July 10, 2020
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CS/HB 7229

A bill to be entitled
2An act relating to economic incentives for energy
3initiatives; amending s. 377.601, F.S.; revising
4legislative intent relating to the state's energy policy;
5amending s. 377.703, F.S.; conforming cross-references;
6creating s. 366.90, F.S.; providing legislative intent
7relating to renewable energy production of electricity;
8amending s. 366.91, F.S.; deleting legislative intent
9provisions to conform to changes made by the act; revising
10the definitions of the terms "biomass" and "renewable
11energy"; amending s. 366.92, F.S.; deleting the
12legislative intent provisions; deleting and revising
13definitions; deleting provisions for the renewable
14portfolio standard and renewable energy credits; providing
15a mechanism for providers to recover costs to produce or
16purchase specified amounts of renewable energy through the
17environmental cost-recovery clause under certain
18conditions; requiring providers to include specified
19information related to renewable energy development in a
20certain report; authorizing a developer of solar energy
21generation to locate a solar energy generation facility on
22the premises of a host consumer under certain
23circumstances; requiring the commission to adopt rules and
24submit reports to the Legislature; exempting the expansion
25of existing renewable energy electric generating
26facilities from requirements for a determination of need
27under certain circumstances; establishing the Agriculture
28and Clean Energy Economic Development Pilot Project;
29providing that certain electric energy be considered
30renewable energy under the pilot project; amending s.
31403.44, F.S.; revising legislative intent for the Florida
32Climate Protection Act; prohibiting the Department of
33Environmental Protection from adopting a cap-and-trade
34regulatory program or otherwise regulating carbon
35emissions in the state; amending s. 366.8255, F.S.;
36conforming a provision to changes made by the act;
37amending s. 403.503, F.S.; revising the definition of
38"electrical power plant" for purposes of the Florida
39Electrical Power Plant Siting Act; amending ss. 288.9602
40and 288.9603, F.S.; revising legislative findings and
41declarations and definitions for purposes of the Florida
42Development Finance Corporation Act; amending s. 288.9604,
43F.S.; revising requirements for the establishment and
44organization of the Florida Development Finance
45Corporation; amending s. 288.9605, F.S.; revising the
46powers of the corporation; amending s. 288.9606, F.S.;
47revising requirements for the corporation's issuance of
48revenue bonds; amending s. 288.9607, F.S.; limiting the
49corporation's approval of guaranties for debt service for
50bonds or other indebtedness for any one capital project;
51deleting provisions for the corporation's investment of
52certain funds in the State Transportation Trust Fund;
53authorizing guarantees to be used in conjunction with
54federal guaranty programs; amending s. 288.9608, F.S.;
55creating the Energy, Technology, and Economic Development
56Guaranty Fund; providing for the deposit and use of
57certain moneys in the fund; deleting requirements for the
58corporation's debt service reserve account and Revenue
59Bond Guaranty Reserve Account; amending ss. 288.9609,
60288.9610, 206.46, 215.47, 339.08, and 339.135, F.S.;
61conforming provisions to changes made by the act;
62providing legislative findings; requiring the Department
63of Community Affairs and the Office of Tourism, Trade, and
64Economic Development, in consultation with the Florida
65Energy and Climate Commission, to submit recommendations
66to the Governor and Legislature relating to the Energy
67Economic Zone Pilot Program; requiring coordination with
68the pilot communities and clean technology industries in
69identifying certain incentives and strategies; providing
70for severability; providing a directive to the Division of
71Statutory Revision; providing an effective date.
73Be It Enacted by the Legislature of the State of Florida:
75     Section 1.  Section 377.601, Florida Statutes, is amended
76to read:
77     377.601  Legislative intent.-
78     (1)  The purpose of the state's energy policy is to ensure
79an adequate and reliable supply of energy for the state in a
80manner that promotes the health and welfare of the public,
81promotes sustainable economic growth, and minimizes and
82mitigates any adverse impacts. The Legislature intends that
83governance of the state's energy policy be efficiently directed
84toward achieving this purpose. The Legislature finds that the
85state's energy security can be increased by lessening
86on foreign oil; that the impacts of global climate
87reduced through the reduction of greenhouse gas
88that the implementation of alternative energy technologies can
89be a source of new jobs and employment opportunities for many
90Floridians. The Legislature further finds that the state is
91positioned at the front line against potential impacts of global
92climate change. Human and economic costs of those impacts can be
93averted by global actions and, where necessary, adapted to by a
94concerted effort to make Florida's communities more resilient
95and less vulnerable to these impacts. In focusing the
96government's policy and efforts to benefit and protect our
97state, its citizens, and its resources, the Legislature believes
98that a single government entity with a specific focus on energy
99and climate change is both desirable and advantageous. Further,
100the Legislature finds that energy infrastructure provides the
101foundation for secure and reliable access to the energy supplies
102and services on which Florida depends. Therefore, there is
103significant value to Florida consumers that comes from
104investment in Florida's energy infrastructure that increases
105system reliability, enhances energy independence and
106diversification, stabilizes energy costs, and reduces greenhouse
107gas emissions.
108     (2)  In furtherance of this purpose, the state's energy
109policy shall be implemented through effective, efficient, and
110reliable governance and shall be guided by the following goals
111in order of their priority:
112     (a)  Ensuring an affordable energy supply.
113     (b)  Ensuring adequate supply and capacity.
114     (c)  Ensuring a secure and reliable energy supply.
115     (d)  Minimizing energy cost volatility.
116     (e)  Minimizing the negative impacts of energy production
117on the state's environment, social fabric, and the public health
118and welfare.
119     (f)  Maximizing economic synergies for the state associated
120with its energy policy.
121     (g)  Reducing the net export of energy expenditures.
122     (3)  It is further the policy of the state of Florida to:
123     (a)  Develop and promote the effective use of energy in the
124state, discourage all forms of energy waste, and recognize and
125address the potential of global climate change wherever
127     (b)  Play a leading role in developing and instituting
128energy management programs aimed at promoting energy
129conservation, energy security, and the reduction of greenhouse
130gas emissions.
131     (c)  Include energy considerations in all state, regional,
132and local planning.
133     (d)  Utilize and manage effectively energy resources used
134within state agencies.
135     (e)  Encourage local governments to include energy
136considerations in all planning and to support their work in
137promoting energy management programs.
138     (f)  Include the full participation of citizens in the
139development and implementation of energy programs.
140     (g)  Consider in its decisions the energy needs of each
141economic sector, including residential, industrial, commercial,
142agricultural, and governmental uses, and reduce those needs
143whenever possible.
144     (h)  Promote energy education and the public dissemination
145of information on energy and its environmental, economic, and
146social impact.
147     (i)  Encourage the research, development, demonstration,
148and application of alternative energy resources, particularly
149renewable energy resources.
150     (j)  Consider, in its decisionmaking, the social, economic,
151and environmental impacts of energy-related activities,
152including the whole-life-cycle impacts of any potential energy
153use choices, so that detrimental effects of these activities are
154understood and minimized.
155     (k)  Develop and maintain energy emergency preparedness
156plans to minimize the effects of an energy shortage within
158     Section 2.  Subsection (1) and paragraph (f) of subsection
159(2) of section 377.703, Florida Statutes, is amended to read:
160     377.703  Additional functions of the Florida Energy and
161Climate Commission.-
162     (1)  LEGISLATIVE INTENT.-Recognizing that energy supply and
163demand questions have become a major area of concern to the
164state which must be dealt with by effective and well-coordinated
165state action, it is the intent of the Legislature to promote the
166efficient, effective, and economical management of energy
167problems, centralize energy coordination responsibilities,
168pinpoint responsibility for conducting energy programs, and
169ensure the accountability of state agencies for the
170implementation of s. 377.601(2), the state energy policy. It is
171the specific intent of the Legislature that nothing in this act
172shall in any way change the powers, duties, and responsibilities
173assigned by the Florida Electrical Power Plant Siting Act, part
174II of chapter 403, or the powers, duties, and responsibilities
175of the Florida Public Service Commission.
177commission shall perform the following functions consistent with
178the development of a state energy policy:
179     (f)  The commission shall submit an annual report to the
180Governor and the Legislature reflecting its activities and
181making recommendations of policies for improvement of the
182state's response to energy supply and demand and its effect on
183the health, safety, and welfare of the people of Florida. The
184report shall include a report from the Florida Public Service
185Commission on electricity and natural gas and information on
186energy conservation programs conducted and underway in the past
187year and shall include recommendations for energy conservation
188programs for the state, including, but not limited to, the
189following factors:
190     1.  Formulation of specific recommendations for improvement
191in the efficiency of energy utilization in governmental,
192residential, commercial, industrial, and transportation sectors.
193     2.  Collection and dissemination of information relating to
194energy conservation.
195     3.  Development and conduct of educational and training
196programs relating to energy conservation.
197     4.  An analysis of the ways in which state agencies are
198seeking to implement s. 377.601(2), the state energy policy, and
199recommendations for better fulfilling this policy.
200     Section 3.  Section 366.90, Florida Statutes, is created to
202     366.90  Renewable energy for electricity production.-In
203furtherance of the energy policy goals established in s.
204377.601, the Legislature finds that it is in the public interest
205to promote the development of renewable energy resources in the
206state, for purposes of electricity production, through the
207mechanisms established in ss. 366.91 and 366.92. The Legislature
208further finds that renewable energy resources have the potential
209to help diversify fuel types to alleviate the state's growing
210dependence on natural gas and other fossil fuels for the
211production of electricity, minimize the volatility of fuel
212costs, encourage investment within the state, improve
213environmental conditions, and make the state a leader in new and
214innovative technologies.
