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A bill to be entitled

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An act relating to trust funds; creating the Federal

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Grants Trust Fund within the Department of Community

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Affairs; providing for sources of funds and purposes;

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providing for future review and termination or re-creation

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of the trust fund; providing an effective date.

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

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     Section 1. Federal Grants Trust Fund.--

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     (1) The Federal Grants Trust Fund is created within the

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Department of Community Affairs.

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

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for funds to be used for allowable grant activities funded by

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restricted program revenues from federal sources. Moneys to be

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credited to the trust fund shall consist of grants and funding

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from the Federal Government, interest earnings, and cash advances

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from other trust funds. Funds shall be expended only pursuant to

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legislative appropriation or an approved amendment to the

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department's operating budget pursuant to the provisions of

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chapter 216, Florida Statutes.

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     (3) In accordance with s. 19(f)(2), Art. III of the State

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Constitution, the Federal Grants Trust Fund shall, unless

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terminated sooner, be terminated on July 1, 2012. Before its

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scheduled termination, the trust fund shall be reviewed as

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provided in s. 215.3206(1) and (2), Florida Statutes.

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