| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; reenacting and amending s. |
| 3 | 339.0815, F.S., relating to the Transportation Revenue |
| 4 | Bond Trust Fund; providing for future review and |
| 5 | termination or re-creation of the trust fund; providing a |
| 6 | contingent effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Section 339.0815, Florida Statutes, is |
| 11 | reenacted and amended to read: |
| 12 | 339.0815 Transportation Revenue Bond Trust Fund.- |
| 13 | (1) The Transportation Revenue Bond Trust Fund is created |
| 14 | within the Department of Transportation. The purpose of the |
| 15 | trust fund is for the deposit of funds received by the |
| 16 | department from the proceeds or issuance of revenue bonds |
| 17 | secured by state and federal revenues and credited to the trust |
| 18 | fund. |
| 19 | (2) Net proceeds from revenue bonds issued for eligible |
| 20 | transportation projects shall be credited to the trust fund to |
| 21 | provide for the payment of eligible project costs. |
| 22 | (3) Notwithstanding the provisions of s. 216.301 and |
| 23 | pursuant to the requirements of s. 216.351, any balance in the |
| 24 | trust fund at the end of any fiscal year shall remain in the |
| 25 | trust fund at the end of the year and shall be available for |
| 26 | carrying out the purposes of the trust fund. |
| 27 | (4) In accordance with s. 19(f)(2), Art. III of the State |
| 28 | Constitution, the Transportation Revenue Bond Trust Fund shall, |
| 29 | unless terminated sooner, be terminated on July 1, 2014. Before |
| 30 | its scheduled termination, the trust fund shall be reviewed as |
| 31 | provided in s. 215.3206(1) and (2). |
| 32 | Section 2. This act shall take effect July 1, 2010, but it |
| 33 | shall not take effect unless it is enacted by a three-fifths |
| 34 | vote of the membership of each house of the Legislature. |