215     Section 4.  Subsection (1) and paragraphs (a) and (d) of
216subsection (2) of section 366.91, Florida Statutes, are amended,
217and subsections (2) through (8) of that section are renumbered
218as subsections (1) through (7), respectively, to read:
219     366.91  Renewable energy.-
220     (1)  The Legislature finds that it is in the public
221interest to promote the development of renewable energy
222resources in this state. Renewable energy resources have the
223potential to help diversify fuel types to meet Florida's growing
224dependency on natural gas for electric production, minimize the
225volatility of fuel costs, encourage investment within the state,
226improve environmental conditions, and make Florida a leader in
227new and innovative technologies.
228     (1)(2)  As used in this section, the term:
229     (a)  "Biomass" means a power source that is comprised of,
230but not limited to, combustible residues or gases from forest
231products manufacturing, waste, byproducts, or products from
232agricultural and orchard crops, waste or coproducts from
233livestock and poultry operations, waste or byproducts from food
234processing, recycling byproducts, urban wood waste, municipal
235solid waste, municipal liquid waste treatment operations, and
236landfill gas.
237     (d)  "Renewable energy" means electrical energy produced
238from a method that uses one or more of the following fuels or
239energy sources: hydrogen produced from sources other than fossil
240fuels, biomass, solar energy, geothermal energy, wind energy,
241ocean energy, and hydroelectric power. The term includes the
242alternative energy resource, waste heat, from sulfuric acid
243manufacturing operations and electrical energy produced using
244pipeline-quality synthetic gas produced from waste petroleum
245coke with carbon capture and sequestration.
246     Section 5.  Section 366.92, Florida Statutes, is amended to
248     366.92  Florida renewable energy policy.-
249     (1)  It is the intent of the Legislature to promote the
250development of renewable energy; protect the economic viability
251of Florida's existing renewable energy facilities; diversify the
252types of fuel used to generate electricity in Florida; lessen
253Florida's dependence on natural gas and fuel oil for the
254production of electricity; minimize the volatility of fuel
255costs; encourage investment within the state; improve
256environmental conditions; and, at the same time, minimize the
257costs of power supply to electric utilities and their customers.
258     (1)(2)  As used in this section, the term:
259     (a)  "Florida renewable energy resources" means renewable
260energy, as defined in s. 377.803, that is produced in Florida.
261     (a)(b)  "Provider" means a "utility" as defined in s.
263     (b)(c)  "Renewable energy" means renewable energy as
264defined in s. 366.91(2)(d) that is produced in the state.
265     (d)  "Renewable energy credit" or "REC" means a product
266that represents the unbundled, separable, renewable attribute of
267renewable energy produced in Florida and is equivalent to 1
268megawatt-hour of electricity generated by a source of renewable
269energy located in Florida.
270     (e)  "Renewable portfolio standard" or "RPS" means the
271minimum percentage of total annual retail electricity sales by a
272provider to consumers in Florida that shall be supplied by
273renewable energy produced in Florida.
274     (3)  The commission shall adopt rules for a renewable
275portfolio standard requiring each provider to supply renewable
276energy to its customers directly, by procuring, or through
277renewable energy credits. In developing the RPS rule, the
278commission shall consult the Department of Environmental
279Protection and the Florida Energy and Climate Commission. The
280rule shall not be implemented until ratified by the Legislature.
281The commission shall present a draft rule for legislative
282consideration by February 1, 2009.
283     (a)  In developing the rule, the commission shall evaluate
284the current and forecasted levelized cost in cents per kilowatt
285hour through 2020 and current and forecasted installed capacity
286in kilowatts for each renewable energy generation method through
288     (b)  The commission's rule:
289     1.  Shall include methods of managing the cost of
290compliance with the renewable portfolio standard, whether
291through direct supply or procurement of renewable power or
292through the purchase of renewable energy credits. The commission
293shall have rulemaking authority for providing annual cost
294recovery and incentive-based adjustments to authorized rates of
295return on common equity to providers to incentivize renewable
296energy. Notwithstanding s. 366.91(3) and (4), upon the
297ratification of the rules developed pursuant to this subsection,
298the commission may approve projects and power sales agreements
299with renewable power producers and the sale of renewable energy
300credits needed to comply with the renewable portfolio standard.
301In the event of any conflict, this subparagraph shall supersede
302s. 366.91(3) and (4). However, nothing in this section shall
303alter the obligation of each public utility to continuously
304offer a purchase contract to producers of renewable energy.
305     2.  Shall provide for appropriate compliance measures and
306the conditions under which noncompliance shall be excused due to
307a determination by the commission that the supply of renewable
308energy or renewable energy credits was not adequate to satisfy
309the demand for such energy or that the cost of securing
310renewable energy or renewable energy credits was cost
312     3.  May provide added weight to energy provided by wind and
313solar photovoltaic over other forms of renewable energy, whether
314directly supplied or procured or indirectly obtained through the
315purchase of renewable energy credits.
316     4.  Shall determine an appropriate period of time for which
317renewable energy credits may be used for purposes of compliance
318with the renewable portfolio standard.
319     5.  Shall provide for monitoring of compliance with and
320enforcement of the requirements of this section.
321     6.  Shall ensure that energy credited toward compliance
322with the requirements of this section is not credited toward any
323other purpose.
324     7.  Shall include procedures to track and account for
325renewable energy credits, including ownership of renewable
326energy credits that are derived from a customer-owned renewable
327energy facility as a result of any action by a customer of an
328electric power supplier that is independent of a program
329sponsored by the electric power supplier.
330     8.  Shall provide for the conditions and options for the
331repeal or alteration of the rule in the event that new
332provisions of federal law supplant or conflict with the rule.
333     (c)  Beginning on April 1 of the year following final
334adoption of the commission's renewable portfolio standard rule,
335each provider shall submit a report to the commission describing
336the steps that have been taken in the previous year and the
337steps that will be taken in the future to add renewable energy
338to the provider's energy supply portfolio. The report shall
339state whether the provider was in compliance with the renewable
340portfolio standard during the previous year and how it will
341comply with the renewable portfolio standard in the upcoming
343     (2)(4)  Subject to the provisions of this subsection In
344order to demonstrate the feasibility and viability of clean
345energy systems, the commission shall provide for full cost
346recovery under the environmental cost-recovery clause of all
347reasonable and prudent costs incurred by a provider to produce
348or purchase for renewable energy for purposes of supplying
349electrical energy to its retail customers projects that are zero
350greenhouse gas emitting at the point of generation, up to a
351total of 110 megawatts statewide, and for which the provider has
352secured necessary land, zoning permits, and transmission rights
353within the state. Such costs shall be deemed reasonable and
354prudent for purposes of cost recovery so long as the provider
355has used reasonable and customary industry practices in the
356design, procurement, and construction of the project in a cost-
357effective manner appropriate to the location of the facility.
358The provider shall report to the commission as part of the cost-
359recovery proceedings the construction costs, in-service costs,
360operating and maintenance costs, hourly energy production of the
361renewable energy project, and any other information deemed
362relevant by the commission. Any provider constructing a clean
363energy facility pursuant to this section shall file for cost
364recovery no later than July 1, 2009.
365     (a)  A provider may petition the commission through July 1,
3662015, for recovery of costs to produce or purchase renewable
367energy, subject to the cost cap in paragraph (c). The provider
368has sole discretion to determine the type and technology of the
369renewable energy resource that it intends to use. However, at
370least 20 percent of the total nameplate capacity for which a
371provider is permitted to recover costs in any calendar year
372under this subsection must be produced or purchased from
373renewable energy resources other than solar energy. In addition,
374at least 5 percent of the total energy produced from solar
375energy resources for which a provider is permitted to recover
376costs in any calendar year under this subsection must be from
377customer-owned renewable generation as defined in s. 366.91 from
378facilities that do not exceed 2 megawatts in capacity. A
379provider must file with the commission, no later than when the
380provider files a petition for cost recovery under this
381subsection, a schedule of planned production and purchases for
382the calendar year in which cost recovery is requested. If any
383portion of the capacity required from nonsolar renewable energy
384resources is committed but, for reasons found by the commission
385to be beyond the control of the provider, is not available
386during the calendar year for which cost recovery is requested,
387the provider may continue to recover costs to produce or
388purchase renewable energy from solar energy resources if the
389provider continues in good faith to pursue the production or
390purchase of renewable energy from nonsolar resources. The
391provider has sole discretion to determine whether to construct
392new renewable energy generating facilities, convert existing
393fossil fuel generating facilities to renewable energy generating
394facilities, or contract for the purchase of renewable energy
395from third-party generating facilities in the state.
396     (b)  In addition to the full cost recovery for such
397renewable energy projects, a return on equity of at least 50
398basis points above the top of the range of the provider's last
399authorized rate of return on equity approved by the commission
400for energy projects shall be approved and provided for such
401renewable energy projects if a majority value of the energy-
402producing components incorporated into such projects are
403manufactured or assembled in the state.
