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Bill Text: HB 0501
HB 0501 2004
   
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.