| 1 | The Fiscal Council recommends the following: |
| 2 | Council/Committee Substitute |
| 3 | Remove the entire bill and insert: |
| 4 | A bill to be entitled |
| 5 | An act relating to the Florida Hurricane Damage Prevention |
| 6 | Trust Fund; creating s. 215.5585, F.S.; creating the |
| 7 | Florida Hurricane Damage Prevention Trust Fund within the |
| 8 | Department of Financial Services; providing for |
| 9 | administration and investment of the fund; providing for |
| 10 | the use of moneys in the fund; requiring balances in the |
| 11 | fund to remain in the fund for certain purposes; providing |
| 12 | for future review and termination or re-creation of the |
| 13 | fund; providing a contingent effective date. |
| 14 |
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| 15 | Be It Enacted by the Legislature of the State of Florida: |
| 16 |
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| 17 | Section 1. Section 215.5585, Florida Statutes, is created |
| 18 | to read: |
| 19 | 215.5585 Florida Hurricane Damage Prevention Trust Fund.-- |
| 20 | (1) The Florida Hurricane Damage Prevention Trust Fund, is |
| 21 | created within the Department of Financial Services. The |
| 22 | department shall serve as administrator of the fund, and the |
| 23 | State Board of Administration shall invest moneys in the fund as |
| 24 | provided in s. 215.558. |
| 25 | (2) The fund shall be used by the department to carry out |
| 26 | the purposes of ss. 215.558 and 215.5586. The moneys credited to |
| 27 | the fund include transfers from other state funds, as well as |
| 28 | any grants or donations received for the purpose for which the |
| 29 | fund is created. |
| 30 | (3) Notwithstanding the provisions of s. 216.301 and |
| 31 | pursuant to s. 216.351, any balance in the trust fund at the end |
| 32 | of any fiscal year shall remain in the trust fund at the end of |
| 33 | that year and shall be available for carrying out the purposes |
| 34 | of the trust fund. |
| 35 | (4) Pursuant to the provisions of s. 19(f)(2), Art. III of |
| 36 | the State Constitution, the fund shall, unless terminated |
| 37 | sooner, be terminated July 1, 2010. Prior to its scheduled |
| 38 | termination, the fund shall be reviewed as provided in s. |
| 39 | 215.3206(1) and (2). |
| 40 | Section 2. This act shall take effect July 1, 2006, only |
| 41 | if HB 7225 or similar legislation is adopted in the same |
| 42 | legislative session or an extension thereof and becomes a law. |