HB 0021B 2003
1	CHAMBER ACTION
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6	The Committee on Finance & Tax recommends the following:
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8	Committee Substitute
9	Remove the entire bill and insert:
10	A bill to be entitled
11	An act relating to the Florida Hurricane Catastrophe
12	Fund; amending s. 215.555, F.S.; revising definitions;
13	including certain accounts, formerly certain
14	associations, within the Citizens Property Insurance
15	Corporation; including the Citizens Property Insurance
16	Corporation within the operation of certain definitions;
17	authorizing the State Board of Administration to charge
18	interest on delinquent remittances to the Florida
19	Hurricane Catastrophe Fund; expanding the insurers
20	eligible for exemptions from certain reimbursement
21	contract and premium provisions authorized by the board
22	under certain circumstances; revising a reimbursement
23	contract requirement; revising emergency assessment
24	authority of the board relating to service of certain
25	debt obligations; revising requirements, procedures, and
26	limitations; revising powers and duties of the board;
27	providing for construction of the act in pari materia
28	with laws enacted during the 2003 Regular Session or the
29	2003 Special Session A of the Legislature; providing an
30	effective date.
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32	Be It Enacted by the Legislature of the State of Florida:
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34	Section 1. Paragraphs (c) and (k) of subsection (2),
35	subsection (3), paragraphs (c) and (d) of subsection (4),
36	subsection (6), and paragraphs (a) and (c) of subsection (7) of
37	section 215.555, Florida Statutes, are amended, and paragraphs
38	(n) and (o) are added to subsection (2) of said section, to
39	read:
40	215.555 Florida Hurricane Catastrophe Fund.--
41	(2) DEFINITIONS.--As used in this section:
42	(c) "Covered policy" means any insurance policy covering
43	residential property in this state, including, but not limited
44	to, any homeowner's, mobile home owner's, farm owner's,
45	condominium association, condominium unit owner's, tenant's, or
46	apartment building policy, or any other policy covering a
47	residential structure or its contents issued by any authorized
48	insurer, including the Citizen’s Property Insurance Corporation
49	andany joint underwriting association or similar entity created
50	pursuant to law. The term "covered policy" includes any
51	collateral protection insurance policy covering personal
52	residences which protects both the borrower's and the lender's
53	financial interests, in an amount at least equal to the coverage
54	for the dwelling in place under the lapsed homeowner's policy,
55	if such policy can be accurately reported as required in
56	subsection (5). Additionally, covered policies include policies
57	covering the peril of wind removed from the Citizen’s Property
58	Insurance Corporationthe Florida Residential Property and
59	Casualty Joint Underwriting Association, created pursuant to s.
60	627.351(6), or from the Florida Windstorm Underwriting
61	Association, created pursuant to s. 627.351(2),by an authorized
62	insurer under the terms and conditions of an executed assumption
63	agreement between the authorized insurer and the Citizen’s
64	Property Insurance Corporationeither such association. Each
65	assumption agreement between the Citizen’s Property Insurance
66	Corporationeither associationand such authorized insurer must
67	be approved by the Office of Insurance Regulation within the
68	Florida Department of Financial ServicesInsuranceprior to the
69	effective date of the assumption, and the OfficeDepartmentof
70	Insurance Regulationmust provide written notification to the
71	board within 15 working days after such approval. "Covered
72	policy" does not include any policy that excludes wind coverage
73	or hurricane coverage or any reinsurance agreement and does not
74	include any policy otherwise meeting this definition which is
75	issued by a surplus lines insurer or a reinsurer. All commercial
76	residential excess policies and all deductible buy-back policies
77	that, based on sound actuarial principles, require individual
78	ratemaking shall be excluded by rule if the actuarial soundness
79	of the fund is not jeopardized. For this purpose, the term
80	“excess policy” means a policy that provides insurance
81	protection for large commercial property risks and that provides
82	a layer of coverage above a primary layer insured by another
83	insurer.
84	(k) "Pledged revenues" means all or any portion of
85	revenues to be derived from reimbursement premiums under
86	subsection (5) or from emergency assessments under paragraph
87	subparagraph (6)(b)(a)3., as determined by the board.
