|
|
|
|
|
1
|
A bill to be entitled |
|
2
|
An act relating to trust fund investments; amending s. |
|
3
|
215.47, F.S.; requiring the State Board of Administration |
|
4
|
to regularly review investments in limited partnerships |
|
5
|
and limited liability companies to determine whether the |
|
6
|
investments should be continued; reenacting ss. |
|
7
|
215.5601(4)(a), 215.69(4), 218.407(2), 766.315(5)(e), |
|
8
|
1009.70(6), 1009.972(4), and 1010.619, F.S., to |
|
9
|
incorporate the amendment to s. 215.47, F.S., in |
|
10
|
references thereto; providing an effective date. |
|
11
|
|
|
12
|
Be It Enacted by the Legislature of the State of Florida: |
|
13
|
|
|
14
|
Section 1. Subsection (14) of section 215.47, Florida |
|
15
|
Statutes, is amended to read: |
|
16
|
215.47 Investments; authorized securities; loan of |
|
17
|
securities.--Subject to the limitations and conditions of the |
|
18
|
State Constitution or of the trust agreement relating to a trust |
|
19
|
fund, moneys available for investments under ss. 215.44-215.53 |
|
20
|
may be invested as follows: |
|
21
|
(14) With no more than 5 percent of any fund in private |
|
22
|
equity through participation in limited partnerships and limited |
|
23
|
liability companies. The board shall regularly review all |
|
24
|
investments made pursuant to this subsection and determine |
|
25
|
whether to continue the investment based on the standards set |
|
26
|
forth in subsection (6) as well as the consequences to the state |
|
27
|
which would result from divestiture. |
|
28
|
Section 2. For the purpose of incorporating the amendment |
|
29
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
30
|
paragraph (a) of subsection (4) of section 215.5601, Florida |
|
31
|
Statutes, is reenacted to read: |
|
32
|
215.5601 Lawton Chiles Endowment Fund.-- |
|
33
|
(4) ADMINISTRATION.-- |
|
34
|
(a) The board may invest and reinvest funds of the |
|
35
|
endowment in accordance with s. 215.47 and consistent with an |
|
36
|
investment plan developed by the executive director and approved |
|
37
|
by the board. |
|
38
|
Section 3. For the purpose of incorporating the amendment |
|
39
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
40
|
subsection (4) of section 215.69, Florida Statutes, is reenacted |
|
41
|
to read: |
|
42
|
215.69 State Board of Administration to administer |
|
43
|
funds.-- |
|
44
|
(4) The State Board of Administration shall also be the |
|
45
|
agent of the division for the investment of all funds of the |
|
46
|
division, including all reserve funds, and the State Board of |
|
47
|
Administration shall invest all such funds in the securities |
|
48
|
provided in the proceedings which authorized the issuance of |
|
49
|
such bonds, or, if no provisions for such investments are |
|
50
|
provided in such proceedings, then such funds shall be invested |
|
51
|
in the manner provided in s. 215.47. |
|
52
|
Section 4. For the purpose of incorporating the amendment |
|
53
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
54
|
subsection (2) of section 218.407, Florida Statutes, is |
|
55
|
reenacted to read: |
|
56
|
218.407 Local government investment authority.-- |
|
57
|
(2) The State Board of Administration shall, upon the |
|
58
|
filing of the resolution, invest the moneys in the trust fund in |
|
59
|
the same manner and subject to the same restrictions as are set |
|
60
|
forth in s. 215.47. Except when authorized by the board, all |
|
61
|
units of local government which qualify to be participants in |
|
62
|
the Local Government Surplus Funds Trust Fund after January 1, |
|
63
|
1982, will normally have surplus funds deposited into a pooled |
|
64
|
investment account. |
|
65
|
Section 5. For the purpose of incorporating the amendment |
|
66
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
67
|
paragraph (e) of subsection (5) of section 766.315, Florida |
|
68
|
Statutes, is reenacted to read: |
|
69
|
766.315 Florida Birth-Related Neurological Injury |
|
70
|
Compensation Association; board of directors.-- |
|
71
|
(5) |
|
72
|
(e) Funds held on behalf of the plan are funds of the |
|
73
|
State of Florida. The association may only invest plan funds in |
|
74
|
the investments and securities described in s. 215.47, and shall |
|
75
|
be subject to the limitations on investments contained in that |
|
76
|
section. All income derived from such investments will be |
|
77
|
credited to the plan. |
|
78
|
Section 6. For the purpose of incorporating the amendment |
|
79
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
80
|
subsection (6) of section 1009.70, Florida Statutes, is |
|
81
|
reenacted to read: |
|
82
|
1009.70 Florida Education Fund.-- |
|
83
|
(6) The board of directors is authorized to establish a |
|
84
|
trust fund from the proceeds of the Florida Education Fund. All |
|
85
|
funds deposited into the trust fund shall be invested pursuant |
|
86
|
to the provisions of s. 215.47. Interest income accruing to the |
|
87
|
unused portion of the trust fund shall increase the total funds |
|
88
|
available for endowments. The Department of Education may, at |
|
89
|
the request of the board of directors, administer the fund for |
|
90
|
investment purposes. |
|
91
|
Section 7. For the purpose of incorporating the amendment |
|
92
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
93
|
subsection (4) of section 1009.972, Florida Statutes, is |
|
94
|
reenacted to read: |
|
95
|
1009.972 Florida Prepaid College Trust Fund.-- |
|
96
|
(4) Any balance contained within the trust fund, and |
|
97
|
within each fund in the trust fund, at the end of a fiscal year |
|
98
|
shall remain therein and shall be available for carrying out the |
|
99
|
purposes of each respective program and the direct-support |
|
100
|
organization established pursuant to s. 1009.983. Moneys |
|
101
|
contained within the trust fund shall be exempt from the |
|
102
|
investment requirements of s. 17.57. All funds deposited in the |
|
103
|
prepaid fund may be invested pursuant to s. 215.47. Any funds of |
|
104
|
a direct-support organization created pursuant to s. 1009.983 |
|
105
|
shall be exempt from the provisions of this section. |
|
106
|
Section 8. For the purpose of incorporating the amendment |
|
107
|
to section 215.47, Florida Statutes, in a reference thereto, |
|
108
|
section 1010.619, Florida Statutes, is reenacted to read: |
|
109
|
1010.619 Board of Administration to act as fiscal |
|
110
|
agent.--Prior to the issuance of any revenue certificates, the |
|
111
|
State Board of Education may request the State Board of |
|
112
|
Administration to advise the State Board of Education as to the |
|
113
|
fiscal sufficiency of the proposed issue. Upon sale and delivery |
|
114
|
of any revenue certificates and disbursement of the proceeds |
|
115
|
thereof pursuant to this part, the State Board of Administration |
|
116
|
may upon request of the State Board of Education take over the |
|
117
|
management, control, administration, custody, and payment of any |
|
118
|
or all debt services or funds or assets now or hereafter |
|
119
|
available for any revenue certificates issued pursuant to this |
|
120
|
part. The State Board of Administration shall upon request of |
|
121
|
the State Board of Education invest all funds, including reserve |
|
122
|
funds, available for any revenue certificates issued pursuant to |
|
123
|
this part in the manner provided in s. 215.47. The State Board |
|
124
|
of Education may from time to time provide by its duly adopted |
|
125
|
resolution the duties the State Board of Administration shall |
|
126
|
perform, and such duties may be changed, modified, or repealed |
|
127
|
by subsequent resolution as the State Board of Education may |
|
128
|
deem appropriate. |
|
129
|
Section 9. This act shall take effect July 1, 2004. |
