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

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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

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CS/HB 811

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

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