Bill Text: FL S0130 | 2015 | Regular Session | Introduced

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Bill Title: Florida Catastrophic Storm Risk Management Center

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-05-01 - Died on Calendar [S0130 Detail]

Download: Florida-2015-S0130-Introduced.html

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       Florida Senate - 2015                                     SB 130
       
       
        
       By Senator Hays
       
       
       
       
       
       11-00023-15                                            2015130__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Catastrophic Storm Risk
    3         Management Center; amending s. 215.555, F.S.;
    4         requiring the State Board of Administration to
    5         annually transfer a portion of the investment income
    6         of the Florida Hurricane Catastrophe Fund to the
    7         Florida Catastrophic Storm Risk Management Center to
    8         support the center’s ongoing operations; specifying
    9         that the transferred income does not affect funding
   10         otherwise available to the center; providing an
   11         effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Present paragraphs (d), (e), and (f) of
   16  subsection (7) of section 215.555, Florida Statutes, are
   17  redesignated as paragraphs (e), (f), and (g), respectively, and
   18  a new paragraph (d) is added to that subsection, to read:
   19         215.555 Florida Hurricane Catastrophe Fund.—
   20         (7) ADDITIONAL POWERS AND DUTIES.—
   21         (d) Beginning with the 2015-2016 fiscal year, the State
   22  Board of Administration shall annually transfer a portion of the
   23  investment income of the Florida Hurricane Catastrophe Fund to
   24  the Florida Catastrophic Storm Risk Management Center created by
   25  s. 1004.647 to fund the center’s ongoing operations. The amount
   26  of the transfer for each fiscal year shall be the lesser of $1
   27  million, or 35 percent of the fund’s investment income minus $10
   28  million as determined by using the most recent fiscal year-end
   29  audited financial statements. The amount transferred must be
   30  used solely for the center’s statutory purposes as specified in
   31  s. 1004.647. This paragraph is not intended to limit or supplant
   32  any funding otherwise available to the center.
   33         Section 2. This act shall take effect July 1, 2015.