October 25, 2020
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CS/HB 7179

1
A bill to be entitled
2An act relating to qualifying improvements to real
3property; creating s. 163.08, F.S.; providing legislative
4purposes and findings and intent; providing definitions;
5authorizing a local government to levy non-ad valorem
6assessments to fund certain improvements; authorizing a
7property owner to apply for funding and enter into a
8financing agreement with a local government to finance
9certain improvements; authorizing a local government to
10collect moneys for such purposes through non-ad valorem
11assessments; providing collection requirements;
12authorizing local governments to partner with other local
13governments to provide and finance certain improvements;
14authorizing a qualifying improvement program to be
15administered by a for-profit entity or not-for-profit
16organization under certain circumstances; authorizing a
17local government to incur debt payable from revenues
18received from the improved property; providing a financing
19restriction for local governments; requiring a financial
20agreement to be recorded in a county's public records
21within 5 days after execution of the agreement; specifying
22responsibilities for local governments before entering
23into financing agreements; requiring qualifying
24improvements to be affixed to a building or facility on
25the property and be performed by a properly certified or
26registered contractor; excluding certain projects from
27financing agreement coverage; limiting the amount of the
28non-ad valorem assessment to a percentage of the just
29value of the property; providing exceptions; specifying
30information provision requirements for property owners
31before entering into financing agreements; prohibiting
32acceleration of a mortgage under certain circumstances;
33providing assessment disclosure requirements; specifying
34unenforceability of certain agreement provisions;
35providing construction preserving a local government's
36home rule authority; amending ss. 288.9602 and 288.9603,
37F.S.; revising legislative findings and declarations and
38definitions for purposes of the Florida Development
39Finance Corporation Act; amending s. 288.9604, F.S.;
40revising requirements for the establishment and
41organization of the Florida Development Finance
42Corporation; amending s. 288.9605, F.S.; revising the
43powers of the corporation; amending s. 288.9606, F.S.;
44revising requirements for the corporation's issuance of
45revenue bonds; amending s. 288.9607, F.S.; limiting the
46corporation's approval of guaranties for debt service for
47bonds or other indebtedness for any one capital project;
48deleting provisions for the corporation's investment of
49certain funds in the State Transportation Trust Fund;
50authorizing guarantees to be used in conjunction with
51federal guaranty programs; amending s. 288.9608, F.S.;
52creating the Energy, Technology, and Economic Development
53Guaranty Fund; providing for the deposit and use of
54certain moneys in the fund; deleting requirements for the
55corporation's debt service reserve account and Revenue
56Bond Guaranty Reserve Account; amending ss. 288.9609,
57288.9610, 206.46, 215.47, 339.08, and 339.135, F.S.;
58conforming provisions to changes made by the act;
59providing legislative findings; requiring the Department
60of Community Affairs and the Office of Tourism, Trade, and
61Economic Development, in consultation with the Florida
62Energy and Climate Commission, to submit recommendations
63to the Governor and Legislature relating to the Energy
64Economic Zone Pilot Program; requiring coordination with
65the pilot communities and clean technology industries in
66identifying certain incentives and strategies; amending s.
67366.91, F.S.; revising the definition of the term
68"renewable energy"; providing an effective date.
69
70Be It Enacted by the Legislature of the State of Florida:
71
72     Section 1.  Section 163.08, Florida Statutes, is created to
73read:
74     163.08  Supplemental authority for improvements to real
75property.-
76     (1)(a)  In chapter 2008-227, Laws of Florida, the
77Legislature amended the energy goal of the state comprehensive
78plan to provide, in part, that the state shall reduce its energy
79requirements through enhanced conservation and efficiency
80measures in all end-use sectors and reduce atmospheric carbon
81dioxide by promoting an increased use of renewable energy
82resources. That act also declared it the public policy of the
83state to play a leading role in developing and instituting
84energy management programs that promote energy conservation,
85energy security, and the reduction of greenhouse gases. In
86addition to establishing policies to promote the use of
87renewable energy, the Legislature provided for a schedule of
88increases in energy performance of buildings subject to the
89Florida Energy Efficiency Code for Building Construction. In
90chapter 2008-191, Laws of Florida, the Legislature adopted new
91energy conservation and greenhouse gas reduction comprehensive
92planning requirements for local governments. In the 2008 general
93election, the voters of this state approved a constitutional
94amendment authorizing the Legislature, by general law, to
95prohibit consideration of any change or improvement made for the
96purpose of improving a property's resistance to wind damage or
97the installation of a renewable energy source device in the
98determination of the assessed value of residential real
99property.
100     (b)  The Legislature finds that all energy-consuming-
101improved properties that are not using energy conservation
102strategies contribute to the burden affecting all improved
103property resulting from fossil fuel energy production. Improved
104property that has been retrofitted with energy-related
105qualifying improvements receives the special benefit of
106alleviating the property's burden from energy consumption. All
107improved properties not protected from wind damage by wind
108resistance qualifying improvements contribute to the burden
109affecting all improved property resulting from potential wind
110damage. Improved property that has been retrofitted with wind
111resistance qualifying improvements receives the special benefit
112of reducing the property's burden from potential wind damage.
113Further, the installation and operation of qualifying
114improvements not only benefit the affected properties for which
115the improvements are made, but also assist in fulfilling the
116goals of the state's energy and hurricane mitigation policies.
117In order to make qualifying improvements more affordable and
118assist property owners who wish to undertake such improvements,
119the Legislature finds that there is a compelling state interest
120in enabling property owners to voluntarily finance such
121improvements with local government assistance.
122     (c)  The Legislature determines that the actions authorized
123under this section, including, but not limited to, the financing
124of qualifying improvements through the execution of financing
125agreements and the related imposition of voluntary assessments
126are reasonable and necessary to serve and achieve a compelling
127state interest and are necessary for the prosperity and welfare
128of the state and its property owners and inhabitants.
129     (2)  As used in this section, the term:
130     (a)  "Local government" means a county, a municipality, or
131a dependent special district as defined in s. 189.403.
132     (b)  "Qualifying improvement" includes any:
133     1.  Energy conservation and efficiency improvement, which
134is a measure to reduce consumption through conservation or a
135more efficient use of electricity, natural gas, propane, or
136other forms of energy on the property, including, but not
137limited to, air sealing; installation of insulation;
138installation of energy-efficient heating, cooling, or
139ventilation systems; building modifications to increase the use
140of daylight; replacement of windows; installation of energy
141controls or energy recovery systems; installation of electric
142vehicle charging equipment; and installation of efficient
143lighting equipment.
