F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 1125 2024
1 A bill to be entitled
2 An act relating to economic development in gaming
3 concentrated counties; creating s. 288.401, F.S.;
4 providing a short title; creating s. 288.402, F.S.;
5 providing legislative findings and intent; creating s.
6 288.403, F.S.; providing definitions; creating s.
7 288.404, F.S.; creating Prospect Del Vista, Inc., as a
8 nonprofit corporation which is not a unit or entity of
9 state government; requiring Prospect Del Vista, Inc.,
10 to create and administer an investment fund for a
11 certain purpose in a certain manner; providing for the
12 principal of the fund; requiring Prospect Del Vista,
13 Inc., to establish a trust account for a certain
14 purpose; providing for the reversion of certain funds
15 to the State Treasury in certain circumstances;
16 requiring Prospect Del Vista, Inc., to invest and
17 reinvest the principal of the investment fund in a
18 certain manner; requiring the board of directors to
19 formulate a certain investment policy; requiring
20 Prospect Del Vista, Inc., to competitively procure one
21 or more money managers; providing requirements for
22 such money managers; providing for the deduction of
23 certain costs and fees from investment fund earnings;
24 requiring an annual audit of the investment fund;
25 requiring Prospect Del Vista, Inc., to provide certain
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26 biannual reports to the Governor and the Legislature;
27 requiring the Auditor General to annually audit the
28 investment fund and Prospect Del Vista, Inc.; creating
29 s. 288.405, F.S.; providing that Prospect Del Vista,
30 Inc., is subject to certain public records and
31 meetings requirements; providing for the board of
32 directors of Prospect Del Vista, Inc.; providing for
33 appointments, terms, and the filling of vacancies of
34 board members; subjecting the board members to certain
35 requirements and postemployment restrictions;
36 providing criminal penalties; requiring board members
37 to file certain financial disclosures; authorizing
38 board members to receive reimbursement for certain
39 travel and per diem expenses; providing that each
40 board member is responsible for certain duties;
41 providing for removal of a board member in certain
42 circumstances; requiring the board of directors to
43 meet at least quarterly for certain purposes;
44 requiring the Secretary of Commerce and the Secretary
45 of Environmental Protection, or their designees, to be
46 available for a certain purpose; authorizing Prospect
47 Del Vista, Inc., to hire or contract for certain
48 staff; requiring Prospect Del Vista, Inc., to retain
49 certain staff; providing requirements for such staff;
50 creating s. 288.406, F.S.; providing powers of the
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51 Prospect Del Vista, Inc., board of directors; creating
52 s. 288.407, F.S.; providing the duties of Prospect Del
53 Vista, Inc.; creating s. 288.408, F.S.; authorizing
54 Prospect Del Vista, Inc., to make certain awards to
55 certain projects or programs; authorizing awards for
56 certain purposes; requiring Prospect Del Vista, Inc.,
57 to establish an application procedure and scoring
58 process that gives priority to projects and programs
59 that meet certain requirements; authorizing Prospect
60 Del Vista, Inc., to make awards in certain manner;
61 requiring certain contracts to include certain
62 provisions; creating s. 288.409, F.S.; requiring the
63 scope of certain audits to include funds awarded by
64 Prospect Del Vista, Inc.; requiring the Auditor
65 General to conduct a certain operational audit
66 biennially; providing the scope of review of such
67 audits; providing an effective date.
68
69 Be It Enacted by the Legislature of the State of Florida:
70
71 Section 1. Section 288.401, Florida Statutes, is created
72 to read:
73 288.401 Short title.—Sections 288.401-288.409 may be cited
74 as the "Prospect Del Vista Infrastructure and Investment Act."
75 Section 2. Section 288.402, Florida Statutes, is created
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76 to read:
77 288.402 Prospect Del Vista, Inc.; legislative intent.—The
78 Legislature recognizes that supporting counties affected by
79 increased density because of a concentration of licensed pari -
80 mutuel facilities to ensure goals for economic improvement and
81 variation are achieved is in the best interest of the citizens
82 of the state. The Legislature intends to provide a long -term
83 source of funding for efforts of economic improvement and
84 augmentation in gaming concentrated counties. The Legislature
85 finds that it is important to help businesses, individuals, and
86 local governments in counties affected by increased density
87 because of a concentration of licensed gaming facilities.
88 Section 3. Section 288.403, Florida Statutes, is created
89 to read:
90 288.403 Definitions.—As used in this act, the term:
91 (1) "Awardee" means a person, organization, or local
92 government granted an award of funds from the investment fund
93 for a project or program.
94 (2) "Earnings" means all the income generated by
95 investments and interest.
96 (3) "Gaming concentrated county" means any county with
97 five or more operating Florida licensed pari-mutuel
98 permitholders.
99 (4) "Investment fund" means a trust account established by
100 Prospect Del Vista, Inc., for the benefit of gaming concentrated
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101 counties.
102 Section 4. Section 288.404, Florida Statutes, is created
103 to read:
104 288.404 Prospect Del Vista, Inc.; investment fund;
105 creation; investment.—
106 (1) There is created a nonprofit corporation, to be known
107 as Prospect Del Vista, Inc., which shall be registered,
108 incorporated, organized, and operated in compliance with chapter
109 617, and which is not a unit or entity of state government.
