Florida Senate - 2010 CS for SB 1920
By the Committee on Education Pre-K - 12; and Senator Wise
581-04281-10 20101920c1
1 A bill to be entitled
2 An act relating to the Florida Endowment for
3 Vocational Rehabilitation; amending s. 413.615, F.S.;
4 removing a provision that requires the State Board of
5 Administration to invest and reinvest moneys in the
6 endowment fund for the Florida Endowment for
7 Vocational Rehabilitation; requiring that a specified
8 percent of the remainder of all civil penalties
9 received by a county court pursuant to ch. 318, F.S.,
10 be remitted to the Department of Revenue on a monthly
11 basis for deposit in the endowment fund; requiring
12 that funds currently held for investment and
13 reinvestment by the State Board of Administration for
14 the endowment fund be submitted back to the endowment
15 fund; requiring that a specified percent of the
16 additional fine assessed for violating traffic
17 regulations protecting mobility-impaired persons be
18 remitted to the Department of Revenue on a monthly
19 basis for deposit in the endowment fund; providing an
20 effective date.
21
22 Be It Enacted by the Legislature of the State of Florida:
23
24 Section 1. Subsection (4) of section 413.615, Florida
25 Statutes, is amended to read:
26 413.615 Florida Endowment for Vocational Rehabilitation.—
27 (4) REVENUE FOR THE ENDOWMENT FUND.—
28 (a) The endowment fund of the Florida Endowment for
29 Vocational Rehabilitation is created as a long-term, stable, and
30 growing source of revenue to be administered, in accordance with
31 rules promulgated by the division, by the foundation as a
32 direct-support organization of the division.
33 (b) The principal of the endowment fund shall derive from
34 the deposits made pursuant to s. 318.21(2)(e), together with any
35 legislative appropriations which may be made to the endowment,
36 and such bequests, gifts, grants, and donations as may be
37 solicited for such purpose by the foundation from public or
38 private sources.
39 (c) Two percent of the remainder of all civil penalties
40 received by a county court pursuant to chapter 318 shall be
41 remitted to the Department of Revenue on a monthly basis for
42 deposit in the endowment fund. All funds currently held for
43 investment and reinvestment by the State Board of Administration
44 for the endowment fund shall be submitted back to the endowment
45 fund within a reasonable time. Sixty percent of the additional
46 fine assessed under s. 318.18(3)(f) for a violation of s.
47 316.1303 must be remitted to the Department of Revenue on a
48 monthly basis for deposit in the endowment fund and 40 percent
49 must be distributed pursuant to s. 318.21(1) and (2). The State
50 Board of Administration shall invest and reinvest moneys of the
51 endowment fund in accordance with the provisions of ss. 215.44
52 215.53. Moneys in the endowment fund in excess of the endowment
53 fund principal, or such lesser amount as may be requested in
54 writing by the foundation, shall be annually transmitted to the
55 foundation, based upon a fiscal year which shall run from July 1
56 through June 30, and shall be deposited in the foundation’s
57 operating account, for distribution as provided in subsection
58 (10). The endowment fund principal shall be $1 million for the
59 2000-2001 fiscal year and shall be increased by 5 percent in
60 each subsequent fiscal year.
61 (d) The board of directors of the foundation shall
62 establish the operating account and shall deposit therein the
63 moneys transmitted pursuant to paragraph (c). Moneys in the
64 operating account shall be available to carry out the purposes
65 of subsection (10).
66 Section 2. This act shall take effect July 1, 2010.