404     (c)  For the production or purchase of renewable energy
405under this subsection, a provider may recover costs up to and in
406excess of its full avoided cost, as defined in s. 366.051 and
407approved by the commission, if the recovery of costs in excess
408of the provider's full avoided cost does not exceed, at any
409time, 2 percent of the provider's total revenues from the retail
410sale of electricity for calendar year 2009. For purposes of cost
411recovery under this subsection, costs shall be computed using a
412methodology that, for a renewable energy generating facility,
413averages the revenue requirements of the facility over its
414economic life and, for a renewable energy purchase, averages the
415revenue requirements of the purchase over the life of the
417     (d)  Cost recovery under this subsection is limited to new
418construction or conversion projects for which construction is
419commenced on or after July 1, 2010, and to purchases made on or
420after that date. To be eligible for cost recovery under this
421subsection, combustion technologies must demonstrate overall
422thermal efficiencies of more than 33 percent. All renewable
423energy projects for which costs are approved by the commission
424for recovery through the environmental cost recovery clause
425before July 1, 2010, are not subject to or included in the
426calculation of the cost cap.
427     (e)  The costs incurred by a provider to produce or
428purchase renewable energy under this subsection are deemed to be
429prudent for purposes of cost recovery if the provider uses
430reasonable and customary industry practices in the design,
431procurement, and construction of the project in a cost-effective
432manner for the type of renewable energy resource and appropriate
433to the location of the facility. Costs incurred by a provider to
434construct a new facility for the production of renewable energy
435under this subsection are deemed prudent for purposes of cost
436recovery if the life-cycle cost of the new facility does not
437exceed 75 percent of the life-cycle cost of any facility of the
438same type and technology that has been constructed by a
439nongovernmental entity in the state in the 24 months preceding
440the filing of a petition under this subsection.
441     (f)  Subject to the cost cap in paragraph (c), the
442commission shall allow a provider to recover the costs
443associated with the production or purchase of renewable energy
444under this subsection as follows:
445     1.  For new renewable energy generating facilities, the
446commission shall allow recovery of reasonable and prudent costs,
447including, but not limited to, the siting, licensing,
448engineering, design, permitting, construction, operation, and
449maintenance of such facilities, including any applicable taxes
450and a return based on the provider's last authorized rate of
452     2.  For conversion of existing fossil fuel generating
453facilities to renewable energy generating facilities, the
454commission shall allow recovery of reasonable and prudent
455conversion costs, including the costs of retirement of the
456fossil fuel plant that exceed any amounts accrued by the
457provider for such purposes through rates previously set by the
459     3.  For purchase of renewable energy from third-party
460generating facilities in the state, the commission shall allow
461recovery of reasonable and prudent costs associated with the
462purchase. Any petition for approval of a purchased power
463agreement for renewable energy that is filed with the commission
464before April 2, 2010, and remains pending on the effective date
465of this act shall be considered by the commission to have been
466filed in accordance with, and shall be subject to the provisions
467of, this subsection, except that, before January 1, 2011, the
468provider is not required to file with the commission a schedule
469of planned production and purchases pursuant to paragraph (a).
470     (g)  In a proceeding to recover costs incurred under this
471subsection, a provider must provide the commission all cost
472information, hourly energy production information, and other
473information deemed relevant by the commission with respect to
474each project.
475     (h)  When a provider purchases renewable energy under this
476subsection at a cost in excess of its full avoided cost, the
477seller must surrender to the provider all renewable attributes
478of the renewable energy purchased.
479     (i)  Revenues derived from any renewable energy credit,
480carbon credit, or other mechanism that attributes value to the
481production of renewable energy, either existing or hereafter
482devised, received by a provider by virtue of the production or
483purchase of renewable energy for which cost recovery is approved
484under this subsection shall be shared with the provider's
485ratepayers such that the ratepayers are credited at least 75
486percent of such revenues. However, the provider is not required
487to share with its ratepayers any value derived from credits
488received by the provider by virtue of the purchase of renewable
489energy from a third-party generating facility in the state that
490does not exceed 2 megawatts in capacity and that is not a
491regulated utility or its unregulated affiliate.
492     (j)  Section 403.519 does not apply to a renewable energy
493generating facility constructed or converted from an existing
494fossil fuel generating facility under this subsection, and the
495commission is not required to submit a report for such a project
496under s. 403.507(4)(a).
497     (3)  Each provider shall, in its 10-year site plan
498submitted to the commission pursuant to s. 186.801, provide the
499following information:
500     (a)  The amount of renewable energy resources the provider
501produces or purchases.
502     (b)  The amount of renewable energy resources the provider
503plans to produce or purchase over the 10-year planning horizon
504and the means by which such production or purchases will be
506     (c)  A statement indicating how the production and purchase
507of renewable energy resources impact the provider's present and
508future capacity and energy needs.
509     (4)(5)  Each municipal electric utility and rural electric
510cooperative shall develop standards for the promotion,
511encouragement, and expansion of the use of renewable energy
512resources and energy conservation and efficiency measures. On or
513before April 1, 2009, and annually thereafter, each municipal
514electric utility and electric cooperative shall submit to the
515commission a report that identifies such standards.
516     (5)(6)  Nothing in This section and any action taken under
517this section may not shall be construed to impede or impair the
518terms and conditions of, or serve as a basis for renegotiating
519or repricing, an existing contract contracts.
520     (6)  In order to further promote renewable energy, any
521expansion of an existing renewable energy electric generating
522facility, subject to a total of up to 200 net megawatts
523statewide, for which a site certification application is filed
524before January 1, 2011, and which is owned by a local government
525entity, does not require a determination of need pursuant to s.
527     (7)  There is created the Agriculture and Clean Energy
528Economic Development Pilot Project. In order to promote economic
529development in the agriculture community by demonstrating the
530viability of clean energy farming, any energy purchased by a
531municipal electric utility or a rural electric cooperative from
532a new electric generating facility with a minimum system
533efficiency of 75 percent that utilizes waste heat and carbon for
534the purpose of growing agriculture in greenhouse facilities
535shall be considered renewable energy for up to 65 megawatts for
536a single pilot project.
537     (8)(7)  The commission may adopt rules to administer and
538implement the provisions of this section.
539     Section 6.  Section 403.44, Florida Statutes, is amended to
541     403.44  Florida Climate Protection Act.-
542     (1)  The Legislature finds that it is in the best interest
543of the state to address carbon emissions through comprehensive
544national or international measures and that it is contrary to
545the economic and environmental well-being of the state to pursue
546or authorize carbon emissions regulation. The Legislature
547further finds that carbon emissions regulation by the state is
548inconsistent with the goals of developing an affordable,
549adequate, and reliable supply of energy document, to the
550greatest extent practicable, greenhouse gas emissions and to
551pursue a market-based emissions abatement program, such as cap
552and trade, to address greenhouse gas emissions reductions.
553     (2)  As used in this section, the term:
554     (a)  "Allowance" means a credit issued by the department
555through allotments or auction which represents an authorization
556to emit specific amounts of greenhouse gases, as further defined
557in department rule.
558     (b)  "Cap and trade" or "emissions trading" means an
559administrative approach used to control pollution by providing a
560limit on total allowable emissions, providing for allowances to
561emit pollutants, and providing for the transfer of the
562allowances among pollutant sources as a means of compliance with
563emission limits.
564     (c)  "Greenhouse gas" or "GHG" means carbon dioxide,
565methane, nitrous oxide, and fluorinated gases such as
566hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride.
567     (d)  "Leakage" means the offset of emission abatement that
568is achieved in one location subject to emission control
569regulation by increased emissions in unregulated locations.
570     (e)  "Major emitter" means an electric utility regulated
571under this chapter.
572     (3)  A major emitter shall be required to use The Climate
573Registry for purposes of emission registration and reporting.
574     (4)  The department shall establish the methodologies,
575reporting periods, and reporting systems that shall be used when
576major emitters report to The Climate Registry. The department
577may require the use of quality-assured data from continuous
578emissions monitoring systems.
579     (2)(5)  The department may not adopt rules for a cap-and-
580trade regulatory program or otherwise regulate carbon to reduce
581greenhouse gas emissions in this state from major emitters. When
582developing the rules, the department shall consult with the
583Florida Energy and Climate Commission and the Florida Public
584Service Commission and may consult with the Governor's Action
585Team for Energy and Climate Change. The department shall not
586adopt rules until after January 1, 2010. The rules shall not
587become effective until ratified by the Legislature.
588     (6)  The rules of the cap-and-trade regulatory program
589shall include, but are not limited to:
590     (a)  A statewide limit or cap on the amount of greenhouse
591gases emitted by major emitters.
592     (b)  Methods, requirements, and conditions for allocating
593the cap among major emitters.
594     (c)  Methods, requirements, and conditions for emissions
595allowances and the process for issuing emissions allowances.
596     (d)  The relationship between allowances and the specific
597amounts of greenhouse gas emissions they represent.
598     (e)  The length of allowance periods and the time over
599which entities must account for emissions and surrender
600allowances equal to emissions.
601     (f)  The timeline of allowances from the initiation of the
602program through to 2050.
603     (g)  A process for the trade of allowances between major
604emitters, including a registry, tracking, or accounting system
605for such trades.
606     (h)  Cost containment mechanisms to reduce price and cost
607risks associated with the electric generation market in this
608state. Cost containment mechanisms to be considered for
609inclusion in the rules include, but are not limited to:
610     1.  Allowing major emitters to borrow allowances from
611future time periods to meet their greenhouse gas emission
613     2.  Allowing major emitters to bank greenhouse gas emission
614reductions in the current year to be used to meet emission
615limits in future years.
