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HB 5011 — Termination of the Lawton Chiles Endowment Fund
by Appropriations Committee and Rep. Trumbull
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Appropriations Committee (AP)
The bill eliminates the Lawton Chiles Endowment Fund (fund) and redirects the funds to the Budget Stabilization Fund. The bill directs the State Board of Administration to liquidate the assets in the fund by June 30, 2022. The bill will increase the reserves held in the Budget Stabilization Fund.
If approved by the Governor, these provisions take effect July 1, 2021.
Vote: Senate 28-12; House 80-36