Bill Text: FL S1476 | 2024 | Regular Session | Introduced

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Bill Title: Trust Funds/Institute of Food and Agricultural Sciences Renovation, Relocation, and Construction Trust Fund/State University System

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Appropriations Committee on Education [S1476 Detail]

Download: Florida-2024-S1476-Introduced.html

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       Florida Senate - 2024                                    SB 1476
       
       
        
       By Senator Trumbull
       
       
       
       
       
       2-01409A-24                                           20241476__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 1004.331,
    3         F.S.; creating the Institute of Food and Agricultural
    4         Sciences Renovation, Relocation, and Construction
    5         Trust Fund within the State University System;
    6         providing the purpose of the trust fund; authorizing
    7         the Board of Trustees of the Internal Improvement
    8         Trust Fund to sell, trade, exchange, or otherwise
    9         dispose of certain real property and improvements;
   10         requiring the board to deposit proceeds from such
   11         sales or dispositions into the trust fund; authorizing
   12         the University of Florida Board of Trustees to use the
   13         trust fund to upgrade, renovate, repair, relocate, or
   14         construct agricultural research and education
   15         facilities; authorizing the Board of Trustees of the
   16         Internal Improvement Trust Fund to use the trust fund
   17         under certain circumstances; requiring that any such
   18         sale be at fair market value; requiring that any trade
   19         or exchange be for property with a fair market value
   20         equal to or greater than the property being traded or
   21         exchanged; providing for future review and termination
   22         or re-creation of the fund; providing an effective
   23         date.
   24          
   25  Be It Enacted by the Legislature of the State of Florida:
   26  
   27         Section 1. Section 1004.331, Florida Statutes, is created
   28  to read:
   29         1004.331 The Institute of Food and Agricultural Sciences
   30  Renovation, Relocation, and Construction Trust Fund.—
   31         (1) The Institute of Food and Agricultural Sciences
   32  Renovation, Relocation, and Construction Trust Fund is created
   33  within the State University System. The trust fund is
   34  established for use as a depository for funds received from the
   35  sale, trade, exchange, or disposal of state agricultural
   36  research and education real property and improvements that are
   37  leased to the University of Florida Board of Trustees by the
   38  Board of Trustees of the Internal Improvement Trust Fund and
   39  used by the University of Florida Institute of Food and
   40  Agricultural Sciences.
   41         (2) Notwithstanding any law to the contrary, the Board of
   42  Trustees of the Internal Improvement Trust Fund, at the request
   43  of the University of Florida Board Of Trustees, may sell, trade,
   44  exchange, or otherwise dispose of state agricultural research
   45  and education real property and improvements leased to the
   46  University of Florida Board of Trustees and used by the
   47  University of Florida Institute of Food and Agricultural
   48  Sciences. The Board of Trustees of the Internal Improvement
   49  Trust Fund shall deposit the proceeds from such sale or other
   50  disposition into the Institute of Food and Agricultural Sciences
   51  Renovation, Relocation, and Construction Trust Fund, to be used
   52  by the University of Florida Board of Trustees for upgrades to
   53  and renovation and repair of existing properties and the
   54  relocation or construction of new agricultural research and
   55  education facilities. Additionally, at the request of the
   56  University of Florida Board of Trustees, the proceeds may be
   57  used by the Board of Trustees of the Internal Improvement Trust
   58  Fund for the purchase of real property or improvements for the
   59  relocation or construction of new agricultural research and
   60  education facilities.
   61         (3) Any such sale must be at fair market value, and any
   62  trade or exchange must be for property that has a fair market
   63  value equal to or greater than the property traded or exchanged.
   64         (4) In accordance with s. 19(f)(2), Art. III of the State
   65  Constitution, the Institute of Food and Agricultural Sciences
   66  Renovation, Relocation, and Construction Trust Fund shall,
   67  unless terminated sooner, be terminated on July 1, 2028. Before
   68  its scheduled termination, the fund shall be reviewed as
   69  provided in s. 215.3206(1) and (2).
   70         Section 2. This act shall take effect July 1, 2024.