Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 482
       
       
       
       
       
       
                                Ì532648BÎ532648                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/25/2014           .                                
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       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraphs (d), (e), and (f) of subsection (7)
    6  of section 215.555, Florida Statutes, are redesignated as
    7  paragraphs (e), (f), and (g), respectively, and a new paragraph
    8  (d) is added to that subsection, to read:
    9         215.555 Florida Hurricane Catastrophe Fund.—
   10         (7) ADDITIONAL POWERS AND DUTIES.—
   11         (d) Beginning with the 2014-2015 fiscal year, the State
   12  Board of Administration shall annually transfer a portion of the
   13  investment income of the Florida Hurricane Catastrophe Fund to
   14  the Florida Catastrophic Storm Risk Management Center created by
   15  s. 1004.647 to fund the center’s ongoing operations. The amount
   16  of the transfer for a particular fiscal year shall be the lesser
   17  of $1 million or 35 percent of the fund’s investment income that
   18  exceeds $10 million as determined by using the most recent
   19  fiscal-year-end audited financial statements. The amount
   20  transferred must be used solely for and consistent with the
   21  center’s statutory purpose of supporting the state’s ability to
   22  prepare for, respond to, and recover from catastrophic storms.
   23  This paragraph is not intended to limit or supplant any funding
   24  otherwise available to the center.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Delete everything before the enacting clause
   29  and insert:
   30                        A bill to be entitled                      
   31         An act relating to the Florida Catastrophic Storm Risk
   32         Management Center; amending s. 215.555, F.S.;
   33         transferring a portion of the investment income of the
   34         Florida Hurricane Catastrophe Fund to the Florida
   35         Catastrophic Storm Risk Management Center to support
   36         the center’s ongoing operations; providing an
   37         effective date.