Senate Bill sb1742

    Florida Senate - 2003                                  SB 1742

    By Senator Sebesta





    16-1243-03

  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Transportation Revenue Bond Trust Fund within

  4         the Department of Transportation; providing for

  5         sources of funds and purposes; providing for

  6         future review and termination or re-creation of

  7         the trust fund; providing a contingent

  8         effective date.

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

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12         Section 1.  Transportation Revenue Bond Trust Fund.--

13         (1)  The Transportation Revenue Bond Trust Fund is

14  created within the Department of Transportation. The purpose

15  of the trust fund is for the deposit of funds received by the

16  department pursuant to section 339.081(2), Florida Statutes,

17  from the proceeds or issuance of revenue bonds secured by

18  state and federal revenues and credited to the trust fund.

19         (2)  Net proceeds from revenue bonds issued for

20  eligible transportation projects shall be credited to the

21  trust fund to provide for the payment of eligible project

22  costs.

23         (3)  In accordance with Section 19(f)(2), Article III

24  of the State Constitution, the trust fund must, unless

25  terminated sooner, be terminated on July 1, 2007. Before its

26  scheduled termination, the trust fund must be reviewed as

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

28         Section 2.  This act shall take effect July 1, 2003,

29  but it shall not take effect unless it is enacted by a

30  three-fifths vote of the membership of each house of the

31  Legislature.

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    Florida Senate - 2003                                  SB 1742
    16-1243-03




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 2                          SENATE SUMMARY

 3    Creates the Transportation Revenue Bond Trust Fund within
      the Department of Transportation. Provides sources of
 4    funds and purposes. Provides for future legislative
      review and termination or re-creation of the trust fund.
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CODING: Words stricken are deletions; words underlined are additions.