88	(n) “Citizens Property Insurance Corporation” or
89	“Citizens” means the entity created pursuant to s. 627.351(6),
90	and includes both the High Risk Account, formerly the Florida
91	Windstorm Underwriting Association, and the Personal Lines and
92	Commercial Lines Accounts, formerly the Florida Residential
93	Property and Casualty Joint Underwriting Association.
94	(o) “Corporation” means the Florida Hurricane Catastrophe
95	Fund Finance Corporation created in paragraph (6)(d).
96	(3) FLORIDA HURRICANE CATASTROPHE FUND CREATED.--There is
97	created the Florida Hurricane Catastrophe Fund to be
98	administered by the State Board of Administration. Moneys in the
99	fund may not be expended, loaned, or appropriated except to pay
100	obligations of the fund arising out of reimbursement contracts
101	entered into under subsection (4), payment of debt service on
102	revenue bonds issued under subsection (6), costs of the
103	mitigation program under subsection (7), costs of procuring
104	reinsurance, and costs of administration of the fund. The board
105	shall invest the moneys in the fund pursuant to ss. 215.44-
106	215.52. Except as otherwise provided in this section, earnings
107	from all investments shall be retained in the fund. The board
108	may employ or contract with such staff and professionals as the
109	board deems necessary for the administration of the fund. The
110	board may adopt such rules as are reasonable and necessary to
111	implement this section and shall specify interest due on any
112	delinquent remittances, which interest may not exceed the fund’s
113	rate of return plus 5 percent. Such rules must conform to the
114	Legislature's specific intent in establishing the fund as
115	expressed in subsection (1), must enhance the fund's potential
116	ability to respond to claims for covered events, must contain
117	general provisions so that the rules can be applied with
118	reasonable flexibility so as to accommodate insurers in
119	situations of an unusual nature or where undue hardship may
120	result, except that such flexibility may not in any way impair,
121	override, supersede, or constrain the public purpose of the
122	fund, and must be consistent with sound insurance practices. The
123	board may, by rule, provide for the exemption from subsections
124	(4) and (5) of insurers writing covered policies with less than
125	$3 million$500,000in aggregate exposure for covered policies,
126	which exposure results in a de minimis reimbursement premium, if
127	the exemption does not affect the actuarial soundness of the
128	fund.
129	(4) REIMBURSEMENT CONTRACTS.--
130	(c)1. The contract shall also provide that the obligation
131	of the board with respect to all contracts covering a particular
132	contract year shall not exceed the actual claims-paying capacity
133	of the fund up to a limit of $11 billion for that contract year
134	adjusted based upon the reported exposure from the prior
135	contract year to reflect the percentage growth in exposure to
136	the fund for covered policies since 2002, unless the board
137	determines that there is sufficient estimated claims-paying
138	capacity to provide $11 billion of capacity for the current
139	contract year and an additional $11 billion of capacity for
140	subsequent contract years. Upon such determination being made,
141	the estimated claims-paying capacity for the current contract
142	year shall be determined by adding to the $11 billion limit one-
143	half of the fund's estimated claims-paying capacity in excess of
144	$22 billion.
145	2. The contract shall require the board to annually notify
146	insurers of the fund's estimated borrowing capacity for the next
147	contract year, the projected year-end balance of the fund, and
148	the insurer's estimated share of total reimbursement premium to
149	be paid to the fund. For all regulatory and reinsurance
150	purposes, an insurer may calculate its projected payout from the
151	fund as its share of the total fund premium for the current
152	contract year multiplied by the sum of the projected year-end
153	fund balance and the estimated borrowing capacity for that
154	contract year as reported under this paragraph. In May and
155	October of each year, the board shall publish in the Florida
156	Administrative Weekly a statement of the fund's estimated
157	borrowing capacity and the projected year-end balance of the
158	fund for the current contract year.
159	(d)1. For purposes of determining potential liability and
160	to aid in the sound administration of the fund, the contract
161	shall require each insurer to report such insurer's losses from
162	each covered event on an interim basis, as directed by the
163	board. The contract shall require the insurer to report to the
164	board no later than December 31 of each year, and quarterly
165	thereafter, its reimbursable losses from covered events for the
166	year. The contract shall require the board to determine and pay,
167	as soon as practicable after receiving these reports of
168	reimbursable losses, the initial amount of reimbursement due and
169	adjustments to this amount based on later loss information. The
170	adjustments to reimbursement amounts shall require the board to
171	pay, or the insurer to return, amounts reflecting the most
172	recent calculation of losses.
173	2. In determining reimbursements pursuant to this
174	subsection, the contract shall provide that the board shall:
175	a. First reimburse insurers writing covered policies,
176	which insurers are in full compliance with this section and have
177	petitioned the Office ofDepartment of Insurance Regulationand
178	qualified as limited apportionment companies under s.
