CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
dhs-21 Bill No. SB 1670
Amendment No. (for drafter's use only)
CHAMBER ACTION
Senate House
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11 Representative(s) Wise offered the following:
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13 Amendment (with title amendment)
14 Remove from the bill: Everything after the enacting clause
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16 and insert in lieu thereof:
17 Section 1. Section 240.4595, Florida Statutes, is
18 created to read:
19 240.4595 Student Loan Operating Trust Fund.--
20 (1) The Student Loan Operating Trust Fund is hereby
21 created, to be administered by the Department of Education.
22 Funds shall be credited to the trust fund pursuant to the
23 Higher Education Act of 1965, as amended, from loan processing
24 and issuance fees, administrative cost allowances, account
25 maintenance fees, default aversion fees, amounts remaining
26 from collection of defaulted loans, amounts borrowed from the
27 Student Loan Guaranty Reserve Fund, and other amounts
28 specified in federal regulation. The purpose of the trust fund
29 is to segregate funds used for administration of the
30 guaranteed student loan program from the reserve funds used to
31 guarantee student loans contained in the Student Loan Guaranty
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File original & 9 copies 04/28/99
hbd0011 12:53 pm 01670-0013-932811
HOUSE AMENDMENT
dhs-21 Bill No. SB 1670
Amendment No. (for drafter's use only)
1 Reserve Fund. The fund is exempt from the service charges
2 imposed by s. 215.20.
3 (2) Notwithstanding the provisions of s. 216.301 and
4 pursuant to s. 216.351, any balance in the trust fund at the
5 end of any fiscal year shall remain in the trust fund at the
6 end of the year and shall be available for carrying out the
7 purposes of the trust fund.
8 (3) Pursuant to the provisions of s. 19(f)(2), Art.
9 III of the State Constitution, the trust fund shall, unless
10 terminated sooner, be terminated on July 1, 2003. However,
11 prior to its scheduled termination, the trust fund shall be
12 reviewed as provided in s. 215.3206(1) and (2).
13 Section 2. Funds for administration of the guaranteed
14 student loan program pursuant to the Higher Education Act of
15 1965, as amended, shall be transferred from the Student Loan
16 Guaranty Reserve Fund to the Student Loan Operating Trust Fund
17 on July 1, 1999.
18 Section 3. This act shall take effect July 1, 1999.
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22 And the title is amended as follows:
23 remove from the title of the bill: everything before the
24 enacting clause
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26 and insert in lieu thereof:
27 A bill to be entitled
28 An act relating to trust funds; creating s.
29 240.4595, F.S.; creating the Student Loan
30 Operating Trust Fund within the Department of
31 Education; providing for sources of funds and
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File original & 9 copies 04/28/99
hbd0011 12:53 pm 01670-0013-932811
HOUSE AMENDMENT
dhs-21 Bill No. SB 1670
Amendment No. (for drafter's use only)
1 purposes; exempting the trust fund from various
2 service charges; providing for annual
3 carryforward of funds; providing for future
4 review and termination or re-creation of the
5 trust fund; providing for transfer of certain
6 funds to the trust fund; providing an effective
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File original & 9 copies 04/28/99
hbd0011 12:53 pm 01670-0013-932811