HB 0017D 2003
1	A bill to be entitled
2	An act relating to the Florida Hurricane Catastrophe
3	Fund; amending s. 215.555, F.S.; revising definitions;
4	including certain accounts, formerly certain
5	associations, within the Citizens Property Insurance
6	Corporation; including the Citizens Property Insurance
7	Corporation within the operation of certain definitions;
8	authorizing the State Board of Administration to charge
9	interest on delinquent remittances to the Florida
10	Hurricane Catastrophe Fund; expanding the insurers
11	eligible for exemptions from certain reimbursement
12	contract and premium provisions authorized by the board
13	under certain circumstances; revising a reimbursement
14	contract requirement; revising emergency assessment
15	authority of the board relating to service of certain
16	debt obligations; revising requirements, procedures, and
17	limitations; revising powers and duties of the board;
18	providing for construction of the act in pari materia
19	with laws enacted during the 2003 Regular Session or any
20	2003 Special Session of the Legislature; providing an
21	effective date.
22
23	Be It Enacted by the Legislature of the State of Florida:
24
25	Section 1. Paragraphs (c) and (k) of subsection (2),
26	subsection (3), paragraphs (c) and (d) of subsection (4),
27	subsection (6), and paragraphs (a) and (c) of subsection (7) of
28	section 215.555, Florida Statutes, are amended, and paragraphs
29	(n) and (o) are added to subsection (2) of said section, to
30	read:
31	215.555 Florida Hurricane Catastrophe Fund.--
32	(2) DEFINITIONS.--As used in this section:
33	(c) "Covered policy" means any insurance policy covering
34	residential property in this state, including, but not limited
35	to, any homeowner's, mobile home owner's, farm owner's,
36	condominium association, condominium unit owner's, tenant's, or
37	apartment building policy, or any other policy covering a
38	residential structure or its contents issued by any authorized
39	insurer, including the Citizen’s Property Insurance Corporation
40	andany joint underwriting association or similar entity created
41	pursuant to law. The term "covered policy" includes any
42	collateral protection insurance policy covering personal
43	residences which protects both the borrower's and the lender's
44	financial interests, in an amount at least equal to the coverage
45	for the dwelling in place under the lapsed homeowner's policy,
46	if such policy can be accurately reported as required in
47	subsection (5). Additionally, covered policies include policies
48	covering the peril of wind removed from the Citizen’s Property
49	Insurance Corporation the Florida Residential Property and
50	Casualty Joint Underwriting Association, created pursuant to s.
51	627.351(6), or from the Florida Windstorm Underwriting
52	Association, created pursuant to s. 627.351(2),by an authorized
53	insurer under the terms and conditions of an executed assumption
54	agreement between the authorized insurer and the Citizen’s
55	Property Insurance Corporation either such association. Each
56	assumption agreement between the Citizen’s Property Insurance
57	Corporation either associationand such authorized insurer must
58	be approved by the Office of Insurance Regulation within the
59	Florida Department of Financial Services Insuranceprior to the
60	effective date of the assumption, and the Office Departmentof
61	Insurance Regulationmust provide written notification to the
62	board within 15 working days after such approval. "Covered
63	policy" does not include any policy that excludes wind coverage
64	or hurricane coverage or any reinsurance agreement and does not
65	include any policy otherwise meeting this definition which is
66	issued by a surplus lines insurer or a reinsurer. All commercial
67	residential excess policies and all deductible buy-back policies
68	that, based on sound actuarial principles, require individual
69	ratemaking shall be excluded by rule if the actuarial soundness
70	of the fund is not jeopardized. For this purpose, the term
71	“excess policy” means a policy that provides insurance
72	protection for large commercial property risks and that provides
73	a layer of coverage above a primary layer insured by another
74	insurer.
75	(k) "Pledged revenues" means all or any portion of
76	revenues to be derived from reimbursement premiums under
77	subsection (5) or from emergency assessments under paragraph
78	subparagraph (6)(b)(a)3., as determined by the board.
