Bill Text: FL H7205 | 2011 | Regular Session | Engrossed

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Bill Title: State Economic Enhancement and Development TF

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Enrolled - Dead) 2011-05-06 - Ordered engrossed, then enrolled -HJ 1965 [H7205 Detail]

Download: Florida-2011-H7205-Engrossed.html

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HB 7205

1	A bill to be entitled
2	An act relating to trust funds; creating s. 288.120, F.S.;
3	creating the State Economic Enhancement and Development
4	Trust Fund within the Department of Economic Opportunity;
5	providing for the purpose of the trust fund and sources of
6	funds; providing for annual carryforward of funds;
7	providing for future review and termination or re-creation
8	of the trust fund; providing a contingent effective date.
9
10	Be It Enacted by the Legislature of the State of Florida:
11
12	Section 1.  Section 288.120, Florida Statutes, is created
13	to read:
14	288.120  State Economic Enhancement and Development Trust
15	Fund.-
16	(1)  There is created within the Department of Economic
17	Opportunity the State Economic Enhancement and Development Trust
18	Fund. Moneys deposited in the trust fund shall be used for
19	infrastructure and job creation opportunities and for the
20	following purposes or programs:
21	(a)  Transportation facilities that meet a strategic and
22	essential state interest with respect to the economic
23	development of the state;
24	(b)  Affordable housing programs and projects in accordance
25	with chapter 420;
26	(c)  Economic development incentives for job creation and
27	capital investment;
28	(d)  Workforce training associated with locating a new
29	business or expanding an existing business; and
30	(e)  Tourism promotion and marketing services, functions,
31	and programs.
32	(2)  The trust fund is established for use as a depository
33	for funds to be used for the purposes specified in subsection
34	(1). Moneys to be credited to the trust fund shall consist of
35	documentary stamp tax proceeds as specified in law, local
36	financial support funds, interest earnings, and cash advances
37	from other trust funds. Funds shall be expended only pursuant to
38	legislative appropriation or an approved amendment to the
39	department's operating budget pursuant to the provisions of
40	chapter 216.
41	(3)  Notwithstanding s. 216.301 and pursuant to s. 216.351,
42	any balance in the trust fund at the end of any fiscal year
43	shall remain in the trust fund at the end of the year and shall
44	be available for carrying out the purposes of the trust fund.
45	(4)  In accordance with s. 19(f)(2), Article III of the
46	State Constitution, the trust fund shall, unless terminated
47	sooner, be terminated on July 1, 2015. Before its scheduled
48	termination, the trust fund shall be reviewed as provided in s.
49	215.3206(1) and (2).
50	Section 2.  This act shall take effect July 1, 2011, but
51	this act shall not take effect unless it is enacted by a three-
52	fifths vote of the membership of each house of the Legislature.

CODING: Words stricken are deletions; words underlined are additions.