11:54 AM Economic Development, Trade & Banking Committee
Now in Economic Development, Trade & Banking Committee Friday, March 17, 2006 2:33 PM Economic Development, Trade & Banking Committee
Referred to Commerce Council Friday, March 17, 2006 2:33 PM Commerce Council
Referred to Transportation & Economic Development Appropriations Committee Friday, March 17, 2006 2:33 PM Transportation & Economic Development Appropriations Committee
Referred to Economic Development, Trade & Banking Committee Friday, March 17, 2006 2:33 PM Economic Development, Trade & Banking Committee
1st Reading Tuesday, March 07, 2006 11:59 PM
Filed Friday, March 03, 2006 5:21 PM Grant

Statutes Referenced by this Bill
288.9621
624.509
213.053
220.02
213.053
220.02
624.509
 

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