79	(n) “Citizens Property Insurance Corporation” or
80	“Citizens” means the entity created pursuant to s. 627.351(6),
81	and includes both the High Risk Account, formerly the Florida
82	Windstorm Underwriting Association, and the Personal Lines and
83	Commercial Lines Accounts, formerly the Florida Residential
84	Property and Casualty Joint Underwriting Association.
85	(o) “Corporation” means the Florida Hurricane Catastrophe
86	Fund Finance Corporation created in paragraph (6)(d).
87	(3) FLORIDA HURRICANE CATASTROPHE FUND CREATED.--There is
88	created the Florida Hurricane Catastrophe Fund to be
89	administered by the State Board of Administration. Moneys in the
90	fund may not be expended, loaned, or appropriated except to pay
91	obligations of the fund arising out of reimbursement contracts
92	entered into under subsection (4), payment of debt service on
93	revenue bonds issued under subsection (6), costs of the
94	mitigation program under subsection (7), costs of procuring
95	reinsurance, and costs of administration of the fund. The board
96	shall invest the moneys in the fund pursuant to ss. 215.44-
97	215.52. Except as otherwise provided in this section, earnings
98	from all investments shall be retained in the fund. The board
99	may employ or contract with such staff and professionals as the
100	board deems necessary for the administration of the fund. The
101	board may adopt such rules as are reasonable and necessary to
102	implement this section and shall specify interest due on any
103	delinquent remittances, which interest may not exceed the fund’s
104	rate of return plus 5 percent. Such rules must conform to the
105	Legislature's specific intent in establishing the fund as
106	expressed in subsection (1), must enhance the fund's potential
107	ability to respond to claims for covered events, must contain
108	general provisions so that the rules can be applied with
109	reasonable flexibility so as to accommodate insurers in
110	situations of an unusual nature or where undue hardship may
111	result, except that such flexibility may not in any way impair,
112	override, supersede, or constrain the public purpose of the
113	fund, and must be consistent with sound insurance practices. The
114	board may, by rule, provide for the exemption from subsections
115	(4) and (5) of insurers writing covered policies with less than
116	$3 million $500,000in aggregate exposure for covered policies,
117	which exposure results in a de minimis reimbursement premium, if
118	the exemption does not affect the actuarial soundness of the
119	fund.
120	(4) REIMBURSEMENT CONTRACTS.--
121	(c)1. The contract shall also provide that the obligation
122	of the board with respect to all contracts covering a particular
123	contract year shall not exceed the actual claims-paying capacity
124	of the fund up to a limit of $11 billion for that contract year
125	adjusted based upon the reported exposure from the prior
126	contract year to reflect the percentage growth in exposure to
127	the fund for covered policies since 2002, unless the board
128	determines that there is sufficient estimated claims-paying
129	capacity to provide $11 billion of capacity for the current
130	contract year and an additional $11 billion of capacity for
131	subsequent contract years. Upon such determination being made,
132	the estimated claims-paying capacity for the current contract
133	year shall be determined by adding to the $11 billion limit one-
134	half of the fund's estimated claims-paying capacity in excess of
135	$22 billion.
136	2. The contract shall require the board to annually notify
137	insurers of the fund's estimated borrowing capacity for the next
138	contract year, the projected year-end balance of the fund, and
139	the insurer's estimated share of total reimbursement premium to
140	be paid to the fund. For all regulatory and reinsurance
141	purposes, an insurer may calculate its projected payout from the
142	fund as its share of the total fund premium for the current
143	contract year multiplied by the sum of the projected year-end
144	fund balance and the estimated borrowing capacity for that
145	contract year as reported under this paragraph. In May and
146	October of each year, the board shall publish in the Florida
147	Administrative Weekly a statement of the fund's estimated
148	borrowing capacity and the projected year-end balance of the
149	fund for the current contract year.
150	(d)1. For purposes of determining potential liability and
151	to aid in the sound administration of the fund, the contract
152	shall require each insurer to report such insurer's losses from
153	each covered event on an interim basis, as directed by the
154	board. The contract shall require the insurer to report to the
155	board no later than December 31 of each year, and quarterly
156	thereafter, its reimbursable losses from covered events for the
157	year. The contract shall require the board to determine and pay,
158	as soon as practicable after receiving these reports of
159	reimbursable losses, the initial amount of reimbursement due and
160	adjustments to this amount based on later loss information. The
161	adjustments to reimbursement amounts shall require the board to
162	pay, or the insurer to return, amounts reflecting the most
163	recent calculation of losses.
164	2. In determining reimbursements pursuant to this
165	subsection, the contract shall provide that the board shall:
166	a. First reimburse insurers writing covered policies,
167	which insurers are in full compliance with this section and have
168	petitioned the Office of Department of Insurance Regulationand
169	qualified as limited apportionment companies under s.
