Florida Senate - 2017                   (PROPOSED BILL) SPB 2518
       
       
        
       FOR CONSIDERATION By the Committee on Appropriations
       
       
       
       
       
       576-03174-17                                          20172518pb
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 288.80125,
    3         F.S.; creating the Triumph Gulf Coast Trust Fund
    4         within the Department of Economic Opportunity;
    5         exempting the trust fund from the general revenue
    6         service charge; providing for purpose of trust fund
    7         and source of funds; providing for future review and
    8         termination or re-creation of trust fund; providing a
    9         contingent effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Section 288.80125, Florida Statutes, is created
   14  to read:
   15         288.80125 Triumph Gulf Coast Trust Fund.—
   16         (1) The Triumph Gulf Coast Trust Fund is created within the
   17  department. The trust fund is established as a depository for
   18  funds transferred, as set forth in s. 288.8013, from the General
   19  Revenue Fund pursuant to the “Settlement Agreement Between the
   20  Gulf States and the BP Entities with Respect to Economic and
   21  Other Claims Arising from the Deepwater Horizon Incident,” which
   22  was entered into on October 5, 2015,
   23  in the case styled In re: Oil Spill by the Oil Rig “Deepwater
   24  Horizon” in the Gulf of Mexico, on April 20, 2010, MDL 2179 in
   25  the United States District Court for the Eastern District of
   26  Louisiana. The trust fund is exempt from the general revenue
   27  service charge provided in s. 215.20.
   28         (2) Funds from the trust fund shall be used for the
   29  purposes described in ss. 288.8011-288.8018.
   30         (3) In accordance with s. 19(f)(2), Art. III of the State
   31  Constitution, the Triumph Gulf Coast Trust Fund shall, unless
   32  terminated sooner, be terminated on July 1, 2021. Before its
   33  scheduled termination, the trust fund shall be reviewed as
   34  provided in s. 215.3206(1) and (2).
   35         Section 2. This act shall take effect on the same date that
   36  SB 364 or similar legislation takes effect, if such legislation
   37  is enacted in the same legislative session or an extension
   38  thereof and becomes law, and only if this act is enacted by a
   39  three-fifths vote of the membership of each house of the
   40  Legislature.