Florida Senate - 2015 CS for SB 644 By the Committee on Banking and Insurance; and Senator Benacquisto 597-01651-15 2015644c1 1 A bill to be entitled 2 An act relating to trust funds; creating s. 1009.988, 3 F.S.; creating the Florida ABLE Program Trust Fund 4 within the State Board of Administration; authorizing 5 sources of funds; specifying the purpose of the trust 6 fund and authorized uses of the assets; providing for 7 future review and termination or re-creation of the 8 trust fund; providing a directive to the Division of 9 Law Revision and Information; providing a contingent 10 effective date. 11 12 Be It Enacted by the Legislature of the State of Florida: 13 14 Section 1. Section 1009.988, Florida Statutes, is created 15 to read: 16 1009.988 Florida ABLE Program Trust Fund.— 17 (1) The Florida ABLE Program Trust Fund is created within 18 the State Board of Administration. 19 (2) The Florida ABLE Program Trust Fund shall consist of 20 appropriations, moneys acquired from other governmental or 21 private sources for the Florida ABLE program, and moneys 22 remitted in accordance with participation agreements. Assets 23 held in the trust fund may be expended only to carry out the 24 purposes of the Florida ABLE program. 25 (a) Any balance in the trust fund at the end of a fiscal 26 year shall remain in the trust fund and shall be available for 27 carrying out the purpose of the Florida ABLE program. Assets 28 held in the trust fund are exempt from the investment 29 requirements of s. 17.57 and may be invested pursuant to s. 30 215.47. 31 (b) Assets held in the trust fund shall be maintained, 32 invested, and expended solely for the purposes of the Florida 33 ABLE program and may not be loaned, transferred, or otherwise 34 used by the state for any purpose other than the Florida ABLE 35 program. This paragraph does not prohibit Florida ABLE, Inc., 36 from investing in, by purchase or otherwise, bonds, notes, or 37 other obligations of the state or an agency or instrumentality 38 of the state. Unless otherwise specified by Florida ABLE, Inc., 39 assets held in the trust fund shall be expended in the priority 40 of making payments to, or on behalf of, designated beneficiaries 41 and then paying for the costs of administration and operations 42 for the Florida ABLE program. 43 (3) In accordance with s. 19(f)(2), Art. III of the State 44 Constitution, unless terminated sooner, the Florida ABLE Program 45 Trust Fund shall be terminated 4 years after the effective date 46 of this act. Before its scheduled termination, the trust fund 47 shall be reviewed as provided under s. 215.3206(1) and (2). 48 Section 2. The Division of Law Revision and Information is 49 directed to replace the phrase “4 years after the effective of 50 this act” where it occurs in this act with the date the act 51 becomes a law. 52 Section 3. This act shall take effect on the same date that 53 SB 642 or similar legislation takes effect, if such legislation 54 is adopted in the same legislative session or an extension 55 thereof and becomes a law.