170	627.351(2)(b)3. The amount of such reimbursement shall be the
171	lesser of $10 million or an amount equal to 10 times the
172	insurer's reimbursement premium for the current year. The amount
173	of reimbursement paid under this sub-subparagraph may not exceed
174	the full amount of reimbursement promised in the reimbursement
175	contract. This sub-subparagraph does not apply with respect to
176	any contract year in which the year-end projected cash balance
177	of the fund, exclusive of any bonding capacity of the fund,
178	exceeds $2 billion. Only one member of any insurer group may
179	receive reimbursement under this sub-subparagraph.
180	b. Next pay to each insurer such insurer's projected
181	payout, which is the amount of reimbursement it is owed, up to
182	an amount equal to the insurer's share of the actual premium
183	paid for that contract year, multiplied by the actual claims-
184	paying capacity available for that contract year; provided,
185	entities created pursuant to s. 627.351 shall be further
186	reimbursed in accordance with sub-subparagraph c.
187	c. Thereafter, establish, based on reimbursable losses,
188	the prorated reimbursement level at the highest level for which
189	any remaining fund balance or bond proceeds are sufficient to
190	reimburse entities created pursuant to s. 627.351 for losses
191	exceeding the amounts payable pursuant to sub-subparagraph b.
192	for the current contract year.
193	(6) REVENUE BONDS.--
194	(a) General provisions.--
195	1. Upon the occurrence of a hurricane and a determination
196	that the moneys in the fund are or will be insufficient to pay
197	reimbursement at the levels promised in the reimbursement
198	contracts, the board may take the necessary steps under
199	paragraph (c) (b) or paragraph (d) (c)for the issuance of
200	revenue bonds for the benefit of the fund. The proceeds of such
201	revenue bonds may be used to make reimbursement payments under
202	reimbursement contracts; to refinance or replace previously
203	existing borrowings or financial arrangements; to pay interest
204	on bonds; to fund reserves for the bonds; to pay expenses
205	incident to the issuance or sale of any bond issued under this
206	section, including costs of validating, printing, and delivering
207	the bonds, costs of printing the official statement, costs of
208	publishing notices of sale of the bonds, and related
209	administrative expenses; or for such other purposes related to
210	the financial obligations of the fund as the board may
211	determine. The term of the bonds may not exceed 30 years. The
212	board may pledge or authorize the corporation to pledge all or a
213	portion of all revenues under subsection (5) and under paragraph
214	(b) subparagraph 3.to secure such revenue bonds and the board
215	may execute such agreements between the board and the issuer of
216	any revenue bonds and providers of other financing arrangements
217	under paragraph (7)(b) as the board deems necessary to evidence,
218	secure, preserve, and protect such pledge. If reimbursement
219	premiums received under subsection (5) or earnings on such
220	premiums are used to pay debt service on revenue bonds, such
221	premiums and earnings shall be used only after the use of the
222	moneys derived from assessments under paragraph (b) subparagraph
223	3. The funds, credit, property, or taxing power of the state or
224	political subdivisions of the state shall not be pledged for the
225	payment of such bonds. The board may also enter into agreements
226	under paragraph (c) (b) or paragraph (d) (c)for the purpose of
227	issuing revenue bonds in the absence of a hurricane upon a
228	determination that such action would maximize the ability of the
229	fund to meet future obligations.
230	2. The Legislature finds and declares that the issuance of
231	bonds under this subsection is for the public purpose of paying
232	the proceeds of the bonds to insurers, thereby enabling insurers
233	to pay the claims of policyholders to assure that policyholders
234	are able to pay the cost of construction, reconstruction,
235	repair, restoration, and other costs associated with damage to
236	property of policyholders of covered policies after the
237	occurrence of a hurricane. Revenue bonds may not be issued under
238	this subsection until validated under chapter 75. The validation
239	of at least the first obligations incurred pursuant to this
240	subsection shall be appealed to the Supreme Court, to be handled
241	on an expedited basis.
242	(b)3. Emergency assessments.--If the board determines that
243	the amount of revenue produced under subsection (5) is
244	insufficient to fund the obligations, costs, and expenses of the
245	fund and the corporation, including repayment of revenue bonds,
246	the board shall direct the Office Department of Insurance
247	Regulationto levy an emergency assessment on each insurer
248	writing property and casualty business in this state.