144     2.  Renewable energy improvement, which is the installation
145of any system in which the electrical, mechanical, or thermal
146energy is produced from a method that uses one or more of the
147following fuels or energy sources: hydrogen, solar energy,
148geothermal energy, bioenergy, and wind energy.
149     3.  Wind resistance improvement, which includes, but is not
150limited to:
151     a.  Improving the strength of the roof deck attachment;
152     b.  Creating a secondary water barrier to prevent water
153intrusion;
154     c.  Installing wind-resistant shingles;
155     d.  Installing gable-end bracing;
156     e.  Reinforcing roof-to-wall connections;
157     f.  Installing storm shutters; or
158     g.  Installing opening protections.
159     (3)  A local government may levy non-ad valorem assessments
160to fund qualifying improvements.
161     (4)  Subject to local government ordinance or resolution, a
162property owner may apply to the local government for funding to
163finance a qualifying improvement and enter into a financing
164agreement with the local government. Costs incurred by the local
165government for such purpose may be collected as a non-ad valorem
166assessment. A non-ad valorem assessment shall be collected
167pursuant to s. 197.3632 and, notwithstanding s. 197.3632(8)(a),
168shall not be subject to discount for early payment. However, the
169notice and adoption requirements of s. 197.3632(4) do not apply
170if this section is used and complied with, and the intent
171resolution, publication of notice, and mailed notices to the
172property appraiser, tax collector, and Department of Revenue
173required by s. 197.3632(3)(a) may be provided on or before
174August 15 in conjunction with any non-ad valorem assessment
175authorized by this section, if the property appraiser, tax
176collector, and local government agree.
177     (5)  Pursuant to this section or as otherwise provided by
178law or pursuant to a local government's home rule power, a local
179government may enter into a partnership with one or more local
180governments for the purpose of providing and financing
181qualifying improvements.
182     (6)  A qualifying improvement program may be administered
183by a for-profit entity or a not-for-profit organization on
184behalf of and at the discretion of the local government.
185     (7)  A local government may incur debt for the purpose of
186providing such improvements, payable from revenues received from
187the improved property, or any other available revenue source
188authorized by law.
189     (8)  A local government may enter into a financing
190agreement only with the record owner of the affected property.
191Any financing agreement entered into pursuant to this section or
192a summary memorandum of such agreement shall be recorded in the
193public records of the county within which the property is
194located by the sponsoring unit of local government within 5 days
195after execution of the agreement. The recorded agreement shall
196provide constructive notice that the assessment to be levied on
197the property constitutes a lien of equal dignity to county taxes
198and assessments from the date of recordation.
199     (9)  Before entering into a financing agreement, the local
200government shall reasonably determine that all property taxes
201and any other assessments levied on the same bill as property
202taxes are paid and have not been delinquent for the preceding 3
203years or the property owner's period of ownership, whichever is
204less; that there are no involuntary liens, including, but not
205limited to, construction liens on the property; that no notices
206of default or other evidence of property-based debt delinquency
207have been recorded during the preceding 3 years or the property
208owner's period of ownership, whichever is less; and that the
209property owner is current on all mortgage debt on the property.
210     (10)  A qualifying improvement shall be affixed to a
211building or facility that is part of the property and shall
212constitute an improvement to the building or facility or a
213fixture attached to the building or facility. An agreement
214between a local government and a qualifying property owner may
215not cover wind-resistance improvements in buildings or
216facilities under new construction or construction for which a
217certificate of occupancy or similar evidence of substantial
218completion of new construction or improvement has not been
219issued.
220     (11)  Any work requiring a license under any applicable law
221to make a qualifying improvement shall be performed by a
222contractor properly certified or registered pursuant to part I
223or part II of chapter 489.
224     (12)(a)  Without the consent of the holders or loan
225servicers of any mortgage encumbering or otherwise secured by
226the property, the total amount of any non-ad valorem assessment
227for a property under this section may not exceed 20 percent of
228the just value of the property as determined by the county
229property appraiser.
230     (b)  Notwithstanding paragraph (a), a non-ad valorem
231assessment for a qualifying improvement defined in subparagraph
232(2)(b)1. or subparagraph (2)(b)2. that is supported by an energy
233audit is not subject to the limits in this subsection if the
234audit demonstrates that the annual energy savings from the
235qualified improvement equals or exceeds the annual repayment
236amount of the non-ad valorem assessment.
237     (13)  At least 30 days before entering into a financing
238agreement, the property owner shall provide to the holders or
239loan servicers of any existing mortgages encumbering or
240otherwise secured by the property a notice of the owner's intent
241to enter into a financing agreement together with the maximum
242principal amount to be financed and the maximum annual
243assessment necessary to repay that amount. A verified copy or
244other proof of such notice shall be provided to the local
245government. A provision in any agreement between a mortgagee or
246other lienholder and a property owner, or otherwise now or
247hereafter binding upon a property owner, which allows for
248acceleration of payment of the mortgage, note, or lien or other
249unilateral modification solely as a result of entering into a
250financing agreement as provided for in this section is not
251enforceable. This subsection does not limit the authority of the
252holder or loan servicer to increase the required monthly escrow
253by an amount necessary to annually pay the qualifying
254improvement assessment.
255     (14)  At or before the time a purchaser executes a contract
256for the sale and purchase of any property for which a non-ad
257valorem assessment has been levied under this section and has an
258unpaid balance due, the seller shall give the prospective
259purchaser a written disclosure statement in the following form,
260which shall be set forth in the contract or in a separate
261writing:
262
263QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY,
264RENEWABLE ENERGY, OR WIND RESISTANCE.-The property
265being purchased is located within the jurisdiction of
266a local government that has placed an assessment on
267the property pursuant to s. 163.08, Florida Statutes.
268The assessment is for a qualifying improvement to the
269property relating to energy efficiency, renewable
270energy, or wind resistance, and is not based on the
271value of property. You are encouraged to contact the
272county property appraiser's office to learn more about
273this and other assessments that may be provided by
274law.
275
276     (15)  A provision in any agreement between a local
277government and a public or private power or energy provider or
278other utility provider is not enforceable to limit or prohibit
279any local government from exercising its authority under this
280section.
