| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating the Space |
| 3 | Business Investment and Financial Services Trust Fund |
| 4 | within the Office of Tourism, Trade, and Economic |
| 5 | Development in the Executive Office of the Governor; |
| 6 | providing the purpose of the fund; providing sources of |
| 7 | funds; providing uses for the fund; providing for the |
| 8 | balance in the trust fund to be carried forward at the end |
| 9 | of each fiscal year; providing for future review and |
| 10 | termination or re-creation of the trust fund; providing a |
| 11 | contingent effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. The Space Business Investment and Financial |
| 16 | Services Trust Fund.- |
| 17 | (1) The Space Business Investment and Financial Services |
| 18 | Trust Fund is created within the Office of Tourism, Trade, and |
| 19 | Economic Development in the Executive Office of the Governor. |
| 20 | Moneys to be credited to the trust fund shall consist of: |
| 21 | (a) Sales taxes on tangible personal property, admissions, |
| 22 | tours, and leases or licenses of real property generated by any |
| 23 | business entity that is contracted or subcontracted by the |
| 24 | National Aeronautics and Space Administration to sell admissions |
| 25 | to attractions or tours at the Kennedy Space Center and the Cape |
| 26 | Canaveral Air Force Station and that conducts business at such |
| 27 | facilities pursuant to ss. 212.04(1)(a), 212.05, and |
| 28 | 212.031(1)(a); |
| 29 | (b) Nonrecurring funds from the General Revenue Fund to |
| 30 | the Office of Tourism, Trade, and Economic Development; and |
| 31 | (c) Proceeds of communications services taxes remitted |
| 32 | under chapter 202, Florida Statutes. |
| 33 | (2) The Space Business Investment and Financial Services |
| 34 | Trust Fund shall be used exclusively to provide investment and |
| 35 | financial services to new, expanding, and relocating space |
| 36 | businesses, programs, and projects within this state pursuant to |
| 37 | s. 331.3051, Florida Statutes, and as authorized by s. 331.305, |
| 38 | Florida Statutes. The trust fund may not be used for personnel, |
| 39 | administrative, or overhead expenses of Space Florida, other |
| 40 | than expenses or charges directly associated with administration |
| 41 | and reporting of the fund and the fund's account. |
| 42 | (3) Notwithstanding s. 216.301, Florida Statutes, and |
| 43 | pursuant to s. 216.351, Florida Statutes, any balance in the |
| 44 | trust fund at the end of any fiscal year shall remain in the |
| 45 | trust fund and be available for carrying out the purposes of the |
| 46 | trust fund. |
| 47 | (4) In accordance with s. 19(f)(2), Article III of the |
| 48 | State Constitution, the Space Business Investment and Financial |
| 49 | Services Trust Fund shall, unless terminated sooner, be |
| 50 | terminated on July 1, 2014. Before its scheduled termination, |
| 51 | the trust fund shall be reviewed as provided in s. 215.3206(1) |
| 52 | and (2), Florida Statutes. |
| 53 | Section 2. This act shall take effect July 1, 2010, if HB |
| 54 | 1389, or similar legislation is adopted in the same legislative |
| 55 | session or an extension thereof and becomes law. |