HB 7205

1
A bill to be entitled
2An act relating to trust funds; creating s. 288.120, F.S.;
3creating the State Economic Enhancement and Development
4Trust Fund within the Department of Economic Opportunity;
5providing for the purpose of the trust fund and sources of
6funds; providing for annual carryforward of funds;
7providing for future review and termination or re-creation
8of the trust fund; providing a contingent effective date.
9
10Be It Enacted by the Legislature of the State of Florida:
11
12     Section 1.  Section 288.120, Florida Statutes, is created
13to read:
14     288.120  State Economic Enhancement and Development Trust
15Fund.-
16     (1)  There is created within the Department of Economic
17Opportunity the State Economic Enhancement and Development Trust
18Fund. Moneys deposited in the trust fund shall be used for
19infrastructure and job creation opportunities and for the
20following purposes or programs:
21     (a)  Transportation facilities that meet a strategic and
22essential state interest with respect to the economic
23development of the state;
24     (b)  Affordable housing programs and projects in accordance
25with chapter 420;
26     (c)  Economic development incentives for job creation and
27capital investment;
28     (d)  Workforce training associated with locating a new
29business or expanding an existing business; and
30     (e)  Tourism promotion and marketing services, functions,
31and programs.
32     (2)  The trust fund is established for use as a depository
33for funds to be used for the purposes specified in subsection
34(1). Moneys to be credited to the trust fund shall consist of
35documentary stamp tax proceeds as specified in law, local
36financial support funds, interest earnings, and cash advances
37from other trust funds. Funds shall be expended only pursuant to
38legislative appropriation or an approved amendment to the
39department's operating budget pursuant to the provisions of
40chapter 216.
41     (3)  Notwithstanding s. 216.301 and pursuant to s. 216.351,
42any balance in the trust fund at the end of any fiscal year
43shall remain in the trust fund at the end of the year and shall
44be available for carrying out the purposes of the trust fund.
45     (4)  In accordance with s. 19(f)(2), Article III of the
46State Constitution, the trust fund shall, unless terminated
47sooner, be terminated on July 1, 2015. Before its scheduled
48termination, the trust fund shall be reviewed as provided in s.
49215.3206(1) and (2).
50     Section 2.  This act shall take effect July 1, 2011, but
51this act shall not take effect unless it is enacted by a three-
52fifths vote of the membership of each house of the Legislature.


CODING: Words stricken are deletions; words underlined are additions.