616     3.  Allowing major emitters to purchase emissions offsets
617from other entities that produce verifiable reductions in
618unregulated greenhouse gas emissions or that produce verifiable
619reductions in greenhouse gas emissions through voluntary
620practices that capture and store greenhouse gases that otherwise
621would be released into the atmosphere. In considering this cost
622containment mechanism, the department shall identify sectors and
623activities outside of the capped sectors, including other state,
624federal, or international activities, and the conditions under
625which reductions there can be credited against emissions of
626capped entities in place of allowances issued by the department.
627The department shall also consider potential methods and their
628effectiveness to avoid double-incentivizing such activities.
629     4.  Providing a safety valve mechanism to ensure that the
630market prices for allowances or offsets do not surpass a
631predetermined level compatible with the affordability of
632electric utility rates and the well-being of the state's
633economy. In considering this cost containment mechanism, the
634department shall evaluate different price levels for the safety
635valve and methods to change the price level over time to reflect
636changing state, federal, and international markets, regulatory
637environments, and technological advancements.
639In considering cost containment mechanisms for inclusion in the
640rules, the department shall evaluate the anticipated overall
641effect of each mechanism on the abatement of greenhouse gas
642emissions and on electricity ratepayers and the benefits and
643costs of each to the state's economy, and shall also consider
644the interrelationships between the mechanisms under
646     (i)  A process to allow the department to exercise its
647authority to discourage leakage of GHG emissions to neighboring
648states attributable to the implementation of this program.
649     (j)  Provisions for a trial period on the trading of
650allowances before full implementation of a trading system.
651     (7)  In recommending and evaluating proposed features of
652the cap-and-trade system, the following factors shall be
654     (a)  The overall cost-effectiveness of the cap-and-trade
655system in combination with other policies and measures in
656meeting statewide targets.
657     (b)  Minimizing the administrative burden to the state of
658implementing, monitoring, and enforcing the program.
659     (c)  Minimizing the administrative burden on entities
660covered under the cap.
661     (d)  The impacts on electricity prices for consumers.
662     (e)  The specific benefits to the state's economy for early
663adoption of a cap-and-trade system for greenhouse gases in the
664context of federal climate change legislation and the
665development of new international compacts.
666     (f)  The specific benefits to the state's economy
667associated with the creation and sale of emissions offsets from
668economic sectors outside of the emissions cap.
669     (g)  The potential effects on leakage if economic activity
670relocates out of the state.
671     (h)  The effectiveness of the combination of measures in
672meeting identified targets.
673     (i)  The implications for near-term periods of long-term
674targets specified in the overall policy.
675     (j)  The overall costs and benefits of a cap-and-trade
676system to the state economy.
677     (k)  How to moderate impacts on low-income consumers that
678result from energy price increases.
679     (l)  Consistency of the program with other state and
680possible federal efforts.
681     (m)  The feasibility and cost-effectiveness of extending
682the program scope as broadly as possible among emitting
683activities and sinks in Florida.
684     (n)  Evaluation of the conditions under which Florida
685should consider linking its trading system to the systems of
686other states or other countries and how that might be affected
687by the potential inclusion in the rule of a safety valve.
688     (8)  Recognizing that the international, national, and
689neighboring state policies and the science of climate change
690will evolve, prior to submitting the proposed rules to the
691Legislature for consideration, the department shall submit the
692proposed rules to the Florida Energy and Climate Commission,
693which shall review the proposed rules and submit a report to the
694Governor, the President of the Senate, the Speaker of the House
695of Representatives, and the department. The report shall
697     (a)  The overall cost-effectiveness of the proposed cap-
698and-trade system in combination with other policies and measures
699in meeting statewide targets.
700     (b)  The administrative burden to the state of
701implementing, monitoring, and enforcing the program.
702     (c)  The administrative burden on entities covered under
703the cap.
704     (d)  The impacts on electricity prices for consumers.
705     (e)  The specific benefits to the state's economy for early
706adoption of a cap-and-trade system for greenhouse gases in the
707context of federal climate change legislation and the
708development of new international compacts.
709     (f)  The specific benefits to the state's economy
710associated with the creation and sale of emissions offsets from
711economic sectors outside of the emissions cap.
712     (g)  The potential effects on leakage if economic activity
713relocates out of the state.
714     (h)  The effectiveness of the combination of measures in
715meeting identified targets.
716     (i)  The economic implications for near-term periods of
717short-term and long-term targets specified in the overall
719     (j)  The overall costs and benefits of a cap-and-trade
720system to the economy of the state.
721     (k)  The impacts on low-income consumers that result from
722energy price increases.
723     (l)  The consistency of the program with other state and
724possible federal efforts.
725     (m)  The evaluation of the conditions under which the state
726should consider linking its trading system to the systems of
727other states or other countries and how that might be affected
728by the potential inclusion in the rule of a safety valve.
729     (n)  The timing and changes in the external environment,
730such as proposals by other states or implementation of a federal
731program that would spur reevaluation of the Florida program.
732     (o)  The conditions and options for eliminating the Florida
733program if a federal program were to supplant it.
734     (p)  The need for a regular reevaluation of the progress of
735other emitting regions of the country and of the world, and
736whether other regions are abating emissions in a commensurate
738     (q)  The desirability of and possibilities of broadening
739the scope of the state's cap-and-trade system at a later date to
740include more emitting activities as well as sinks in Florida,
741the conditions that would need to be met to do so, and how the
742program would encourage these conditions to be met, including
743developing monitoring and measuring techniques for land use
744emissions and sinks, regulating sources upstream, and other
746     Section 7.  Paragraph (d) of subsection (1) of section
747366.8255, Florida Statutes, is amended to read:
748     366.8255  Environmental cost recovery.-
749     (1)  As used in this section, the term:
750     (d)  "Environmental compliance costs" includes all costs or
751expenses incurred by an electric utility in complying with
752environmental laws or regulations, including, but not limited
754     1.  Inservice capital investments, including the electric
755utility's last authorized rate of return on equity thereon.
756     2.  Operation and maintenance expenses.
757     3.  Fuel procurement costs.
758     4.  Purchased power costs.
759     5.  Emission allowance costs.
760     6.  Direct taxes on environmental equipment.
761     7.  Costs or expenses prudently incurred by an electric
762utility pursuant to an agreement entered into on or after the
763effective date of this act and prior to October 1, 2002, between
764the electric utility and the Florida Department of Environmental
765Protection or the United States Environmental Protection Agency
766for the exclusive purpose of ensuring compliance with ozone
767ambient air quality standards by an electrical generating
768facility owned by the electric utility.
769     8.  Costs or expenses prudently incurred for the
770quantification, reporting, and third-party verification as
771required for participation in greenhouse gas emission registries
772for greenhouse gases as defined in s. 403.44. As used in this
773subparagraph, the term "greenhouse gases" means carbon dioxide,
774methane, nitrous oxide, and fluorinated gases such as
775hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride.
776     9.  Costs or expenses prudently incurred for scientific
777research and geological assessments of carbon capture and
778storage conducted in this state for the purpose of reducing an
779electric utility's greenhouse gas emissions when such costs or
780expenses are incurred in joint research projects with Florida
781state government agencies and Florida state universities.
782     Section 8.  Subsection (14) of section 403.503, Florida
783Statutes, is amended to read:
784     403.503  Definitions relating to Florida Electrical Power
785Plant Siting Act.-As used in this act:
786     (14)  "Electrical power plant" means, for the purpose of
787certification, any steam or solar electrical generating facility
788using any process or fuel, including nuclear materials, except
789that this term does not include any steam or solar electrical
790generating facility of less than 75 megawatts in capacity or any
791solar electrical generating facility of any sized capacity
792unless the applicant for such a facility elects to apply for
793certification under this act. This term also includes the site;
794all associated facilities that will be owned by the applicant
795that are physically connected to the site; all associated
796facilities that are indirectly connected to the site by other
797proposed associated facilities that will be owned by the
798applicant; and associated transmission lines that will be owned
799by the applicant which connect the electrical power plant to an
800existing transmission network or rights-of-way to which the
801applicant intends to connect. At the applicant's option, this
802term may include any offsite associated facilities that will not
803be owned by the applicant; offsite associated facilities that
804are owned by the applicant but that are not directly connected
805to the site; any proposed terminal or intermediate substations
806or substation expansions connected to the associated
807transmission line; or new transmission lines, upgrades, or
808improvements of an existing transmission line on any portion of
809the applicant's electrical transmission system necessary to
810support the generation injected into the system from the
811proposed electrical power plant.
812     Section 9.  Section 288.9602, Florida Statutes, is amended
813to read:
814     288.9602  Findings and declarations of necessity.-The
815Legislature finds and declares that:
816     (1)  There is a need to enhance economic activity in the
817cities and counties of the state by attracting manufacturing,
818development, redevelopment of brownfield areas, business
819enterprise management, and other activities conducive to
820economic promotion in order to provide a stronger, more
821balanced, and stable economy in the cities and counties of the
823     (2)  A significant portion of businesses located in the
824cities and counties of the state or desiring to locate in the
825cities and counties of the state encounter difficulty in
826obtaining financing on terms competitive with those available to
827businesses located in other states and nations or are unable to
828obtain such financing at all.
829     (3)  The difficulty in obtaining such financing impairs the
830expansion of economic activity and the creation of jobs and
831income in communities throughout the state.
832     (4)  The businesses most often affected by these financing
833difficulties are small businesses critical to the economic
834development of the state cities and counties of Florida.
835     (5)  The economic well-being of the people in, and the
836commercial and industrial resources of, the cities and counties
837of the state would be enhanced by the provision of financing to
838businesses on terms competitive with those available in the most
839developed financial markets worldwide.
