Florida Senate - 2021 SB 1656 By Senator Gruters 23-01054A-21 20211656__ 1 A bill to be entitled 2 An act relating to the Lawton Chiles Endowment Fund; 3 amending s. 215.5601, F.S.; requiring the Chief 4 Financial Officer to annually certify the amount of 5 unencumbered and undispersed endowment funds which 6 reverts to the endowment’s principal by a specified 7 date; allocating a portion of the reverted funds to 8 the board of trustees of the University of South 9 Florida; requiring that such funds be used to support 10 the university’s Health Heart Institute; providing 11 conditions for the use of the funds; prohibiting the 12 funds from being used to secure debt; requiring the 13 Chief Financial Officer to notify the university’s 14 board of trustees if a balance transfer will not occur 15 during a given year; providing an effective date. 16 17 Be It Enacted by the Legislature of the State of Florida: 18 19 Section 1. Paragraph (e) of subsection (5) of section 20 215.5601, Florida Statutes, is amended to read: 21 215.5601 Lawton Chiles Endowment Fund.— 22 (5) AVAILABILITY OF FUNDS; USES.— 23 (e) Notwithstanding s. 216.301 and pursuant to s. 216.351, 24 all unencumbered balances of appropriations from each 25 department’s respective Tobacco Settlement Trust Fund as of June 26 30 or undisbursed balances as of September 30 shall revert to 27 the endowment’s principal. Unencumbered balances in the 28 Biomedical Research Trust Fund shall be managed as provided in 29 s. 20.435(7)(b). By October 31, annually, the Chief Financial 30 Officer must certify the amount that reverts to the endowment’s 31 principal. If a balance reverts in any year, not including the 32 Biomedical Research Trust Fund, the Chief Financial Officer must 33 transfer 50 percent of the certified reverted balance by warrant 34 by December 1 of that year to the board of trustees of the 35 University of South Florida. The board of trustees must first 36 expend any funds received pursuant to this paragraph to conduct 37 and support cardiovascular disease research at the University of 38 South Florida Health Heart Institute and may also use the funds 39 for the annual operating costs of recruiting, retaining, and 40 equipping researchers engaged in cardiovascular disease research 41 and any other lawful uses of funds authorized under the 42 university’s annual Education and General Activities 43 appropriation in the General Appropriations Act. The board of 44 trustees may not pledge any of the funds received pursuant to 45 this paragraph to secure debt. If the Chief Financial Officer 46 certifies that there is no reverted balance in any year, the 47 Chief Financial Officer must notify the board of trustees of the 48 University of South Florida by December 1 that a balance 49 transfer pursuant to this paragraph will not occur that year. 50 Section 2. This act shall take effect July 1, 2021.