Florida Senate - 2015 SB 2524-A By Senator Lee 24-00019-15A 20152524A__ 1 A bill to be entitled 2 An act relating to trust funds; creating s. 20.232, 3 F.S.; creating the Land Acquisition Trust Fund within 4 the Department of Transportation; providing for the 5 purpose of the trust fund and sources of funds; 6 requiring the department to maintain the integrity of 7 such funds; providing for disposition of funds from 8 reversions or reductions in budget authority from the 9 trust fund; requiring that title to lands or related 10 property interests acquired be vested by the state; 11 requiring the department or its designee to manage 12 lands or related property interests acquired in 13 accordance with the purposes set forth in s. 28, Art. 14 X of the State Constitution; providing a restriction 15 on how funds may be invested; providing for future 16 review and termination or re-creation of the trust 17 fund; providing an effective date. 18 19 Be It Enacted by the Legislature of the State of Florida: 20 21 Section 1. Section 20.232, Florida Statutes, is created to 22 read: 23 20.232 Land Acquisition Trust Fund.— 24 (1) The Land Acquisition Trust Fund is created within the 25 Department of Transportation. The trust fund is established for 26 use as a depository for funds received from the Land Acquisition 27 Trust Fund within the Department of Environmental Protection and 28 for expenditure of such funds for the purposes set forth in s. 29 28, Art. X of the State Constitution. 30 (2) The Department of Transportation must maintain the 31 integrity of such moneys transferred from the Department of 32 Environmental Protection. Subsequent to any applicable work 33 program amendment, certified forward or rolled forward pursuant 34 to s. 339.135, any transferred moneys available from reversions 35 or reductions in budget authority from the Land Acquisition 36 Trust Fund within the Department of Transportation shall be 37 transferred back to the Land Acquisition Trust Fund within the 38 Department of Environmental Protection within 15 days after such 39 reversion or reduction and shall be available for future 40 appropriation for the purposes set forth in s. 28, Art. X of the 41 State Constitution. 42 (3) If expenditures from the trust fund are used in the 43 acquisition of land or related property interests, title shall 44 be vested in the state as required under s. 337.25. The 45 Department of Transportation or its designee shall manage such 46 lands or related property interests in accordance with the 47 purposes set forth in s. 28, Art. X of the State Constitution. 48 Other uses, not contrary to such purposes, may be authorized. 49 (4) Moneys in the trust fund may not be invested as 50 provided in s. 17.61, but shall be retained in the trust fund 51 for investment with interest appropriated to the General Revenue 52 Fund as provided in s. 17.57. 53 (5) In accordance with s. 19(f)(2), Art. III of the State 54 Constitution, the Land Acquisition Trust Fund within the 55 Department of Transportation shall, unless terminated sooner, be 56 terminated on July 1, 2019. Before its scheduled termination, 57 the trust fund shall be reviewed as provided in s. 215.3206. 58 Section 2. This act shall take effect July 1, 2015.