840     (6)  In order to improve the prosperity and welfare of the
841cities and counties of this state and its inhabitants, to
842improve and promote the financing of projects related to the
843economic development of the cities and counties of this state,
844including redevelopment of brownfield areas, and to increase the
845purchasing power and opportunities for gainful employment of
846citizens of the cities and counties of this state, it is
847necessary and in the public interest to facilitate the financing
848of such projects as provided for in this act and to do so
849without regard to the boundaries between counties,
850municipalities, special districts, and other local governmental
851bodies or agencies in order to more effectively and efficiently
852serve the interests of the greatest number of people in the
853widest area practicable.
854     (7)  In order to promote and stimulate development and
855advance the business prosperity and economic welfare of the
856cities and counties of this state and its inhabitants; to
857encourage and assist new business and industry in this state
858through loans, investments, or other business transactions; to
859rehabilitate and assist existing businesses; to stimulate and
860assist in the expansion of all kinds of for-profit and not-for-
861profit business activity; and to create maximum opportunities
862for employment, encouragement of thrift, and improvement of the
863standard of living of the citizens of Florida, it is necessary
864and in the public interest to facilitate the cooperation and
865action between organizations, public and private, in the
866promotion, development, and conduct of all kinds of for-profit
867and not-for-profit business activity in the state.
868     (8)  In order to efficiently and effectively achieve the
869purposes of this act, it is necessary and in the public interest
870to create a special development finance authority to cooperate
871and act in conjunction with public agencies of this state and
872local governments of this state, through interlocal agreements
873pursuant to the Florida Interlocal Cooperation Act of 1969, in
874the promotion and advancement of projects related to economic
875development, including redevelopment of brownfield areas,
876throughout the state.
877     (9)  The purposes to be achieved by the special development
878finance authority through such projects and such financings of
879business and industry in compliance with the criteria and the
880requirements of this act are predominantly the public purposes
881stated in this section, and such purposes implement the
882governmental purposes under the State Constitution of providing
883for the health, safety, and welfare of the people of the state,
884including implementing the purpose of s. 10(c), Art. VII of the
885State Constitution and simultaneously provide new and innovative
886means for the investment of public trust funds in accordance
887with s. 10(a), Art. VII of the State Constitution.
888     Section 10.  Subsections (6), (11), and (12) of section
889288.9603, Florida Statutes, are amended to read:
890     288.9603  Definitions.-
891     (6)  "Debt service" shall mean for any bonds issued by the
892corporation or for any bonds or other form of indebtedness and
893for which a guaranty has been issued pursuant to ss. 288.9606,
894288.9607, and 288.9608, for any period for which such
895determination is to be made, the aggregate amount of all
896interest charges due or which shall become due on or with
897respect to such bonds or indebtedness during the period for
898which such determination is being made, plus the aggregate
899amount of scheduled principal payments due or which shall become
900due on or with respect to such bonds or indebtedness during the
901period for which such determination is being made. Scheduled
902principal payments may include only principal payments that are
903scheduled as part of the terms of the original bond or
904indebtedness issue and that result in the reduction of the
905outstanding principal balance of the bonds or indebtedness.
906     (11)  "Guaranty agreement" means an agreement by and
907between the corporation and an applicant a public agency
908pursuant to the provisions of s. 288.9607.
909     (12)  "Guaranty agreement fund" means the Energy,
910Technology, and Economic Development Revenue Bond Guaranty Fund
911Reserve Account established by the corporation pursuant to s.
913     Section 11.  Section 288.9604, Florida Statutes, is amended
914to read:
915     288.9604  Creation of the authority.-
916     (1)  Upon a finding of necessity by a city or county of
917this state, selected pursuant to subsection (2), There is
918created a public body corporate and politic known as the
919"Florida Development Finance Corporation." The corporation shall
920be constituted as a public instrumentality of local government,
921and the exercise by the corporation of the powers conferred by
922this act shall be deemed and held to be the performance of an
923essential public function. The corporation has the power to
924function within the corporate limits of any public agency with
925which it has entered into an interlocal agreement for any of the
926purposes of this act.
927     (2)  A city or county of Florida shall be selected by a
928search committee of Enterprise Florida, Inc. This city or county
929shall be authorized to activate the corporation. The search
930committee shall be composed of two commercial banking
931representatives, the Senate member of the partnership, the House
932of Representatives member of the partnership, and a member who
933is an industry or economic development professional.
934     (2)(3)  Upon activation of the corporation, The Governor,
935subject to confirmation by the Senate, shall appoint the board
936of directors of the corporation, who shall be five in number.
937The terms of office for the directors shall be for 4 years from
938the date of their appointment. A vacancy occurring during a term
939shall be filled for the unexpired term. A director shall be
940eligible for reappointment. At least three of the directors of
941the corporation shall be bankers who have been selected by the
942Governor from a list of bankers who were nominated by Enterprise
943Florida, Inc., and one of the directors shall be an economic
944development specialist. The chairperson of the Florida Black
945Business Investment Board shall be an ex officio member of the
946board of the corporation.
947     (3)(4)(a)  A director shall receive no compensation for his
948or her services, but is entitled to the necessary expenses,
949including travel expenses, incurred in the discharge of his or
950her duties. Each director shall hold office until his or her
951successor has been appointed.
952     (b)  The powers of the corporation shall be exercised by
953the directors thereof. A majority of the directors constitutes a
954quorum for the purposes of conducting business and exercising
955the powers of the corporation and for all other purposes. Action
956may be taken by the corporation upon a vote of a majority of the
957directors present, unless in any case the bylaws require a
958larger number. Any person may be appointed as director if he or
959she resides, or is engaged in business, which means owning a
960business, practicing a profession, or performing a service for
961compensation or serving as an officer or director of a
962corporation or other business entity so engaged, within the
964     (c)  The directors of the corporation shall annually elect
965one of their members as chair and one as vice chair. The
966corporation may employ a president, technical experts, and such
967other agents and employees, permanent and temporary, as it
968requires and determine their qualifications, duties, and
969compensation. For such legal services as it requires, the
970corporation may employ or retain its own counsel and legal
971staff. The corporation shall file with the governing body of
972each public agency with which it has entered into an interlocal
973agreement and with the Governor, the Speaker of the House of
974Representatives, the President of the Senate, the Minority
975Leaders of the Senate and House of Representatives, and the
976Auditor General, on or before 90 days after the close of the
977fiscal year of the corporation, a report of its activities for
978the preceding fiscal year, which report shall include a complete
979financial statement setting forth its assets, liabilities,
980income, and operating expenses as of the end of such fiscal
982     (4)(5)  The board may remove a director for inefficiency,
983neglect of duty, or misconduct in office only after a hearing
984and only if he or she has been given a copy of the charges at
985least 10 days before prior to such hearing and has had an
986opportunity to be heard in person or by counsel. The removal of
987a director shall create a vacancy on the board which shall be
988filled pursuant to subsection (4) (3).
989     Section 12.  Section 288.9605, Florida Statutes, is amended
990to read:
991     288.9605  Corporation powers.-
992     (1)  The powers of the corporation created by s. 288.9604
993shall include all the powers necessary or convenient to carry
994out and effectuate the purposes and provisions of this act.
995     (2)  The corporation is authorized and empowered to:
996     (a)  Have perpetual succession as a body politic and
997corporate and adopt bylaws for the regulation of its affairs and
998the conduct of its business.
999     (b)  Adopt an official seal and alter the same at its
1001     (c)  Maintain an office at such place or places as it may
1003     (d)  Sue and be sued in its own name and plead and be
1005     (e)  Enter into interlocal agreements pursuant to s.
1006163.01(7) with public agencies of this state for the exercise of
1007any power, privilege, or authority consistent with the purposes
1008of this act.
1009     (f)  Issue, from time to time, revenue bonds, notes, or
1010other evidence of indebtedness, including, but not limited to,
1011taxable bonds and bonds the interest on which is exempt from
1012federal income taxation, for the purpose of financing and
1013refinancing any capital projects that promote economic
1014development within the state, thereby benefitting the citizens
1015of the state, for applicants and exercise all powers in
1016connection with the authorization, issuance, and sale of bonds,
1017subject to the provisions of s. 288.9606.
1018     (g)  Issue bond anticipation notes in connection with the
1019authorization, issuance, and sale of such bonds, pursuant to the
1020provisions of s. 288.9606.
1021     (h)  Make and execute contracts and other instruments
1022necessary or convenient to the exercise of its powers under the
1024     (i)  Disseminate information about itself and its
1026     (j)  Acquire, by purchase, lease, option, gift, grant,
1027bequest, devise, or otherwise, real property, together with any
1028improvements thereon, or personal property for its
1029administrative purposes or in furtherance of the purposes of
1030this act, together with any improvements thereon.
1031     (k)  Hold, improve, clear, or prepare for development any
1032such property.
1033     (l)  Mortgage, pledge, hypothecate, or otherwise encumber
1034or dispose of any real or personal property.
1035     (m)  Insure or provide for insurance of any real or
1036personal property or operations of the corporation or any
1037private enterprise against any risks or hazards, including the
1038power to pay premiums on any such insurance.
1039     (n)  Establish and fund a guaranty fund in furtherance of
1040the purposes of this act.
1041     (o)  Invest funds held in reserve or sinking funds or any
1042such funds not required for immediate disbursement in property
1043or securities in such manner as the board shall determine,
1044subject to the authorizing resolution on any bonds issued, and
1045to terms established in the investment agreement pursuant to ss.
