| 1 | House Joint Resolution |
| 2 | A joint resolution proposing the creation of Section 27 of |
| 3 | Article X of the State Constitution relating to the assets |
| 4 | of the Florida Hurricane Catastrophe Fund. |
| 5 |
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| 6 | Be It Resolved by the Legislature of the State of Florida: |
| 7 |
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| 8 | That the following creation of Section 27 of Article X of |
| 9 | the State Constitution is agreed to and shall be submitted to |
| 10 | the electors of this state for approval or rejection at the next |
| 11 | general election or at an earlier special election specifically |
| 12 | authorized by law for that purpose: |
| 13 | ARTICLE X |
| 14 | MISCELLANEOUS |
| 15 | SECTION 27. Assets of the Florida Hurricane Catastrophe |
| 16 | Fund.--The assets of the Florida Hurricane Catastrophe Fund, |
| 17 | established by general law, shall be used exclusively for paying |
| 18 | catastrophic hurricane loss obligations arising out of |
| 19 | reimbursement contracts with insurers, paying debt service on |
| 20 | revenue bonds and financing arrangements issued by or on behalf |
| 21 | of the fund, reinsurance costs of the fund, administrative |
| 22 | expenses of the fund, and an annual appropriation for hurricane |
| 23 | loss mitigation programs. Ten million dollars must be |
| 24 | appropriated annually in the General Appropriations Act for |
| 25 | hurricane loss mitigation programs, and any additional |
| 26 | appropriation from the fund for the programs must be approved by |
| 27 | a vote of three-fourths of the membership of each house of the |
| 28 | legislature in a separate bill or bills for that purpose only. |
| 29 | However, the aggregate of any appropriations from the fund for |
| 30 | hurricane loss mitigation programs in a fiscal year may not |
| 31 | exceed the greater of $10 million or an amount equal to thirty- |
| 32 | five percent of the fund's investment income based upon the most |
| 33 | recent fiscal year-end audited financial statements. This |
| 34 | section does not limit the authority of the legislature to |
| 35 | abolish or otherwise terminate the operations of the Florida |
| 36 | Hurricane Catastrophe Fund. |
| 37 | BE IT FURTHER RESOLVED that the following statement be |
| 38 | placed on the ballot: |
| 39 | CONSTITUTIONAL AMENDMENT |
| 40 | ARTICLE X, SECTION 27 |
| 41 | ASSETS OF THE FLORIDA HURRICANE CATASTROPHE |
| 42 | FUND.--Proposing an amendment to the State Constitution to limit |
| 43 | the purposes for which the Florida Hurricane Catastrophe Fund's |
| 44 | assets may be used, to require an annual $10 million |
| 45 | appropriation in the General Appropriations Act for hurricane |
| 46 | loss mitigation programs, to require any additional |
| 47 | appropriation from the fund for the programs to be subject to a |
| 48 | three-fourths vote of the membership of the Legislature in a |
| 49 | separate bill or bills, and to limit the aggregate of any |
| 50 | appropriations from the fund for hurricane loss mitigation |
| 51 | programs in a fiscal year to the greater of $10 million or 35 |
| 52 | percent of the fund's investment income based on the most recent |
| 53 | fiscal year-end audited financial statements. |