HB 441 Summary: Capital Formation for Infrastructure Projects

• Creates the Florida Infrastructure Fund Partnership as a private, for-profit limited partnership managed by the Florida Opportunity Fund to raise and invest capital in state infrastructure projects promoting economic development.

• Authorizes the Florida Development Finance Corporation to issue up to $350 million in contingent state bonds to investment partners, with a maximum fee of 0.25% of aggregate committed capital.

• Requires partnerships to obtain minimum commitment agreements of $100 million by December 1, 2017, with total principal investment capital not exceeding $350 million, and mandates annual reporting to the Governor and Legislature.

• Partnership may invest only in infrastructure projects that fulfill important state needs, have funding from other sources (totaling at least twice the partnership's investment), and meet specific evaluation criteria including job creation potential and management quality.

• Establishes investment restrictions prohibiting partnerships from investing with prohibited or scrutinized companies, and allows investment partners with net capital losses at maturity to elect either to have contingent bonds sold or maintain their investment in the partnership.