(1) DEFINITIONS.—As used in this section, the term:
(a) “Cash-equivalent compensation” means any benefit that may be assigned an equivalent cash value.
(b) “Public funds” means funds appropriated from the General Revenue Fund, funds appropriated from state trust funds, tuition and fees, or any funds from a state university trust fund regardless of repository.
(c) “Remuneration” means salary, bonuses, and cash-equivalent compensation paid to a state university president by his or her employer for work performed, excluding health insurance benefits and retirement benefits.
(2) EXCEPTIONS.—This section does not prohibit a party from providing cash or cash-equivalent compensation from funds that are not public funds to a state university president in excess of the limit in subsection (3). If a party is unable or unwilling to fulfill an obligation to provide cash or cash-equivalent compensation to a state university president as permitted under this subsection, public funds may not be used to fulfill such obligation.
(3) LIMITATION ON REMUNERATION.—Notwithstanding a law, resolution, or rule to the contrary, a state university president may not receive more than $200,000 in remuneration from public funds. Only compensation, as defined in s. 121.021(22), provided to a state university president may be used in calculating benefits under chapter 121.
History.—s. 4, ch. 2003-392; s. 41, ch. 2011-63; s. 40, ch. 2012-134; s. 23, ch. 2013-45; s. 99, ch. 2014-39.