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Senate Memorial

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A memorial to the Congress of the United States, urging

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Congress to pass legislation that exempts from taxation

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all reserves placed in escrow for the exclusive use of

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paying potential future property insurance claims arising

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out of natural catastrophes.

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     WHEREAS, numerous severe hurricanes have caused widespread

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property damage in Florida during the past 3 years, and

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     WHEREAS, the consequences of those devastating storms

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include a crisis in the insurance industry and a resulting

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inability to reimburse homeowners for their losses, and

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     WHEREAS, this state is not only one of the fastest-growing

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in the nation but is also the premier tourist destination for

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travelers from other regions of the United States, and

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     WHEREAS, the State Legislature has taken drastic steps to

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shore up the faltering finances of hard-hit homeowners and

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insurance companies, but is in need of further assistance in

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promoting economic recovery, NOW, THEREFORE,

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Be It Resolved by the Legislature of the State of Florida:

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     That the Congress of the United States is requested to enact

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legislation that exempts from taxation all reserves that

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insurance companies or governmental entities place in escrow in a

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national catastrophe fund to be used exclusively for paying

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future property-insurance claims arising out of natural

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catastrophes.

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     BE IT FURTHER RESOLVED that copies of this memorial be

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dispatched to the President of the United States, to the

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President of the United States Senate, to the Speaker of the

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United States House of Representatives, and to each member of the

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Florida delegation to the United States Congress.