1046288.9606, 288.9607, and 288.9608, and redeem such bonds as have
1047been issued pursuant to s. 288.9606 at the redemption price
1048established therein or purchase such bonds at less than
1049redemption price, all such bonds so redeemed or purchased to be
1051     (p)  Borrow money and apply for and accept advances, loans,
1052grants, contributions, and any other form of financial
1053assistance from the Federal Government or the state, county, or
1054other public agency body or from any sources, public or private,
1055for the purposes of this act and give such security as may be
1056required and enter into and carry out contracts or agreements in
1057connection therewith; and include in any contract for financial
1058assistance with the Federal Government or the state, county, or
1059other public agency for, or with respect to, any purposes under
1060this act and related activities such conditions imposed pursuant
1061to federal laws as the county or municipality or other public
1062agency deems reasonable and appropriate which are not
1063inconsistent with the provisions of this act.
1064     (q)  Make or have all surveys and plans necessary for the
1065carrying out of the purposes of this act, contract with any
1066person, public or private, in making and carrying out such
1067plans, and adopt, approve, modify, and amend such plans.
1068     (r)  Develop, test, and report methods and techniques and
1069carry out demonstrations and other activities for the promotion
1070of any of the purposes of this act.
1071     (s)  Apply for, accept, and utilize grants from the Federal
1072Government or the state, county, or other public agency
1073available for any of the purposes of this act.
1074     (t)  Make expenditures necessary to carry out the purposes
1075of this act.
1076     (u)  Exercise all or any part or combination of powers
1077granted in this act.
1078     (v)  Enter into investment agreements with the Florida
1079Black Business Investment Board concerning the issuance of bonds
1080and other forms of indebtedness and capital for the purposes of
1081ss. 288.707-288.714.
1082     (w)  Determine the situations and circumstances for
1083participation in partnerships by agreement with local
1084governments, financial institutions, and others associated with
1085the redevelopment of brownfield areas pursuant to the
1086Brownfields Redevelopment Act for a limited state guaranty of
1087revenue bonds, loan guarantees, or loan loss reserves.
1088     Section 13.  Subsections (3) and (5) of section 288.9606,
1089Florida Statutes, are amended, and subsection (7) is added to
1090that section, to read:
1091     288.9606  Issue of revenue bonds.-
1092     (3)  Bonds issued under this section shall be authorized by
1093a public agency of this state pursuant to the terms of an
1094interlocal agreement, unless such bonds are issued pursuant to
1095subsection (7); may be issued in one or more series; and shall
1096bear such date or dates, be payable upon demand or mature at
1097such time or times, bear interest rate or rates, be in such
1098denomination or denominations, be in such form either with or
1099without coupon or registered, carry such conversion or
1100registration privileges, have such rank or priority, be executed
1101in such manner, be payable in such medium of payments at such
1102place or places, be subject to such terms of redemption, with or
1103without premium, be secured in such manner, and have such other
1104characteristics as may be provided by the corporation interlocal
1105agreement issued pursuant thereto. Bonds issued under this
1106section may be sold in such manner, either at public or private
1107sale, and for such price as the corporation may determine will
1108effectuate the purpose of this act.
1109     (5)  In any suit, action, or proceeding involving the
1110validity or enforceability of any bond issued under this act, or
1111the security therefor, any such bond reciting in substance that
1112it has been issued by the corporation in connection with any
1113purpose of the act shall be conclusively deemed to have been
1114issued for such purpose, and such purpose shall be conclusively
1115deemed to have been carried out in accordance with the act. The
1116complaint in any action to validate such bonds shall be filed
1117only in the Circuit Court for Leon County. The notice required
1118to be published by s. 75.06 shall be published only in Leon
1119County, and the complaint and order of the circuit court shall
1120be served only on the State Attorney of the Second Judicial
1121Circuit and on the state attorney of each circuit in each county
1122where the public agencies which were initially a party to the
1123interlocal agreement are located. Notice of such proceedings
1124shall be published in the manner and the time required by s.
112575.06, in Leon County and in each county where the public
1126agencies which were initially a party to the interlocal
1127agreement are located. Obligations of the corporation pursuant
1128to a loan agreement as described in this subsection may be
1129validated as provided in chapter 75. The validation of at least
1130the first bonds approved by the corporation shall be appealed to
1131the Florida Supreme Court. The complaint in the validation
1132proceeding shall specifically address the constitutionality of
1133using the investment of the earnings accrued and collected upon
1134the investment of the minimum balance funds required to be
1135maintained in the State Transportation Trust Fund to guarantee
1136such bonds. If such proceeding results in an adverse ruling and
1137such bonds and guaranty are found to be unconstitutional,
1138invalid, or unenforceable, then the corporation shall no longer
1139be authorized to use the investment of the earnings accrued and
1140collected upon the investment of the minimum balance of the
1141State Transportation Trust Fund to guarantee any bonds.
1142     (7)  Notwithstanding any provision of this section, the
1143corporation in its corporate capacity may, without authorization
1144from a public agency under s. 163.01(7), issue revenue bonds or
1145other evidence of indebtedness under this section to:
1146     (a)  Finance the undertaking of any project within the
1147state that promotes renewable energy as defined in s. 377.803 or
1148s. 366.91;
1149     (b)  Finance the undertaking of any project within the
1150state that is a project contemplated or allowed under s. 406 of
1151the American Recovery and Reinvestment Act of 2009; or
1152     (c)  If permitted by federal law, finance qualifying
1153improvement projects within the state under s. 163.08.
1154     Section 14.  Section 288.9607, Florida Statutes, is amended
1155to read:
1156     288.9607  Guaranty of bond issues.-
1157     (1)  The corporation may is hereby authorized to approve or
1158deny, by a majority vote of the membership of the directors, a
1159guaranty of debt service payments for bonds or other
1160indebtedness used to finance any capital project that promotes
1161economic development in the state, including, but not limited
1162to, those capital projects for which revenue bonds are the
1163guaranty of any revenue bonds issued under pursuant to this act,
1164if any such guaranty does not exceed 5 percent of the total
1165aggregate principal amount of bonds or other indebtedness
1166relating to any one capital project. The corporation may also
1167use moneys deposited into the Energy, Technology, and Economic
1168Development Guaranty Fund to satisfy requirements to obtain
1169federal loan guarantees for capital projects authorized pursuant
1170to this section. The guaranty may also be of the obligations of
1171the corporation with respect to any letter of credit, bond
1172insurance, or other form of credit enhancement provided by any
1173person with respect to any revenue bonds issued by the
1174corporation pursuant to this act.
1175     (2)  Any applicant for financing from the corporation,
1176requesting a guaranty of the bonds issued by the corporation
1177under this act must submit a guaranty application, in a form
1178acceptable to the corporation, together with supporting
1179documentation to the corporation as provided in this section.
1180     (3)  All applicants which have entered into a guaranty
1181agreement with the corporation shall pay a guaranty premium on
1182such terms and at such rates as the corporation shall determine
1183before prior to the issuance of the guaranty bonds. The
1184corporation may adopt such guaranty premium structures as it
1185deems appropriate, including, without limitation, guaranty
1186premiums which are payable one time upon the issuance of the
1187guaranty bonds or annual premiums payable upon the outstanding
1188principal balance of bonds or other indebtedness that is
1189guaranteed from time to time. The premium payment may be
1190collected by the corporation from any the lessee of the project
1191involved, from the applicant, or from any other payee of any the
1192loan agreement involved.
1193     (4)  All applications for a guaranty must acknowledge that
1194as a condition to the issuance of the guaranty, the corporation
1195may require that the financing must be secured by a mortgage or
1196security interest on the property acquired which will have such
1197priority over other liens on such property as may be required by
1198the corporation, and that the financing must be guaranteed by
1199such person or persons with such ownership interest in the
1200applicant as may be required by the corporation.
1201     (5)  Personal financial records, trade secrets, or
1202proprietary information of applicants delivered to or obtained
1203by the corporation shall be confidential and exempt from the
1204provisions of s. 119.07(1).
1205     (6)  If the application for a guaranty is approved by the
1206corporation, the corporation and the applicant shall enter into
1207a guaranty agreement. In accordance with the provisions of the
1208guaranty agreement, the corporation guarantees to use the funds
1209on deposit in its Energy, Technology, and Economic Development
1210Guaranty Fund Revenue Bond Guaranty Reserve Account to meet debt
1211service amortization payments on the bonds or indebtedness as
1212they become due, in the event and to the extent that the
1213applicant is unable to meet such payments in accordance with the
1214terms of the bond indenture when called to do so by the trustee
1215of the bondholders, or to make similar payments to reimburse any
1216person which has provided credit enhancement for the bonds and
1217which has advanced funds to meet such debt service amortization
1218payments as they become due, if such guaranty of the corporation
1219is limited to 5 percent of the total aggregate principal amount
1220of bonds or other indebtedness relating to any one capital
1221project. The corporation may also use moneys deposited in the
1222Energy, Technology, and Economic Development Guaranty Fund to
1223satisfy requirements to obtain federal loan guarantees for
1224capital projects authorized under this section. If the applicant
1225defaults on debt service bond amortization payments, the
1226corporation may use funds on deposit in the Energy, Technology,
1227and Economic Development Guaranty Fund Revenue Bond Guaranty
1228Reserve Account to pay insurance, maintenance, and other costs
1229which may be required for the preservation of any capital
1230project or other collateral security for any bond or
1231indebtedness issued to finance a capital project for which debt
1232service payments are guaranteed by the corporation issued by the
1233corporation, or to otherwise protect the reserve account from
1234loss, or to minimize losses to the reserve account, in each case
1235in such manner as may be deemed necessary and advisable by the
1237     (7)(a)  The corporation is authorized to enter into an
1238investment agreement with the Department of Transportation and
1239the State Board of Administration concerning the investment of
1240the earnings accrued and collected upon the investment of the
1241minimum balance of funds required to be maintained in the State
1242Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1243investment shall be limited as follows:
1244     1.  Not more than $4 million of the investment earnings
1245earned on the investment of the minimum balance of the State
1246Transportation Trust Fund in a fiscal year shall be at risk at
1247any time on one or more bonds or series of bonds issued by the
1249     2.  The investment earnings shall not be used to guarantee
1250any bonds issued after June 30, 1998, and in no event shall the
1251investment earnings be used to guarantee any bond issued for a
1252maturity longer than 15 years.
