| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating the |
| 3 | Transportation Governmental Bond Trust Fund within the |
| 4 | Department of Transportation; providing for the purpose of |
| 5 | the trust fund and sources of funds; providing for future |
| 6 | review and termination or re-creation of the trust fund; |
| 7 | providing a contingent effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Transportation Governmental Bond Trust Fund.- |
| 12 | (1) The Transportation Governmental Bond Trust Fund is |
| 13 | created within the Department of Transportation. The purpose of |
| 14 | the trust fund is for the deposit of funds received from the |
| 15 | proceeds upon issuance of bonds. |
| 16 | (2) Net proceeds from bonds issued for eligible |
| 17 | transportation projects shall be credited to the trust fund to |
| 18 | provide for the payment of eligible project costs. |
| 19 | (3) In accordance with s. 19(f)(2), Article III of the |
| 20 | State Constitution, the Transportation Governmental Bond Trust |
| 21 | Fund shall, unless terminated sooner, be terminated on July 1, |
| 22 | 2014. Before its scheduled termination, the trust fund shall be |
| 23 | reviewed as provided in s. 215.3206(1) and (2), Florida |
| 24 | Statutes. |
| 25 | Section 2. This act shall take effect July 1, 2010, but |
| 26 | this act shall not take effect unless it is enacted by a three- |
| 27 | fifths vote of the membership of each house of the Legislature. |