Florida Senate - 2010                             CS for SB 2476
       
       
       
       By the Committee on Commerce; and Senator Altman
       
       
       
       
       577-03659-10                                          20102476c1
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating the Space
    3         Business Investment and Financial Services Trust Fund
    4         within the Office of Tourism, Trade, and Economic
    5         Development in the Executive Office of the Governor;
    6         providing the purpose of the fund; providing sources
    7         of funds; providing uses for the fund; providing for
    8         the balance in the trust fund to be carried forward at
    9         the end of each fiscal year; providing for future
   10         review and termination or re-creation of the trust
   11         fund; providing a contingent effective date.
   12  
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. The Space Business Investment and Financial
   16  Services Trust Fund.—
   17         (1) The Space Business Investment and Financial Services
   18  Trust Fund is created within the Office of Tourism, Trade, and
   19  Economic Development in the Executive Office of the Governor.
   20  Moneys to be credited to the trust fund shall consist of
   21  nonrecurring funds appropriated from the General Revenue Fund to
   22  the Office of Tourism, Trade, and Economic Development pursuant
   23  to CS for SB 2500, or similar legislation that becomes law in
   24  the 2010 legislative session, and any recurring revenues as
   25  specified in law.
   26         (2) The Space Business Investment and Financial Services
   27  Trust Fund shall be used exclusively to provide investment and
   28  financial services to new, expanding, and relocating space
   29  businesses, programs, and projects within this state pursuant to
   30  s. 331.3051, Florida Statutes, and as authorized by s. 331.305,
   31  Florida Statutes. The trust fund may not be used for personnel,
   32  administrative, or overhead expenses of Space Florida, other
   33  than expenses or charges directly associated with administration
   34  and reporting of the fund and the fund’s account.
   35         (3) Notwithstanding s. 216.301, Florida Statutes, and
   36  pursuant to s. 216.351, Florida Statutes, any balance in the
   37  trust fund at the end of any fiscal year shall remain in the
   38  trust fund and be available for carrying out the purposes of the
   39  trust fund.
   40         (4) In accordance with s. 19(f)(2), Article III of the
   41  State Constitution, the Space Business Investment and Financial
   42  Services Trust Fund shall, unless terminated sooner, be
   43  terminated on July 1, 2014. Before its scheduled termination,
   44  the trust fund shall be reviewed as provided in s. 215.3206(1)
   45  and (2), Florida Statutes.
   46         Section 2. This act shall take effect July 1, 2010, if CS
   47  for SB 2500 or similar legislation is adopted in the same
   48  legislative session or an extension thereof and becomes law.