281     (16)  This section is additional and supplemental to county
282and municipal home rule authority and not in derogation of such
283authority or a limitation upon such authority.
284     Section 2. Section 288.9602, Florida Statutes, is amended
285to read:
286     288.9602 Findings and declarations of necessity.-The
287Legislature finds and declares that:
288     (1) There is a need to enhance economic activity in the
289cities and counties of the state by attracting manufacturing,
290development, redevelopment of brownfield areas, business
291enterprise management, and other activities conducive to
292economic promotion in order to provide a stronger, more
293balanced, and stable economy in the cities and counties of the
294state.
295     (2) A significant portion of businesses located in the
296cities and counties of the state or desiring to locate in the
297cities and counties of the state encounter difficulty in
298obtaining financing on terms competitive with those available to
299businesses located in other states and nations or are unable to
300obtain such financing at all.
301     (3) The difficulty in obtaining such financing impairs the
302expansion of economic activity and the creation of jobs and
303income in communities throughout the state.
304     (4) The businesses most often affected by these financing
305difficulties are small businesses critical to the economic
306development of the state cities and counties of Florida.
307     (5) The economic well-being of the people in, and the
308commercial and industrial resources of, the cities and counties
309of the state would be enhanced by the provision of financing to
310businesses on terms competitive with those available in the most
311developed financial markets worldwide.
312     (6) In order to improve the prosperity and welfare of the
313cities and counties of this state and its inhabitants, to
314improve and promote the financing of projects related to the
315economic development of the cities and counties of this state,
316including redevelopment of brownfield areas, and to increase the
317purchasing power and opportunities for gainful employment of
318citizens of the cities and counties of this state, it is
319necessary and in the public interest to facilitate the financing
320of such projects as provided for in this act and to do so
321without regard to the boundaries between counties,
322municipalities, special districts, and other local governmental
323bodies or agencies in order to more effectively and efficiently
324serve the interests of the greatest number of people in the
325widest area practicable.
326     (7) In order to promote and stimulate development and
327advance the business prosperity and economic welfare of the
328cities and counties of this state and its inhabitants; to
329encourage and assist new business and industry in this state
330through loans, investments, or other business transactions; to
331rehabilitate and assist existing businesses; to stimulate and
332assist in the expansion of all kinds of for-profit and not-for-
333profit business activity; and to create maximum opportunities
334for employment, encouragement of thrift, and improvement of the
335standard of living of the citizens of Florida, it is necessary
336and in the public interest to facilitate the cooperation and
337action between organizations, public and private, in the
338promotion, development, and conduct of all kinds of for-profit
339and not-for-profit business activity in the state.
340     (8) In order to efficiently and effectively achieve the
341purposes of this act, it is necessary and in the public interest
342to create a special development finance authority to cooperate
343and act in conjunction with public agencies of this state and
344local governments of this state, through interlocal agreements
345pursuant to the Florida Interlocal Cooperation Act of 1969, in
346the promotion and advancement of projects related to economic
347development, including redevelopment of brownfield areas,
348throughout the state.
349     (9) The purposes to be achieved by the special development
350finance authority through such projects and such financings of
351business and industry in compliance with the criteria and the
352requirements of this act are predominantly the public purposes
353stated in this section, and such purposes implement the
354governmental purposes under the State Constitution of providing
355for the health, safety, and welfare of the people of the state,
356including implementing the purpose of s. 10(c), Art. VII of the
357State Constitution and simultaneously provide new and innovative
358means for the investment of public trust funds in accordance
359with s. 10(a), Art. VII of the State Constitution.
360     Section 3. Subsections (6), (11), and (12) of section
361288.9603, Florida Statutes, are amended to read:
362     288.9603 Definitions.-
363     (6) "Debt service" shall mean for any bonds issued by the
364corporation or for any bonds or other form of indebtedness and
365for which a guaranty has been issued pursuant to ss. 288.9606,
366288.9607, and 288.9608, for any period for which such
367determination is to be made, the aggregate amount of all
368interest charges due or which shall become due on or with
369respect to such bonds or indebtedness during the period for
370which such determination is being made, plus the aggregate
371amount of scheduled principal payments due or which shall become
372due on or with respect to such bonds or indebtedness during the
373period for which such determination is being made. Scheduled
374principal payments may include only principal payments that are
375scheduled as part of the terms of the original bond or
376indebtedness issue and that result in the reduction of the
377outstanding principal balance of the bonds or indebtedness.
378     (11) "Guaranty agreement" means an agreement by and between
379the corporation and an applicant a public agency pursuant to the
380provisions of s. 288.9607.
381     (12) "Guaranty agreement fund" means the Energy,
382Technology, and Economic Development Revenue Bond Guaranty Fund
383Reserve Account established by the corporation pursuant to s.
384288.9608.
385     Section 4. Section 288.9604, Florida Statutes, is amended
386to read:
387     288.9604 Creation of the authority.-
388     (1) Upon a finding of necessity by a city or county of this
389state, selected pursuant to subsection (2), There is created a
390public body corporate and politic known as the "Florida
391Development Finance Corporation." The corporation shall be
392constituted as a public instrumentality of local government, and
393the exercise by the corporation of the powers conferred by this
394act shall be deemed and held to be the performance of an
395essential public function. The corporation has the power to
396function within the corporate limits of any public agency with
397which it has entered into an interlocal agreement for any of the
398purposes of this act.
399     (2) A city or county of Florida shall be selected by a
400search committee of Enterprise Florida, Inc. This city or county
401shall be authorized to activate the corporation. The search
402committee shall be composed of two commercial banking
403representatives, the Senate member of the partnership, the House
404of Representatives member of the partnership, and a member who
405is an industry or economic development professional.
406     (2)(3) Upon activation of the corporation, The Governor,
407subject to confirmation by the Senate, shall appoint the board
408of directors of the corporation, who shall be five in number.
409The terms of office for the directors shall be for 4 years from
410the date of their appointment. A vacancy occurring during a term
411shall be filled for the unexpired term. A director shall be
412eligible for reappointment. At least three of the directors of
413the corporation shall be bankers who have been selected by the
414Governor from a list of bankers who were nominated by Enterprise
415Florida, Inc., and one of the directors shall be an economic
416development specialist. The chairperson of the Florida Black
417Business Investment Board shall be an ex officio member of the
418board of the corporation.
