Senate Bill sb0070

    Florida Senate - 2003                                    SB 70

    By Senator Geller





    31-163-03

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         550.2632, F.S.; creating the Video Lottery

  4         Thoroughbred Trust Fund within the Department

  5         of Business and Professional Regulation;

  6         providing for source of moneys and purposes;

  7         providing for annual carryforward of funds;

  8         providing for future review and termination or

  9         re-creation of the trust fund; providing a

10         contingent 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 550.2632, Florida Statutes, is

15  created to read:

16         550.2632  Video Lottery Thoroughbred Trust Fund.--

17         (1)  The Video Lottery Thoroughbred Trust Fund is

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. 24.132, and shall be distributed as

21  provided in s. 24.133, to be used for the purposes specified

22  in that section.

23         (2)  Notwithstanding s. 216.301 and pursuant to s.

24  216.351, any balance in the trust fund at the end of any

25  fiscal year shall remain in the trust fund at the end of the

26  year and shall be available for carrying out the purposes of

27  the trust fund.

28         (3)  Pursuant to s. 19(f)(2), Art. III of the State

29  Constitution, the trust fund shall, unless terminated sooner,

30  be terminated on July 1, 2007. However, prior to its scheduled

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    Florida Senate - 2003                                    SB 70
    31-163-03




 1  termination, the trust fund shall be reviewed as provided in

 2  s. 215.3206(1) and (2).

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

 4  Senate Bill ___ or similar legislation is adopted in the same

 5  legislative session or an extension thereof and becomes law.

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 8                          SENATE SUMMARY

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      Creates the Video Lottery Thoroughbred Trust Fund within
10    the Department of Business and Professional Regulation,
      and provides for its source of moneys and purposes.
11    Provides for annual carryforward of funds. Provides for
      future review and termination or re-creation of the trust
12    fund.

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