Bill Text: FL S0480 | 2011 | Regular Session | Comm Sub

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Bill Title: Florida Endowment for Vocational Rehabilitation

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2011-05-03 - Read 2nd time -SJ 729 [S0480 Detail]

Download: Florida-2011-S0480-Comm_Sub.html

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       Florida Senate - 2011                              CS for SB 480
       
       
       
       By the Committee on Community Affairs; and Senator Wise
       
       
       
       
       578-01988-11                                           2011480c1
    1                        A bill to be entitled                      
    2         An act relating to the Florida Endowment for
    3         Vocational Rehabilitation; amending s. 413.615, F.S.;
    4         removing a provision that requires the State Board of
    5         Administration to invest and reinvest moneys in the
    6         endowment fund for the Florida Endowment for
    7         Vocational Rehabilitation; requiring that a specified
    8         percent of the remainder of all civil penalties
    9         received by a county court and after distribution
   10         pursuant to ch. 318, F.S., be remitted to the
   11         Department of Revenue on a monthly basis for deposit
   12         in the endowment fund; requiring that a specified
   13         percent of the additional fine assessed for violating
   14         traffic regulations protecting mobility-impaired
   15         persons be remitted to the Department of Revenue on a
   16         monthly basis for deposit in the endowment fund;
   17         providing an effective date.
   18  
   19  Be It Enacted by the Legislature of the State of Florida:
   20  
   21         Section 1. Subsection (4) of section 413.615, Florida
   22  Statutes, is amended to read:
   23         413.615 Florida Endowment for Vocational Rehabilitation.—
   24         (4) REVENUE FOR THE ENDOWMENT FUND.—
   25         (a) The endowment fund of the Florida Endowment for
   26  Vocational Rehabilitation is created as a long-term, stable, and
   27  growing source of revenue to be administered, in accordance with
   28  rules promulgated by the division, by the foundation as a
   29  direct-support organization of the division.
   30         (b) The principal of the endowment fund shall derive from
   31  the deposits made pursuant to s. 318.21(2)(e), together with any
   32  legislative appropriations which may be made to the endowment,
   33  and any such bequests, gifts, grants, and donations as may be
   34  solicited for that such purpose by the foundation from public or
   35  private sources.
   36         (c) Two percent of the remainder of all civil penalties
   37  received by a county court pursuant to chapter 318 and after
   38  distribution pursuant to s. 318.21(1) shall be remitted to the
   39  Department of Revenue on a monthly basis for deposit in the
   40  endowment fund. Sixty percent of the additional fine assessed
   41  under s. 318.18(3)(f) for a violation of s. 316.1303 shall be
   42  remitted to the Department of Revenue on a monthly basis for
   43  deposit in the endowment fund and 40 percent shall be
   44  distributed pursuant to s. 318.21(1) and (2). The State Board of
   45  Administration shall invest and reinvest moneys of the endowment
   46  fund in accordance with the provisions of ss. 215.44-215.53.
   47  Moneys in the endowment fund in excess of the endowment fund
   48  principal, or such lesser amount as may be requested in writing
   49  by the foundation, shall be annually transmitted to the
   50  foundation, based upon a fiscal year which shall run from July 1
   51  through June 30, and shall be deposited in the foundation’s
   52  operating account, for distribution as provided in subsection
   53  (10). The endowment fund principal shall be $1 million for the
   54  2000-2001 fiscal year and shall be increased by 5 percent in
   55  each subsequent fiscal year.
   56         (d) The board of directors of the foundation shall
   57  establish the operating account and shall deposit therein the
   58  moneys transmitted pursuant to paragraph (c). Moneys in the
   59  operating account shall be available to carry out the purposes
   60  of subsection (10).
   61         Section 2. This act shall take effect upon becoming a law.