Florida Senate - 2014                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 790
       
       
       
       
       
       
                                Ì7160767Î716076                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                  Floor: WD            .                                
             04/29/2014 05:29 PM       .                                
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       Senator Legg moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete line 841
    4  and insert:
    5         Section 16. Subsection (6) is added to section 215.61,
    6  Florida Statutes, to read:
    7         215.61 State system of public education capital outlay
    8  bonds.—
    9         (6) Pursuant to s. 9(a)(2), Art. XII of the State
   10  Constitution and s. 203.01(1)(c)2., all revenues collected from
   11  gross receipts taxes are deposited into the Public Education
   12  Capital Outlay and Debt Service Trust Fund. Such revenues
   13  deposited into the trust fund are pledged and required to first
   14  be used for the payment of principal and interest on bonds
   15  secured by gross receipts tax revenues as provided in s.
   16  9(a)(2), Art. XII of the State Constitution. The State Board of
   17  Education shall at least once per month, from gross receipts tax
   18  revenues available in the Public Education Capital Outlay and
   19  Debt Service Trust Fund, deposit into a separate account within
   20  such trust fund one-sixth of the amount due on the next interest
   21  payment date and one-twelfth of the amount due on the next
   22  principal payment date for all outstanding bonds secured by a
   23  pledge of gross receipts taxes. If there are insufficient funds
   24  to make the required deposit, the State Board of Education shall
   25  deposit an amount equal to the funds available into the separate
   26  account and in the following month, add an amount equal to the
   27  previous month’s shortfall to the required deposit. The State
   28  Board of Education shall transfer funds deposited into the
   29  separate account to the State Board of Administration, as the
   30  trustee for bondholders, by the 20th day of the month before a
   31  principal or interest payment on bonds issued pursuant to s.
   32  9(a)(2), Art. XII of the State Constitution is due.
   33         Section 17. (1) On or before June 30, 2014, the State Board
   34  of Education shall transfer two-sixths of the amount due on the
   35  next interest payment date and two-twelfths of the amount due on
   36  the next principal payment date for all outstanding bonds issued
   37  pursuant to s. 9(a)(2), Art. XII of the State Constitution from
   38  cash balances in the Public Education Capital Outlay and Debt
   39  Service Trust Fund, to the separate account within the trust
   40  fund provided for in s. 215.61(6), Florida Statutes, to be
   41  reserved for the payment of debt service due on the outstanding
   42  bonds.
   43         (2) This section shall take effect upon becoming a law.
   44         Section 18. The amendment to s. 215.61, Florida Statutes,
   45  made by this act, shall take effect upon becoming a law.
   46         Section 19. Except as otherwise expressly provided in this
   47  act, this act shall take effect July 1, 2014.
   48  
   49  ================= T I T L E  A M E N D M E N T ================
   50  And the title is amended as follows:
   51         Delete lines 98 - 99
   52  and insert:
   53         provisions to changes made by the act; amending s.
   54         215.61, F.S.; requiring deposit of a certain amount of
   55         funds into a separate account within the Public
   56         Education Capital Outlay and Debt Service Trust Fund;
   57         requiring transfer of such funds to the State Board of
   58         Administration for the timely payment of principal and
   59         interest on bonds; requiring the State Board of
   60         Education to transfer a specified amount of funds into
   61         a separate account within the Public Education Capital
   62         Outlay and Debt Service Trust Fund for the payment of
   63         debt service on certain bonds; providing effective
   64         dates.