November 12, 2019
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       Florida Senate - 2010                                    SB 2788
       
       
       
       By Senator Negron
       
       
       
       
       28-02867-10                                           20102788__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating the Federal
    3         Grants Trust Fund within the Department of Financial
    4         Services; providing for the purpose of the trust fund
    5         and sources of funds; providing for future review and
    6         termination or re-creation of the trust fund;
    7         providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Federal Grants Trust Fund.—
   12         (1) The Federal Grants Trust Fund is created within the
   13  Department of Financial Services.
   14         (2) The trust fund is established for use as a depository
   15  for funds to be used for allowable grant activities funded by
   16  restricted program revenues from federal sources. Moneys to be
   17  credited to the trust fund shall consist of grants and funding
   18  from the Federal Government, interest earnings, and cash
   19  advances from other trust funds. Funds shall be expended only
   20  pursuant to legislative appropriation or an approved amendment
   21  to the department’s operating budget pursuant to the provisions
   22  of chapter 216, Florida Statutes.
   23         (3) In accordance with s. 19(f)(2), Article III of the
   24  State Constitution, the Federal Grants Trust Fund shall, unless
   25  terminated sooner, be terminated on July 1, 2014. Before its
   26  scheduled termination, the trust fund shall be reviewed as
   27  provided in s. 215.3206(1) and (2), Florida Statutes.
   28         Section 2. This act shall take effect on the same date that
   29  SB 8 or similar legislation takes effect, if such legislation is
   30  enacted in the same legislative session, or an extension
   31  thereof, and becomes law, but this act shall not take effect
   32  unless it is enacted by a three-fifths vote of the membership of
   33  each house of the Legislature.

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