Bill Text: FL S0732 | 2014 | Regular Session | Introduced


Bill Title: Stanley G. Tate Florida Prepaid College Program

Spectrum: Bipartisan Bill

Status: (Failed) 2014-05-02 - Died in Messages, companion bill(s) passed, see CS/CS/CS/HB 851 (Ch. 2014-62) [S0732 Detail]

Download: Florida-2014-S0732-Introduced.html
       Florida Senate - 2014                                     SB 732
       
       
        
       By Senator Galvano
       
       
       
       
       
       26-00823-14                                            2014732__
    1                        A bill to be entitled                      
    2         An act relating to the Stanley G. Tate Florida Prepaid
    3         College Program; amending s. 1009.98, F.S.; redefining
    4         the term “tuition differential”; revising the purchase
    5         date of an advance payment contract as it relates to
    6         the amount paid by the Florida Prepaid College Board
    7         to a state university on behalf of a qualified
    8         beneficiary; prohibiting the amount of the aggregate
    9         sum of registration fees, the tuition differential
   10         fee, and local fees paid by the board to a state
   11         university on behalf of a qualified beneficiary of an
   12         advance payment contract from exceeding a certain
   13         percentage of the amount charged by the state
   14         university for the aggregate sum of those fees;
   15         prohibiting the amount of the dormitory fees paid for
   16         by the board to a state university on behalf of a
   17         qualified beneficiary of an advance payment contract
   18         from exceeding a certain percentage of the amount
   19         charged by the state university for those fees;
   20         conforming provisions to changes made by the act;
   21         providing an effective date.
   22          
   23  Be It Enacted by the Legislature of the State of Florida:
   24  
   25         Section 1. Subsection (10) of section 1009.98, Florida
   26  Statutes, is amended to read:
   27         1009.98 Stanley G. Tate Florida Prepaid College Program.—
   28         (10) PAYMENTS ON BEHALF OF QUALIFIED BENEFICIARIES.—
   29         (a) As used in this subsection, the term:
   30         1. “Actuarial reserve” means the amount by which the
   31  expected value of the assets exceeds exceed the expected value
   32  of the liabilities of the trust fund.
   33         2. “Dormitory fees” means the fees included under advance
   34  payment contracts pursuant to paragraph (2)(d).
   35         3. “Fiscal year” means the fiscal year of the state
   36  pursuant to s. 215.01.
   37         4. “Local fees” means the fees covered by an advance
   38  payment contract provided pursuant to subparagraph (2)(b)2.
   39         5. “Tuition differential” means the fee covered by advance
   40  payment contracts sold pursuant to subparagraph (2)(b)3. The
   41  base rate for the tuition differential fee for the 2012-2013
   42  fiscal year is established at $37.03 per credit hour. The base
   43  rate for the tuition differential in subsequent years is the
   44  amount assessed paid by the board for the tuition differential
   45  for the preceding year adjusted pursuant to subparagraph (b)2.
   46         (b) Effective with the 2009-2010 academic year and
   47  thereafter, and notwithstanding the provisions of s. 1009.24,
   48  the amount paid by the board to any state university on behalf
   49  of a qualified beneficiary of an advance payment contract whose
   50  contract was purchased before July 1, 2024 2009, shall be:
   51         1. As to registration fees, if the actuarial reserve is
   52  less than 5 percent of the expected liabilities of the trust
   53  fund, the board shall pay the state universities 5.5 percent
   54  above the amount assessed for registration fees in the preceding
   55  fiscal year. If the actuarial reserve is between 5 percent and 6
   56  percent of the expected liabilities of the trust fund, the board
   57  shall pay the state universities 6 percent above the amount
   58  assessed for registration fees in the preceding fiscal year. If
   59  the actuarial reserve is between 6 percent and 7.5 percent of
   60  the expected liabilities of the trust fund, the board shall pay
   61  the state universities 6.5 percent above the amount assessed for
   62  registration fees in the preceding fiscal year. If the actuarial
   63  reserve is equal to or greater than 7.5 percent of the expected
   64  liabilities of the trust fund, the board shall pay the state
   65  universities 7 percent above the amount assessed for
   66  registration fees in the preceding fiscal year, whichever is
   67  greater.
   68         2. As to the tuition differential, if the actuarial reserve
   69  is less than 5 percent of the expected liabilities of the trust
   70  fund, the board shall pay the state universities 5.5 percent
   71  above the base rate for the tuition differential fee in the
   72  preceding fiscal year. If the actuarial reserve is between 5
   73  percent and 6 percent of the expected liabilities of the trust
   74  fund, the board shall pay the state universities 6 percent above
   75  the base rate for the tuition differential fee in the preceding
   76  fiscal year. If the actuarial reserve is between 6 percent and
   77  7.5 percent of the expected liabilities of the trust fund, the
   78  board shall pay the state universities 6.5 percent above the
   79  base rate for the tuition differential fee in the preceding
   80  fiscal year. If the actuarial reserve is equal to or greater
   81  than 7.5 percent of the expected liabilities of the trust fund,
   82  the board shall pay the state universities 7 percent above the
   83  base rate for the tuition differential fee in the preceding
   84  fiscal year.
   85         3. As to local fees, the board shall pay the state
   86  universities 5 percent above the amount assessed for local fees
   87  in the preceding fiscal year.
   88         4. As to dormitory fees, the board shall pay the state
   89  universities 6 percent above the amount assessed for dormitory
   90  fees in the preceding fiscal year.
   91         5. Qualified beneficiaries of advance payment contracts
   92  purchased before July 1, 2007, are exempt from paying any
   93  tuition differential fee.
   94         (c)Notwithstanding the amount assessed for registration
   95  fees, the tuition differential fee, or local fees, the amount
   96  paid by the board to any state university on behalf of a
   97  qualified beneficiary of an advance payment contract purchased
   98  before July 1, 2024, may not exceed 100 percent of the amount
   99  charged by the state university for the aggregate sum of those
  100  fees.
  101         (d) Notwithstanding the amount assessed for dormitory fees,
  102  the amount paid by the board to any state university on behalf
  103  of a qualified beneficiary of an advance payment contract
  104  purchased before July 1, 2024, may not exceed 100 percent of the
  105  amount charged by the state university for dormitory fees.
  106         (e)(c) The board shall pay state universities the actual
  107  amount assessed in accordance with law for registration fees,
  108  the tuition differential, local fees, and dormitory fees for
  109  advance payment contracts purchased on or after July 1, 2024
  110  2009.
  111         (f)(d) The board shall annually evaluate or cause to be
  112  evaluated the actuarial soundness of the trust fund.
  113         Section 2. This act shall take effect July 1, 2014.

feedback