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| 1 | A bill to be entitled | ||
| 2 | An act relating to trust funds; creating s. 550.2632, | ||
| 3 | F.S.; creating the Video Lottery Thoroughbred Trust Fund | ||
| 4 | within the Department of Business and Professional | ||
| 5 | Regulation; providing for source of moneys and purposes; | ||
| 6 | providing for annual carryforward of funds; providing for | ||
| 7 | future review and termination or re-creation of the trust | ||
| 8 | fund; providing a contingent effective date. | ||
| 9 | |||
| 10 | Be It Enacted by the Legislature of the State of Florida: | ||
| 11 | |||
| 12 | Section 1. Section 550.2632, Florida Statutes, is created | ||
| 13 | to read: | ||
| 14 | 550.2632 Video Lottery Thoroughbred Trust Fund.-- | ||
| 15 | (1) The Video Lottery Thoroughbred Trust Fund is created, | ||
| 16 | to be administered by the Department of Business and | ||
| 17 | Professional Regulation. Funds shall be credited to the trust | ||
| 18 | fund as provided in s. 24.132, and shall be distributed as | ||
| 19 | provided in s. 24.133, to be used for the purposes specified in | ||
| 20 | that section. | ||
| 21 | (2) Notwithstanding s. 216.301 and pursuant to s. 216.351, | ||
| 22 | any balance in the trust fund at the end of any fiscal year | ||
| 23 | shall remain in the trust fund at the end of the year and shall | ||
| 24 | be available for carrying out the purposes of the trust fund. | ||
| 25 | (3) Pursuant to s. 19(f)(2), Art. III of the State | ||
| 26 | Constitution, the trust fund shall, unless terminated sooner, be | ||
| 27 | terminated on July 1, 2007. However, prior to its scheduled | ||
| 28 | termination, the trust fund shall be reviewed as provided in s. | ||
| 29 | 215.3206(1) and (2). | ||
| 30 | Section 2. This act shall take effect July 1, 2003, if | ||
| 31 | House Bill 663 or similar legislation is adopted in the same | ||
| 32 | legislative session or an extension thereof and becomes law. | ||