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| 1 | A bill to be entitled | ||
| 2 | An act relating to trust funds; creating s. 550.2631, | ||
| 3 | F.S.; creating the Video Lottery Purse Trust Fund within | ||
| 4 | the Department of Business and Professional Regulation; | ||
| 5 | providing for source of moneys and purposes; providing for | ||
| 6 | annual carryforward of 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 550.2631, Florida Statutes, is created | ||
| 13 | to read: | ||
| 14 | 550.2631 Video Lottery Purse Trust Fund.-- | ||
| 15 | (1) The Video Lottery Purse Trust Fund is created, to be | ||
| 16 | administered by the Department of Business and Professional | ||
| 17 | Regulation. Funds shall be credited to the trust fund as | ||
| 18 | provided in s. 24.132, to be used for the purposes specified in | ||
| 19 | that section. | ||
| 20 | (2) Notwithstanding s. 216.301 and pursuant to s. 216.351, | ||
| 21 | any balance in the trust fund at the end of any fiscal year | ||
| 22 | shall remain in the trust fund at the end of the year and shall | ||
| 23 | be available for carrying out the purposes of the trust fund. | ||
| 24 | (3) Pursuant to s. 19(f)(2), Art. III of the State | ||
| 25 | Constitution, the trust fund shall, unless terminated sooner, be | ||
| 26 | terminated on July 1, 2007. However, prior to its scheduled | ||
| 27 | termination, the trust fund shall be reviewed as provided in s. | ||
| 28 | 215.3206(1) and (2). | ||
| 29 | Section 2. This act shall take effect July 1, 2003, if | ||
| 30 | House Bill 95A or similar legislation is adopted in the same | ||
| 31 | legislative session or an extension thereof and becomes law. | ||