Florida Senate - 2010                                    SB 1634
       
       
       
       By Senator Fasano
       
       
       
       
       11-01482-10                                           20101634__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating the
    3         Transportation Governmental Bond Trust Fund within the
    4         Department of Transportation; providing for the
    5         purpose of the trust fund and sources of funds;
    6         providing for future review and termination or re
    7         creation of the trust fund; providing an effective
    8         date.
    9  
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Transportation Governmental Bond Trust Fund.—
   13         (1) The Transportation Governmental Bond Trust Fund is
   14  created within the Department of Transportation. The purpose of
   15  the trust fund is for the deposit of funds received from the
   16  proceeds upon issuance of governmental-fund-type bonds.
   17         (2) Net proceeds from governmental-fund-type bonds issued
   18  for eligible transportation projects shall be credited to the
   19  trust fund to provide for the payment of eligible project costs.
   20         (3) In accordance with s. 19(f)(2), Article III of the
   21  State Constitution, the Transportation Governmental Bond Trust
   22  Fund shall, unless terminated sooner, be terminated on July 1,
   23  2014. Before its scheduled termination, the trust fund shall be
   24  reviewed as provided in s. 215.3206(1) and (2), Florida
   25  Statutes.
   26         Section 2. This act shall take effect July 1, 2010, but it
   27  shall not take effect unless it is enacted by a three-fifths
   28  vote of the membership of each house of the Legislature.