Florida Senate - 2014 SENATOR AMENDMENT Bill No. CS for CS for SB 790 Ì7160767Î716076 LEGISLATIVE ACTION Senate . House . . . Floor: WD . 04/29/2014 05:29 PM . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— 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.