Senate Bill sb0720

    Florida Senate - 2003                                  SJR 720

    By Senator Alexander





    17-577-03

  1                 Senate Joint Resolution No. ____

  2         A joint resolution proposing the creation of

  3         Section 22 of Article X of the State

  4         Constitution relating to the Florida Hurricane

  5         Catastrophe Fund.

  6  

  7  Be It Resolved by the Legislature of the State of Florida:

  8  

  9         That the following creation of Section 22 of Article X

10  of the State Constitution is agreed to and shall be submitted

11  to the electors of this state for approval or rejection at the

12  next general election or at an earlier special election

13  specifically authorized by law for that purpose:

14                            ARTICLE X

15                          MISCELLANEOUS

16         SECTION 22.  Assets of the Florida Hurricane

17  Catastrophe Fund.--The assets of the Florida Hurricane

18  Catastrophe Fund, established by general law, shall be used

19  exclusively for paying catastrophic hurricane loss obligations

20  arising out of reimbursement contracts with insurers, paying

21  debt service on revenue bonds and financing arrangements

22  issued by or on behalf of the fund, reinsurance costs of the

23  fund, administrative expenses of the fund, and an annual

24  appropriation for hurricane loss mitigation programs. Ten

25  million dollars must be appropriated annually in the General

26  Appropriations Act for hurricane loss mitigation programs and

27  any additional appropriation from the fund for such programs

28  must be approved by a vote of three-fourths of the membership

29  of each house of the legislature in a separate bill or bills

30  for that purpose only, provided the aggregate of any

31  appropriations from the fund for hurricane loss mitigation

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






    Florida Senate - 2003                                  SJR 720
    17-577-03




 1  programs in a fiscal year may not exceed the greater of $10

 2  million dollars or an amount equal to thirty-five percent of

 3  the fund's investment income from the fiscal year that

 4  concluded two years before the effective date of such

 5  appropriations. This section does not limit the authority of

 6  the legislature to abolish or otherwise terminate the

 7  operations of the Florida Hurricane Catastrophe Fund.

 8         BE IT FURTHER RESOLVED that the following statement be

 9  placed on the ballot:

10                     CONSTITUTIONAL AMENDMENT

11                      ARTICLE X, SECTION 22

12         FLORIDA HURRICANE CATASTROPHE FUND.--Proposing an

13  amendment to the State Constitution to limit the purposes for

14  which the fund's assets may be used, require an annual $10

15  million appropriation in the General Appropriations Act for

16  hurricane loss mitigation programs, require any additional

17  appropriation from the fund for such programs to be subject to

18  an extraordinary vote of the Legislature in a separate bill or

19  bills, and limit the aggregate of any appropriations from the

20  fund for hurricane loss mitigation programs in a fiscal year

21  to the greater of $10 million or 35 percent of the fund's

22  investment income from a specific fiscal year prior to such

23  aggregate appropriation.

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