179	627.351(2)(b)3. The amount of such reimbursement shall be the
180	lesser of $10 million or an amount equal to 10 times the
181	insurer's reimbursement premium for the current year. The amount
182	of reimbursement paid under this sub-subparagraph may not exceed
183	the full amount of reimbursement promised in the reimbursement
184	contract. This sub-subparagraph does not apply with respect to
185	any contract year in which the year-end projected cash balance
186	of the fund, exclusive of any bonding capacity of the fund,
187	exceeds $2 billion. Only one member of any insurer group may
188	receive reimbursement under this sub-subparagraph.
189	b. Next pay to each insurer such insurer's projected
190	payout, which is the amount of reimbursement it is owed, up to
191	an amount equal to the insurer's share of the actual premium
192	paid for that contract year, multiplied by the actual claims-
193	paying capacity available for that contract year; provided,
194	entities created pursuant to s. 627.351 shall be further
195	reimbursed in accordance with sub-subparagraph c.
196	c. Thereafter, establish, based on reimbursable losses,
197	the prorated reimbursement level at the highest level for which
198	any remaining fund balance or bond proceeds are sufficient to
199	reimburse entities created pursuant to s. 627.351 for losses
200	exceeding the amounts payable pursuant to sub-subparagraph b.
201	for the current contract year.
202	(6) REVENUE BONDS.--
203	(a) General provisions.--
204	1. Upon the occurrence of a hurricane and a determination
205	that the moneys in the fund are or will be insufficient to pay
206	reimbursement at the levels promised in the reimbursement
207	contracts, the board may take the necessary steps under
208	paragraph (c)(b) or paragraph (d)(c)for the issuance of
209	revenue bonds for the benefit of the fund. The proceeds of such
210	revenue bonds may be used to make reimbursement payments under
211	reimbursement contracts; to refinance or replace previously
212	existing borrowings or financial arrangements; to pay interest
213	on bonds; to fund reserves for the bonds; to pay expenses
214	incident to the issuance or sale of any bond issued under this
215	section, including costs of validating, printing, and delivering
216	the bonds, costs of printing the official statement, costs of
217	publishing notices of sale of the bonds, and related
218	administrative expenses; or for such other purposes related to
219	the financial obligations of the fund as the board may
220	determine. The term of the bonds may not exceed 30 years. The
221	board may pledge or authorize the corporation to pledge all or a
222	portion of all revenues under subsection (5) and under paragraph
223	(b)subparagraph 3.to secure such revenue bonds and the board
224	may execute such agreements between the board and the issuer of
225	any revenue bonds and providers of other financing arrangements
226	under paragraph (7)(b) as the board deems necessary to evidence,
227	secure, preserve, and protect such pledge. If reimbursement
228	premiums received under subsection (5) or earnings on such
229	premiums are used to pay debt service on revenue bonds, such
230	premiums and earnings shall be used only after the use of the
231	moneys derived from assessments under paragraph (b)subparagraph
232	3. The funds, credit, property, or taxing power of the state or
233	political subdivisions of the state shall not be pledged for the
234	payment of such bonds. The board may also enter into agreements
235	under paragraph (c)(b) or paragraph (d)(c)for the purpose of
236	issuing revenue bonds in the absence of a hurricane upon a
237	determination that such action would maximize the ability of the
238	fund to meet future obligations.
239	2. The Legislature finds and declares that the issuance of
240	bonds under this subsection is for the public purpose of paying
241	the proceeds of the bonds to insurers, thereby enabling insurers
242	to pay the claims of policyholders to assure that policyholders
243	are able to pay the cost of construction, reconstruction,
244	repair, restoration, and other costs associated with damage to
245	property of policyholders of covered policies after the
246	occurrence of a hurricane. Revenue bonds may not be issued under
247	this subsection until validated under chapter 75. The validation
248	of at least the first obligations incurred pursuant to this
249	subsection shall be appealed to the Supreme Court, to be handled
250	on an expedited basis.
251	(b)3.Emergency assessments.--If the board determines that
252	the amount of revenue produced under subsection (5) is
253	insufficient to fund the obligations, costs, and expenses of the
254	fund and the corporation, including repayment of revenue bonds,
255	the board shall direct the OfficeDepartment of Insurance
256	Regulationto levy an emergency assessment on each insurer
257	writing property and casualty business in this state.
