House Bill 1827
CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 1827
By Representative Edwards
1 A bill to be entitled
2 An act relating to the Florida Forever Trust
3 Fund; creating s. 375.046, F.S.; creating the
4 Florida Forever Trust Fund; providing its
5 purposes; providing a contingent effective
6 date.
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8 Be It Enacted by the Legislature of the State of Florida:
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10 Section 1. Section 375.046, Florida Statutes, is
11 created to read:
12 375.046 Florida Forever Trust Fund.--
13 (1) There is created the Florida Forever Trust Fund to
14 carry out the purposes of ss. 259.032, 259.202, and 375.031.
15 The Florida Forever Trust Fund shall be held and administered
16 by the Department of Environmental Protection. Proceeds from
17 the sale of revenue bonds issued under s. 375.051 and payable
18 from moneys transferred to the Land Acquisition Trust Fund
19 under s. 201.15(1)(a), not to exceed $4 billion, must be
20 deposited into this trust fund to be distributed and used as
21 provided in s. 259.202(3). The bond resolution adopted by the
22 governing board of the Division of Bond Finance of the State
23 Board of Administration may provide for additional provisions
24 that govern the disbursement of the bond proceeds.
25 (2) The Department of Environmental Protection shall
26 distribute revenues from the Florida Forever Trust Fund only
27 to programs of state agencies or local governments as set out
28 in s. 259.202(3). The distributions shall be spent by the
29 recipient within 90 days after the date on which the
30 Department of Environmental Protection initiates the transfer.
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 1827
519-163-99
1 (3) The Department of Environmental Protection shall
2 ensure that the proceeds from the sale of revenue bonds issued
3 under s. 375.051 and payable from moneys transferred to the
4 Land Acquisition Trust Fund under s. 201.15(1)(a) shall be
5 administered and expended in a manner that ensures compliance
6 of each issue of revenue bonds that are issued on the basis
7 that interest thereon will be excluded from gross income for
8 federal income tax purposes, with the applicable provisions of
9 the United States Internal Revenue Code and the regulations
10 promulgated thereunder, to the extent necessary to preserve
11 the exclusion of interest on the revenue bonds from gross
12 income for federal income tax purposes. The Department of
13 Environmental Protection shall administer the use and
14 disbursement of the proceeds of such revenue bonds or require
15 that the use and disbursement thereof be administered in a
16 manner to implement strategies to maximize any available
17 benefits under the applicable provisions of the United States
18 Internal Revenue Code or regulations promulgated thereunder,
19 to the extent not inconsistent with the purposes identified in
20 s. 259.202(3).
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22 Upon a determination by the Department of Environmental
23 Protection that proceeds being held in the trust fund to
24 support distributions outside the Department of Environmental
25 Protection are not likely to be disbursed in accordance with
26 the foregoing considerations, the Department of Environmental
27 Protection shall petition the Governor and Cabinet to allow
28 for the immediate disbursement of such funds for the
29 acquisition of projects approved for purchase under the
30 provisions of chapter 259.
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 1827
519-163-99
1 Section 2. This act shall take effect on the effective
2 date of House Bill 641 or similar legislation adopted in the
3 same legislative session or an extension thereof.
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6 HOUSE SUMMARY
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Creates the Florida Forever Trust Fund to be administered
8 by the Department of Environmental Protection for
distributing bond proceeds for conservation and
9 recreation purposes.
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