| 1 | A bill to be entitled |
| 2 | An act relating to the Slot Machine Administrative Trust |
| 3 | Fund; creating s. 551.50, F.S.; creating the Slot Machine |
| 4 | Administrative Trust Fund within the Department of |
| 5 | Business and Professional Regulation; providing for source |
| 6 | of funds and purpose; providing for future legislative |
| 7 | review and termination or re-creation of the trust fund; |
| 8 | providing a contingent effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 551.50, Florida Statutes, is created to |
| 13 | read: |
| 14 | 551.50 Slot Machine Administrative Trust Fund.-- |
| 15 | (1) The Slot Machine Administrative Trust Fund is created |
| 16 | within the Department of Business and Professional Regulation |
| 17 | for the purpose of receiving funds collected from various |
| 18 | license fees, administrative and civil penalties resulting from |
| 19 | the regulation of slot machine gaming, and slot machine tax |
| 20 | revenues. Funds from fees and penalties may be used by the |
| 21 | agency to cover the operational costs of the Division of Slot |
| 22 | Machine Gaming and for such other purposes as may be |
| 23 | appropriate. Slot machine tax revenues shall be transferred to |
| 24 | the Educational Enhancement Trust Fund. |
| 25 | (2) 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, 2009. Before its scheduled termination, |
| 28 | the trust fund shall be reviewed as provided in s. 215.3206(1) |
| 29 | and (2). |
| 30 | Section 2. This act shall take effect July 1, 2005, if HB |
| 31 | 1901 or similar legislation is adopted in the same legislative |
| 32 | session or an extension thereof and becomes law. |