Bill Text: FL S7080 | 2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Trust Funds/Indian Gaming Revenue Clearing Trust Fund/Department of Financial Services

Spectrum: Committee Bill

Status: (Passed) 2024-04-04 - Chapter No. 2024-59 [S7080 Detail]

Download: Florida-2024-S7080-Introduced.html

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       Florida Senate - 2024                                    SB 7080
       
       
        
       By the Committee on Appropriations
       
       
       
       
       
       576-03659-24                                          20247080__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 17.71,
    3         F.S.; creating the Indian Gaming Revenue Clearing
    4         Trust Fund within the Department of Financial
    5         Services; providing the purpose of the trust fund;
    6         providing for sources of funds; providing that the
    7         trust fund is exempt from a certain service charge;
    8         requiring that funds be disbursed in a specified
    9         manner; exempting the trust fund from certain
   10         termination provisions; providing a contingent
   11         effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Section 17.71, Florida Statutes, is created to
   16  read:
   17         17.71 Indian Gaming Revenue Clearing Trust Fund.—
   18         (1) The Indian Gaming Revenue Clearing Trust Fund is
   19  created within the Department of Financial Services. The purpose
   20  of the trust fund is to act as a depository for a portion of the
   21  revenue-sharing payments received by the state under the gaming
   22  compact, as the term “compact” is defined in s. 285.710(1).
   23         (2) Funds shall be credited to the Indian Gaming Revenue
   24  Clearing Trust Fund as provided in s. 380.095. Funds received
   25  from such revenue-sharing payments and deposited into the trust
   26  fund are exempt from the service charges imposed pursuant to s.
   27  215.20.
   28         (3) The department shall disburse funds, by nonoperating
   29  transfer, from the Indian Gaming Revenue Clearing Trust Fund as
   30  provided in s. 380.095.
   31         (4) Pursuant to s. 19(f)(3), Art. III of the State
   32  Constitution, the Indian Gaming Revenue Clearing Trust Fund is
   33  exempt from the termination provisions of s. 19(f)(2), Art. III
   34  of the State Constitution.
   35         Section 2. This act shall take effect on the same date that
   36  SB 1638 or similar legislation takes effect, if such legislation
   37  is adopted in the same legislative session or an extension
   38  thereof and becomes a law.