419     (3)(4)(a) A director shall receive no compensation for his
420or her services, but is entitled to the necessary expenses,
421including travel expenses, incurred in the discharge of his or
422her duties. Each director shall hold office until his or her
423successor has been appointed.
424     (b) The powers of the corporation shall be exercised by the
425directors thereof. A majority of the directors constitutes a
426quorum for the purposes of conducting business and exercising
427the powers of the corporation and for all other purposes. Action
428may be taken by the corporation upon a vote of a majority of the
429directors present, unless in any case the bylaws require a
430larger number. Any person may be appointed as director if he or
431she resides, or is engaged in business, which means owning a
432business, practicing a profession, or performing a service for
433compensation or serving as an officer or director of a
434corporation or other business entity so engaged, within the
435state.
436     (c) The directors of the corporation shall annually elect
437one of their members as chair and one as vice chair. The
438corporation may employ a president, technical experts, and such
439other agents and employees, permanent and temporary, as it
440requires and determine their qualifications, duties, and
441compensation. For such legal services as it requires, the
442corporation may employ or retain its own counsel and legal
443staff. The corporation shall file with the governing body of
444each public agency with which it has entered into an interlocal
445agreement and with the Governor, the Speaker of the House of
446Representatives, the President of the Senate, the Minority
447Leaders of the Senate and House of Representatives, and the
448Auditor General, on or before 90 days after the close of the
449fiscal year of the corporation, a report of its activities for
450the preceding fiscal year, which report shall include a complete
451financial statement setting forth its assets, liabilities,
452income, and operating expenses as of the end of such fiscal
453year.
454     (4)(5) The board may remove a director for inefficiency,
455neglect of duty, or misconduct in office only after a hearing
456and only if he or she has been given a copy of the charges at
457least 10 days before prior to such hearing and has had an
458opportunity to be heard in person or by counsel. The removal of
459a director shall create a vacancy on the board which shall be
460filled pursuant to subsection (4) (3).
461     Section 5. Section 288.9605, Florida Statutes, is amended
462to read:
463     288.9605 Corporation powers.-
464     (1) The powers of the corporation created by s. 288.9604
465shall include all the powers necessary or convenient to carry
466out and effectuate the purposes and provisions of this act.
467     (2) The corporation is authorized and empowered to:
468     (a) Have perpetual succession as a body politic and
469corporate and adopt bylaws for the regulation of its affairs and
470the conduct of its business.
471     (b) Adopt an official seal and alter the same at its
472pleasure.
473     (c) Maintain an office at such place or places as it may
474designate.
475     (d) Sue and be sued in its own name and plead and be
476impleaded.
477     (e) Enter into interlocal agreements pursuant to s.
478163.01(7) with public agencies of this state for the exercise of
479any power, privilege, or authority consistent with the purposes
480of this act.
481     (f) Issue, from time to time, revenue bonds, notes, or
482other evidence of indebtedness, including, but not limited to,
483taxable bonds and bonds the interest on which is exempt from
484federal income taxation, for the purpose of financing and
485refinancing any capital projects that promote economic
486development within the state, thereby benefitting the citizens
487of the state, for applicants and exercise all powers in
488connection with the authorization, issuance, and sale of bonds,
489subject to the provisions of s. 288.9606.
490     (g) Issue bond anticipation notes in connection with the
491authorization, issuance, and sale of such bonds, pursuant to the
492provisions of s. 288.9606.
493     (h) Make and execute contracts and other instruments
494necessary or convenient to the exercise of its powers under the
495act.
496     (i) Disseminate information about itself and its
497activities.
498     (j) Acquire, by purchase, lease, option, gift, grant,
499bequest, devise, or otherwise, real property, together with any
500improvements thereon, or personal property for its
501administrative purposes or in furtherance of the purposes of
502this act, together with any improvements thereon.
503     (k) Hold, improve, clear, or prepare for development any
504such property.
505     (l) Mortgage, pledge, hypothecate, or otherwise encumber or
506dispose of any real or personal property.
507     (m) Insure or provide for insurance of any real or personal
508property or operations of the corporation or any private
509enterprise against any risks or hazards, including the power to
510pay premiums on any such insurance.
511     (n) Establish and fund a guaranty fund in furtherance of
512the purposes of this act.
513     (o) Invest funds held in reserve or sinking funds or any
514such funds not required for immediate disbursement in property
515or securities in such manner as the board shall determine,
516subject to the authorizing resolution on any bonds issued, and
517to terms established in the investment agreement pursuant to ss.
518288.9606, 288.9607, and 288.9608, and redeem such bonds as have
519been issued pursuant to s. 288.9606 at the redemption price
520established therein or purchase such bonds at less than
521redemption price, all such bonds so redeemed or purchased to be
522canceled.
523     (p) Borrow money and apply for and accept advances, loans,
524grants, contributions, and any other form of financial
525assistance from the Federal Government or the state, county, or
526other public agency body or from any sources, public or private,
527for the purposes of this act and give such security as may be
528required and enter into and carry out contracts or agreements in
529connection therewith; and include in any contract for financial
530assistance with the Federal Government or the state, county, or
531other public agency for, or with respect to, any purposes under
532this act and related activities such conditions imposed pursuant
533to federal laws as the county or municipality or other public
534agency deems reasonable and appropriate which are not
535inconsistent with the provisions of this act.
536     (q) Make or have all surveys and plans necessary for the
537carrying out of the purposes of this act, contract with any
538person, public or private, in making and carrying out such
539plans, and adopt, approve, modify, and amend such plans.
540     (r) Develop, test, and report methods and techniques and
541carry out demonstrations and other activities for the promotion
542of any of the purposes of this act.
543     (s) Apply for, accept, and utilize grants from the Federal
544Government or the state, county, or other public agency
545available for any of the purposes of this act.
546     (t) Make expenditures necessary to carry out the purposes
547of this act.
548     (u) Exercise all or any part or combination of powers
549granted in this act.
550     (v) Enter into investment agreements with the Florida Black
551Business Investment Board concerning the issuance of bonds and
552other forms of indebtedness and capital for the purposes of ss.
553288.707-288.714.
554     (w) Determine the situations and circumstances for
555participation in partnerships by agreement with local
556governments, financial institutions, and others associated with
557the redevelopment of brownfield areas pursuant to the
558Brownfields Redevelopment Act for a limited state guaranty of
559revenue bonds, loan guarantees, or loan loss reserves.