1253     3.  The corporation shall pay a reasonable fee, set by the
1254State Board of Administration, in return for the investment of
1255such funds. The fee shall not be less than the comparable rate
1256for similar investments in terms of size and risk.
1257     4.  The proceeds of bonds, or portions thereof, issued by
1258the corporation for which a guaranty has been or will be issued
1259pursuant to s. 288.9606, s. 288.9608, or this section used to
1260make loans to any one person, including any related interests,
1261as defined in s. 658.48, of such person, shall not exceed 20
1262percent of the principal of all such outstanding bonds of the
1263corporation issued prior to the first composite bond issue of
1264the corporation, or December 31, 1995, whichever comes first,
1265and shall not exceed 15 percent of the principal of all such
1266outstanding bonds of the corporation issued thereafter, in each
1267case determined as of the date of issuance of the bonds for
1268which such determination is being made and taking into account
1269the principal amount of such bonds to be issued. The provisions
1270of this subparagraph shall not apply when the total amount of
1271all such outstanding bonds issued by the corporation is less
1272than $10 million. For the purpose of calculating the limits
1273imposed by the provisions of this subparagraph, the first $10
1274million of bonds issued by the corporation shall be taken into
1276     5.  The corporation shall establish a debt service reserve
1277account which contains not less than 6 months' debt service
1278reserves from the proceeds of the sale of any bonds, or portions
1279thereof, guaranteed by the corporation.
1280     6.  The corporation shall establish an account known as the
1281Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
1282corporation shall deposit a sum of money or other cash
1283equivalents into this fund and maintain a balance of money or
1284cash equivalents in this fund, from sources other than the
1285investment of earnings accrued and collected upon the investment
1286of the minimum balance of funds required to be maintained in the
1287State Transportation Trust Fund, not less than a sum equal to 1
1288year of maximum debt service on all outstanding bonds, or
1289portions thereof, of the corporation for which a guaranty has
1290been issued pursuant to ss. 288.9606, 288.9607, and 288.9608. In
1291the event the corporation fails to maintain the balance required
1292pursuant to this subparagraph for any reason other than a
1293default on a bond issue of the corporation guaranteed pursuant
1294to this section or because of the use by the corporation of any
1295such funds to pay insurance, maintenance, or other costs which
1296may be required for the preservation of any project or other
1297collateral security for any bond issued by the corporation, or
1298to otherwise protect the Revenue Bond Guaranty Reserve Account
1299from loss while the applicant is in default on amortization
1300payments, or to minimize losses to the reserve account in each
1301case in such manner as may be deemed necessary or advisable by
1302the corporation, the corporation shall immediately notify the
1303Department of Transportation of such deficiency. Any
1304supplemental funding authorized by an investment agreement
1305entered into with the Department of Transportation and the State
1306Board of Administration concerning the use of investment
1307earnings of the minimum balance of funds is void unless such
1308deficiency of funds is cured by the corporation within 90 days
1309after the corporation has notified the Department of
1310Transportation of such deficiency.
1311     (b)  Unless specifically prohibited in the General
1312Appropriations Act, the earnings accrued and collected upon the
1313investment of the minimum balance of funds required to be
1314maintained in the State Transportation Trust Fund may continue
1315to be used pursuant to paragraph (a).
1316     (c)  The guaranty is shall not be a general obligation of
1317the corporation or of the state, but is shall be a special
1318obligation, which constitutes the investment of a public trust
1319fund. In no event shall the guaranty constitute an indebtedness
1320of the corporation, the state of Florida, or any political
1321subdivision thereof within the meaning of any constitutional or
1322statutory limitation. Each guaranty agreement shall have plainly
1323stated on the face thereof that it has been entered into under
1324the provisions of this act and that it does not constitute an
1325indebtedness of the corporation, the state, or any political
1326subdivision thereof within any constitutional or statutory
1327limitation, and that neither the full faith and credit of the
1328state of Florida nor any of its revenues is pledged to meet any
1329of the obligations of the corporation under such guaranty
1330agreement. Each such agreement shall state that the obligation
1331of the corporation under the guaranty shall be limited to the
1332funds available in the Energy, Technology, and Economic
1333Development Guaranty Fund Revenue Bond Guaranty Reserve Account
1334as authorized by this section.
1336The corporation shall include, as part of the annual report
1337prepared pursuant to s. 288.9610, a detailed report concerning
1338the use of guaranteed bond proceeds for loans guaranteed or
1339issued pursuant to any agreement with the Florida Black Business
1340Investment Board, including the percentage of such loans
1341guaranteed or issued and the total volume of such loans
1342guaranteed or issued.
1343     (8)  In the event the corporation does not approve the
1344application for a guaranty, the applicant shall be notified in
1345writing of the corporation's determination that the application
1346not be approved.
1347     (9)  The membership of the corporation is authorized and
1348directed to conduct such investigation as it may deem necessary
1349for promulgation of regulations to govern the operation of the
1350guaranty program authorized by this section. The regulations may
1351include such other additional provisions, restrictions, and
1352conditions as the corporation, after its investigation referred
1353to in this subsection, shall determine to be proper to achieve
1354the most effective utilization of the guaranty program. This may
1355include, without limitation, a detailing of the remedies that
1356must be exhausted by the bondholders, or a trustee acting on
1357their behalf, or other credit provided before prior to calling
1358upon the corporation to perform under its guaranty agreement and
1359the subrogation of other rights of the corporation with
1360reference to the capital project and its operation or the
1361financing in the event the corporation makes payment pursuant to
1362the applicable guaranty agreement. The regulations promulgated
1363by the corporation to govern the operation of the guaranty
1364program may shall contain specific provisions with respect to
1365the rights of the corporation to enter, take over, and manage
1366all financed properties upon default. These regulations shall be
1367submitted by set forth the respective rights of the corporation
1368to the Florida Energy and Climate Commission for approval and
1369the bondholders in regard thereto.
1370     (10)  The guaranty program described in this section may be
1371used by the corporation in conjunction with any federal guaranty
1372programs described in s. 406 of the American Recovery and
1373Reinvestment Act of 2009. All policies, procedures, and
1374regulations of the guaranty program adopted by the corporation,
1375to the extent such guaranty program of the corporation is used
1376in conjunction with a federal guaranty program described in s.
1377406 of the American Recovery and Reinvestment Act of 2009, must
1378be consistent with s. 406 of the American Recovery and
1379Reinvestment Act of 2009.
1380     Section 15.  Section 288.9608, Florida Statutes, is amended
1381to read:
1382     288.9608  Creation and funding of the Energy, Technology,
1383and Economic Development Guaranty Fund guaranty account.-
1384     (1)  The corporation shall establish a debt service reserve
1385account which contains not less than 6 months' debt service
1386reserves from the proceeds of the sale of any bonds guaranteed
1387by the corporation. Funds in such debt service reserve account
1388shall be used prior to funds in the Revenue Bond Guaranty
1389Reserve Account established in subsection (2). The corporation
1390shall make best efforts to liquidate collateralized property and
1391draw upon personal guarantees, and shall utilize the Revenue
1392Bond Guaranty Reserve Account prior to use of supplemental
1393funding for the Guaranty Reserve Account under the provisions of
1394subsection (3).
1395     (2)(a)  The corporation shall establish an account known as
1396the Energy, Technology, and Economic Development Guaranty Fund
1397Revenue Bond Guaranty Reserve Account, the Guaranty Fund. The
1398corporation may shall deposit moneys a sum of money or other
1399cash equivalents into the this fund and maintain a balance in
1400the this fund, from general revenue funds of the state as are
1401authorized for that purpose or any other designated funding
1402sources not inconsistent with state law sources other than the
1403State Transportation Trust Fund, not less than a sum equal to 1
1404year of maximum debt service on all outstanding bonds, or
1405portions thereof, of the corporation for which a guaranty has
1406been issued pursuant to ss. 288.9606, 288.9607, and 288.9608.
1407     (2)(b)  If the corporation determines that the moneys in
1408the guaranty agreement fund are not sufficient to meet the
1409obligations of the guaranty agreement fund, the corporation is
1410authorized to use the necessary amount of any available moneys
1411that it may have which are not needed for, then or in the
1412foreseeable future, or committed to other authorized functions
1413and purposes of the corporation. Any such moneys so used may be
1414reimbursed out of the guaranty agreement fund if and when there
1415are moneys therein available for the purpose.