258	1. Pursuant to the emergency assessment, each such
259	assessableinsurer shall pay to the corporation by July 1 of
260	each year an amount set by the board not exceeding 32percent
261	of its gross direct written premium for the prior year from all
262	property and casualty business in this state except for workers'
263	compensation, except that, if the Governor has declared a state
264	of emergency under s. 252.36 due to the occurrence of a covered
265	event, the amount of the assessment for the contract year may be
266	increased to an amount not exceeding 54percent of such
267	premium.
268	2.Any assessment authority not used for the contract year
269	may be used for a subsequent contract year. If, for a subsequent
270	contract year, the board determines that the amount of revenue
271	produced under subsection (5) is insufficient to fund the
272	obligations, costs, and expenses of the fund and the
273	corporation, including repayment of revenue bonds for that
274	contract year, the board shall direct the OfficeDepartmentof
275	Insurance Regulationto levy an emergency assessment up to an
276	amount not exceeding the amount of unused assessment authority
277	from a previous contract year or years, plus an additional 32
278	percent if the Governor has declared a state of emergency under
279	s. 252.36 due to the occurrence of a covered event. Any
280	assessment authority not used for the contract year may be used
281	for a subsequent contract year. As used in this subsection, the
282	term "property and casualty business" includes all lines of
283	business identified on Form 2, Exhibit of Premiums and Losses,
284	in the annual statement required of authorized insurersby s.
285	624.424 and any rules adopted under such section, except for
286	those lines identified as accident and health insurance. The
287	annual assessments under this subparagraph shall continue as
288	long as the revenue bonds issued with respect to which the
289	assessment was imposed are outstanding, unless adequate
290	provision has been made for the payment of such bonds pursuant
291	to the documents authorizing issuance of the bonds. An
292	assessableinsurer shall not at any time be subject to aggregate
293	annual assessments under this subparagraph of more than 32
294	percent of premium, except that in the case of a declared
295	emergency, an assessableinsurer shall not at any time be
296	subject to aggregate annual assessments under this subparagraph
297	of more than 86 percent of premium; provided, no more than 54
298	percent may be assessed for obligations arising due to losses in
299	any one contract year.
300	3.Any rate filing or portion of a rate filing reflecting
301	a rate change attributable entirely to the assessment levied
302	under this paragraphsubparagraphshall be deemed approved when
303	made, subject to the authority of the OfficeDepartmentof
304	Insurance Regulationto require actuarial justification as to
305	the adequacy of any rate at any time. If the rate filing
306	reflects only a rate change attributable to the assessment under
307	this paragraph, the filing may consist of a certification so
308	stating.
309	4.The assessments otherwise payable to the corporation
310	pursuant to this paragraphsubparagraphshall be paid instead to
311	the fund unless and until the OfficeDepartment of Insurance
312	Regulationhas received from the corporation and the fund a
313	notice, which shall be conclusive and upon which theythe
314	Department of Insurancemay rely without further inquiry, that
315	the corporation has issued bonds and the fund has no agreements
316	in effect with local governments pursuant to paragraph (c)(b).
317	On or after the date of such notice and until such date as the
318	corporation has no bonds outstanding, the fund shall have no
319	right, title, or interest in or to the assessments, except as
320	provided in the fund's agreements with the corporation.
321	5. Emergency assessments are not premium and are not
322	subject to premium or surplus lines tax, fees, or commissions,
323	however, the failure by an assessable insured to pay an
324	emergency assessment shall be treated as a failure to pay
325	premium.
326	(c)(b)Revenue bond issuance through counties or
327	municipalities.--
328	1. If the board elects to enter into agreements with local
329	governments for the issuance of revenue bonds for the benefit of
330	the fund, the board shall enter into such contracts with one or
331	more local governments, including agreements providing for the
332	pledge of revenues, as are necessary to effect such issuance.
333	The governing body of a county or municipality is authorized to
334	issue bonds as defined in s. 125.013 or s. 166.101 from time to
335	time to fund an assistance program, in conjunction with the
336	Florida Hurricane Catastrophe Fund, for the purposes set forth
337	in this section or for the purpose of paying the costs of
338	construction, reconstruction, repair, restoration, and other
339	costs associated with damage to properties of policyholders of
340	covered policies due to the occurrence of a hurricane by
341	assuring that policyholders located in this state are able to
342	recover claims under property insurance policies after a covered
343	event.
344	2. In order to avoid needless and indiscriminate
345	proliferation, duplication, and fragmentation of such assistance
346	programs, any local government may provide for the payment of
347	fund reimbursements, regardless of whether or not the losses for
348	which reimbursement is made occurred within or outside of the
349	territorial jurisdiction of the local government.
