Senate Bill 0404c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 (NP) CS for SB 404
By the Committee on Banking and Insurance; and Senators
Latvala and Horne
311-1653-00
1 A bill to be entitled
2 An act relating to trust funds; creating the
3 Florida Health Endowment Trust Fund within the
4 State Board of Administration; providing for
5 sources of moneys in the trust fund; providing
6 for an annual carryforward of funds; providing
7 for the earnings of the trust fund to be used
8 solely for the administration of the Florida
9 Health Endowment Association for the benefit of
10 the participants; amending s. 215.22, F.S.;
11 exempting the trust fund from the deduction
12 required by s. 215.20(1), F.S.; providing a
13 contingent effective date.
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15 Be It Enacted by the Legislature of the State of Florida:
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17 Section 1. Trust fund.--
18 (1) FLORIDA HEALTH ENDOWMENT TRUST FUND.--There is
19 created within the State Board of Administration the Florida
20 Health Endowment Trust Fund. The fund shall consist of state
21 appropriations, moneys acquired from other governmental or
22 private sources, premiums paid in accordance with insurance
23 contracts from the Florida Health Endowment Association, and
24 voluntary contributions from insurance companies. All funds
25 deposited into the trust fund may be invested pursuant to
26 section 215.47, Florida Statutes. Dividends, interest, and
27 gains accruing to the trust fund shall increase the total
28 funds available for the program. With the exception of
29 administration fees paid to the State Board of Administration
30 pursuant to Section 1(3)(n) of Senate Bill 402, 2000 Regular
31 Session, all earnings shall be used for the administration of
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 (NP) CS for SB 404
311-1653-00
1 the association for the benefit of the participants. Any
2 balance contained within the fund at the end of a fiscal year
3 shall remain in the fund and shall be available for carrying
4 out the purposes of the Florida Health Endowment Association.
5 If the dividends, interest, and gains exceed the amount
6 necessary for program administration and payment of insurance
7 benefits, the board may designate an additional percentage of
8 the fund to serve as a contingency fund. Moneys contained
9 within the fund are exempt from the investment requirements of
10 section 18.10, Florida Statutes.
11 (2) ASSETS OF THE FUND; EXPENDITURE PRIORITY.--The
12 assets of the fund shall be maintained, invested, and expended
13 solely for the purposes of the Florida Health Endowment
14 Association and may not be loaned, transferred, or otherwise
15 used by the state for any purpose other than the purposes of
16 the association. This subsection does not prohibit the board
17 from investing in, by purchase or otherwise, bonds, notes, or
18 other obligations of the state or of an agency or
19 instrumentality of the state.
20 Section 2. Paragraph (v) is added to subsection (1) of
21 section 215.22, Florida Statutes, to read:
22 215.22 Certain income and certain trust funds
23 exempt.--
24 (1) The following income of a revenue nature or the
25 following trust funds shall be exempt from the deduction
26 required by s. 215.20(1):
27 (v) The Florida Health Endowment Trust Fund.
28 Section 3. This act shall take effect on the effective
29 date of Senate Bill 402, relating to the Florida Health
30 Endowment Association, but shall not take effect if such
31 legislation does not become a law.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 (NP) CS for SB 404
311-1653-00
1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 Senate Bill 404
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4 The committee substitute provides the following changes:
5 1. Specifies that the earnings of the trust fund, with the
exception of the State Board of Administration's
6 administrative fees, are required to be used for the
administration of the Florida Health Endowment
7 Association for the benefit of the participants.
8 2. Exempts the trust fund from the general government
service charge of 7 percent that is generally assessed
9 against all trust funds, unless the trust fund is
specifically exempted from the service charge in s.
10 215.22, F.S.
11 3. Removes the liability of the state to meet the
obligations of the association to participants if the
12 trust fund fails to offset the obligations of the
association.
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