Florida's HB 511 creates the Children’s Trust of Collier County (Trust) to provide public services for children. The Trust is authorized to assess ad valorem taxes on all taxable property in Collier County. The new law requires the chair of the Trust or any other trustee or employee who signs checks on behalf of the Trust to post a
surety bond in an amount equal to at least $1,000 for each $1 million of funds assessed annually. The bond is conditioned on the faithful performance of the duties of office. The trustees will decide the actual bond amount required based on “professional advice.” The new law will take effect upon approval of a referendum in Collier County.