The Florida Senate

607.1901  Corporations Trust Fund creation; transfer of funds.--

(1)  There is created a Corporations Trust Fund within the Division of Corporations of the Department of State. All funds required to be paid to the division shall be collected and deposited into this trust fund and shall be used for the purposes prescribed in subsection (2).

(2)(a)  The Legislature shall appropriate from the fund such amounts as it deems necessary for the operation of the division.

(b)  An amount equal to 2.9 percent of all moneys deposited each month in the fund is transferred to the Corporation Tax Administration Trust Fund created pursuant to s. 213.31.

(c)  In the last six months of any fiscal year, an amount equal to 43 percent of all moneys deposited each month into the fund is transferred to the General Revenue Fund.

(d)  The division shall transfer from the trust fund to the Cultural Institutions Trust Fund, quarterly, the amount of $10 from each corporate annual report fee collected by the division and prorations transferring $8 million each fiscal year, to be used as provided in s. 265.2861. Effective October 1, 2001, an additional $2 million each fiscal year shall be transferred from the Corporations Trust Fund to the Cultural Institutions Trust Fund to be used as provided in s. 265.2861. The additional $2 million is contingent upon the receipt of corresponding revenues collected under s. 55.209, as created by this act.

(e)  The division shall transfer from the trust fund to the Cultural Institutions Trust Fund, quarterly, prorations transferring $250,000 each fiscal year, to be used as provided in s. 265.609.

(f)  The division shall transfer from the trust fund to the Cultural Institutions Trust Fund, quarterly, prorations transferring $550,000 each fiscal year, to be used as provided in s. 265.608.

(g)  The division shall transfer from the trust fund to the Historical Resources Operating Trust Fund, quarterly, prorations transferring $2 million each fiscal year, to be used as provided in ¹s. 267.0671.

(h)  The division shall transfer from the trust fund to the Historical Resources Operating Trust Fund, quarterly, prorations transferring $1.5 million each fiscal year, to be used as provided in s. 267.072.

(i)  Effective October 1, 2001, the division shall transfer from the trust fund to the department's Grants and Donations Trust Fund quarterly prorations equaling not more than $1.6 million each fiscal year, to be used in the provision of services under s. 288.816. The transfer of $1.6 million is contingent upon the receipt of corresponding revenues collected under s. 55.209, as created by this act.

(3)  The unencumbered balance in the trust fund at the close of each quarter within the fiscal year may not exceed $300,000. Any funds in excess of this amount shall be transferred unallocated to the General Revenue Fund.

History.--s. 162, ch. 89-154; s. 64, ch. 90-132; s. 29, ch. 95-242; s. 14, ch. 96-418; s. 29, ch. 2000-258.

¹Note.--The cited provision does not exist; the correct reference may be to s. 267.0617, which used to relate to the Historic Preservation Trust Fund and now relates to the Historic Preservation Grant Program.