Senate Bill sb2584c1

    Florida Senate - 2005                           CS for SB 2584

    By the Committee on Education Appropriations; and Senator
    Alexander




    602-1732A-05

  1                      A bill to be entitled

  2         An act relating to higher education; amending

  3         s. 1011.94, F.S.; authorizing the deposit of

  4         funds appropriated by the Legislature into the

  5         Trust Fund for University Major Gifts;

  6         providing an effective date.

  7  

  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Subsection (1) of section 1011.94, Florida

11  Statutes, is amended to read:

12         1011.94  Trust Fund for University Major Gifts.--

13         (1)  There is established a Trust Fund for University

14  Major Gifts. The purpose of the trust fund is to enable each

15  university and New College to provide donors with an incentive

16  in the form of matching grants for donations for the

17  establishment of permanent endowments and sales tax exemption

18  matching funds received pursuant to s. 212.08(5)(j), which

19  must be invested, with the proceeds of the investment used to

20  support libraries and instruction and research programs, as

21  defined by the State Board of Education. All funds

22  appropriated for the challenge grants, new donors, major

23  gifts, sales tax exemption matching funds pursuant to s.

24  212.08(5)(j), or eminent scholars program may must be

25  deposited into the trust fund and invested pursuant to s.

26  17.61 until the State Board of Education allocates the funds

27  to universities to match private donations. Notwithstanding s.

28  216.301 and pursuant to s. 216.351, any undisbursed balance

29  remaining in the trust fund and interest income accruing to

30  the portion of the trust fund which is not matched and

31  distributed to universities must remain in the trust fund and

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






    Florida Senate - 2005                           CS for SB 2584
    602-1732A-05




 1  be used to increase the total funds available for challenge

 2  grants. Funds deposited in the trust fund for the sales tax

 3  exemption matching program authorized in s. 212.08(5)(j), and

 4  interest earnings thereon, shall be maintained in a separate

 5  account within the Trust Fund for University Major Gifts, and

 6  may be used only to match qualified sales tax exemptions that

 7  a certified business designates for use by state universities

 8  and community colleges to support research and development

 9  projects requested by the certified business. The State Board

10  of Education may authorize any university to encumber the

11  state matching portion of a challenge grant from funds

12  available under s. 1011.45.

13         Section 2.  This act shall take effect upon becoming a

14  law.

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16          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
17                         Senate Bill 2584

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19  This committee substitute amends the statutes to eliminate the
    requirement that the Legislature "double" appropriate funds
20  for university matching grants and gifts.  This eliminates a
    "double" budgeting practice that results in the General
21  Appropriations Act being overstated.

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