House Bill hb1501

    Florida House of Representatives - 2002                HB 1501

        By Representative Greenstein






  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         550.2632, F.S.; creating the Video Lottery

  4         Thoroughbred Trust Fund within the Department

  5         of Business and Professional Regulation;

  6         providing for source of moneys and purposes;

  7         providing for annual carryforward of funds;

  8         providing for future review and termination or

  9         re-creation of the trust fund; providing a

10         contingent effective date.

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

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14         Section 1.  Section 550.2632, Florida Statutes, is

15  created to read:

16         550.2632  Video Lottery Thoroughbred Trust Fund.--

17         (1)  The Video Lottery Thoroughbred Trust Fund is

18  hereby created, to be administered by the Department of

19  Business and Professional Regulation. Funds shall be credited

20  to the trust fund as provided in s. 24.1121 and shall be

21  distributed as provided in s. 550.26325, to be used for the

22  purposes specified in that section.

23         (2)  Notwithstanding the provisions of s. 216.301 and

24  pursuant to s. 216.351, any balance in the trust fund at the

25  end of any fiscal year shall remain in the trust fund at the

26  end of the year and shall be available for carrying out the

27  purposes of the trust fund.

28         (3)  Pursuant to the provisions of s. 19(f)(2), Art.

29  III of the State Constitution, the trust fund shall, unless

30  terminated sooner, be terminated on July 1, 2006. However,

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






    Florida House of Representatives - 2002                HB 1501

    706-140-02






  1  prior to its scheduled termination, the trust fund shall be

  2  reviewed as provided in s. 215.3206(1) and (2).

  3         Section 2.  This act shall take effect July 1, 2002, if

  4  House Bill ___ or similar legislation is adopted in the same

  5  legislative session or an extension thereof and becomes law.

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  8                          HOUSE SUMMARY

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      Creates the Video Lottery Thoroughbred Trust Fund within
10    the Department of Business and Professional Regulation,
      and provides for its source of moneys and purposes.
11    Provides for annual carryforward of funds. Provides for
      future review and termination or re-creation of the trust
12    fund.

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