| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating s. 218.417, F.S.; |
| 3 | creating the Fund B Surplus Funds Trust Fund within the |
| 4 | State Board of Administration; providing for source of |
| 5 | funds; providing for transfer of certain funds to the |
| 6 | trust fund; providing for annual carryforward of funds; |
| 7 | providing for termination of the trust fund upon self- |
| 8 | liquidation; providing an 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 218.417, Florida Statutes, is created |
| 13 | to read: |
| 14 | 218.417 Fund B Surplus Funds Trust Fund.-- |
| 15 | (1) There is created the Fund B Surplus Funds Trust Fund |
| 16 | within the State Board of Administration. Funds credited to the |
| 17 | trust fund shall consist of the investments, interest earned, |
| 18 | and reserve in Fund B of the Local Government Surplus Funds |
| 19 | Trust Fund, excluding interest earned in November 2007. Those |
| 20 | funds shall be transferred from the Local Government Surplus |
| 21 | Funds Trust Fund to the Fund B Surplus Funds Trust Fund within |
| 22 | 30 days after the effective date of this act. |
| 23 | (2) Notwithstanding s. 216.301 and pursuant to s. 216.351, |
| 24 | any balance in the trust fund at the end of the fiscal year |
| 25 | shall remain in the fund and be available for carrying out the |
| 26 | purposes of the trust fund. |
| 27 | (3) Pursuant to the provisions of s. 19(f)(3), Art. III of |
| 28 | the State Constitution, the Fund B Surplus Funds Trust Fund is |
| 29 | exempt from the termination provisions of s. 19(f)(2), Art. III |
| 30 | of the State Constitution. The trust fund shall be terminated |
| 31 | upon self-liquidation, if not terminated sooner by law. |
| 32 | Section 2. This act shall take effect upon becoming a law. |