Senate Bill 2542

    Florida Senate - 1999                                  SB 2542

    By Senator Bronson





    18-1784-99

  1                      A bill to be entitled

  2         An act relating to the Florida Commercial Space

  3         Financing Corporation Trust Fund; creating s.

  4         331.376, F.S.; creating the Florida Commercial

  5         Space Financing Corporation Trust Fund;

  6         providing for its purposes; providing for

  7         review and termination or re-creation of the

  8         trust fund; providing a contingent effective

  9         date.

10

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

12

13         Section 1.  Section 331.376, Florida Statutes, is

14  created to read:

15         331.376  Florida Commercial Space Financing Corporation

16  Trust Fund.--

17         (1)  There is created the Florida Commercial Space

18  Financing Corporation Trust Fund for the purpose of receiving

19  state, federal, and private financial resources, and the

20  return from investments of those resources, and for the

21  purposes of ss. 331.370-331.379. The account shall be under

22  the exclusive control of the board of directors.

23         (2)  Resources in the account shall be allocated for

24  operating expenses of the corporation and for other purposes

25  authorized in ss. 331.370-331.379.

26         (3)  Appropriations for the corporation shall be

27  deposited into the account.

28         (a)  The board of the corporation may deposit the

29  resources of the account designated for the purposes of this

30  section with state or federally chartered financial

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






    Florida Senate - 1999                                  SB 2542
    18-1784-99




  1  institutions in this state and may invest the remaining

  2  portion in permissible securities.

  3         (b)  At all times, the board shall attempt to maximize

  4  the returns on these funds.

  5         (c)  All funds received from the activity of the

  6  corporation shall be redeposited in the account to be used to

  7  support the purposes of ss. 331.370-331.379.

  8         (4)  Any claims against the account shall be paid

  9  solely from the account. The credit of the state may not be

10  pledged other than funds appropriated by law to the trust

11  fund, nor shall the state be liable or obligated in any way

12  for claims on the trust fund or against the corporation.

13         Section 2.  In accordance with Section 19(f)(2),

14  Article III of the State Constitution, the Florida Commercial

15  Space Financing Corporation Trust Fund shall, unless

16  terminated sooner, be terminated on July 1, 2004. Before its

17  scheduled termination, the trust fund shall be reviewed as

18  provided in section 215.3206(1) and (2), Florida Statutes.

19         Section 3.  This act shall take effect on the effective

20  date of Senate Bill     , but it shall not take effect unless

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

22  house of the Legislature and unless SB     , 1999 Regular

23  Session, becomes a law.

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25            *****************************************

26                          SENATE SUMMARY

27    Creates the Florida Commercial Space Financing
      Corporation Trust Fund for the purpose of receiving funds
28    to promote the commercial space industry in the state.
      Provides for review and termination or re-creation of the
29    trust fund.

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