110 Prospect Del Vista, Inc., may receive, hold, invest, and
111 administer the investment fund in support of this act. Prospect
112 Del Vista, Inc., is not subject to control, supervision, or
113 direction by the Department of Commerce in any manner,
114 including, but not limited to, personnel, purchasing,
115 transactions involving real or personal property, and budgetary
116 matters.
117 (2) Prospect Del Vista, Inc., must create and administer
118 the investment fund for the benefit of gaming concentrated
119 counties. The principal of the fund shall derive from General
120 Revenue. The amount deposited into the fund from General Revenue
121 shall equal the difference in slot machine revenue tax paid to
122 the Florida Gaming Control Commission collected from all
123 licensed pari-mutuel facilities in the year immediately before
124 and each subsequent year after a county becomes a gaming
125 concentrated county.
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126 (3) The investment fund must be maintained as a long-term
127 and stable source of revenue for gaming concentrated counties.
128 Prospect Del Vista, Inc., shall establish a trust account at a
129 federally insured financial institution to hold funds and make
130 deposits and payments. Earnings generated by investments and
131 interest of the fund, plus the amount of principal available
132 each year, must be available to make awards pursuant to this act
133 and pay administrative costs. Earnings must be accounted for
134 separately from principal funds set forth in subsection (2).
135 Administrative costs are limited to 2.25 percent of the earnings
136 in a calendar year. Administrative costs include payment of
137 investment fees, travel and per diem expenses of board members,
138 audits, salary or other costs for employed or contr acted staff,
139 including required staff under s. 288.405(9), and other
140 allowable costs. If the investment fund is dissolved, any funds
141 remaining shall revert to the State Treasury.
142 (4) Prospect Del Vista, Inc., shall invest and reinvest
143 the principal of the investment fund in accordance with s.
144 617.2104 in a manner that does not subject the funds to state or
145 federal taxes and is consistent with an investment policy
146 statement adopted by the corporation.
147 (a) The board of directors shall formulate an investment
148 policy governing the investment of the principal of the
149 investment fund. The policy shall pertain to the types, kinds,
150 or nature of investment of any of the funds, and any
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151 limitations, conditions, or restrictions upon the methods,
152 practices, or procedures for investment, reinvestments,
153 purchases, sales, or exchange transactions, provided such
154 policies shall not conflict with nor be in derogation of any
155 state constitutional provision or law. The policy shall be
156 formulated with the advice of the financial advisor in
157 consultation with the State Board of Administration.
158 (b) Prospect Del Vista, Inc., must competitively procure
159 one or more money managers, under the advice of the financial
160 advisor in consultation with the State Board of Administration,
161 to invest the principal of the investment fund. The applicant
162 manager or managers may not include representatives from the
163 financial institution housing the trust account for the
164 investment fund. The applicant manager or managers must present
165 a plan to invest the investment fund to maximize earnings while
166 prioritizing the preservation of investment fund principal. Any
167 agreement with a money manager must be reviewed by Prospect Del
168 Vista, Inc., for continuance at least every 5 years. Plans must
169 include investment in technology and growth businesses domiciled
170 in, or that will be domiciled in, this state or businesses for
171 which their principal addresses are in this state.
172 (c) Costs and fees for investment services must be
173 deducted from the earnings as administrative costs. Fees for
174 investment services may not be greater than 150 basis points.
175 (d) Annually, Prospect Del Vista, Inc., shall cause an
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176 audit to be conducted of the investment of the Investment Fund
177 by the independent certified public accountant retained in s.
178 288.405. The expense of such audit shall be paid from earnings
179 for administrative purposes.
180 (5) Prospect Del Vista, Inc., shall biannually on June 30
181 and December 30 provide a report to the Governor, the President
182 of the Senate, and the Speaker of the House of Representatives
183 on the financial status of the investment fund and its
184 investments, the established priorities, the project and program
185 selection process, including a list of all submitted projects
186 and reasons for approval or denial, and the status of all
187 approved awards.
188 (6) The Auditor General shall annually conduct an audit of
189 the investment fund and Prospect Del Vista, Inc. Prospect Del
190 Vista, Inc., shall provide to the Auditor General any detail or
191 supplemental data required.
192 Section 5. Section 288.405, Florida Statutes, is created
193 to read:
194 288.405 Prospect Del Vista, Inc., organization; board of
195 directors.—
196 (1) Prospect Del Vista, Inc., is subject to the provisions
197 of chapter 119 relating to public records and of chapter 286
198 relating to public meetings and records.
199 (2) Prospect Del Vista, Inc., shall be governed by a five -
200 member board of directors. The President of the Senate and the
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201 Speaker of the House of Representatives shall each appoint two
202 members from the private sector. The Governor shall appoint one
203 member from the private sector. The board of directors shall
204 annually elect a chairperson from among the board's members. The
205 chairperson may be removed by a majority vote of the members.
206 His or her successor shall be elected to serve for the balance
207 of the removed chairperson's term. The chairperson is
208 responsible to ensure records are kept of the proceedings of the
209 board of directors and is the custodian of all books, documents,
210 and papers filed with the board; the minutes of meetings of the
211 board; and the official seal of Prospect Del Vista, Inc.
212