Bill Text: FL H0811 | 2011 | Regular Session | Comm Sub


Bill Title: Endowment Foundation for Vocational Rehabilitation

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2011-05-03 - Ordered enrolled -HJ 1102 [H0811 Detail]

Download: Florida-2011-H0811-Comm_Sub.html
CS/HB 811

1
A bill to be entitled
2An act relating to the Florida Endowment Foundation for
3Vocational Rehabilitation; amending s. 318.21, F.S.;
4revising provisions for distribution of specified funds
5received from civil penalties for traffic infractions;
6directing the funds to be transmitted monthly by the
7Department of Revenue directly to the foundation; amending
8s. 413.615, F.S.; revising procedures for use of such
9funds; removing provisions for investment by the State
10Board of Administration; directing liquid balances of such
11funds held by the State Board of Administration to be
12remitted to the foundation; providing an effective date.
13
14Be It Enacted by the Legislature of the State of Florida:
15
16     Section 1.  Paragraph (e) of subsection (2) and subsection
17(5) of section 318.21, Florida Statutes, are amended to read:
18     318.21  Disposition of civil penalties by county courts.-
19All civil penalties received by a county court pursuant to the
20provisions of this chapter shall be distributed and paid monthly
21as follows:
22     (2)  Of the remainder:
23     (e)  Two percent shall be remitted to the Department of
24Revenue and transmitted monthly to for deposit in the endowment
25fund of the Florida Endowment Foundation for Vocational
26Rehabilitation as provided in established by s. 413.615.
27     (5)  Of the additional fine assessed under s. 318.18(3)(f)
28for a violation of s. 316.1303, 60 percent must be remitted to
29the Department of Revenue and transmitted monthly to for deposit
30in the endowment fund for the Florida Endowment Foundation for
31Vocational Rehabilitation, and 40 percent must be distributed
32pursuant to subsections (1) and (2) of this section.
33     Section 2.  Subsection (4) of section 413.615, Florida
34Statutes, is amended to read:
35     413.615  Florida Endowment for Vocational Rehabilitation.-
36     (4)  REVENUE FOR THE ENDOWMENT FUND.-
37     (a)  The endowment fund of the Florida Endowment for
38Vocational Rehabilitation is created as a long-term, stable, and
39growing source of revenue to be administered, in accordance with
40rules promulgated by the division, by the foundation as a
41direct-support organization of the division.
42     (b)  The principal of the endowment fund shall derive from
43the deposits made pursuant to s. 318.21(2)(e), together with any
44legislative appropriations which may be made to the endowment,
45and such bequests, gifts, grants, and donations as may be
46solicited for such purpose by the foundation from public or
47private sources.
48     (c)  All funds remitted to the Department of Revenue
49pursuant to s. 318.21(2)(e) and (5) shall be transmitted monthly
50to the foundation for use as provided in subsection (10). All
51remaining liquid balances of funds held for investment and
52reinvestment by the State Board of Administration for the
53endowment fund on the effective date of this act shall be
54transmitted to the foundation within 60 days for use as provided
55in subsection (10). The State Board of Administration shall
56invest and reinvest moneys of the endowment fund in accordance
57with the provisions of ss. 215.44-215.53. Moneys in the
58endowment fund in excess of the endowment fund principal, or
59such lesser amount as may be requested in writing by the
60foundation, shall be annually transmitted to the foundation,
61based upon a fiscal year which shall run from July 1 through
62June 30, and shall be deposited in the foundation's operating
63account, for distribution as provided in subsection (10). The
64endowment fund principal shall be $1 million for the 2000-2001
65fiscal year and shall be increased by 5 percent in each
66subsequent fiscal year.
67     (d)  The board of directors of the foundation shall
68establish the operating account and shall deposit therein the
69moneys transmitted pursuant to paragraph (c). Moneys in the
70operating account shall be available to carry out the purposes
71of subsection (10).
72     Section 3.  This act shall take effect July 1, 2011.


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