Florida Senate - 2011                                    SB 1038
       
       
       
       By the Committee on Budget Subcommittee on General Government
       Appropriations
       
       
       
       601-01872-11                                          20111038__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 17.67,
    3         F.S.; creating the Federal Grants Trust Fund within
    4         the Department of Financial Services; providing for
    5         the purpose of the trust fund and sources of funds;
    6         providing for future review and termination or re
    7         creation of the trust fund; providing an effective
    8         date.
    9  
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Section 17.67, Florida Statutes, is created to
   13  read:
   14         17.67 Federal Grants Trust Fund.—
   15         (1) The Federal Grants Trust Fund is created within the
   16  Department of Financial Services.
   17         (2) The trust fund is established for use as a depository
   18  for funds to be used for allowable grant activities funded by
   19  restricted program revenues from federal sources. Moneys to be
   20  credited to the trust fund shall consist of grants and funding
   21  from the Federal Government, interest earnings, and cash
   22  advances from other trust funds. Funds shall be expended only
   23  pursuant to legislative appropriation or an approved amendment
   24  to the department’s operating budget pursuant to the provisions
   25  of chapter 216.
   26         (3) In accordance with s. 19(f)(2), Art. III of the State
   27  Constitution, the Federal Grants Trust Fund shall, unless
   28  terminated sooner, be terminated on July 1, 2015. Before its
   29  scheduled termination, the trust fund shall be reviewed as
   30  provided in s. 215.3206(1) and (2).
   31         Section 2. This act shall take effect July 1, 2011, except
   32  that this act shall not take effect unless it is enacted by a
   33  three-fifths vote of the membership of each house of the
   34  Legislature.