1997 Florida Code
TITLE XVI EDUCATION
Chapter 240 Postsecondary Education  
PART II STATE UNIVERSITY SYSTEM (ss. 240.2011-240.2996)
240.28035   Education--Contracts, Grants, and Donations Trust Fund.

1240.28035  Education--Contracts, Grants, and Donations Trust Fund.--

(1)  The Education--Contracts, Grants, and Donations Trust Fund is hereby created, to be administered by the Department of Education. Funds shall be credited to the trust fund from contracts, grants, and private donations. The purpose of the trust fund is to support the instruction and research missions of the State University System.

(2)  Notwithstanding the provisions of 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 and shall be available for carrying out the purposes of the trust fund.

History.--s. 1, ch. 95-115.

1Note.--Section 3, ch. 95-115, provides that:

"(1)  Pursuant to the provisions of Section 19(f)(2), Article III of the State Constitution, the Education--Contracts, Grants, and Donations Trust Fund shall, unless terminated sooner, be terminated on July 1, 1999.

"(2)  Prior to the regular legislative session immediately preceding the date on which the trust fund is scheduled to be terminated, the Department of Education and the Governor shall recommend to the President of the Senate and the Speaker of the House of Representatives whether the trust fund should be allowed to terminate or should be re-created. These recommendations shall be based on a review of the purpose and use of the trust fund and a determination of whether the trust fund will continue to be necessary. A recommendation to re-create the trust fund may include suggested modifications to the purpose, sources of receipts, and allowable expenditures for the trust fund. The department's recommendation shall be made as a part of its legislative budget request to the Legislature pursuant to section 216.023, Florida Statutes. The Governor's recommendation shall be made as a part of the recommended budget presented to the Legislature pursuant to section 216.162, Florida Statutes.

"(3)  If the trust fund is terminated, the Department of Education shall pay any outstanding debts or obligations of the trust fund as soon as practicable and the Comptroller shall close out and remove the trust fund from the various state accounting systems, using generally accepted accounting practices concerning warrants outstanding, assets, and liabilities."