Senate Bill sb2424

    Florida Senate - 2007                                  SB 2424

    By Senator Ring





    32-1934-07

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         288.9629, F.S.; creating the Institute for the

  4         Commercialization of Public Research Trust

  5         Fund; providing for the use of the fund;

  6         providing for an annual carryforward of funds;

  7         providing for future 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 288.9629, Florida Statutes, is

14  created to read:

15         288.9629  Institute for the Commercialization of Public

16  Research Trust Fund.--

17         (1)  The Institute for the Commercialization of Public

18  Research Trust Fund is created within the State Treasury for

19  the purpose of funding the organizational and operational

20  expenses of the Institute for the Commercialization of Public

21  Research in support of the activities as authorized in s.

22  288.9628.

23         (2)  Funds credited to the trust fund shall consist of

24  funds appropriated by the Legislature for the fund, grants and

25  donations received by the fund, and investment earnings.

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

27  216.351, any balance in the trust fund at the end of the

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

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

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

31  State Constitution, the Institute for the Commercialization of

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






    Florida Senate - 2007                                  SB 2424
    32-1934-07




 1  Public Research Trust Fund shall, unless terminated sooner, be

 2  terminated on July 1, 2012. Before its scheduled termination,

 3  the trust fund shall be reviewed as provided in s. 215.3206(1)

 4  and (2).

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

 6  Senate Bill ____ or similar legislation creating the Institute

 7  for the Commercialization of Public Research is adopted in the

 8  same legislative session or an extension thereof and becomes

 9  law.

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12                          SENATE SUMMARY

13    Creates the Institute for the Commercialization of Public
      Research Trust Fund. Provides for the use of the fund.
14    Provides for review and termination or re-creation of the
      trust fund.
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CODING: Words stricken are deletions; words underlined are additions.