Senate Bill sb2426

    Florida Senate - 2007                                  SB 2426

    By Senator Ring





    32-1935-07

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         288.9627, F.S.; creating the SURE Venture

  4         Capital Trust Fund; providing for the use of

  5         the fund; providing for an annual carryforward

  6         of funds; providing for future review and

  7         termination or re-creation of the trust fund;

  8         providing a contingent effective date.

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

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12         Section 1.  Section 288.9627, Florida Statutes, is

13  created to read:

14         288.9627  SURE Venture Capital Trust Fund.--

15         (1)  The SURE Venture Capital Trust Fund is created

16  within the State Treasury for the purpose of funding the

17  organizational and operational expenses of the SURE Venture

18  Capital Fund in support of the activities of the fund as

19  authorized in s. 288.9626.

20         (2)  Funds credited to the trust fund shall consist of

21  funds appropriated by the Legislature for the SURE Venture

22  Capital Fund, grants and donations received by the fund, and

23  investment earnings.

24         (3)  Notwithstanding s. 216.301 and pursuant to s.

25  216.351, any balance in the trust fund at the end of the

26  fiscal year shall remain in the trust fund and shall be

27  available for carrying out the purposes of the trust fund.

28         (4)  In accordance with s. 19(f)(2), Art. III of the

29  State Constitution, the SURE Venture Capital Trust Fund shall,

30  unless terminated sooner, be terminated on July 1, 2012.

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    Florida Senate - 2007                                  SB 2426
    32-1935-07




 1  Before its scheduled termination, the trust fund shall be

 2  reviewed as provided in s. 215.3206(1) and (2).

 3         Section 2.  This act shall take effect July 1, 2007, if

 4  Senate Bill ____ or similar legislation creating the SURE

 5  Venture Capital Fund is adopted in the same legislative

 6  session or an extension thereof and becomes law.

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 9                          SENATE SUMMARY

10    Creates the SURE Venture Capital Trust Fund. Provides for
      the use of the funds. Provides for review and termination
11    or re-creation of the trust fund.

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