Senate Bill 1802c1

    Florida Senate - 1999                           CS for SB 1802

    By the Committee on Banking and Insurance; and Senator Latvala





    311-2005-99

  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Florida Health Endowment Trust Fund within the

  4         State Board of Administration; providing for

  5         sources of moneys in the trust fund; providing

  6         for an annual carryforward of funds; providing

  7         for the trust fund to be used solely for the

  8         purposes of the Florida Health Endowment

  9         Association; providing a contingent effective

10         date.

11

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

13

14         Section 1.  Trust fund.--

15         (1)  FLORIDA HEALTH ENDOWMENT TRUST FUND.--There is

16  created within the State Board of Administration the Florida

17  Health Endowment Trust Fund. The fund shall consist of state

18  appropriations, moneys acquired from other governmental or

19  private sources, premiums paid in accordance with insurance

20  contracts from the Florida Health Endowment Association, and

21  voluntary contributions from insurance companies. All funds

22  deposited into the trust fund may be invested pursuant to

23  section 215.47, Florida Statutes. Dividends, interest, and

24  gains accruing to the trust fund shall increase the total

25  funds available for the program. Any balance contained within

26  the fund at the end of a fiscal year shall remain in the fund

27  and shall be available for carrying out the purposes of the

28  Florida Health Endowment Association. If the dividends,

29  interest, and gains exceed the amount necessary for program

30  administration and payment of insurance benefits, the board

31  may designate an additional percentage of the fund to serve as

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






    Florida Senate - 1999                           CS for SB 1802
    311-2005-99




  1  a contingency fund. Moneys contained within the fund are

  2  exempt from the investment requirements of section 18.10,

  3  Florida Statutes.

  4         (2)  OBLIGATIONS OF BOARD; PAYMENT.--The state shall

  5  agree to meet the obligations of the board to participants in

  6  the plan if moneys in the fund fail to offset the obligations

  7  of the board. The Legislature shall appropriate to the Florida

  8  Health Endowment Trust Fund the amount necessary to meet the

  9  obligations of the board to the participants in the plan.

10         (3)  ASSETS OF THE FUND; EXPENDITURE PRIORITY.--The

11  assets of the fund shall be maintained, invested, and expended

12  solely for the purposes of the Florida Health Endowment

13  Association and may not be loaned, transferred, or otherwise

14  used by the state for any purpose other than the purposes of

15  the association. This subsection does not prohibit the board

16  from investing in, by purchase or otherwise, bonds, notes, or

17  other obligations of the state or an agency or instrumentality

18  of the state.

19         Section 2.  This act shall take effect on the effective

20  date of Committee Substitute for Senate Bill 1800, relating to

21  the Florida Health Endowment Association, but shall not take

22  effect if such legislation does not become a law.

23

24          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
25                         Senate Bill 1802

26

27  Provides that the bill shall take effect on the effective date
    of Committee Substitute for Senate Bill 1800, relating to the
28  Florida Health Endowment Association, but shall not take
    effect if such legislation does not become a law.
29

30

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