Florida Senate - 2015 COMMITTEE AMENDMENT Bill No. SB 644 Ì100100AÎ100100 LEGISLATIVE ACTION Senate . House Comm: RCS . 02/17/2015 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Benacquisto) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Section 1009.988, Florida Statutes, is created 6 to read: 7 1009.988 Florida ABLE Program Trust Fund.— 8 (1) The Florida ABLE Program Trust Fund is created within 9 the State Board of Administration. 10 (2) The Florida ABLE Program Trust Fund shall consist of 11 appropriations, moneys acquired from other governmental or 12 private sources for the Florida ABLE program, and moneys 13 remitted in accordance with participation agreements. Assets 14 held in the trust fund may be expended only to carry out the 15 purposes of the Florida ABLE program. 16 (a) Any balance in the trust fund at the end of a fiscal 17 year shall remain in the trust fund and shall be available for 18 carrying out the purpose of the Florida ABLE program. Assets 19 held in the trust fund are exempt from the investment 20 requirements of s. 17.57 and may be invested pursuant to s. 21 215.47. 22 (b) Assets held in the trust fund shall be maintained, 23 invested, and expended solely for the purposes of the Florida 24 ABLE program and may not be loaned, transferred, or otherwise 25 used by the state for any purpose other than the Florida ABLE 26 program. This paragraph does not prohibit Florida ABLE, Inc., 27 from investing in, by purchase or otherwise, bonds, notes, or 28 other obligations of the state or an agency or instrumentality 29 of the state. Unless otherwise specified by Florida ABLE, Inc., 30 assets held in the trust fund shall be expended in the priority 31 of making payments to, or on behalf of, designated beneficiaries 32 and then paying for the costs of administration and operations 33 for the Florida ABLE program. 34 (3) In accordance with s. 19(f)(2), Art. III of the State 35 Constitution, unless terminated sooner, the Florida ABLE Program 36 Trust Fund shall be terminated 4 years after the effective date 37 of this act. Before its scheduled termination, the trust fund 38 shall be reviewed as provided under s. 215.3206(1) and (2). 39 Section 2. The Division of Law Revision and Information is 40 directed to replace the phrase “4 years after the effective of 41 this act” where it occurs in this act with the date the act 42 becomes a law. 43 Section 3. This act shall take effect on the same date that 44 SB 642 or similar legislation takes effect, if such legislation 45 is adopted in the same legislative session or an extension 46 thereof and becomes a law. 47 48 ================= T I T L E A M E N D M E N T ================ 49 And the title is amended as follows: 50 Delete everything before the enacting clause 51 and insert: 52 A bill to be entitled 53 An act relating to trust funds; creating s. 1009.988, 54 F.S.; creating the Florida ABLE Program Trust Fund 55 within the State Board of Administration; authorizing 56 sources of funds; specifying the purpose of the trust 57 fund and authorized uses of the assets; providing for 58 future review and termination or re-creation of the 59 trust fund; providing a directive to the Division of 60 Law Revision and Information; providing a contingent 61 effective date.