ENROLLED
       2010 Legislature                                         SB 1632
       
       
       
       
       
       
                                                             20101632er
    1  
    2         An act relating to trust funds; reenacting and
    3         amending s. 339.0815, F.S., relating to the
    4         Transportation Revenue Bond Trust Fund; providing for
    5         future review and termination or re-creation of the
    6         trust fund; providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Section 339.0815, Florida Statutes, is reenacted
   11  and amended to read:
   12         339.0815 Transportation Revenue Bond Trust Fund.—
   13         (1) The Transportation Revenue Bond Trust Fund is created
   14  within the Department of Transportation. The purpose of the
   15  trust fund is for the deposit of funds received by the
   16  department from the proceeds or issuance of revenue bonds
   17  secured by state and federal revenues and credited to the trust
   18  fund.
   19         (2) Net proceeds from revenue bonds issued for eligible
   20  transportation projects shall be credited to the trust fund to
   21  provide for the payment of eligible project costs.
   22         (3) Notwithstanding the provisions of s. 216.301 and
   23  pursuant to the requirements of s. 216.351, any balance in the
   24  trust fund at the end of any fiscal year shall remain in the
   25  trust fund at the end of the year and shall be available for
   26  carrying out the purposes of the trust fund.
   27         (4) In accordance with s. 19(f)(2), Art. III of the State
   28  Constitution, the Transportation Revenue Bond Trust Fund shall,
   29  unless terminated sooner, be terminated on July 1, 2014. Before
   30  its scheduled termination, the trust fund shall be reviewed as
   31  provided in s. 215.3206(1) and (2).
   32         Section 2. This act shall take effect July 1, 2010, but it
   33  shall not take effect unless it is enacted by a three-fifths
   34  vote of the membership of each house of the Legislature.