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A bill to be entitled

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An act relating to trust funds; creating s. 288.0971,

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F.S.; creating the Building Florida's Future Revolving

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Trust Fund within the Office of Tourism, Trade, and

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Economic Development; providing the purpose of the fund;

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providing for an annual carryforward of funds; providing

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for future review and termination or re-creation of the

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trust fund; providing a contingent effective date.

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

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     Section 1.  Section 288.0971, Florida Statutes, is created

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to read:

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     288.0971 Building Florida's Future Revolving Trust Fund.--

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     (1) The Building Florida's Future Revolving Trust Fund is

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created within the Office of Tourism, Trade, and Economic

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Development.

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     (2) The trust fund shall serve as a nonlapsing revolving

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fund for the purpose of providing loan guarantees and other

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credit enhancements under the Building Florida's Future Revolving

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Loan Guarantee Program.

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     (3) Notwithstanding the provisions of s. 216.301 and

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pursuant to s. 216.351, any balance in the trust fund at the end

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of a fiscal year shall remain in the trust fund and be available

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for carrying out the purposes of the trust fund.

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

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Constitution, the Building Florida's Future Revolving Trust Fund

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shall, unless terminated sooner, terminate July 1, 2012. Before

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its scheduled termination, the trust fund shall be reviewed as

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

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

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Senate Bill 2714 or similar legislation is adopted in the same

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legislative session or an extension thereof and becomes law.