560     Section 6. Subsections (3) and (5) of section 288.9606,
561Florida Statutes, are amended, and subsection (7) is added to
562that section, to read:
563     288.9606 Issue of revenue bonds.-
564     (3) Bonds issued under this section shall be authorized by
565a public agency of this state pursuant to the terms of an
566interlocal agreement, unless such bonds are issued pursuant to
567subsection (7); may be issued in one or more series; and shall
568bear such date or dates, be payable upon demand or mature at
569such time or times, bear interest rate or rates, be in such
570denomination or denominations, be in such form either with or
571without coupon or registered, carry such conversion or
572registration privileges, have such rank or priority, be executed
573in such manner, be payable in such medium of payments at such
574place or places, be subject to such terms of redemption, with or
575without premium, be secured in such manner, and have such other
576characteristics as may be provided by the corporation interlocal
577agreement issued pursuant thereto. Bonds issued under this
578section may be sold in such manner, either at public or private
579sale, and for such price as the corporation may determine will
580effectuate the purpose of this act.
581     (5) In any suit, action, or proceeding involving the
582validity or enforceability of any bond issued under this act, or
583the security therefor, any such bond reciting in substance that
584it has been issued by the corporation in connection with any
585purpose of the act shall be conclusively deemed to have been
586issued for such purpose, and such purpose shall be conclusively
587deemed to have been carried out in accordance with the act. The
588complaint in any action to validate such bonds shall be filed
589only in the Circuit Court for Leon County. The notice required
590to be published by s. 75.06 shall be published only in Leon
591County, and the complaint and order of the circuit court shall
592be served only on the State Attorney of the Second Judicial
593Circuit and on the state attorney of each circuit in each county
594where the public agencies which were initially a party to the
595interlocal agreement are located. Notice of such proceedings
596shall be published in the manner and the time required by s.
59775.06, in Leon County and in each county where the public
598agencies which were initially a party to the interlocal
599agreement are located. Obligations of the corporation pursuant
600to a loan agreement as described in this subsection may be
601validated as provided in chapter 75. The validation of at least
602the first bonds approved by the corporation shall be appealed to
603the Florida Supreme Court. The complaint in the validation
604proceeding shall specifically address the constitutionality of
605using the investment of the earnings accrued and collected upon
606the investment of the minimum balance funds required to be
607maintained in the State Transportation Trust Fund to guarantee
608such bonds. If such proceeding results in an adverse ruling and
609such bonds and guaranty are found to be unconstitutional,
610invalid, or unenforceable, then the corporation shall no longer
611be authorized to use the investment of the earnings accrued and
612collected upon the investment of the minimum balance of the
613State Transportation Trust Fund to guarantee any bonds.
614     (7) Notwithstanding any provision of this section, the
615corporation in its corporate capacity may, without authorization
616from a public agency under s. 163.01(7), issue revenue bonds or
617other evidence of indebtedness under this section to:
618     (a) Finance the undertaking of any project within the state
619that promotes renewable energy as defined in s. 377.803 or s.
620366.91;
621     (b) Finance the undertaking of any project within the state
622that is a project contemplated or allowed under s. 406 of the
623American Recovery and Reinvestment Act of 2009; or
624     (c) If permitted by federal law, finance qualifying
625improvement projects within the state under s. 163.08.
626     Section 7. Section 288.9607, Florida Statutes, is amended
627to read:
628     288.9607 Guaranty of bond issues.-
629     (1) The corporation may is hereby authorized to approve or
630deny, by a majority vote of the membership of the directors, a
631guaranty of debt service payments for bonds or other
632indebtedness used to finance any capital project that promotes
633economic development in the state, including, but not limited
634to, those capital projects for which revenue bonds are the
635guaranty of any revenue bonds issued under pursuant to this act,
636if any such guaranty does not exceed 5 percent of the total
637aggregate principal amount of bonds or other indebtedness
638relating to any one capital project. The corporation may also
639use moneys deposited into the Energy, Technology, and Economic
640Development Guaranty Fund to satisfy requirements to obtain
641federal loan guarantees for capital projects authorized pursuant
642to this section. The guaranty may also be of the obligations of
643the corporation with respect to any letter of credit, bond
644insurance, or other form of credit enhancement provided by any
645person with respect to any revenue bonds issued by the
646corporation pursuant to this act.
647     (2) Any applicant for financing from the corporation,
648requesting a guaranty of the bonds issued by the corporation
649under this act must submit a guaranty application, in a form
650acceptable to the corporation, together with supporting
651documentation to the corporation as provided in this section.
652     (3) All applicants which have entered into a guaranty
653agreement with the corporation shall pay a guaranty premium on
654such terms and at such rates as the corporation shall determine
655before prior to the issuance of the guaranty bonds. The
656corporation may adopt such guaranty premium structures as it
657deems appropriate, including, without limitation, guaranty
658premiums which are payable one time upon the issuance of the
659guaranty bonds or annual premiums payable upon the outstanding
660principal balance of bonds or other indebtedness that is
661guaranteed from time to time. The premium payment may be
662collected by the corporation from any the lessee of the project
663involved, from the applicant, or from any other payee of any the
664loan agreement involved.
665     (4) All applications for a guaranty must acknowledge that
666as a condition to the issuance of the guaranty, the corporation
667may require that the financing must be secured by a mortgage or
668security interest on the property acquired which will have such
669priority over other liens on such property as may be required by
670the corporation, and that the financing must be guaranteed by
671such person or persons with such ownership interest in the
672applicant as may be required by the corporation.
673     (5) Personal financial records, trade secrets, or
674proprietary information of applicants delivered to or obtained
675by the corporation shall be confidential and exempt from the
676provisions of s. 119.07(1).
