House Bill 2115c1

    Florida House of Representatives - 1999             CS/HB 2115

        By the Committee on General Government Appropriations and
    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.

  9

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 bonds, except proceeds of refunding

20  bonds, issued under s. 215.618 and payable from moneys

21  transferred to the Land Acquisition Trust Fund under s.

22  201.15(1)(a), not to exceed $3 billion, must be deposited into

23  this trust fund to be distributed and used as provided in s.

24  259.105(3). The bond resolution adopted by the governing board

25  of the Division of Bond Finance of the State Board of

26  Administration may provide for additional provisions that

27  govern the disbursement of the 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

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






    Florida House of Representatives - 1999             CS/HB 2115

    610-240-99






  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 bonds issued under

  5  s. 215.618 and payable from moneys transferred to the Land

  6  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 bonds that are issued on the basis that

  9  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 bonds from gross income for

14  federal income tax purposes. The Department of Environmental

15  Protection shall administer the use and disbursement of the

16  proceeds of such bonds or require that the use and

17  disbursement thereof be administered in a manner to implement

18  strategies to maximize any available benefits under the

19  applicable provisions of the United States Internal Revenue

20  Code or regulations promulgated thereunder, to the extent not

21  inconsistent with the purposes identified in s. 259.105(3).

22         Section 2.  This act shall take effect on the effective

23  date of House Bill 2021, but it shall not take effect unless

24  it is enacted by a three-fifths vote of the membership of each

25  house of the Legislature and unless HB 2021, 1999 Regular

26  Session, becomes a law.

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