Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 644
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/17/2015           .                                

       The Committee on Banking and Insurance (Benacquisto) recommended
       the following:
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 1009.988, Florida Statutes, is created
    6  to read:
    7         1009.988Florida ABLE Program Trust Fund.—
    8         (1) The Florida ABLE Program Trust Fund is created within
    9  the State Board of Administration.
   10         (2) The Florida ABLE Program Trust Fund shall consist of
   11  appropriations, moneys acquired from other governmental or
   12  private sources for the Florida ABLE program, and moneys
   13  remitted in accordance with participation agreements. Assets
   14  held in the trust fund may be expended only to carry out the
   15  purposes of the Florida ABLE program.
   16         (a) Any balance in the trust fund at the end of a fiscal
   17  year shall remain in the trust fund and shall be available for
   18  carrying out the purpose of the Florida ABLE program. Assets
   19  held in the trust fund are exempt from the investment
   20  requirements of s. 17.57 and may be invested pursuant to s.
   21  215.47.
   22         (b) Assets held in the trust fund shall be maintained,
   23  invested, and expended solely for the purposes of the Florida
   24  ABLE program and may not be loaned, transferred, or otherwise
   25  used by the state for any purpose other than the Florida ABLE
   26  program. This paragraph does not prohibit Florida ABLE, Inc.,
   27  from investing in, by purchase or otherwise, bonds, notes, or
   28  other obligations of the state or an agency or instrumentality
   29  of the state. Unless otherwise specified by Florida ABLE, Inc.,
   30  assets held in the trust fund shall be expended in the priority
   31  of making payments to, or on behalf of, designated beneficiaries
   32  and then paying for the costs of administration and operations
   33  for the Florida ABLE program.
   34         (3) In accordance with s. 19(f)(2), Art. III of the State
   35  Constitution, unless terminated sooner, the Florida ABLE Program
   36  Trust Fund shall be terminated 4 years after the effective date
   37  of this act. Before its scheduled termination, the trust fund
   38  shall be reviewed as provided under s. 215.3206(1) and (2).
   39         Section 2. The Division of Law Revision and Information is
   40  directed to replace the phrase “4 years after the effective of
   41  this act” where it occurs in this act with the date the act
   42  becomes a law.
   43         Section 3. This act shall take effect on the same date that
   44  SB 642 or similar legislation takes effect, if such legislation
   45  is adopted in the same legislative session or an extension
   46  thereof and becomes a law.
   48  ================= T I T L E  A M E N D M E N T ================
   49  And the title is amended as follows:
   50         Delete everything before the enacting clause
   51  and insert:
   52                        A bill to be entitled                      
   53         An act relating to trust funds; creating s. 1009.988,
   54         F.S.; creating the Florida ABLE Program Trust Fund
   55         within the State Board of Administration; authorizing
   56         sources of funds; specifying the purpose of the trust
   57         fund and authorized uses of the assets; providing for
   58         future review and termination or re-creation of the
   59         trust fund; providing a directive to the Division of
   60         Law Revision and Information; providing a contingent
   61         effective date.