677     (6) If the application for a guaranty is approved by the
678corporation, the corporation and the applicant shall enter into
679a guaranty agreement. In accordance with the provisions of the
680guaranty agreement, the corporation guarantees to use the funds
681on deposit in its Energy, Technology, and Economic Development
682Guaranty Fund Revenue Bond Guaranty Reserve Account to meet debt
683service amortization payments on the bonds or indebtedness as
684they become due, in the event and to the extent that the
685applicant is unable to meet such payments in accordance with the
686terms of the bond indenture when called to do so by the trustee
687of the bondholders, or to make similar payments to reimburse any
688person which has provided credit enhancement for the bonds and
689which has advanced funds to meet such debt service amortization
690payments as they become due, if such guaranty of the corporation
691is limited to 5 percent of the total aggregate principal amount
692of bonds or other indebtedness relating to any one capital
693project. The corporation may also use moneys deposited in the
694Energy, Technology, and Economic Development Guaranty Fund to
695satisfy requirements to obtain federal loan guarantees for
696capital projects authorized under this section. If the applicant
697defaults on debt service bond amortization payments, the
698corporation may use funds on deposit in the Energy, Technology,
699and Economic Development Guaranty Fund Revenue Bond Guaranty
700Reserve Account to pay insurance, maintenance, and other costs
701which may be required for the preservation of any capital
702project or other collateral security for any bond or
703indebtedness issued to finance a capital project for which debt
704service payments are guaranteed by the corporation issued by the
705corporation, or to otherwise protect the reserve account from
706loss, or to minimize losses to the reserve account, in each case
707in such manner as may be deemed necessary and advisable by the
708corporation.
709     (7)(a) The corporation is authorized to enter into an
710investment agreement with the Department of Transportation and
711the State Board of Administration concerning the investment of
712the earnings accrued and collected upon the investment of the
713minimum balance of funds required to be maintained in the State
714Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
715investment shall be limited as follows:
716     1. Not more than $4 million of the investment earnings
717earned on the investment of the minimum balance of the State
718Transportation Trust Fund in a fiscal year shall be at risk at
719any time on one or more bonds or series of bonds issued by the
720corporation.
721     2. The investment earnings shall not be used to guarantee
722any bonds issued after June 30, 1998, and in no event shall the
723investment earnings be used to guarantee any bond issued for a
724maturity longer than 15 years.
725     3. The corporation shall pay a reasonable fee, set by the
726State Board of Administration, in return for the investment of
727such funds. The fee shall not be less than the comparable rate
728for similar investments in terms of size and risk.
729     4. The proceeds of bonds, or portions thereof, issued by
730the corporation for which a guaranty has been or will be issued
731pursuant to s. 288.9606, s. 288.9608, or this section used to
732make loans to any one person, including any related interests,
733as defined in s. 658.48, of such person, shall not exceed 20
734percent of the principal of all such outstanding bonds of the
735corporation issued prior to the first composite bond issue of
736the corporation, or December 31, 1995, whichever comes first,
737and shall not exceed 15 percent of the principal of all such
738outstanding bonds of the corporation issued thereafter, in each
739case determined as of the date of issuance of the bonds for
740which such determination is being made and taking into account
741the principal amount of such bonds to be issued. The provisions
742of this subparagraph shall not apply when the total amount of
743all such outstanding bonds issued by the corporation is less
744than $10 million. For the purpose of calculating the limits
745imposed by the provisions of this subparagraph, the first $10
746million of bonds issued by the corporation shall be taken into
747account.
748     5. The corporation shall establish a debt service reserve
749account which contains not less than 6 months' debt service
750reserves from the proceeds of the sale of any bonds, or portions
751thereof, guaranteed by the corporation.
752     6. The corporation shall establish an account known as the
753Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
754corporation shall deposit a sum of money or other cash
755equivalents into this fund and maintain a balance of money or
756cash equivalents in this fund, from sources other than the
757investment of earnings accrued and collected upon the investment
758of the minimum balance of funds required to be maintained in the
759State Transportation Trust Fund, not less than a sum equal to 1
760year of maximum debt service on all outstanding bonds, or
761portions thereof, of the corporation for which a guaranty has
762been issued pursuant to ss. 288.9606, 288.9607, and 288.9608. In
763the event the corporation fails to maintain the balance required
764pursuant to this subparagraph for any reason other than a
765default on a bond issue of the corporation guaranteed pursuant
766to this section or because of the use by the corporation of any
767such funds to pay insurance, maintenance, or other costs which
768may be required for the preservation of any project or other
769collateral security for any bond issued by the corporation, or
770to otherwise protect the Revenue Bond Guaranty Reserve Account
771from loss while the applicant is in default on amortization
772payments, or to minimize losses to the reserve account in each
773case in such manner as may be deemed necessary or advisable by
774the corporation, the corporation shall immediately notify the
775Department of Transportation of such deficiency. Any
776supplemental funding authorized by an investment agreement
777entered into with the Department of Transportation and the State
778Board of Administration concerning the use of investment
779earnings of the minimum balance of funds is void unless such
780deficiency of funds is cured by the corporation within 90 days
781after the corporation has notified the Department of
782Transportation of such deficiency.
783     (b) Unless specifically prohibited in the General
784Appropriations Act, the earnings accrued and collected upon the
785investment of the minimum balance of funds required to be
786maintained in the State Transportation Trust Fund may continue
787to be used pursuant to paragraph (a).
788     (c) The guaranty is shall not be a general obligation of
789the corporation or of the state, but is shall be a special
790obligation, which constitutes the investment of a public trust
791fund. In no event shall the guaranty constitute an indebtedness
792of the corporation, the state of Florida, or any political
793subdivision thereof within the meaning of any constitutional or
794statutory limitation. Each guaranty agreement shall have plainly
795stated on the face thereof that it has been entered into under
796the provisions of this act and that it does not constitute an
797indebtedness of the corporation, the state, or any political
798subdivision thereof within any constitutional or statutory
799limitation, and that neither the full faith and credit of the
800state of Florida nor any of its revenues is pledged to meet any
801of the obligations of the corporation under such guaranty
802agreement. Each such agreement shall state that the obligation
803of the corporation under the guaranty shall be limited to the
804funds available in the Energy, Technology, and Economic
805Development Guaranty Fund Revenue Bond Guaranty Reserve Account
806as authorized by this section.
807
808     The corporation shall include, as part of the annual report
809prepared pursuant to s. 288.9610, a detailed report concerning
810the use of guaranteed bond proceeds for loans guaranteed or
811issued pursuant to any agreement with the Florida Black Business
812Investment Board, including the percentage of such loans
813guaranteed or issued and the total volume of such loans
814guaranteed or issued.
815     (8) In the event the corporation does not approve the
816application for a guaranty, the applicant shall be notified in
817writing of the corporation's determination that the application
818not be approved.