1416     (3)(c)  The determination of when additional moneys will be
1417needed for the guaranty agreement fund, the amounts that will be
1418needed, and the availability or unavailability of other moneys
1419shall be made solely by the corporation in the exercise of its
1420discretion. However, supplemental funding for the Guaranty Fund
1421as described in subsection (3) shall be made in accordance with
1422the investment agreement of the corporation and the Department
1423of Transportation and the State Board of Administration.
1424     (3)(a)  If the corporation determines that the funds in the
1425Guaranty Fund will not be sufficient to meet the present or
1426reasonably projected obligations of the Guaranty Fund, due to a
1427default on a loan made by the corporation from the proceeds of a
1428bond issued by the corporation which is guaranteed pursuant to
1429s. 288.9607(7), no later than 90 days before amortization
1430payments are due on such bonds, the corporation shall notify the
1431Secretary of Transportation and the State Board of
1432Administration of the amount of funds required to meet, as and
1433when due, all amortization payments for which the Guaranty Fund
1434is obligated. The Secretary of Transportation shall immediately
1435notify the Speaker of the House of Representatives, the
1436President of the Senate, and the chairs of the Senate and House
1437Committees on Appropriations of the amount of funds required,
1438and the projected impact on each affected year of the adopted
1439work program of the Department of Transportation.
1440     (b)  Within 30 days of the receipt of notification from the
1441corporation, the Department of Transportation shall submit a
1442budget amendment request to the Executive Office of the Governor
1443pursuant to chapter 216, to increase budget authority to carry
1444out the purposes of this section. Upon approval of said
1445amendment, the department shall proceed to amend the adopted
1446work program, if necessary, in accordance with the amendment.
1447Within 60 days of the receipt of notification, and subject to
1448approval of the budget authority, the Secretary of
1449Transportation shall transfer, subject to the amount available
1450from the source described in paragraph (c), the amount of funds
1451requested by the corporation required to meet, as and when due,
1452all amortization payments for which the Guaranty Fund is
1453obligated. Any moneys so transferred shall be reimbursed to the
1454Department of Transportation, with interest at the rate earned
1455on investment by the State Treasury, from the funds available in
1456the Guaranty Fund or as otherwise available to the corporation.
1457     (c)  Pursuant to s. 288.9607(7), the Secretary of
1458Transportation and the State Board of Administration may make
1459available for transfer to the Guaranty Fund, earnings accrued
1460and collected upon the investment of the minimum balance of
1461funds required to be maintained in the State Transportation
1462Trust Fund. However, the earnings accrued and collected upon the
1463investment of the minimum balance of funds required to be
1464maintained in the State Transportation Trust Fund which shall be
1465subject to transfer shall be limited to those earnings accrued
1466and collected on the investment of the minimum balance of funds
1467required to be maintained in the State Transportation Trust Fund
1468for the fiscal year in which the notification is received by the
1469secretary and fiscal years thereafter.
1470     (4)  If the corporation receives supplemental funding for
1471the Guaranty Fund under the provisions of this section, then any
1472proceeds received by the corporation with respect to a loan in
1473default, including proceeds from the sale of collateral for such
1474loan, enforcement of personal guarantees or other pledges to the
1475corporation to secure such loan, shall first be applied to the
1476obligation of the corporation to repay the Department of
1477Transportation pursuant to this section. Until such repayment is
1478complete, no new bonds may be guaranteed pursuant to this
1480     (5)  Prior to the use of the guaranty provided in this
1481section, and on an annual basis, the corporation must certify in
1482writing to the State Board of Administration and the Secretary
1483of Transportation that it has fully implemented the requirements
1484of this section and s. 288.9607 and the regulations of the
1486     Section 16.  Section 288.9609, Florida Statutes, is amended
1487to read:
1488     288.9609  Bonds as legal investments.-All banks, trust
1489companies, bankers, savings banks and institutions, building and
1490loan associations, savings and loan associations, investment
1491companies, and other persons carrying on a banking and
1492investment business; all insurance companies, insurance
1493associations, and other persons carrying on an insurance
1494business; and all executors, administrators, curators, trustees,
1495and other fiduciaries may legally invest any sinking funds,
1496moneys, or other funds belonging to them or within their control
1497in any bonds or other obligations issued by the corporation
1498pursuant to an interlocal agreement with a public agency of this
1499state. Such bonds and obligations shall be authorized security
1500for all public deposits. It is the purpose of this section to
1501authorize all persons, political subdivisions, and officers,
1502public and private, to use any funds owned or controlled by them
1503for the purchase of any such bonds or other obligations. Nothing
1504contained in this section with regard to legal investments shall
1505be construed as relieving any person of any duty of exercising
1506reasonable care in selecting securities.
1507     Section 17.  Section 288.9610, Florida Statutes, is amended
1508to read:
1509     288.9610  Annual reports of Florida Development Finance
1510Corporation.-By December 1 of each year, the Florida Development
1511Finance Corporation shall submit to the Governor, the President
1512of the Senate, the Speaker of the House of Representatives, the
1513Senate Minority Leader, and the House Minority Leader, and the
1514city or county activating the Florida Development Finance
1515Corporation a complete and detailed report setting forth:
1516     (1)  The evaluation required in s. 11.45(3)(j).
1517     (2)  The operations and accomplishments of the Florida
1518Development Finance Corporation, including the number of
1519businesses assisted by the corporation.
1520     (3)  Its assets and liabilities at the end of its most
1521recent fiscal year, including a description of all of its
1522outstanding revenue bonds.
1523     Section 18.  Subsection (4) of section 206.46, Florida
1524Statutes, is amended to read:
1525     206.46  State Transportation Trust Fund.-
1526     (4)  The department may authorize the investment of the
1527earnings accrued and collected upon the investment of the
1528minimum balance of funds required to be maintained in the State
1529Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1530investment shall be limited as provided in s. 288.9607(7).
1531     Section 19.  Subsection (14) of section 215.47, Florida
1532Statutes, is amended to read:
1533     215.47  Investments; authorized securities; loan of
1534securities.-Subject to the limitations and conditions of the
1535State Constitution or of the trust agreement relating to a trust
1536fund, moneys available for investments under ss. 215.44-215.53
1537may be invested as follows:
1538     (14)  The State Board of Administration, consistent with
1539sound investment policy, may invest the earnings accrued and
1540collected upon the investment of the minimum balance of funds
1541required to be maintained in the State Transportation Trust Fund
1542pursuant to s. 339.135(6)(b). Such investment shall be limited
1543as provided in s. 288.9607(7).
1544     Section 20.  Subsection (3) of section 339.08, Florida
1545Statutes, is amended to read:
1546     339.08  Use of moneys in State Transportation Trust Fund.-
1547     (3)  The department may authorize the investment of the
1548earnings accrued and collected upon the investment of the
1549minimum balance of funds required to be maintained in the State
1550Transportation Trust Fund pursuant to s. 339.135(6)(b). Such
1551investment shall be limited as provided in s. 288.9607(7).
1552     Section 21.  Paragraph (f) of subsection (7) of section
1553339.135, Florida Statutes, is amended to read:
1554     339.135  Work program; legislative budget request;
1555definitions; preparation, adoption, execution, and amendment.-
1557     (f)  The department may authorize the investment of the
1558earnings accrued and collected upon the investment of the
1559minimum balance of funds required to be maintained in the State
1560Transportation Trust Fund pursuant to paragraph (b). Such
1561investment shall be limited as provided in s. 288.9607(7).
1562     Section 22.  (1)  The Legislature finds that the ability of
1563the pilot communities designated under the Energy Economic Zone
1564Pilot Program pursuant to s. 377.809, Florida Statutes, to
1565provide incentives is essential to these communities attracting
1566clean technology industries and investments to the state and
1567establishing the base information necessary to assess whether to
1568revise state policies and expand the pilot program to other
1570     (2)  By February 1, 2011, the Department of Community
1571Affairs and the Office of Tourism, Trade, and Economic
1572Development, in consultation with the Florida Energy and Climate
1573Commission, shall submit recommendations to the Governor, the
1574President of the Senate, and the Speaker of the House of
1575Representatives of appropriate incentives and statutory
1576revisions necessary to provide the pilot communities with the
1577tools for accomplishing the goals of the pilot program. In
1578developing their recommendations, the Department of Community
1579Affairs and the Office of Tourism, Trade, and Economic
1580Development, at a minimum, shall consider:
1581     (a)  Fiscal and regulatory incentives.
1582     (b)  A jobs tax credit and corporate property tax credit
1583pursuant to chapter 220, Florida Statutes.
1584     (c)  Refunds and exemptions from the sales and use tax in
1585chapter 212, Florida Statutes, for job creation, building
1586materials, business property, and products used for clean
1587technology industries and investments within the designated
1588energy economic zones.
1589     (3)  The Department of Community Affairs and the Office of
1590Tourism, Trade, and Economic Development shall also coordinate
1591with the pilot communities and clean technology industries in
1592identifying incentives and strategies that will help attract
1593emerging clean technology industries and investments to the
1595     Section 23.  If any provision of this act or the
1596application thereof to any person or circumstance is held
1597invalid, the invalidity does not affect other provisions or
1598applications of the act that may be given effect without the
1599invalid provision or application, and to this end the provisions
1600of this act are declared to be severable.
1601     Section 24.  The Division of Statutory Revision is directed
1602to replace the phrase "the effective date of this act" wherever
1603it occurs in the underlined additions provided in this act with
1604the date this act becomes a law.
1605     Section 25.  This act shall take effect upon becoming a

CODING: Words stricken are deletions; words underlined are additions.
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