Senate Bill 1988c1

    Florida Senate - 1998                           CS for SB 1988

    By the Committee on Natural Resources and Senators Diaz-Balart
    and Kirkpatrick




    312-2126-98

  1                      A bill to be entitled

  2         An act relating to the Lake Belt Mitigation

  3         Fund; creating the fund within the South

  4         Florida Water Management District; providing

  5         for sources of moneys and purposes; providing

  6         an effective date.

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

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10         Section 1.  The Lake Belt Mitigation Trust Fund is

11  hereby created, to be administered by the South Florida Water

12  Management District. The trust fund is created to carry out

13  the purposes in section 373.4139, Florida Statutes.

14         Section 2.  The South Florida Water Management District

15  may issue revenue bonds pursuant to section 373.584, Florida

16  Statutes, by pledging the revenues from the Lake Belt

17  Mitigation Fee, in accordance with these sections of law.

18         Section 3.  Net proceeds from the Lake Belt Mitigation

19  Fee and from any revenue bond issues will be deposited in this

20  trust fund and, together with any interest earnings, applied

21  against Lake Belt mitigation projects in accordance with

22  section 373.4139, Florida Statutes.

23         Section 4.  This act shall take effect July 1, 1998.

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






    Florida Senate - 1998                           CS for SB 1988
    312-2126-98




  1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
  2                             SB 1988

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  4  The committee substitute rewrites the bill to create the Lake
    Belt Mitigation Trust Fund to be administered by the South
  5  Florida Water Management District.

  6  The South Florida Water Management District may issue revenue
    bonds pursuant to s. 373.584, F.S., by pledging the revenues
  7  from the Lake Belt Mitigation Fee. The net proceeds from the
    Lake Belt Mitigation Fee and from any revenue bond issues will
  8  be deposited in this trust fund, and together with any
    interest earnings, applied against Lake Belt mitigation
  9  projects.

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