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| 1 | A bill to be entitled | ||
| 2 | An act relating to trust funds; creating s. 215.6175, | ||
| 3 | F.S.; creating the Transportation Revenue Bond Trust Fund | ||
| 4 | within the Department of Transportation; providing for | ||
| 5 | sources of moneys and purposes; providing for annual | ||
| 6 | carryforward of unused funds; providing for future review | ||
| 7 | and termination or re-creation of the trust fund; | ||
| 8 | providing a contingent effective date. | ||
| 9 | |||
| 10 | Be It Enacted by the Legislature of the State of Florida: | ||
| 11 | |||
| 12 | Section 1. Section 215.6175, Florida Statutes, is created | ||
| 13 | to read: | ||
| 14 | 215.6175 Transportation Revenue Bond Trust Fund.-- | ||
| 15 | (1) There is created the Transportation Revenue Bond Trust | ||
| 16 | Fund to be administered by the Department of Transportation. The | ||
| 17 | trust fund is created pursuant to s. 19, Art. III of the State | ||
| 18 | Constitution and s. 339.081(2), and by action of the Department | ||
| 19 | of Transportation in issuing, from time to time, revenue bonds | ||
| 20 | secured by state and federal revenues and credited to the trust | ||
| 21 | fund. | ||
| 22 | (2) Net proceeds from current and any future revenue bonds | ||
| 23 | issued for eligible transportation projects will be credited to | ||
| 24 | the Transportation Revenue Bond Trust Fund to provide for the | ||
| 25 | payment of eligible project costs. | ||
| 26 | (3) Notwithstanding the provisions of s. 216.301 and | ||
| 27 | pursuant to s. 216.351, any balance in the Transportation | ||
| 28 | Revenue Bond Trust Fund at the end of any fiscal year shall | ||
| 29 | remain in the trust fund at the end of the year and shall be | ||
| 30 | available for carrying out the purposes of the trust fund. | ||
| 31 | (4) Pursuant to the provisions of s. 19(f)(2), Art. III of | ||
| 32 | the State Constitution, the Transportation Revenue Bond Trust | ||
| 33 | Fund shall, unless terminated sooner, be terminated on July 1, | ||
| 34 | 2007. Prior to its scheduled termination, the trust fund shall | ||
| 35 | be reviewed as provided in s. 215.3206(1) and (2). | ||
| 36 | Section 2. This act shall take effect July 1, 2003, if | ||
| 37 | House Bill 1773 or similar legislation is adopted in the same | ||
| 38 | legislative session or an extension thereof and becomes law. | ||