| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating s. 288.120, F.S.; |
| 3 | creating the State Economic Enhancement and Development |
| 4 | Trust Fund within the Department of Economic Opportunity; |
| 5 | providing for the purpose of the trust fund and sources of |
| 6 | funds; providing for annual carryforward of funds; |
| 7 | providing for future review and termination or re-creation |
| 8 | of the trust fund; providing a contingent effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 288.120, Florida Statutes, is created |
| 13 | to read: |
| 14 | 288.120 State Economic Enhancement and Development Trust |
| 15 | Fund.- |
| 16 | (1) There is created within the Department of Economic |
| 17 | Opportunity the State Economic Enhancement and Development Trust |
| 18 | Fund. Moneys deposited in the trust fund shall be used for |
| 19 | infrastructure and job creation opportunities and for the |
| 20 | following purposes or programs: |
| 21 | (a) Transportation facilities that meet a strategic and |
| 22 | essential state interest with respect to the economic |
| 23 | development of the state; |
| 24 | (b) Affordable housing programs and projects in accordance |
| 25 | with chapter 420; |
| 26 | (c) Economic development incentives for job creation and |
| 27 | capital investment; |
| 28 | (d) Workforce training associated with locating a new |
| 29 | business or expanding an existing business; and |
| 30 | (e) Tourism promotion and marketing services, functions, |
| 31 | and programs. |
| 32 | (2) The trust fund is established for use as a depository |
| 33 | for funds to be used for the purposes specified in subsection |
| 34 | (1). Moneys to be credited to the trust fund shall consist of |
| 35 | documentary stamp tax proceeds as specified in law, local |
| 36 | financial support funds, interest earnings, and cash advances |
| 37 | from other trust funds. Funds shall be expended only pursuant to |
| 38 | legislative appropriation or an approved amendment to the |
| 39 | department's operating budget pursuant to the provisions of |
| 40 | chapter 216. |
| 41 | (3) Notwithstanding s. 216.301 and pursuant to s. 216.351, |
| 42 | any balance in the trust fund at the end of any fiscal year |
| 43 | shall remain in the trust fund at the end of the year and shall |
| 44 | be available for carrying out the purposes of the trust fund. |
| 45 | (4) In accordance with s. 19(f)(2), Article III of the |
| 46 | State Constitution, the trust fund shall, unless terminated |
| 47 | sooner, be terminated on July 1, 2015. Before its scheduled |
| 48 | termination, the trust fund shall be reviewed as provided in s. |
| 49 | 215.3206(1) and (2). |
| 50 | Section 2. This act shall take effect July 1, 2011, but |
| 51 | this act shall not take effect unless it is enacted by a three- |
| 52 | fifths vote of the membership of each house of the Legislature. |