| 1 | A bill to be entitled |
| 2 | An act relating to the Sure Ventures Commercialization |
| 3 | Trust Fund; creating s. 288.9565, F.S.; creating the Sure |
| 4 | Ventures Commercialization Trust Fund within the State |
| 5 | Treasury; providing for the use of the fund; providing for |
| 6 | sources of funds; providing for annual carryforward of |
| 7 | funds; providing for review and termination or re-creation |
| 8 | of the trust fund; providing a contingent effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 288.9565, Florida Statutes, is created |
| 13 | to read: |
| 14 | 288.9565 Sure Ventures Commercialization Trust Fund.-- |
| 15 | (1) The Sure Ventures Commercialization Trust Fund is |
| 16 | created within the State Treasury to fund grants approved by |
| 17 | Sure Ventures Commercialization, Inc., to universities in this |
| 18 | state and to support the operations of the corporation as |
| 19 | authorized in s. 288.9561. |
| 20 | (2) Funds to be credited to the trust fund shall consist |
| 21 | of funds appropriated by the Legislature for the Sure Ventures |
| 22 | Commercialization Grant Program, grants and donations received |
| 23 | by the corporation, investment earnings pursuant to s. |
| 24 | 288.9561(6), and the repayment of grant awards pursuant to s. |
| 25 | 288.9561(7). |
| 26 | (3) Notwithstanding s. 216.301 and pursuant to s. 216.351, |
| 27 | any balance in the trust fund at the end of the fiscal year |
| 28 | shall remain in the trust fund and shall be available for |
| 29 | carrying out the purposes of the trust fund. |
| 30 | (4) In accordance with s. 19(f)(2), Art. III of the State |
| 31 | Constitution, the Sure Ventures Commercialization Trust Fund |
| 32 | shall, unless terminated sooner, be terminated on July 1, 2011. |
| 33 | Before its scheduled termination, the trust fund shall be |
| 34 | reviewed as provided in s. 215.3206(1) and (2). |
| 35 | Section 2. This act shall take effect July 1, 2007, if |
| 36 | House Bill 1521 or similar legislation creating the Sure |
| 37 | Ventures Commercialization Grant Program is adopted in the same |
| 38 | legislative session or an extension thereof and becomes law. |