House Bill 2115
CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 2115
By Representative Dockery
1 A bill to be entitled
2 An act relating to the Stewardship Florida
3 Trust Fund; creating s. 259.1051 F.S.; creating
4 the Stewardship Florida Trust Fund; providing
5 sources of moneys; providing purposes and
6 requirements; providing duties of the
7 Department of Environmental Protection;
8 providing a contingent effective date.
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10 Be It Enacted by the Legislature of the State of Florida:
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12 Section 1. Section 259.1051, Florida Statutes, is
13 created to read:
14 259.1051 Stewardship Florida Trust Fund.--
15 (1) There is created the Stewardship Florida Trust
16 Fund to carry out the purposes of ss. 259.032, 259.105, and
17 375.031. The Stewardship Florida Trust Fund shall be held and
18 administered by the Department of Environmental Protection.
19 Proceeds from the sale of revenue bonds issued under s.
20 375.051 and payable from moneys transferred to the Land
21 Acquisition Trust Fund under s. 201.15(1)(a), not to exceed $3
22 billion, must be deposited into this trust fund to be
23 distributed and used as provided in s. 259.105(3). The bond
24 resolution adopted by the governing board of the Division of
25 Bond Finance of the State Board of Administration may provide
26 for additional provisions that govern the disbursement of the
27 bond proceeds.
28 (2) The Department of Environmental Protection shall
29 distribute revenues from the Stewardship Florida Trust Fund
30 only to programs of state agencies or local governments as set
31 out in s. 259.105(3). The distributions shall be spent by the
1
CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 2115
578-124-99
1 recipient within 90 days after the date on which the
2 Department of Environmental Protection initiates the transfer.
3 (3) The Department of Environmental Protection shall
4 ensure that the proceeds from the sale of revenue bonds issued
5 under s. 375.051 and payable from moneys transferred to the
6 Land Acquisition Trust Fund under s. 201.15(1)(a) shall be
7 administered and expended in a manner that ensures compliance
8 of each issue of revenue bonds that are issued on the basis
9 that interest thereon will be excluded from gross income for
10 federal income tax purposes, with the applicable provisions of
11 the United States Internal Revenue Code and the regulations
12 promulgated thereunder, to the extent necessary to preserve
13 the exclusion of interest on the revenue bonds from gross
14 income for federal income tax purposes. The Department of
15 Environmental Protection shall administer the use and
16 disbursement of the proceeds of such revenue bonds or require
17 that the use and disbursement thereof be administered in a
18 manner to implement strategies to maximize any available
19 benefits under the applicable provisions of the United States
20 Internal Revenue Code or regulations promulgated thereunder,
21 to the extent not inconsistent with the purposes identified in
22 s. 259.105(3).
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24 Upon a determination by the Department of Environmental
25 Protection that proceeds being held in the trust fund to
26 support distributions outside the Department of Environmental
27 Protection are not likely to be disbursed in accordance with
28 the foregoing considerations, the Department of Environmental
29 Protection shall petition the Governor and Cabinet to allow
30 for the immediate disbursement of such funds for the
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1999 HB 2115
578-124-99
1 acquisition of projects approved for purchase under the
2 provisions of chapter 259.
3 Section 2. This act shall take effect on the effective
4 date of House Bill 2021, but it shall not take effect unless
5 it is enacted by a three-fifths vote of the membership of each
6 house of the Legislature and unless HB 2021, 1999 Regular
7 Session, becomes a law.
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10 HOUSE SUMMARY
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Creates the Stewardship Florida Trust Fund, to be
12 administered by the Department of Environmental
Protection. Provides for sources of moneys, purposes, and
13 requirements relating to use and disbursement of funds.
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