Bill Text: FL S1632 | 2010 | Regular Session | Enrolled

Florida Senate Bill 1632 (Prior Session Legislation)

Bill Title: Transportation Revenue Bond Trust Fund/DOT [WPSC]

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2010-04-15 - Approved by Governor -SJ 00617; Chapter No. 2010-14 [S1632 Detail]

Download: Florida-2010-S1632-Enrolled.html

 
       ENROLLED 
       2010 Legislature                                         SB 1632 
                                                             20101632er 
    1   
    2         An act relating to trust funds; reenacting and 
    3         amending s. 339.0815, F.S., relating to the 
    4         Transportation Revenue Bond Trust Fund; providing for 
    5         future review and termination or re-creation of the 
    6         trust fund; providing an effective date. 
    7   
    8  Be It Enacted by the Legislature of the State of Florida: 
    9   
   10         Section 1. Section 339.0815, Florida Statutes, is reenacted 
   11  and amended to read: 
   12         339.0815 Transportation Revenue Bond Trust Fund.— 
   13         (1) The Transportation Revenue Bond Trust Fund is created 
   14  within the Department of Transportation. The purpose of the 
   15  trust fund is for the deposit of funds received by the 
   16  department from the proceeds or issuance of revenue bonds 
   17  secured by state and federal revenues and credited to the trust 
   18  fund. 
   19         (2) Net proceeds from revenue bonds issued for eligible 
   20  transportation projects shall be credited to the trust fund to 
   21  provide for the payment of eligible project costs. 
   22         (3) Notwithstanding the provisions of s. 216.301 and 
   23  pursuant to the requirements of s. 216.351, any balance in the 
   24  trust fund at the end of any fiscal year shall remain in the 
   25  trust fund at the end of the year and shall be available for 
   26  carrying out the purposes of the trust fund. 
   27         (4) In accordance with s. 19(f)(2), Art. III of the State 
   28  Constitution, the Transportation Revenue Bond Trust Fund shall, 
   29  unless terminated sooner, be terminated on July 1, 2014. Before 
   30  its scheduled termination, the trust fund shall be reviewed as 
   31  provided in s. 215.3206(1) and (2). 
   32         Section 2. This act shall take effect July 1, 2010, but it 
   33  shall not take effect unless it is enacted by a three-fifths 
   34  vote of the membership of each house of the Legislature.