| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Hurricane Damage Prevention |
| 3 | Endowment Trust Fund; creating s. 215.5585, F.S.; creating |
| 4 | the Florida Hurricane Damage Prevention Endowment Trust |
| 5 | Fund within the Department of Community Affairs; providing |
| 6 | for administration and investment of the fund; providing |
| 7 | for the use of moneys in the fund; providing for an |
| 8 | initial appropriation to the fund; providing for |
| 9 | additional funding; requiring balances in the fund to |
| 10 | remain in the fund for certain purposes; providing for |
| 11 | future review and termination or re-creation of the fund; |
| 12 | providing a contingent effective date. |
| 13 |
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| 14 | Be It Enacted by the Legislature of the State of Florida: |
| 15 |
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| 16 | Section 1. Section 215.5585, Florida Statutes, is created |
| 17 | to read: |
| 18 | 215.5585 Florida Hurricane Damage Prevention Endowment |
| 19 | Trust Fund.-- |
| 20 | (1) The Florida Hurricane Damage Prevention Endowment |
| 21 | Trust Fund, is created within the Department of Community |
| 22 | Affairs. The department shall serve as administrator of the |
| 23 | fund, and the State Board of Administration shall invest moneys |
| 24 | in the fund as provided in s. 215.558. The fund shall be used by |
| 25 | the department as a nonlapsing revolving fund to carry out the |
| 26 | purposes of s. 215.558. |
| 27 | (2) The fund shall be initially funded by a nonrecurring |
| 28 | appropriation in the sum of $100 million from the General |
| 29 | Revenue Fund as well as any subsequent grants or donations |
| 30 | received for the purpose for which the fund is created. |
| 31 | (3) Notwithstanding the provisions of s. 216.301 and |
| 32 | pursuant to s. 216.351, any balance in the trust fund at the end |
| 33 | of any fiscal year shall remain in the trust fund at the end of |
| 34 | that year and shall be available for carrying out the purposes |
| 35 | of the trust fund. |
| 36 | (4) Pursuant to the provisions of s. 19(f)(2), Art. III of |
| 37 | the State Constitution, the fund shall, unless terminated |
| 38 | sooner, be terminated July 1, 2010. Prior to its scheduled |
| 39 | termination, the fund shall be reviewed as provided in s. |
| 40 | 215.3206(1) and (2). |
| 41 | Section 2. This act shall take effect July 1, 2006, only |
| 42 | if HB 7225 or similar legislation is adopted in the same |
| 43 | legislative session or an extension thereof and becomes a law. |