Florida Senate - 2014                              CS for SB 482
       By the Committee on Banking and Insurance; and Senator Hays
       597-03205-14                                           2014482c1
    1                        A bill to be entitled                      
    2         An act relating to the Florida Catastrophic Storm Risk
    3         Management Center; amending s. 215.555, F.S.;
    4         transferring a portion of the investment income of the
    5         Florida Hurricane Catastrophe Fund to the Florida
    6         Catastrophic Storm Risk Management Center to support
    7         the center’s ongoing operations; providing an
    8         effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Paragraphs (d), (e), and (f) of subsection (7)
   13  of section 215.555, Florida Statutes, are redesignated as
   14  paragraphs (e), (f), and (g), respectively, and a new paragraph
   15  (d) is added to that subsection, to read:
   16         215.555 Florida Hurricane Catastrophe Fund.—
   18         (d) Beginning with the 2014-2015 fiscal year, the State
   19  Board of Administration shall annually transfer a portion of the
   20  investment income of the Florida Hurricane Catastrophe Fund to
   21  the Florida Catastrophic Storm Risk Management Center created by
   22  s. 1004.647 to fund the center’s ongoing operations. The amount
   23  of the transfer for a particular fiscal year shall be the lesser
   24  of $1 million, or 35 percent of the fund’s investment income
   25  minus $10 million, as determined by using the most recent fiscal
   26  year-end audited financial statements. The amount transferred
   27  must be used solely for and consistent with the center’s
   28  statutory purpose of supporting the state’s ability to prepare
   29  for, respond to, and recover from catastrophic storms. This
   30  paragraph is not intended to limit or supplant any funding
   31  otherwise available to the center.
   32         Section 2. This act shall take effect July 1, 2014.