The Florida Senate

650.06  Social Security Contribution Trust Fund.--

(1)  There is hereby established a special fund to be known as the "Social Security Contribution Trust Fund." Such fund shall consist of and there shall be deposited in such fund:

(a)  All contributions, interest, and penalties collected under ss. 650.04 and 650.05;

(b)  All moneys appropriated thereto under this chapter;

(c)  Any property or securities and earnings thereof acquired through the use of moneys belonging to the fund;

(d)  Interest earned upon any moneys in the fund; and

(e)  All sums recovered upon the bond of the custodian or otherwise for losses sustained by the fund and all other moneys received for the fund from any other source. All moneys in the fund shall be mingled and undivided. Subject to the provisions of this chapter, the state agency is vested with full power, authority and jurisdiction over the fund, including all moneys and property or securities belonging thereto, and may perform any and all acts whether or not specifically designated, which are necessary to the administration thereof and are consistent with the provisions of this chapter.

(2)  The Social Security Contribution Trust Fund shall be established and held separate and apart from any other funds or moneys of the state and shall be used and administered exclusively for the purpose of this chapter. Withdrawals from such fund shall be made for, and solely for:

(a)  Payments of amounts required to be paid to the Secretary of the Treasury pursuant to an agreement entered into under s. 650.03;

(b)  Payments of refunds provided for in s. 650.04(3);

(c)  Refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality; and

(d)  Investments of idle funds and the transfer of interest earned on such investments to the Social Security Administration Trust Fund.

(3)  From the Social Security Contribution Trust Fund the custodian of the fund shall pay to the Secretary of the Treasury such amounts and at such time or times as may be directed by the state agency in accordance with any agreement entered into under s. 650.03 and the Social Security Act.

(4)  The Chief Financial Officer shall be ex officio treasurer and custodian of the Social Security Contribution Trust Fund and shall administer such fund in accordance with the provisions of this chapter and the directions of the state agency. The Chief Financial Officer shall pay all warrants drawn upon the fund in accordance with the provisions of this section and with such regulations as the state agency may prescribe pursuant thereto.

(5)  There are hereby authorized to be appropriated to the Social Security Contribution Trust Fund, out of the general funds of this state not otherwise appropriated, such additional sums as are found to be necessary to make the payments to the Secretary of the Treasury which the state is required to make pursuant to an agreement entered into under s. 650.03

History.--s. 6, ch. 26841, 1951; s. 2, ch. 61-119; s. 2, ch. 72-342; s. 16, ch. 85-61; s. 1661, ch. 2003-261.