HJR 279

House Joint Resolution
2A joint resolution proposing the creation of Section 27 of
3Article X of the State Constitution relating to the assets
4of the Florida Hurricane Catastrophe Fund.
6Be It Resolved by the Legislature of the State of Florida:
8     That the following creation of Section 27 of Article X of
9the State Constitution is agreed to and shall be submitted to
10the electors of this state for approval or rejection at the next
11general election or at an earlier special election specifically
12authorized by law for that purpose:
15     SECTION 27.  Assets of the Florida Hurricane Catastrophe
16Fund.--The assets of the Florida Hurricane Catastrophe Fund,
17established by general law, shall be used exclusively for paying
18catastrophic hurricane loss obligations arising out of
19reimbursement contracts with insurers, paying debt service on
20revenue bonds and financing arrangements issued by or on behalf
21of the fund, reinsurance costs of the fund, administrative
22expenses of the fund, and an annual appropriation for hurricane
23loss mitigation programs. Ten million dollars must be
24appropriated annually in the General Appropriations Act for
25hurricane loss mitigation programs, and any additional
26appropriation from the fund for the programs must be approved by
27a vote of three-fourths of the membership of each house of the
28legislature in a separate bill or bills for that purpose only.
29However, the aggregate of any appropriations from the fund for
30hurricane loss mitigation programs in a fiscal year may not
31exceed the greater of $10 million or an amount equal to thirty-
32five percent of the fund's investment income based upon the most
33recent fiscal year-end audited financial statements. This
34section does not limit the authority of the legislature to
35abolish or otherwise terminate the operations of the Florida
36Hurricane Catastrophe Fund.
37     BE IT FURTHER RESOLVED that the following statement be
38placed on the ballot:
42FUND.--Proposing an amendment to the State Constitution to limit
43the purposes for which the Florida Hurricane Catastrophe Fund's
44assets may be used, to require an annual $10 million
45appropriation in the General Appropriations Act for hurricane
46loss mitigation programs, to require any additional
47appropriation from the fund for the programs to be subject to a
48three-fourths vote of the membership of the Legislature in a
49separate bill or bills, and to limit the aggregate of any
50appropriations from the fund for hurricane loss mitigation
51programs in a fiscal year to the greater of $10 million or 35
52percent of the fund's investment income based on the most recent
53fiscal year-end audited financial statements.

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