Florida Senate - 2015                              CS for SB 644
       
       
        
       By the Committee on Banking and Insurance; and Senator
       Benacquisto
       
       
       
       
       597-01651-15                                           2015644c1
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 1009.988,
    3         F.S.; creating the Florida ABLE Program Trust Fund
    4         within the State Board of Administration; authorizing
    5         sources of funds; specifying the purpose of the trust
    6         fund and authorized uses of the assets; providing for
    7         future review and termination or re-creation of the
    8         trust fund; providing a directive to the Division of
    9         Law Revision and Information; providing a contingent
   10         effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1.  Section 1009.988, Florida Statutes, is created
   15  to read:
   16         1009.988 Florida ABLE Program Trust Fund.—
   17         (1) The Florida ABLE Program Trust Fund is created within
   18  the State Board of Administration.
   19         (2) The Florida ABLE Program Trust Fund shall consist of
   20  appropriations, moneys acquired from other governmental or
   21  private sources for the Florida ABLE program, and moneys
   22  remitted in accordance with participation agreements. Assets
   23  held in the trust fund may be expended only to carry out the
   24  purposes of the Florida ABLE program.
   25         (a) Any balance in the trust fund at the end of a fiscal
   26  year shall remain in the trust fund and shall be available for
   27  carrying out the purpose of the Florida ABLE program. Assets
   28  held in the trust fund are exempt from the investment
   29  requirements of s. 17.57 and may be invested pursuant to s.
   30  215.47.
   31         (b) Assets held in the trust fund shall be maintained,
   32  invested, and expended solely for the purposes of the Florida
   33  ABLE program and may not be loaned, transferred, or otherwise
   34  used by the state for any purpose other than the Florida ABLE
   35  program. This paragraph does not prohibit Florida ABLE, Inc.,
   36  from investing in, by purchase or otherwise, bonds, notes, or
   37  other obligations of the state or an agency or instrumentality
   38  of the state. Unless otherwise specified by Florida ABLE, Inc.,
   39  assets held in the trust fund shall be expended in the priority
   40  of making payments to, or on behalf of, designated beneficiaries
   41  and then paying for the costs of administration and operations
   42  for the Florida ABLE program.
   43         (3) In accordance with s. 19(f)(2), Art. III of the State
   44  Constitution, unless terminated sooner, the Florida ABLE Program
   45  Trust Fund shall be terminated 4 years after the effective date
   46  of this act. Before its scheduled termination, the trust fund
   47  shall be reviewed as provided under s. 215.3206(1) and (2).
   48         Section 2. The Division of Law Revision and Information is
   49  directed to replace the phrase “4 years after the effective of
   50  this act” where it occurs in this act with the date the act
   51  becomes a law.
   52         Section 3. This act shall take effect on the same date that
   53  SB 642 or similar legislation takes effect, if such legislation
   54  is adopted in the same legislative session or an extension
   55  thereof and becomes a law.