Florida Senate - 2015                                  SB 2524-A
       
       
        
       By Senator Lee
       
       
       
       
       
       24-00019-15A                                         20152524A__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 20.232,
    3         F.S.; creating the Land Acquisition Trust Fund within
    4         the Department of Transportation; providing for the
    5         purpose of the trust fund and sources of funds;
    6         requiring the department to maintain the integrity of
    7         such funds; providing for disposition of funds from
    8         reversions or reductions in budget authority from the
    9         trust fund; requiring that title to lands or related
   10         property interests acquired be vested by the state;
   11         requiring the department or its designee to manage
   12         lands or related property interests acquired in
   13         accordance with the purposes set forth in s. 28, Art.
   14         X of the State Constitution; providing a restriction
   15         on how funds may be invested; providing for future
   16         review and termination or re-creation of the trust
   17         fund; providing an effective date.
   18          
   19  Be It Enacted by the Legislature of the State of Florida:
   20  
   21         Section 1. Section 20.232, Florida Statutes, is created to
   22  read:
   23         20.232 Land Acquisition Trust Fund.—
   24         (1) The Land Acquisition Trust Fund is created within the
   25  Department of Transportation. The trust fund is established for
   26  use as a depository for funds received from the Land Acquisition
   27  Trust Fund within the Department of Environmental Protection and
   28  for expenditure of such funds for the purposes set forth in s.
   29  28, Art. X of the State Constitution.
   30         (2) The Department of Transportation must maintain the
   31  integrity of such moneys transferred from the Department of
   32  Environmental Protection. Subsequent to any applicable work
   33  program amendment, certified forward or rolled forward pursuant
   34  to s. 339.135, any transferred moneys available from reversions
   35  or reductions in budget authority from the Land Acquisition
   36  Trust Fund within the Department of Transportation shall be
   37  transferred back to the Land Acquisition Trust Fund within the
   38  Department of Environmental Protection within 15 days after such
   39  reversion or reduction and shall be available for future
   40  appropriation for the purposes set forth in s. 28, Art. X of the
   41  State Constitution.
   42         (3) If expenditures from the trust fund are used in the
   43  acquisition of land or related property interests, title shall
   44  be vested in the state as required under s. 337.25. The
   45  Department of Transportation or its designee shall manage such
   46  lands or related property interests in accordance with the
   47  purposes set forth in s. 28, Art. X of the State Constitution.
   48  Other uses, not contrary to such purposes, may be authorized.
   49         (4) Moneys in the trust fund may not be invested as
   50  provided in s. 17.61, but shall be retained in the trust fund
   51  for investment with interest appropriated to the General Revenue
   52  Fund as provided in s. 17.57.
   53         (5) In accordance with s. 19(f)(2), Art. III of the State
   54  Constitution, the Land Acquisition Trust Fund within the
   55  Department of Transportation shall, unless terminated sooner, be
   56  terminated on July 1, 2019. Before its scheduled termination,
   57  the trust fund shall be reviewed as provided in s. 215.3206.
   58         Section 2. This act shall take effect July 1, 2015.