House Bill 1865e1

                                      HB 1865, First Engrossed/ntc



  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         17.41, F.S.; creating the Department of Banking

  4         and Finance Tobacco Settlement Clearing Trust

  5         Fund; providing for sources of moneys;

  6         providing for exemption from various service

  7         charges; providing purposes; providing for

  8         investment of such moneys; providing for

  9         disbursement of funds to the tobacco settlement

10         trust funds of the various agencies; providing

11         for reversion of funds to the Lawton Chiles

12         Endowment Fund for Children and Elders;

13         proclaiming that the trust fund is exempt from

14         constitutional termination; providing an

15         effective date.

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

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19         Section 1.  Section 17.41, Florida Statutes, is created

20  to read:

21         17.41  Department of Banking and Finance Tobacco

22  Settlement Clearing Trust Fund.--

23         (1)  The Department of Banking and Finance Tobacco

24  Settlement Clearing Trust Fund is created within that

25  department.

26         (2)  Funds to be credited to the trust fund shall

27  consist of all annual payments received by the state from

28  settlement of State of Florida v. American Tobacco Co., Case

29  No. 95-1466AH, in the Circuit Court for the Fifteenth Judicial

30  Circuit, in and for Palm Beach County, Florida. All moneys

31  received from the settlement shall be deposited into the trust


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






                                      HB 1865, First Engrossed/ntc



  1  fund and are exempt from the service charges imposed under s.

  2  215.20.

  3         (3)  The State Board of Administration shall invest and

  4  reinvest the moneys in the trust fund in accordance with ss.

  5  215.44-215.53. Costs and fees of the State Board of

  6  Administration for providing such investment services shall be

  7  deducted from the earnings accruing to the trust fund.

  8         (4)  The department shall disburse funds, by

  9  nonoperating transfer, from the clearing trust fund to the

10  tobacco settlement trust funds of the various agencies in

11  amounts equal to the annual appropriations made from those

12  trust funds in the General Appropriations Act. Additionally,

13  the department shall disburse funds, by nonoperating transfer,

14  from the clearing trust fund to the Lawton Chiles Endowment

15  Fund for Children and Elders in amounts specified by law.

16         (5)  Notwithstanding the provisions of s. 216.301 and

17  pursuant to s. 216.351, any unencumbered balance in the trust

18  fund at the end of any fiscal year and any encumbered balance

19  remaining undisbursed on December 31 of the same calendar year

20  shall revert to the Lawton Chiles Endowment Fund for Children

21  and Elders.

22         (6)  Pursuant to the provisions of s. 19(f)(3), Art.

23  III of the State Constitution, the trust fund is not subject

24  to termination under s. 19(f)(2), Art. III of the State

25  Constitution.

26         Section 2.  This act shall take effect upon becoming a

27  law.

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