Title: Federal Grants Trust Fund/EOG/Creation

Summary: Creates Federal Grants TF within EOG; provides for sources of funds & purposes; provides for annual carryforward of trust fund balances; provides for future review & termination or re-creation of TF.

Full Text:
An act relating to trust funds; creating s. 14.235, F.S.; creating the Federal Grants Trust Fund within the Executive Office of the Governor; providing for sources of funds and purposes; providing for annual carryforward of trust fund balances; providing for future review and termination or re-creation of the trust fund; providing a contingent effective date. 10 Be It Enacted by the Legislature of the State of Florida: 12 Section 1. Section 14.235, Florida Statutes, is created to read: 14.235 Federal Grants Trust Fund; Executive Office of the Governor.-(1) The Federal Grants Trust Fund is created within the Executive Office of the Governor. (2) The trust fund is established for use as a depository for funds to be used for allowable grant activities funded by restricted program revenues from federal sources. Moneys to be credited to the trust fund shall consist of grants and funding from the Federal Government, interest earnings, and cash advances from other trust funds. Funds shall be expended only pursuant to legislative appropriation or an approved amendment to the department's operating budget pursuant to the provisions of chapter 216. (3) Notwithstanding s. 216.301 and pursuant to s. 216.351, any balance in the trust fund at the end of any fiscal year shall remain in the trust fund at the end of the year and shall be available for carrying out the purposes of the trust fund. (4) In accordance with s. 19(f)(2), Art. III of the State Constitution, the trust fund shall, unless terminated sooner, be terminated on July 1, 2015. Before its scheduled termination, the trust fund shall be reviewed as provided in s. 215.3206(1) and (2). Section 2. This act shall take effect July 1, 2011, if House Bill 7247 or similar legislation is adopted in the same legislative session or an extension thereof and becomes law.