Florida Senate - 2014                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 790
       
       
       
       
       
       
                                Ì8713567Î871356                         
       
                              LEGISLATIVE ACTION                        
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       Senator Legg moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete line 841
    4  and insert:
    5         Section 16. Subsection (6) is added to section 215.61,
    6  Florida Statutes, to read:
    7         215.61 State system of public education capital outlay
    8  bonds.—
    9         (6) The State Board of Education shall at least once per
   10  month, from gross receipts tax revenues available in the Public
   11  Education Capital Outlay and Debt Service Trust Fund, deposit
   12  into a separate account within such trust fund one-sixth of the
   13  amount due on the next interest payment date and one-twelfth of
   14  the amount due on the next principal payment date for all
   15  outstanding bonds secured by a pledge of gross receipts taxes.
   16  If there are insufficient funds to make the required deposit,
   17  the State Board of Education shall deposit an amount equal to
   18  the funds available into the separate account and in the
   19  following month, add an amount equal to the previous month’s
   20  shortfall to the required deposit. The State Board of Education
   21  shall transfer funds deposited into the separate account to the
   22  State Board of Administration, as the trustee for bondholders,
   23  by the 20th day of the month before a principal or interest
   24  payment on bonds issued pursuant to s. 9(a)(2), Art. XII of the
   25  State Constitution is due.
   26         Section 17. (1) On or before June 30, 2014, the State Board
   27  of Education shall transfer two-sixths of the amount due on the
   28  next interest payment date and two-twelfths of the amount due on
   29  the next principal payment date for all outstanding bonds issued
   30  pursuant to s. 9(a)(2), Art. XII of the State Constitution from
   31  cash balances in the Public Education Capital Outlay and Debt
   32  Service Trust Fund, to the separate account within the trust
   33  fund provided for in s. 215.61(6), Florida Statutes, to be
   34  reserved for the payment of debt service due on the outstanding
   35  bonds.
   36         (2) This section shall take effect upon becoming a law.
   37         Section 18. The amendment to s. 215.61, Florida Statutes,
   38  made by this act, shall take effect upon becoming a law.
   39         Section 19. Except as otherwise expressly provided in this
   40  act and except for this section, which shall take effect upon
   41  becoming a law, this act shall take effect July 1, 2014.
   42  
   43  ================= T I T L E  A M E N D M E N T ================
   44  And the title is amended as follows:
   45         Delete lines 98 - 99
   46  and insert:
   47         provisions to changes made by the act; amending s.
   48         215.61, F.S.; requiring the State Board of Education
   49         to transfer a specified amount of funds into a
   50         separate account within the Public Education Capital
   51         Outlay and Debt Service Trust Fund for the payment of
   52         debt service on certain bonds; providing effective
   53         dates.