249	1. Pursuant to the emergency assessment, each such
250	assessableinsurer shall pay to the corporation by July 1 of
251	each year an amount set by the board not exceeding 3 2percent
252	of its gross direct written premium for the prior year from all
253	property and casualty business in this state except for workers'
254	compensation, except that, if the Governor has declared a state
255	of emergency under s. 252.36 due to the occurrence of a covered
256	event, the amount of the assessment for the contract year may be
257	increased to an amount not exceeding 5 4percent of such
258	premium.
259	2.Any assessment authority not used for the contract year
260	may be used for a subsequent contract year. If, for a subsequent
261	contract year, the board determines that the amount of revenue
262	produced under subsection (5) is insufficient to fund the
263	obligations, costs, and expenses of the fund and the
264	corporation, including repayment of revenue bonds for that
265	contract year, the board shall direct the Office Departmentof
266	Insurance Regulationto levy an emergency assessment up to an
267	amount not exceeding the amount of unused assessment authority
268	from a previous contract year or years, plus an additional 3 2
269	percent if the Governor has declared a state of emergency under
270	s. 252.36 due to the occurrence of a covered event. Any
271	assessment authority not used for the contract year may be used
272	for a subsequent contract year. As used in this subsection, the
273	term "property and casualty business" includes all lines of
274	business identified on Form 2, Exhibit of Premiums and Losses,
275	in the annual statement required of authorized insurersby s.
276	624.424 and any rules adopted under such section, except for
277	those lines identified as accident and health insurance. The
278	annual assessments under this subparagraph shall continue as
279	long as the revenue bonds issued with respect to which the
280	assessment was imposed are outstanding, unless adequate
281	provision has been made for the payment of such bonds pursuant
282	to the documents authorizing issuance of the bonds. An
283	assessableinsurer shall not at any time be subject to aggregate
284	annual assessments under this subparagraph of more than 3 2
285	percent of premium, except that in the case of a declared
286	emergency, an assessableinsurer shall not at any time be
287	subject to aggregate annual assessments under this subparagraph
288	of more than 8 6 percent of premium; provided, no more than 5 4
289	percent may be assessed for obligations arising due to losses in
290	any one contract year.
291	3.Any rate filing or portion of a rate filing reflecting
292	a rate change attributable entirely to the assessment levied
293	under this paragraph subparagraphshall be deemed approved when
294	made, subject to the authority of the Office Departmentof
295	Insurance Regulationto require actuarial justification as to
296	the adequacy of any rate at any time. If the rate filing
297	reflects only a rate change attributable to the assessment under
298	this paragraph, the filing may consist of a certification so
299	stating.
300	4.The assessments otherwise payable to the corporation
301	pursuant to this paragraph subparagraphshall be paid instead to
302	the fund unless and until the Office Department of Insurance
303	Regulationhas received from the corporation and the fund a
304	notice, which shall be conclusive and upon which they the
305	Department of Insurancemay rely without further inquiry, that
306	the corporation has issued bonds and the fund has no agreements
307	in effect with local governments pursuant to paragraph (c) (b).
308	On or after the date of such notice and until such date as the
309	corporation has no bonds outstanding, the fund shall have no
310	right, title, or interest in or to the assessments, except as
311	provided in the fund's agreements with the corporation.
312	5. Emergency assessments are not premium and are not
313	subject to premium or surplus lines tax, fees, or commissions,
314	however, the failure by an assessable insured to pay an
315	emergency assessment shall be treated as a failure to pay
316	premium.
317	(c)(b)Revenue bond issuance through counties or
318	municipalities.--
319	1. If the board elects to enter into agreements with local
320	governments for the issuance of revenue bonds for the benefit of
321	the fund, the board shall enter into such contracts with one or
322	more local governments, including agreements providing for the
323	pledge of revenues, as are necessary to effect such issuance.
324	The governing body of a county or municipality is authorized to
325	issue bonds as defined in s. 125.013 or s. 166.101 from time to
326	time to fund an assistance program, in conjunction with the
327	Florida Hurricane Catastrophe Fund, for the purposes set forth
328	in this section or for the purpose of paying the costs of
329	construction, reconstruction, repair, restoration, and other
330	costs associated with damage to properties of policyholders of
331	covered policies due to the occurrence of a hurricane by
332	assuring that policyholders located in this state are able to
333	recover claims under property insurance policies after a covered
334	event.
335	2. In order to avoid needless and indiscriminate
336	proliferation, duplication, and fragmentation of such assistance
337	programs, any local government may provide for the payment of
338	fund reimbursements, regardless of whether or not the losses for
339	which reimbursement is made occurred within or outside of the
340	territorial jurisdiction of the local government.