819     (9) The membership of the corporation is authorized and
820directed to conduct such investigation as it may deem necessary
821for promulgation of regulations to govern the operation of the
822guaranty program authorized by this section. The regulations may
823include such other additional provisions, restrictions, and
824conditions as the corporation, after its investigation referred
825to in this subsection, shall determine to be proper to achieve
826the most effective utilization of the guaranty program. This may
827include, without limitation, a detailing of the remedies that
828must be exhausted by the bondholders, or a trustee acting on
829their behalf, or other credit provided before prior to calling
830upon the corporation to perform under its guaranty agreement and
831the subrogation of other rights of the corporation with
832reference to the capital project and its operation or the
833financing in the event the corporation makes payment pursuant to
834the applicable guaranty agreement. The regulations promulgated
835by the corporation to govern the operation of the guaranty
836program may shall contain specific provisions with respect to
837the rights of the corporation to enter, take over, and manage
838all financed properties upon default. These regulations shall be
839submitted by set forth the respective rights of the corporation
840to the Florida Energy and Climate Commission for approval and
841the bondholders in regard thereto.
842     (10) The guaranty program described in this section may be
843used by the corporation in conjunction with any federal guaranty
844programs described in s. 406 of the American Recovery and
845Reinvestment Act of 2009. All policies, procedures, and
846regulations of the guaranty program adopted by the corporation,
847to the extent such guaranty program of the corporation is used
848in conjunction with a federal guaranty program described in s.
849406 of the American Recovery and Reinvestment Act of 2009, must
850be consistent with s. 406 of the American Recovery and
851Reinvestment Act of 2009.
852     Section 8. Section 288.9608, Florida Statutes, is amended
853to read:
854     288.9608 Creation and funding of the Energy, Technology,
855and Economic Development Guaranty Fund guaranty account.-
856     (1) The corporation shall establish a debt service reserve
857account which contains not less than 6 months' debt service
858reserves from the proceeds of the sale of any bonds guaranteed
859by the corporation. Funds in such debt service reserve account
860shall be used prior to funds in the Revenue Bond Guaranty
861Reserve Account established in subsection (2). The corporation
862shall make best efforts to liquidate collateralized property and
863draw upon personal guarantees, and shall utilize the Revenue
864Bond Guaranty Reserve Account prior to use of supplemental
865funding for the Guaranty Reserve Account under the provisions of
866subsection (3).
867     (2)(a) The corporation shall establish an account known as
868the Energy, Technology, and Economic Development Guaranty Fund
869Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
870corporation may shall deposit moneys a sum of money or other
871cash equivalents into the this fund and maintain a balance in
872the this fund, from general revenue funds of the state as are
873authorized for that purpose or any other designated funding
874sources not inconsistent with state law sources other than the
875State Transportation Trust Fund, not less than a sum equal to 1
876year of maximum debt service on all outstanding bonds, or
877portions thereof, of the corporation for which a guaranty has
878been issued pursuant to ss. 288.9606, 288.9607, and 288.9608.
879     (2)(b) If the corporation determines that the moneys in the
880guaranty agreement fund are not sufficient to meet the
881obligations of the guaranty agreement fund, the corporation is
882authorized to use the necessary amount of any available moneys
883that it may have which are not needed for, then or in the
884foreseeable future, or committed to other authorized functions
885and purposes of the corporation. Any such moneys so used may be
886reimbursed out of the guaranty agreement fund if and when there
887are moneys therein available for the purpose.
888     (3)(c) The determination of when additional moneys will be
889needed for the guaranty agreement fund, the amounts that will be
890needed, and the availability or unavailability of other moneys
891shall be made solely by the corporation in the exercise of its
892discretion. However, supplemental funding for the Guaranty Fund
893as described in subsection (3) shall be made in accordance with
894the investment agreement of the corporation and the Department
895of Transportation and the State Board of Administration.
896     (3)(a) If the corporation determines that the funds in the
897Guaranty Fund will not be sufficient to meet the present or
898reasonably projected obligations of the Guaranty Fund, due to a
899default on a loan made by the corporation from the proceeds of a
900bond issued by the corporation which is guaranteed pursuant to
901s. 288.9607(7), no later than 90 days before amortization
902payments are due on such bonds, the corporation shall notify the
903Secretary of Transportation and the State Board of
904Administration of the amount of funds required to meet, as and
905when due, all amortization payments for which the Guaranty Fund
906is obligated. The Secretary of Transportation shall immediately
907notify the Speaker of the House of Representatives, the
908President of the Senate, and the chairs of the Senate and House
909Committees on Appropriations of the amount of funds required,
910and the projected impact on each affected year of the adopted
911work program of the Department of Transportation.
912     (b) Within 30 days of the receipt of notification from the
913corporation, the Department of Transportation shall submit a
914budget amendment request to the Executive Office of the Governor
915pursuant to chapter 216, to increase budget authority to carry
916out the purposes of this section. Upon approval of said
917amendment, the department shall proceed to amend the adopted
918work program, if necessary, in accordance with the amendment.
919Within 60 days of the receipt of notification, and subject to
920approval of the budget authority, the Secretary of
921Transportation shall transfer, subject to the amount available
922from the source described in paragraph (c), the amount of funds
923requested by the corporation required to meet, as and when due,
924all amortization payments for which the Guaranty Fund is
925obligated. Any moneys so transferred shall be reimbursed to the
926Department of Transportation, with interest at the rate earned
927on investment by the State Treasury, from the funds available in
928the Guaranty Fund or as otherwise available to the corporation.
929     (c) Pursuant to s. 288.9607(7), the Secretary of
930Transportation and the State Board of Administration may make
931available for transfer to the Guaranty Fund, earnings accrued
932and collected upon the investment of the minimum balance of
933funds required to be maintained in the State Transportation
934Trust Fund. However, the earnings accrued and collected upon the
935investment of the minimum balance of funds required to be
936maintained in the State Transportation Trust Fund which shall be
937subject to transfer shall be limited to those earnings accrued
938and collected on the investment of the minimum balance of funds
939required to be maintained in the State Transportation Trust Fund
940for the fiscal year in which the notification is received by the
941secretary and fiscal years thereafter.
942     (4) If the corporation receives supplemental funding for
943the Guaranty Fund under the provisions of this section, then any
944proceeds received by the corporation with respect to a loan in
945default, including proceeds from the sale of collateral for such
946loan, enforcement of personal guarantees or other pledges to the
947corporation to secure such loan, shall first be applied to the
948obligation of the corporation to repay the Department of
949Transportation pursuant to this section. Until such repayment is
950complete, no new bonds may be guaranteed pursuant to this
951section.
