FL H5009

Amends Florida Statutes section 215.61 to establish procedures for managing revenues from gross receipts taxes deposited into the Public Education Capital Outlay and Debt Service Trust Fund

Requires the State Board of Education to deposit funds monthly into a separate account within the trust fund equal to one-sixth of the next interest payment due and one-twelfth of the next principal payment due for all outstanding bonds secured by gross receipts taxes

Mandates the State Board of Education transfer funds from the separate account to the State Board of Administration by the 20th day of the month before principal or interest payments are due to bondholders

Requires the State Board of Education to transfer funds by June 30, 2014 equal to two-sixths of the next interest payment and two-twelfths of the next principal payment from existing cash balances into the separate account for debt service

Takes effect upon becoming law