Bill Text: FL S1634 | 2010 | Regular Session | Enrolled

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2010-04-15 - Approved by Governor -SJ 00617; Chapter No. 2010-15 [S1634 Detail]

Download: Florida-2010-S1634-Enrolled.html

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       ENROLLED 
       2010 Legislature                                  CS for SB 1634 
                                                             20101634er 
    1   
    2         An act relating to trust funds; creating the 
    3         Transportation Governmental Bond Trust Fund within the 
    4         Department of Transportation; providing for the 
    5         purpose of the trust fund and sources of funds; 
    6         providing for future review and termination or re 
    7         creation of the trust fund; providing a contingent 
    8         effective date. 
    9   
   10  Be It Enacted by the Legislature of the State of Florida: 
   11   
   12         Section 1. Transportation Governmental Bond Trust Fund.— 
   13         (1) The Transportation Governmental Bond Trust Fund is 
   14  created within the Department of Transportation. The purpose of 
   15  the trust fund is for the deposit of funds received from the 
   16  proceeds upon issuance of bonds. 
   17         (2) Net proceeds from bonds issued for eligible 
   18  transportation projects shall be credited to the trust fund to 
   19  provide for the payment of eligible project costs. 
   20         (3) In accordance with s. 19(f)(2), Article III of the 
   21  State Constitution, the Transportation Governmental Bond Trust 
   22  Fund shall, unless terminated sooner, be terminated on July 1, 
   23  2014. Before its scheduled termination, the trust fund shall be 
   24  reviewed as provided in s. 215.3206(1) and (2), Florida 
   25  Statutes. 
   26         Section 2. This act shall take effect July 1, 2010, but 
   27  this act shall not take effect unless it is enacted by a three 
   28  fifths vote of the membership of each house of the Legislature.