The Florida Senate

¹240.40  State Student Financial Assistance Trust Fund.--

(1)  The State Student Financial Assistance Trust Fund is hereby created, to be administered by the Department of Education. Funds shall be credited to the trust fund as provided in the General Appropriations Act or similar legislation, to be used for the purposes set forth therein.

(2)  ²The department may transfer into this trust fund general revenue, private donations for the purpose of matching state funds, and federal receipts for scholarships and grant programs. An individual account code shall be established for each funded scholarship and grant program for auditing purposes.

(3)  Notwithstanding the provisions of s. 216.301, and pursuant to s. 216.351, any balance in the trust fund at the end of any fiscal year shall remain in the trust fund and shall be available for carrying out the purposes of the trust fund.

History.--s. 1, ch. 95-226; s. 1, ch. 95-375.

¹Note.--Section 2, ch. 95-375, provides that:

"(1)  Pursuant to the provisions of Section 19(f)(2), Article III of the State Constitution, the State Student Financial ³Assistance Trust Fund shall, unless terminated sooner, be terminated on July 1, 1999.

"(2)  Prior to the regular legislative session immediately preceding the date on which the trust fund is scheduled to be terminated, the Department of Education and the Governor shall recommend to the President of the Senate and the Speaker of the House of Representatives whether the trust fund should be allowed to terminate or should be re-created. These recommendations shall be based on a review of the purpose and use of the trust fund and a determination of whether the trust fund will continue to be necessary. A recommendation to re-create the trust fund may include suggested modifications to the purpose, sources of receipts, and allowable expenditures for the trust fund. The department's recommendation shall be made as a part of its legislative budget request to the Legislature pursuant to section 216.023, Florida Statutes. The Governor's recommendation shall be made as a part of the recommended budget presented to the Legislature pursuant to section 216.162, Florida Statutes.

"(3)  If the trust fund is terminated, the Department of Education shall pay any outstanding debts or obligations of the trust fund as soon as practicable and the Comptroller shall close out and remove the trust fund from the various state accounting systems, using generally accepted accounting practices concerning warrants outstanding, assets, and liabilities."

²Note.--As created by s. 1, ch. 95-375, this sentence reads: "The department is authorized to transfer general revenue, private donations, and federal receipts for scholarship and grant programs into the trust fund."

³Note.--Section 2, ch. 95-226, is identical to s. 2, ch. 95-375, except that s. 2, ch. 95-226, uses the word "Aid" instead of "Assistance" here. The Student Financial Aid Trust Fund, created in s. 240.415, was repealed by s. 5, ch. 95-145.