952     (5) Prior to the use of the guaranty provided in this
953section, and on an annual basis, the corporation must certify in
954writing to the State Board of Administration and the Secretary
955of Transportation that it has fully implemented the requirements
956of this section and s. 288.9607 and the regulations of the
957corporation.
958     Section 9. Section 288.9609, Florida Statutes, is amended
959to read:
960     288.9609 Bonds as legal investments.-All banks, trust
961companies, bankers, savings banks and institutions, building and
962loan associations, savings and loan associations, investment
963companies, and other persons carrying on a banking and
964investment business; all insurance companies, insurance
965associations, and other persons carrying on an insurance
966business; and all executors, administrators, curators, trustees,
967and other fiduciaries may legally invest any sinking funds,
968moneys, or other funds belonging to them or within their control
969in any bonds or other obligations issued by the corporation
970pursuant to an interlocal agreement with a public agency of this
971state. Such bonds and obligations shall be authorized security
972for all public deposits. It is the purpose of this section to
973authorize all persons, political subdivisions, and officers,
974public and private, to use any funds owned or controlled by them
975for the purchase of any such bonds or other obligations. Nothing
976contained in this section with regard to legal investments shall
977be construed as relieving any person of any duty of exercising
978reasonable care in selecting securities.
979     Section 10. Section 288.9610, Florida Statutes, is amended
980to read:
981     288.9610 Annual reports of Florida Development Finance
982Corporation.-By December 1 of each year, the Florida Development
983Finance Corporation shall submit to the Governor, the President
984of the Senate, the Speaker of the House of Representatives, the
985Senate Minority Leader, and the House Minority Leader, and the
986city or county activating the Florida Development Finance
987Corporation a complete and detailed report setting forth:
988     (1) The evaluation required in s. 11.45(3)(j).
989     (2) The operations and accomplishments of the Florida
990Development Finance Corporation, including the number of
991businesses assisted by the corporation.
992     (3) Its assets and liabilities at the end of its most
993recent fiscal year, including a description of all of its
994outstanding revenue bonds.
995     Section 11. Subsection (4) of section 206.46, Florida
996Statutes, is amended to read:
997     206.46 State Transportation Trust Fund.-
998     (4) The department may authorize the investment of the
999earnings accrued and collected upon the investment of the
1000minimum balance of funds required to be maintained in the State
1001Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1002investment shall be limited as provided in s. 288.9607(7).
1003     Section 12. Subsection (14) of section 215.47, Florida
1004Statutes, is amended to read:
1005     215.47 Investments; authorized securities; loan of
1006securities.-Subject to the limitations and conditions of the
1007State Constitution or of the trust agreement relating to a trust
1008fund, moneys available for investments under ss. 215.44-215.53
1009may be invested as follows:
1010     (14) The State Board of Administration, consistent with
1011sound investment policy, may invest the earnings accrued and
1012collected upon the investment of the minimum balance of funds
1013required to be maintained in the State Transportation Trust Fund
1014pursuant to s. 339.135(6)(b). Such investment shall be limited
1015as provided in s. 288.9607(7).
1016     Section 13. Subsection (3) of section 339.08, Florida
1017Statutes, is amended to read:
1018     339.08 Use of moneys in State Transportation Trust Fund.-
1019     (3) The department may authorize the investment of the
1020earnings accrued and collected upon the investment of the
1021minimum balance of funds required to be maintained in the State
1022Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1023investment shall be limited as provided in s. 288.9607(7).
1024     Section 14. Paragraph (f) of subsection (7) of section
1025339.135, Florida Statutes, is amended to read:
1026     339.135 Work program; legislative budget request;
1027definitions; preparation, adoption, execution, and amendment.-
1028     (7) AMENDMENT OF THE ADOPTED WORK PROGRAM.-
1029     (f) The department may authorize the investment of the
1030earnings accrued and collected upon the investment of the
1031minimum balance of funds required to be maintained in the State
1032Transportation Trust Fund pursuant to paragraph (b). Such
1033investment shall be limited as provided in s. 288.9607(7).
1034     Section 15. (1) The Legislature finds that the ability of
1035the pilot communities designated under the Energy Economic Zone
1036Pilot Program pursuant to s. 377.809, Florida Statutes, to
1037provide incentives is essential to these communities attracting
1038clean technology industries and investments to the state and
1039establishing the base information necessary to assess whether to
1040revise state policies and expand the pilot program to other
1041communities.
1042     (2) By February 1, 2011, the Department of Community
1043Affairs and the Office of Tourism, Trade, and Economic
1044Development, in consultation with the Florida Energy and Climate
1045Commission, shall submit recommendations to the Governor, the
1046President of the Senate, and the Speaker of the House of
1047Representatives of appropriate incentives and statutory
1048revisions necessary to provide the pilot communities with the
1049tools for accomplishing the goals of the pilot program. In
1050developing their recommendations, the Department of Community
1051Affairs and the Office of Tourism, Trade, and Economic
1052Development, at a minimum, shall consider:
1053     (a) Fiscal and regulatory incentives.
1054     (b) A jobs tax credit and corporate property tax credit
1055pursuant to chapter 220, Florida Statutes.
1056     (c) Refunds and exemptions from the sales and use tax in
1057chapter 212, Florida Statutes, for job creation, building
1058materials, business property, and products used for clean
1059technology industries and investments within the designated
1060energy economic zones.
1061     (3) The Department of Community Affairs and the Office of
1062Tourism, Trade, and Economic Development shall also coordinate
1063with the pilot communities and clean technology industries in
1064identifying incentives and strategies that will help attract
1065emerging clean technology industries and investments to the
1066state.
1067     Section 16. Paragraph (d) of subsection (2) of section
1068366.91, Florida Statutes, is amended to read:
1069     366.91 Renewable energy.-
1070     (2) As used in this section, the term:
1071     (d) "Renewable energy" means electrical energy produced
1072from a method that uses one or more of the following fuels or
1073energy sources: hydrogen produced from sources other than fossil
1074fuels, biomass, solar energy, geothermal energy, wind energy,
1075ocean energy, and hydroelectric power. The term includes the
1076alternative energy resource, waste heat, from sulfuric acid
1077manufacturing operations and electrical energy produced using
1078pipeline-quality synthetic gas produced from waste petroleum
1079coke with carbon capture and sequestration.
1080     Section 17.  This act shall take effect upon becoming a
1081law.


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