Florida Senate - 2015 SB 644 By Senator Benacquisto 30-00855-15 2015644__ 1 A bill to be entitled 2 An act relating to trust funds; creating s. 1009.988, 3 F.S.; creating the Florida ABLE Trust Fund within the 4 State Board of Administration; authorizing sources of 5 funds; specifying the purpose of the trust fund and 6 authorized uses of the assets; providing for future 7 review and termination or re-creation of the trust 8 fund; providing a contingent effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Section 1009.988, Florida Statutes, is created 13 to read: 14 1009.988 Florida ABLE Trust Fund.— 15 (1) The Florida ABLE Trust Fund is created within the State 16 Board of Administration. 17 (2) The Florida ABLE trust fund shall consist of 18 appropriations, moneys acquired from other governmental or 19 private sources for the Florida ABLE program, and moneys 20 remitted in accordance with participation agreements. Assets 21 held in the trust fund may be expended only to carry out the 22 purposes of the Florida ABLE program. 23 (a) Any balance in the trust fund at the end of a fiscal 24 year shall remain in the trust fund and shall be available for 25 carrying out the purpose of the Florida ABLE program. Assets 26 held in the trust fund are exempt from the investment 27 requirements of s. 17.57 and may be invested pursuant to s. 28 215.47. 29 (b) Assets held in the trust fund shall be maintained, 30 invested, and expended solely for the purposes of the Florida 31 ABLE program and may not be loaned, transferred, or otherwise 32 used by the state for any purpose other than the Florida ABLE 33 program. This paragraph does not prohibit Florida ABLE, Inc., 34 from investing in, by purchase or otherwise, bonds, notes, or 35 other obligations of the state or an agency or instrumentality 36 of the state. Unless otherwise specified by Florida ABLE, Inc., 37 assets held in the trust fund shall be expended in the priority 38 of making payments to, or on behalf of, designated beneficiaries 39 and then paying for the costs of administration and operations 40 for the Florida ABLE program. 41 (3) In accordance with s. 19(f)(2), Art. III of the State 42 Constitution, unless terminated sooner, the Florida ABLE Trust 43 Fund shall be terminated on October 1, 2019. Before its 44 scheduled termination, the trust fund shall be reviewed as 45 provided under s. 215.3206(1) and (2). 46 Section 2. This act shall take effect on the same date that 47 SB __ or similar legislation takes effect, if such legislation 48 is adopted in the same legislative session or an extension 49 thereof and becomes a law.