Senate Bill 2168e1

    SB 2168                                        First Engrossed



  1                      A bill to be entitled

  2         An act relating to creating the Task Force on

  3         Tobacco-Settlement-Revenue Protection;

  4         providing for membership and duties; providing

  5         for staff; providing for expiration of the task

  6         force; providing an appropriation; providing an

  7         effective date.

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

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11         Section 1.  (1)  The Task Force on

12  Tobacco-Settlement-Revenue Protection is created to determine

13  the need for and evaluate methods for protecting the state's

14  tobacco settlement revenue from significant loss.  The task

15  force shall, at a minimum, study and make a determination of:

16         (a)  The degree of risk posed to the amount of

17  tobacco-settlement revenue as a consequence of a decline in

18  domestic tobacco sales.

19         (b)  The degree of risk posed to the tobacco-settlement

20  revenue by potential dissolution or restructure of the tobacco

21  companies that were defendants in the state's suit.

22         (c)  The necessity and advisability of taking action to

23  protect the asset value of the tobacco settlement.

24         (d)  The options available for protecting the asset

25  value of tobacco-settlement revenues, including

26  securitization, insurance, self-insurance, or a combination of

27  these options.

28         (2)  The task force shall submit a report to the

29  Legislature by February 1, 2001. The report shall include

30  findings and results of the task force's studies and

31  determinations and any specific recommendations including


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






    SB 2168                                        First Engrossed



  1  recommendations for legislative revisions to address the

  2  issues and meet the needs identified under paragraphs (a)-(d)

  3  of subsection (1). The task force shall continue to serve for

  4  the purpose of providing assistance to the Legislature as

  5  needed to review legislative efforts to implement any of the

  6  task force's recommendations.

  7         (3)  The task force is to be composed of:

  8         (a)  The Governor, who shall serve as chair of the task

  9  force;

10         (b)  The Comptroller;

11         (c)  The Insurance Commissioner;

12         (d)  Three members of the Senate, who shall be

13  appointed by the President of the Senate; and

14         (e)  Three members of the House of Representatives, who

15  shall be appointed by the Speaker of the House of

16  Representatives.

17         (4)  The task force may conduct research, hold public

18  hearings, receive testimony, employ consultants, and undertake

19  other activities determined by its members to be necessary.

20         (5)  Each task force member may designate a designee as

21  an ex-officio nonvoting member.

22         (6)  All official actions by the task force shall be by

23  a majority vote of the membership designated in subsection

24  (3).

25         (7)  Staff support for the task force shall be provided

26  by the State Board of Administration.

27         (8)  The term of the task force shall expire on July 1,

28  2001.

29         Section 2.  For the 2000-2001 fiscal year, the

30  nonrecurring sum of $100,000 from tobacco-settlement revenues

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    SB 2168                                        First Engrossed



  1  is appropriated to the State Board of Administration to

  2  support operation of the task force.

  3         Section 3.  This act shall take effect upon becoming a

  4  law.

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