House Bill hb1503

    Florida House of Representatives - 2002                HB 1503

        By Representative Greenstein






  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         550.2631, F.S.; creating the Video Lottery

  4         Purse Trust Fund within the Department of

  5         Business and Professional Regulation; providing

  6         for source of moneys and purposes; providing

  7         for annual carryforward of funds; providing for

  8         future review and termination or re-creation of

  9         the trust fund; providing a contingent

10         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 550.2631, Florida Statutes, is

15  created to read:

16         550.2631  Video Lottery Purse Trust Fund.--

17         (1)  The Video Lottery Purse Trust Fund is hereby

18  created, to be administered by the Department of Business and

19  Professional Regulation. Funds shall be credited to the trust

20  fund as provided in s. 24.1121 and shall be distributed as

21  provided in s. 550.26315, to be used for the purposes

22  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 1503

    706-142-02






  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 Purse Trust Fund within the
10    Department of Business and Professional Regulation, and
      provides for its source of moneys and purposes. Provides
11    for annual carryforward of funds. Provides for future
      review and termination or re-creation of the trust fund.
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CODING: Words stricken are deletions; words underlined are additions.