350	3. The state hereby covenants with holders of bonds issued
351	under this paragraph that the state will not repeal or abrogate
352	the power of the board to direct the OfficeDepartmentof
353	Insurance Regulationto levy the assessments and to collect the
354	proceeds of the revenues pledged to the payment of such bonds as
355	long as any such bonds remain outstanding unless adequate
356	provision has been made for the payment of such bonds pursuant
357	to the documents authorizing the issuance of such bonds.
358	4. There shall be no liability on the part of, and no
359	cause of action shall arise against any members or employees of
360	the governing body of a local government for any actions taken
361	by them in the performance of their duties under this paragraph.
362	(d)(c)Florida Hurricane Catastrophe Fund Finance
363	Corporation.--
364	1. In addition to the findings and declarations in
365	subsection (1), the Legislature also finds and declares that:
366	a. The public benefits corporation created under this
367	paragraph will provide a mechanism necessary for the cost-
368	effective and efficient issuance of bonds. This mechanism will
369	eliminate unnecessary costs in the bond issuance process,
370	thereby increasing the amounts available to pay reimbursement
371	for losses to property sustained as a result of hurricane
372	damage.
373	b. The purpose of such bonds is to fund reimbursements
374	through the Florida Hurricane Catastrophe Fund to pay for the
375	costs of construction, reconstruction, repair, restoration, and
376	other costs associated with damage to properties of
377	policyholders of covered policies due to the occurrence of a
378	hurricane.
379	c. The efficacy of the financing mechanism will be
380	enhanced by the corporation's ownership of the assessments, by
381	the insulation of the assessments from possible bankruptcy
382	proceedings, and by covenants of the state with the
383	corporation's bondholders.
384	2.a. There is created a public benefits corporation, which
385	is an instrumentality of the state, to be known as the Florida
386	Hurricane Catastrophe Fund Finance Corporation.
387	b. The corporation shall operate under a five-member board
388	of directors consisting of the Governor or a designee, the
389	Comptroller or a designee, the Treasurer or a designee, the
390	director of the Division of Bond Finance of the State Board of
391	Administration, and the chief operating officer of the Florida
392	Hurricane Catastrophe Fund.
393	c. The corporation has all of the powers of corporations
394	under chapter 607 and under chapter 617, subject only to the
395	provisions of this subsection.
396	d. The corporation may issue bonds and engage in such
397	other financial transactions as are necessary to provide
398	sufficient funds to achieve the purposes of this section.
399	e. The corporation may invest in any of the investments
400	authorized under s. 215.47.
401	f. There shall be no liability on the part of, and no
402	cause of action shall arise against, any board members or
403	employees of the corporation for any actions taken by them in
404	the performance of their duties under this paragraph.
405	3.a. In actions under chapter 75 to validate any bonds
406	issued by the corporation, the notice required by s. 75.06 shall
407	be published only in Leon County and in two newspapers of
408	general circulation in the state, and the complaint and order of
409	the court shall be served only on the State Attorney of the
410	Second Judicial Circuit.
411	b. The state hereby covenants with holders of bonds of the
412	corporation that the state will not repeal or abrogate the power
413	of the board to direct the OfficeDepartment of Insurance
414	Regulationto levy the assessments and to collect the proceeds
415	of the revenues pledged to the payment of such bonds as long as
416	any such bonds remain outstanding unless adequate provision has
417	been made for the payment of such bonds pursuant to the
418	documents authorizing the issuance of such bonds.
419	4. The bonds of the corporation are not a debt of the
420	state or of any political subdivision, and neither the state nor
421	any political subdivision is liable on such bonds. The
422	corporation does not have the power to pledge the credit, the
423	revenues, or the taxing power of the state or of any political
424	subdivision. The credit, revenues, or taxing power of the state
425	or of any political subdivision shall not be deemed to be
426	pledged to the payment of any bonds of the corporation.
