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FL H5011

Bill

Official Source

Status

Passed

6/3/2021

Primary Sponsor

Appropriations Committee

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • State Board of Administration directed to liquidate all assets in the Lawton Chiles Endowment Fund by June 30, 2022, with remaining balances transferred to the Budget Stabilization Fund
  • Section 215.5601, F.S., which created and governed the Lawton Chiles Endowment Fund (originally funded by tobacco settlement proceeds), repealed effective July 1, 2022
  • Removes references to the Lawton Chiles Endowment Fund from provisions governing the Tobacco Settlement Clearing Trust Fund, the Biomedical Research Trust Fund, and the Tobacco Settlement Financing Corporation
  • Deletes the requirement for the Chief Financial Officer to transfer excess county Medicaid contribution revenues from the General Revenue Fund to the Lawton Chiles Endowment Fund, which had a cumulative target of $350 million
  • General effective date of July 1, 2021, with the statutory repeal of the fund taking effect July 1, 2022

Legislative Description

Termination of the Lawton Chiles Endowment Fund

Last Action

Chapter No. 2021-43; companion bill(s) passed, see SB 2500 (Ch. 2021-36)

6/3/2021

Committee Referrals

Appropriations4/8/2021

Full Bill Text

No bill text available