Florida Senate - 2011                                     SB 480
       By Senator Wise
       5-00261A-11                                            2011480__
    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 a specified percent of the additional fine
   13         assessed for violating traffic regulations protecting
   14         mobility-impaired persons be remitted to the
   15         Department of Revenue on a monthly basis for deposit
   16         in the endowment fund; providing an effective date.
   18  Be It Enacted by the Legislature of the State of Florida:
   20         Section 1. Subsection (4) of section 413.615, Florida
   21  Statutes, is amended to read:
   22         413.615 Florida Endowment for Vocational Rehabilitation.—
   24         (a) The endowment fund of the Florida Endowment for
   25  Vocational Rehabilitation is created as a long-term, stable, and
   26  growing source of revenue to be administered, in accordance with
   27  rules promulgated by the division, by the foundation as a
   28  direct-support organization of the division.
   29         (b) The principal of the endowment fund shall derive from
   30  the deposits made pursuant to s. 318.21(2)(e), together with any
   31  legislative appropriations which may be made to the endowment,
   32  and any such bequests, gifts, grants, and donations as may be
   33  solicited for that such purpose by the foundation from public or
   34  private sources.
   35         (c) Two percent of the remainder of all civil penalties
   36  received by a county court pursuant to chapter 318 shall be
   37  remitted to the Department of Revenue on a monthly basis for
   38  deposit in the endowment fund. Sixty percent of the additional
   39  fine assessed under s. 318.18(3)(f) for a violation of s.
   40  316.1303 shall be remitted to the Department of Revenue on a
   41  monthly basis for deposit in the endowment fund and 40 percent
   42  shall be distributed pursuant to s. 318.21(1) and (2). The State
   43  Board of Administration shall invest and reinvest moneys of the
   44  endowment fund in accordance with the provisions of ss. 215.44
   45  215.53. Moneys in the endowment fund in excess of the endowment
   46  fund principal, or such lesser amount as may be requested in
   47  writing by the foundation, shall be annually transmitted to the
   48  foundation, based upon a fiscal year which shall run from July 1
   49  through June 30, and shall be deposited in the foundation’s
   50  operating account, for distribution as provided in subsection
   51  (10). The endowment fund principal shall be $1 million for the
   52  2000-2001 fiscal year and shall be increased by 5 percent in
   53  each subsequent fiscal year.
   54         (d) The board of directors of the foundation shall
   55  establish the operating account and shall deposit therein the
   56  moneys transmitted pursuant to paragraph (c). Moneys in the
   57  operating account shall be available to carry out the purposes
   58  of subsection (10).
   59         Section 2. This act shall take effect upon becoming a law.