SB 2522-A First Engrossed 20152522Ae1 1 A bill to be entitled 2 An act relating to trust funds; creating s. 20.106, 3 F.S.; creating the Land Acquisition Trust Fund within 4 the Department of State; providing for the purpose of 5 the trust fund and sources of funds; requiring the 6 department to maintain the integrity of such funds; 7 providing for disposition of funds from reversions or 8 reductions in budget authority from the trust fund; 9 requiring that title to lands or related property 10 interests acquired be vested in the Board of Trustees 11 of the Internal Improvement Trust Fund; requiring the 12 department or its designee to manage lands or related 13 property interests in accordance with the purposes set 14 forth in s. 28, Article X of the State Constitution; 15 providing a restriction on how funds may be invested; 16 providing for future review and termination or re 17 creation of the trust fund; providing for contingent 18 retroactive operation; providing effective dates. 19 20 Be It Enacted by the Legislature of the State of Florida: 21 22 Section 1. Section 20.106, Florida Statutes, is created to 23 read: 24 20.106 Land Acquisition Trust Fund.— 25 (1) The Land Acquisition Trust Fund is created within the 26 Department of State. The trust fund is established for use as a 27 depository for funds received from the Land Acquisition Trust 28 Fund within the Department of Environmental Protection and for 29 expenditure of such funds for the purposes set forth in s. 28, 30 Art. X of the State Constitution. 31 (2) The Department of State must maintain the integrity of 32 such moneys transferred from the Department of Environmental 33 Protection. Any transferred moneys available from reversions or 34 reductions in budget authority shall be transferred back to the 35 Land Acquisition Trust Fund within the Department of 36 Environmental Protection within 15 days after such reversion or 37 reduction and shall be available for future appropriation for 38 the purposes set forth in s. 28, Art. X of the State 39 Constitution. 40 (3) If expenditures from the trust fund will result in 41 state ownership of land or related property interests, title 42 shall be vested in the Board of Trustees of the Internal 43 Improvement Trust Fund as required under chapter 253. Such 44 acquisition of land or related property interests shall be by 45 voluntary, negotiated acquisition and, if title is to be vested 46 in the Board of Trustees of the Internal Improvement Trust Fund, 47 is subject to the acquisition procedures of s. 253.025. 48 Acquisition costs include purchase prices and costs and fees 49 associated with title work, surveys, and appraisals required to 50 complete an acquisition. The Department of State or its designee 51 shall manage such lands or related property interests in 52 accordance with the purposes set forth in s. 28, Art. X of the 53 State Constitution. Other uses, not contrary to such purposes, 54 may be authorized. 55 (4) Moneys in the trust fund may not be invested as 56 provided in s. 17.61, but shall be retained in the trust fund 57 for investment with interest appropriated to the General Revenue 58 Fund as provided in s. 17.57. 59 (5) In accordance with s. 19(f)(2), Art. III of the State 60 Constitution, the Land Acquisition Trust Fund within the 61 Department of State shall, unless terminated sooner, be 62 terminated on July 1, 2019. Before its scheduled termination, 63 the trust fund shall be reviewed as provided in s. 215.3206. 64 Section 2. Except as otherwise expressly provided in this 65 act and except for this section, which shall take effect upon 66 this act becoming a law, this act shall take effect July 1, 67 2015, or, if this act fails to become a law until after that 68 date, it shall take effect upon becoming a law and operate 69 retroactively to July 1, 2015.