Bill Text: FL S0426 | 2015 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Trust Funds of the Department of Education and the Board of Governors of the State University System
Spectrum: Bipartisan Bill
Status: (Passed) 2015-04-16 - Chapter No. 2015-7 [S0426 Detail]
Download: Florida-2015-S0426-Introduced.html
Bill Title: Trust Funds of the Department of Education and the Board of Governors of the State University System
Spectrum: Bipartisan Bill
Status: (Passed) 2015-04-16 - Chapter No. 2015-7 [S0426 Detail]
Download: Florida-2015-S0426-Introduced.html
Florida Senate - 2015 SB 426 By Senator Gaetz 1-00439A-15 2015426__ 1 A bill to be entitled 2 An act relating to trust funds; terminating the 3 Building Fee Trust Fund within the Board of Governors 4 of the State University System; providing for the 5 disposition of balances in and revenues of the trust 6 fund; prescribing procedures for the termination of 7 the trust fund; amending s. 1010.86, F.S.; conforming 8 provisions to changes made by this act; providing an 9 effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. (1) The Building Fee Trust Fund, FLAIR number 14 48-2-064, within the Board of Governors of the State University 15 System, is terminated. 16 (2) All current balances remaining and all revenues of the 17 Building Fee Trust Fund shall be transferred to the Capital 18 Improvement Fee Trust Fund, FLAIR number 48-2-071, within the 19 Board of Governors of the State University System. 20 (3) The Board of Governors of the State University System 21 shall pay any outstanding debts or obligations of the terminated 22 trust fund as soon as practicable. After the payment of all such 23 outstanding debts and obligations, the Chief Financial Officer 24 shall close out and remove the terminated trust fund from 25 various state accounting systems using generally accepted 26 accounting principles concerning warrants outstanding, assets, 27 and liabilities. 28 Section 2. Section 1010.86, Florida Statutes, is amended to 29 read: 30 1010.86 Administration of the capital improvement feeand31building feestrust fundfunds.—The Board of Governors of the 32 State University SystemState Board of Educationshall 33 administer the Capital Improvement Fee Trust Fund,and the34Building Fee Trust Fundwhich includesincludereceipts from 35 capital improvementand buildingstudent fee assessments, 36 interest earnings, and subsidy grants. All funds, except those 37 to be used for debt service payments, reserve requirements, and 38 educational research centers for child development, pursuant to 39 s. 1011.48, shall be used to fund projects appropriated by the 40 Legislature. Projects funded pursuant to this section may be 41 expanded by the use of supplemental funds such as grants, 42 auxiliary enterprises, private donations, and other nonstate 43 sources. 44 Section 3. This act shall take effect July 1, 2015.