Senate Bill sb1324er

    ENROLLED

    2007 Legislature                                       SB 1324



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  2         An act relating to trust funds; creating the

  3         Federal Grants Trust Fund within the Department

  4         of Revenue; providing for sources of funds and

  5         purposes; providing for future review and

  6         termination or re-creation of the trust fund;

  7         providing an effective date.

  8  

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

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11         Section 1.  (1)  The Federal Grants Trust Fund is

12  created within the Department of Revenue.

13         (2)  The trust fund is established for use as a

14  depository for funds to be used for allowable grant activities

15  funded by restricted program revenues from federal sources.

16  Moneys to be credited to the trust fund shall consist of

17  grants and funding from the Federal Government, interest

18  earnings, and cash advances from other trust funds. Funds

19  shall be expended only pursuant to legislative appropriation

20  or an approved amendment to the department's operating budget

21  pursuant to the provisions of chapter 216, Florida Statutes.

22         (3)  In accordance with Section 19(f)(2), Article III

23  of the State Constitution, the Federal Grants Trust Fund

24  shall, unless terminated sooner, be terminated on July 1,

25  2012. Before its scheduled termination, the trust fund shall

26  be reviewed as provided in s. 215.3206(1) and (2), Florida

27  Statutes.

28         Section 2.  This act shall take effect July 1, 2008.

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