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.