Florida Senate - 2017 SB 2518 By the Committee on Appropriations 576-03498-17 20172518__ 1 A bill to be entitled 2 An act relating to trust funds; creating s. 288.80125, 3 F.S.; creating the Triumph Gulf Coast Trust Fund 4 within the Department of Economic Opportunity; 5 exempting the trust fund from the general revenue 6 service charge; providing for purpose of trust fund 7 and source of funds; providing for future review and 8 termination or re-creation of trust fund; providing a 9 contingent effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Section 288.80125, Florida Statutes, is created 14 to read: 15 288.80125 Triumph Gulf Coast Trust Fund.— 16 (1) The Triumph Gulf Coast Trust Fund is created within the 17 department. The trust fund is established as a depository for 18 funds transferred, as set forth in s. 288.8013, from the General 19 Revenue Fund pursuant to the “Settlement Agreement Between the 20 Gulf States and the BP Entities with Respect to Economic and 21 Other Claims Arising from the Deepwater Horizon Incident,” which 22 was entered into on October 5, 2015, 23 in the case styled In re: Oil Spill by the Oil Rig “Deepwater 24 Horizon” in the Gulf of Mexico, on April 20, 2010, MDL 2179 in 25 the United States District Court for the Eastern District of 26 Louisiana. The trust fund is exempt from the general revenue 27 service charge provided in s. 215.20. 28 (2) Funds from the trust fund shall be used for the 29 purposes described in ss. 288.8011-288.8018. 30 (3) In accordance with s. 19(f)(2), Art. III of the State 31 Constitution, the Triumph Gulf Coast Trust Fund shall, unless 32 terminated sooner, be terminated on July 1, 2021. Before its 33 scheduled termination, the trust fund shall be reviewed as 34 provided in s. 215.3206(1) and (2). 35 Section 2. This act shall take effect on the same date that 36 SB 364 or similar legislation takes effect, if such legislation 37 is enacted in the same legislative session or an extension 38 thereof and becomes law, and only if this act is enacted by a 39 three-fifths vote of the membership of each house of the 40 Legislature.