Senate Bill 0906er

    ENROLLED

    1999 Legislature                         SB 906, 2nd Engrossed



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  2         An act relating to the Florida Forever Trust

  3         Fund; creating s. 259.1051, F.S.; creating the

  4         Florida Forever Trust Fund; providing sources

  5         of moneys; providing purposes and requirements;

  6         providing duties of the Department of

  7         Environmental Protection; providing a

  8         contingent effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Section 259.1051, Florida Statutes, is

13  created to read:

14         259.1051  Florida Forever Trust Fund.--

15         (1)  There is created the Florida Forever Trust Fund to

16  carry out the purposes of ss. 259.032, 259.105, and 375.031.

17  The Florida Forever Trust Fund shall be held and administered

18  by the Department of Environmental Protection. Proceeds from

19  the sale of bonds, except proceeds of refunding bonds, issued

20  under s. 215.618 and payable from moneys transferred to the

21  Land Acquisition Trust Fund under s. 201.15(1)(a), not to

22  exceed $3 billion, must be deposited into this trust fund to

23  be distributed and used as provided in s. 259.105(3). The bond

24  resolution adopted by the governing board of the Division of

25  Bond Finance of the State Board of Administration may provide

26  for additional provisions that govern the disbursement of the

27  bond proceeds.

28         (2)  The Department of Environmental Protection shall

29  distribute revenues from the Florida Forever Trust Fund only

30  to programs of state agencies or local governments as set out

31  in s. 259.105(3). The distributions shall be spent by the


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




    ENROLLED

    1999 Legislature                         SB 906, 2nd Engrossed



  1  recipient within 90 days after the date on which the

  2  Department of Environmental Protection initiates the transfer.

  3         (3)  The Department of Environmental Protection shall

  4  ensure that the proceeds from the sale of bonds issued under

  5  s. 215.618 and payable from moneys transferred to the Land

  6  Acquisition Trust Fund under s. 201.15(1)(a) shall be

  7  administered and expended in a manner that ensures compliance

  8  of each issue of bonds that are issued on the basis that

  9  interest thereon will be excluded from gross income for

10  federal income tax purposes, with the applicable provisions of

11  the United States Internal Revenue Code and the regulations

12  promulgated thereunder, to the extent necessary to preserve

13  the exclusion of interest on the bonds from gross income for

14  federal income tax purposes. The Department of Environmental

15  Protection shall administer the use and disbursement of the

16  proceeds of such bonds or require that the use and

17  disbursement thereof be administered in a manner to implement

18  strategies to maximize any available benefits under the

19  applicable provisions of the United States Internal Revenue

20  Code or regulations promulgated thereunder, to the extent not

21  inconsistent with the purposes identified in s. 259.105(3).

22         Section 2.  This act shall take effect on the effective

23  date of Committee Substitute for Committee Substitute for

24  Senate Bill 908, or similar legislation, but it shall not take

25  effect unless it is enacted by a three-fifths vote of the

26  membership of each house of the Legislature and unless

27  Committee Substitute for Committee Substitute for SB 908, 1999

28  Regular Session, or similar legislation, becomes a law.

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