341	3. The state hereby covenants with holders of bonds issued
342	under this paragraph that the state will not repeal or abrogate
343	the power of the board to direct the Office Departmentof
344	Insurance Regulationto levy the assessments and to collect the
345	proceeds of the revenues pledged to the payment of such bonds as
346	long as any such bonds remain outstanding unless adequate
347	provision has been made for the payment of such bonds pursuant
348	to the documents authorizing the issuance of such bonds.
349	4. There shall be no liability on the part of, and no
350	cause of action shall arise against any members or employees of
351	the governing body of a local government for any actions taken
352	by them in the performance of their duties under this paragraph.
353	(d)(c)Florida Hurricane Catastrophe Fund Finance
354	Corporation.--
355	1. In addition to the findings and declarations in
356	subsection (1), the Legislature also finds and declares that:
357	a. The public benefits corporation created under this
358	paragraph will provide a mechanism necessary for the cost-
359	effective and efficient issuance of bonds. This mechanism will
360	eliminate unnecessary costs in the bond issuance process,
361	thereby increasing the amounts available to pay reimbursement
362	for losses to property sustained as a result of hurricane
363	damage.
364	b. The purpose of such bonds is to fund reimbursements
365	through the Florida Hurricane Catastrophe Fund to pay for the
366	costs of construction, reconstruction, repair, restoration, and
367	other costs associated with damage to properties of
368	policyholders of covered policies due to the occurrence of a
369	hurricane.
370	c. The efficacy of the financing mechanism will be
371	enhanced by the corporation's ownership of the assessments, by
372	the insulation of the assessments from possible bankruptcy
373	proceedings, and by covenants of the state with the
374	corporation's bondholders.
375	2.a. There is created a public benefits corporation, which
376	is an instrumentality of the state, to be known as the Florida
377	Hurricane Catastrophe Fund Finance Corporation.
378	b. The corporation shall operate under a five-member board
379	of directors consisting of the Governor or a designee, the
380	Comptroller or a designee, the Treasurer or a designee, the
381	director of the Division of Bond Finance of the State Board of
382	Administration, and the chief operating officer of the Florida
383	Hurricane Catastrophe Fund.
384	c. The corporation has all of the powers of corporations
385	under chapter 607 and under chapter 617, subject only to the
386	provisions of this subsection.
387	d. The corporation may issue bonds and engage in such
388	other financial transactions as are necessary to provide
389	sufficient funds to achieve the purposes of this section.
390	e. The corporation may invest in any of the investments
391	authorized under s. 215.47.
392	f. There shall be no liability on the part of, and no
393	cause of action shall arise against, any board members or
394	employees of the corporation for any actions taken by them in
395	the performance of their duties under this paragraph.
396	3.a. In actions under chapter 75 to validate any bonds
397	issued by the corporation, the notice required by s. 75.06 shall
398	be published only in Leon County and in two newspapers of
399	general circulation in the state, and the complaint and order of
400	the court shall be served only on the State Attorney of the
401	Second Judicial Circuit.
402	b. The state hereby covenants with holders of bonds of the
403	corporation that the state will not repeal or abrogate the power
404	of the board to direct the Office Department of Insurance
405	Regulationto levy the assessments and to collect the proceeds
406	of the revenues pledged to the payment of such bonds as long as
407	any such bonds remain outstanding unless adequate provision has
408	been made for the payment of such bonds pursuant to the
409	documents authorizing the issuance of such bonds.
410	4. The bonds of the corporation are not a debt of the
411	state or of any political subdivision, and neither the state nor
412	any political subdivision is liable on such bonds. The
413	corporation does not have the power to pledge the credit, the
414	revenues, or the taxing power of the state or of any political
415	subdivision. The credit, revenues, or taxing power of the state
416	or of any political subdivision shall not be deemed to be
417	pledged to the payment of any bonds of the corporation.
