Florida Senate - 2010                                    SB 2462
       
       
       
       By Senator Fasano
       
       
       
       
       11-01895C-10                                          20102462__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating the Federal
    3         Grants Trust Fund within the Department of Community
    4         Affairs; providing for sources of funds and purposes;
    5         providing for future review and termination or re
    6         creation of the trust fund; providing a contingent
    7         effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Federal Grants Trust Fund.—
   12         (1) The Federal Grants Trust Fund is created within the
   13  Department of Community Affairs.
   14         (2) The trust fund is established for use as a depository
   15  for funds to be used for allowable grant activities funded by
   16  restricted program revenues from federal sources. Moneys to be
   17  credited to the trust fund shall consist of grants and funding
   18  from the Federal Government, interest earnings, and cash
   19  advances from other trust funds. Funds shall be expended only
   20  pursuant to legislative appropriation or an approved amendment
   21  to the department’s operating budget pursuant to the provisions
   22  of chapter 216, Florida Statutes.
   23         (3) In accordance with s. 19(f)(2), Article III of the
   24  State Constitution, the Federal Grants Trust Fund shall, unless
   25  terminated sooner, be terminated on July 1, 2014. Before its
   26  scheduled termination, the trust fund shall be reviewed as
   27  provided in s. 215.3206(1) and (2), Florida Statutes.
   28         Section 2. This act shall take effect July 1, 2010, but it
   29  shall not take effect unless it is enacted by a three-fifths
   30  vote of the membership of each house of the Legislature.