Senate Bill 1174

    Florida Senate - 1998                                  SB 1174

    By Senator Lee





    23-1216-98                                              See HB

  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Investment Fraud Restoration Trust Fund within

  4         the Department of Banking and Finance;

  5         providing for sources of moneys and purposes;

  6         providing for future review and termination or

  7         re-creation of the trust fund; providing a

  8         contingent effective date.

  9

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

11

12         Section 1.  The Investment Fraud Restoration Trust Fund

13  is hereby created, to be administered by the Department of

14  Banking and Finance.  Funds shall be credited to the trust

15  fund as provided in HB      or similar legislation, to be used

16  for the purposes set forth therein.

17         Section 2.  (1)  Pursuant to the provisions of Section

18  19(f)(2), Article III of the State Constitution, the

19  Investment Fraud Restoration Trust Fund shall, unless

20  terminated sooner, be terminated on July 1, 2002.

21         (2)  Prior to the regular legislative session

22  immediately preceding the date on which the trust fund is

23  scheduled to be terminated, the Department of Banking and

24  Finance and the Governor shall recommend to the President of

25  the Senate and the Speaker of the House of Representatives

26  whether the trust fund should be allowed to terminate or

27  should be re-created.  These recommendations shall be based on

28  a review of the purpose and use of the trust fund and a

29  determination of whether the trust fund will continue to be

30  necessary.  A recommendation to re-create the trust fund may

31  include suggested modifications to the purposes, sources of

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






    Florida Senate - 1998                                  SB 1174
    23-1216-98                                              See HB




  1  receipts, and allowable expenditures for the trust fund.  The

  2  department's recommendation shall be made as a part of its

  3  legislative budget request to the Legislature pursuant to

  4  section 216.023, Florida Statutes.  The Governor's

  5  recommendation shall be made as a part of the recommended

  6  budget presented to the Legislature pursuant to section

  7  216.162, Florida Statutes.

  8         (3)  If the trust fund is terminated, the Department of

  9  Banking and Finance shall pay any outstanding debts or

10  obligations of the trust fund as soon as practicable and the

11  Comptroller shall close out and remove the trust fund from the

12  various state accounting systems, using generally accepted

13  accounting practices concerning warrants outstanding, assets,

14  and liabilities.

15         Section 3.  This act shall take effect July 1 of the

16  year in which enacted, if HB      or similar legislation is

17  adopted in the same legislative session or an extension

18  thereof.

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20            *****************************************

21                          HOUSE SUMMARY

22
      Creates the Investment Fraud Restoration Trust Fund
23    within the Department of Banking and Finance, and
      provides for its sources of moneys and purposes.
24    Provides for future review and termination or re-creation
      of the trust fund.
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