Senate Bill sb1742c1

    Florida Senate - 2003                           CS for SB 1742

    By the Committee on Finance and Taxation; and Senator Sebesta





    314-2085-03

  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         use of the end-of-year balance of the trust

  7         fund; providing a contingent effective date.

  8  

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

10  

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

12         (1)  The Transportation Revenue Bond Trust Fund is

13  created within the Department of Transportation. The purpose

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

15  department from the proceeds or issuance of revenue bonds

16  secured by state and federal revenues and credited to the

17  trust fund.

18         (2)  Net proceeds from revenue bonds issued for

19  eligible transportation projects shall be credited to the

20  trust fund to provide for the payment of eligible project

21  costs.

22         (3)  Notwithstanding the provisions of s. 216.301 and

23  pursuant to the requirements of s. 216.351, any balance in the

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

25  trust fund at the end of the year and shall be available for

26  carrying out the purposes of the trust fund.

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

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

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

30  Legislature.

31  

                                  1

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






    Florida Senate - 2003                           CS for SB 1742
    314-2085-03




 1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 2                             SB 1742

 3                                 

 4  The Committee Substitute removes the requirement that the
    Transportation Revenue Bond Trust Fund must be reviewed and
 5  recreated or terminated by July 1, 2007. It also provides for
    the annual rollover of funds in the trust fund.
 6  

 7  

 8  

 9  

10  

11  

12  

13  

14  

15  

16  

17  

18  

19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  2

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