Senate Bill 1962e1

    CS for SB 1962                           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;

11         proclaiming that the trust fund is exempt from

12         constitutional termination; providing an

13         effective date.

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

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

18  to read:

19         17.41  Department of Banking and Finance Tobacco

20  Settlement Clearing Trust Fund.--

21         (1)  The Department of Banking and Finance Tobacco

22  Settlement Clearing Trust Fund is created within that

23  department.

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

25  consist of all annual payments received by the state from

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

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

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

29  received from the settlement shall be deposited into the trust

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

31  215.20.


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






    CS for SB 1962                           First Engrossed (ntc)



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

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

  3  215.44-215.53. Costs and fees of the State Board of

  4  Administration for providing such investment services shall be

  5  deducted from the earnings accruing to the trust fund.

  6         (4)  The department shall disburse funds, by

  7  nonoperating transfer, from the clearing trust fund to the

  8  tobacco settlement trust funds of the various agencies in

  9  amounts equal to the annual appropriations made from those

10  trust funds in the General Appropriations Act.

11         (5)  Pursuant to the provisions of s. 19(f)(3), Art.

12  III of the State Constitution, the trust fund is exempt from

13  the termination provisions of s. 19(f)(2), Art. III of the

14  State Constitution.

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

16  law.

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