Senate Bill 1968c1

    Florida Senate - 1999                           CS for SB 1968

    By the Committee on Fiscal Policy and Senator Casas





    309-1902-99

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         430.42, F.S.; creating the Department of

  4         Elderly Affairs Tobacco Settlement Trust Fund;

  5         providing for sources of moneys and purposes;

  6         providing for reversion of funds to the

  7         Department of Banking and Finance Tobacco

  8         Settlement Clearing Trust Fund; providing for

  9         future review and termination or re-creation of

10         the trust fund; providing an effective date.

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

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14         Section 1.  Section 430.42, Florida Statutes, is

15  created to read:

16         430.42  Department of Elderly Affairs Tobacco

17  Settlement Trust Fund.--

18         (1)  The Department of Elderly Affairs Tobacco

19  Settlement Trust Fund is created within that department. Funds

20  to be credited to the trust fund shall consist of funds

21  disbursed, by nonoperating transfer, from the Department of

22  Banking and Finance Tobacco Settlement Clearing Trust Fund in

23  amounts equal to the annual appropriations made from this

24  trust fund. Funds shall be used as appropriated for any of the

25  purposes that are permitted or required by the tobacco

26  settlement.

27         (2)  Notwithstanding the provisions of s. 216.301 and

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

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

30  remaining undisbursed on December 31 of the same calendar year

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






    Florida Senate - 1999                           CS for SB 1968
    309-1902-99




  1  shall revert to the Department of Banking and Finance Tobacco

  2  Settlement Clearing Trust Fund.

  3         (3)  The trust fund shall, unless terminated sooner, be

  4  terminated on July 1, 2003; however, prior to the trust fund's

  5  scheduled termination pursuant to the provisions of s.

  6  19(f)(2), Art. III of the State Constitution, the trust fund

  7  shall be reviewed as provided in s. 215.3206(1) and (2).

  8         Section 2.  This act shall take effect July 1, 1999.

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10          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
11                             SB 1968

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13  Provides for the reversion of funds to the Department of
    Banking and Finance Tobacco Settlement Clearing Trust Fund
14  instead of the Lawton Chiles Endowment Fund for Children and
    Elders.
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