Senate Bill sb2418

    Florida Senate - 2007                                  SB 2418

    By Senator Ring





    32-1879-07

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         288.9565, F.S.; creating the Sure Ventures

  4         Commercialization Trust Fund within the State

  5         Treasury; providing for the use of the funds;

  6         providing for the annual carryforward of funds;

  7         providing for review and termination or

  8         re-creation of the trust fund; providing a

  9         contingent effective date.

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11  Be It Enacted by the Legislature of the State of Florida:

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13         Section 1.  Section 288.9565, Florida Statutes, is

14  created to read:

15         288.9565  Sure Ventures Commercialization Trust Fund.--

16         (1)  The Sure Ventures Commercialization Trust Fund is

17  created within the State Treasury to fund grants approved by

18  Sure Ventures Commercialization, Inc., to universities in this

19  state and to support the operations of the corporation as

20  authorized in s. 288.9561.

21         (2)  Funds to be credited to the trust fund shall

22  consist of funds appropriated by the Legislature for the Sure

23  Ventures Commercialization Grant Program, grants and donations

24  received by the corporation, investment earnings pursuant to

25  s. 288.9561(6), and the repayment of grant awards pursuant to

26  s. 288.9561(7).

27         (3)  Notwithstanding s. 216.301 and pursuant to s.

28  216.351, any balance in the trust fund at the end of the

29  fiscal year shall remain in the trust fund and shall be

30  available for carrying out the purposes of the trust fund.

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    Florida Senate - 2007                                  SB 2418
    32-1879-07




 1         (4)  In accordance with s. 19(f)(2), Art. III of the

 2  State Constitution, the Sure Ventures Commercialization Trust

 3  Fund shall, unless terminated sooner, be terminated on July 1,

 4  2011. Before its scheduled termination, the trust fund shall

 5  be reviewed as provided in s. 215.3206(1) and (2).

 6         Section 2.  This act shall take effect July 1, 2007, if

 7  Senate Bill ____ or similar legislation creating the Sure

 8  Ventures Commercialization Grant Program is adopted in the

 9  same legislative session or an extension thereof and becomes

10  law.

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13                          SENATE SUMMARY

14    Creates the Sure Ventures Commercialization Trust Fund.
      Provides for the use of the funds. Provides for review
15    and termination or re-creation of the trust fund.

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