427	5.a. The property, revenues, and other assets of the
428	corporation; the transactions and operations of the corporation
429	and the income from such transactions and operations; and all
430	bonds issued under this paragraph and interest on such bonds are
431	exempt from taxation by the state and any political subdivision,
432	including the intangibles tax under chapter 199 and the income
433	tax under chapter 220. This exemption does not apply to any tax
434	imposed by chapter 220 on interest, income, or profits on debt
435	obligations owned by corporations other than the Florida
436	Hurricane Catastrophe Fund Finance Corporation.
437	b. All bonds of the corporation shall be and constitute
438	legal investments without limitation for all public bodies of
439	this state; for all banks, trust companies, savings banks,
440	savings associations, savings and loan associations, and
441	investment companies; for all administrators, executors,
442	trustees, and other fiduciaries; for all insurance companies and
443	associations and other persons carrying on an insurance
444	business; and for all other persons who are now or may hereafter
445	be authorized to invest in bonds or other obligations of the
446	state and shall be and constitute eligible securities to be
447	deposited as collateral for the security of any state, county,
448	municipal, or other public funds. This sub-subparagraph shall be
449	considered as additional and supplemental authority and shall
450	not be limited without specific reference to this sub-
451	subparagraph.
452	6. The corporation and its corporate existence shall
453	continue until terminated by law; however, no such law shall
454	take effect as long as the corporation has bonds outstanding
455	unless adequate provision has been made for the payment of such
456	bonds pursuant to the documents authorizing the issuance of such
457	bonds. Upon termination of the existence of the corporation, all
458	of its rights and properties in excess of its obligations shall
459	pass to and be vested in the state.
460	(e)(d)Protection of bondholders.--
461	1. As long as the corporation has any bonds outstanding,
462	neither the fund nor the corporation shall have the authority to
463	file a voluntary petition under chapter 9 of the federal
464	Bankruptcy Code or such corresponding chapter or sections as may
465	be in effect, from time to time, and neither any public officer
466	nor any organization, entity, or other person shall authorize
467	the fund or the corporation to be or become a debtor under
468	chapter 9 of the federal Bankruptcy Code or such corresponding
469	chapter or sections as may be in effect, from time to time,
470	during any such period.
471	2. The state hereby covenants with holders of bonds of the
472	corporation that the state will not limit or alter the denial of
473	authority under this paragraph or the rights under this section
474	vested in the fund or the corporation to fulfill the terms of
475	any agreements made with such bondholders or in any way impair
476	the rights and remedies of such bondholders as long as any such
477	bonds remain outstanding unless adequate provision has been made
478	for the payment of such bonds pursuant to the documents
479	authorizing the issuance of such bonds.
480	3. Notwithstanding any other provision of law, any pledge
481	of or other security interest in revenue, money, accounts,
482	contract rights, general intangibles, or other personal property
483	made or created by the fund or the corporation shall be valid,
484	binding, and perfected from the time such pledge is made or
485	other security interest attaches without any physical delivery
486	of the collateral or further act and the lien of any such pledge
487	or other security interest shall be valid, binding, and
488	perfected against all parties having claims of any kind in tort,
489	contract, or otherwise against the fund or the corporation
490	irrespective of whether or not such parties have notice of such
491	claims. No instrument by which such a pledge or security
492	interest is created nor any financing statement need be recorded
493	or filed.
494	(7) ADDITIONAL POWERS AND DUTIES.--
495	(a) The board may procure reinsurance from reinsurers
496	acceptable to the Office of Insurance Regulationapproved under
497	s. 624.610for the purpose of maximizing the capacity of the
498	fund.
499	(c) Each fiscal year, the Legislature shall appropriate
500	from the investment income of the Florida Hurricane Catastrophe
501	Fund an amount no less than $10 million and no more than 35
502	percent of the investment income based upon the most recent
503	fiscal year-end audited financial statementsfrom the prior
504	fiscal yearfor the purpose of providing funding for local
505	governments, state agencies, public and private educational
506	institutions, and nonprofit organizations to support programs
507	intended to improve hurricane preparedness, reduce potential
508	losses in the event of a hurricane, provide research into means
509	to reduce such losses, educate or inform the public as to means
510	to reduce hurricane losses, assist the public in determining the
511	appropriateness of particular upgrades to structures or in the
512	financing of such upgrades, or protect local infrastructure from
513	potential damage from a hurricane. Moneys shall first be
514	available for appropriation under this paragraph in fiscal year
515	1997-1998. Moneys in excess of the $10 million specified in this
516	paragraph shall not be available for appropriation under this
517	paragraph if the State Board of Administration finds that an
518	appropriation of investment income from the fund would
519	jeopardize the actuarial soundness of the fund.
520	Section 2. If any law amended by this act was also amended
521	by a law enacted at the 2003 Regular Session of the Legislature
522	or at the 2003 Special Session A of the Legislature, such laws
523	shall be construed as if they had been enacted at the same
524	session of the Legislature, and full effect shall be given to
525	each if possible.
526	Section 3. This act shall take effect upon becoming a law.