418	5.a. The property, revenues, and other assets of the
419	corporation; the transactions and operations of the corporation
420	and the income from such transactions and operations; and all
421	bonds issued under this paragraph and interest on such bonds are
422	exempt from taxation by the state and any political subdivision,
423	including the intangibles tax under chapter 199 and the income
424	tax under chapter 220. This exemption does not apply to any tax
425	imposed by chapter 220 on interest, income, or profits on debt
426	obligations owned by corporations other than the Florida
427	Hurricane Catastrophe Fund Finance Corporation.
428	b. All bonds of the corporation shall be and constitute
429	legal investments without limitation for all public bodies of
430	this state; for all banks, trust companies, savings banks,
431	savings associations, savings and loan associations, and
432	investment companies; for all administrators, executors,
433	trustees, and other fiduciaries; for all insurance companies and
434	associations and other persons carrying on an insurance
435	business; and for all other persons who are now or may hereafter
436	be authorized to invest in bonds or other obligations of the
437	state and shall be and constitute eligible securities to be
438	deposited as collateral for the security of any state, county,
439	municipal, or other public funds. This sub-subparagraph shall be
440	considered as additional and supplemental authority and shall
441	not be limited without specific reference to this sub-
442	subparagraph.
443	6. The corporation and its corporate existence shall
444	continue until terminated by law; however, no such law shall
445	take effect as long as the corporation has bonds outstanding
446	unless adequate provision has been made for the payment of such
447	bonds pursuant to the documents authorizing the issuance of such
448	bonds. Upon termination of the existence of the corporation, all
449	of its rights and properties in excess of its obligations shall
450	pass to and be vested in the state.
451	(e)(d)Protection of bondholders.--
452	1. As long as the corporation has any bonds outstanding,
453	neither the fund nor the corporation shall have the authority to
454	file a voluntary petition under chapter 9 of the federal
455	Bankruptcy Code or such corresponding chapter or sections as may
456	be in effect, from time to time, and neither any public officer
457	nor any organization, entity, or other person shall authorize
458	the fund or the corporation to be or become a debtor under
459	chapter 9 of the federal Bankruptcy Code or such corresponding
460	chapter or sections as may be in effect, from time to time,
461	during any such period.
462	2. The state hereby covenants with holders of bonds of the
463	corporation that the state will not limit or alter the denial of
464	authority under this paragraph or the rights under this section
465	vested in the fund or the corporation to fulfill the terms of
466	any agreements made with such bondholders or in any way impair
467	the rights and remedies of such bondholders as long as any such
468	bonds remain outstanding unless adequate provision has been made
469	for the payment of such bonds pursuant to the documents
470	authorizing the issuance of such bonds.
471	3. Notwithstanding any other provision of law, any pledge
472	of or other security interest in revenue, money, accounts,
473	contract rights, general intangibles, or other personal property
474	made or created by the fund or the corporation shall be valid,
475	binding, and perfected from the time such pledge is made or
476	other security interest attaches without any physical delivery
477	of the collateral or further act and the lien of any such pledge
478	or other security interest shall be valid, binding, and
479	perfected against all parties having claims of any kind in tort,
480	contract, or otherwise against the fund or the corporation
481	irrespective of whether or not such parties have notice of such
482	claims. No instrument by which such a pledge or security
483	interest is created nor any financing statement need be recorded
484	or filed.
485	(7) ADDITIONAL POWERS AND DUTIES.--
486	(a) The board may procure reinsurance from reinsurers
487	acceptable to the Office of Insurance Regulation approved under
488	s. 624.610for the purpose of maximizing the capacity of the
489	fund.
490	(c) Each fiscal year, the Legislature shall appropriate
491	from the investment income of the Florida Hurricane Catastrophe
492	Fund an amount no less than $10 million and no more than 35
493	percent of the investment income based upon the most recent
494	fiscal year-end audited financial statements from the prior
495	fiscal yearfor the purpose of providing funding for local
496	governments, state agencies, public and private educational
497	institutions, and nonprofit organizations to support programs
498	intended to improve hurricane preparedness, reduce potential
499	losses in the event of a hurricane, provide research into means
500	to reduce such losses, educate or inform the public as to means
501	to reduce hurricane losses, assist the public in determining the
502	appropriateness of particular upgrades to structures or in the
503	financing of such upgrades, or protect local infrastructure from
504	potential damage from a hurricane. Moneys shall first be
505	available for appropriation under this paragraph in fiscal year
506	1997-1998. Moneys in excess of the $10 million specified in this
507	paragraph shall not be available for appropriation under this
508	paragraph if the State Board of Administration finds that an
509	appropriation of investment income from the fund would
510	jeopardize the actuarial soundness of the fund.
511	Section 2. If any law amended by this act was also amended
512	by a law enacted at the 2003 Regular Session or any 2003 Special
513	Session of the Legislature, such laws shall be construed as if
514	they had been enacted at the same session of the Legislature,
515	and full effect shall be given to each if possible.
516	Section 3. This act shall take effect upon becoming a law.