Bill Text: FL S0880 | 2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: State Investments

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-03-06 - Laid on Table, refer to CS/HB 1417 -SJ 882 [S0880 Detail]

Download: Florida-2012-S0880-Introduced.html

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       Florida Senate - 2012                                     SB 880
       
       
       
       By Senator Ring
       
       
       
       
       32-00784-12                                            2012880__
    1                        A bill to be entitled                      
    2         An act relating to state investments; amending s.
    3         215.47, F.S.; increasing the amount of money that may
    4         be invested in alternative investments by the State
    5         Board of Administration; amending s. 215.5601, F.S.;
    6         reducing the amount of the Lawton Chiles Endowment
    7         Fund which is available for biomedical research;
    8         specifying the real value of the net assets of the
    9         fund as of a certain date; providing an effective
   10         date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (15) 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         (15) With no more, in the aggregate, than 20 10 percent of
   22  any fund in alternative investments, as defined in s.
   23  215.4401(3)(a)1., through participation in an alternative
   24  investment vehicle as those terms are the vehicles defined in s.
   25  215.4401(3)(a)2., or in securities or investments that are not
   26  publicly traded and are not otherwise authorized by this
   27  section.
   28         Section 2. Paragraph (d) of subsection (3) and paragraph
   29  (b) of subsection (4) of section 215.5601, Florida Statutes, are
   30  amended to read:
   31         215.5601 Lawton Chiles Endowment Fund.—
   32         (3) LAWTON CHILES ENDOWMENT FUND; CREATION; PRINCIPAL.—
   33         (d) For the 2012-2013 fiscal year 2001-2002, $50 $150
   34  million of the existing principal in the endowment shall be
   35  reserved and accounted for within the endowment, the income from
   36  which shall be used solely for the funding for biomedical
   37  research activities as provided in s. 215.5602. The income from
   38  the remaining principal shall be used solely as the source of
   39  funding for health and human services programs for children and
   40  elders as provided in subsection (5). The separate account for
   41  biomedical research shall be dissolved and the entire principal
   42  in the endowment shall be used exclusively for health and human
   43  services programs when cures have been found for tobacco-related
   44  cancer, heart, and lung disease.
   45         (4) ADMINISTRATION.—
   46         (b) The endowment shall be managed as an annuity. The
   47  investment objective is the long-term preservation of the real
   48  value of the net assets of the fund on June 30, 2009, which was
   49  $434,354,314, contributed principal and a specified regular
   50  annual cash outflow for appropriation, as nonrecurring revenue.
   51  From the annual cash outflow, a pro rata share shall be used
   52  solely for biomedical research activities as provided in
   53  paragraph (3)(d), until such time as cures are found for
   54  tobacco-related cancer and heart and lung disease. Five percent
   55  of the annual cash outflow dedicated to the biomedical research
   56  portion of the endowment shall be reinvested and applied to that
   57  portion of the endowment’s principal, with the remainder to be
   58  spent on biomedical research activities consistent with this
   59  section. The schedule of annual cash outflow must be included
   60  within the investment plan adopted under paragraph (a).
   61  Withdrawals other than specified regular cash outflow are
   62  considered reductions in contributed principal for the purposes
   63  of this subsection.
   64         Section 3. This act shall take effect July 1, 2012.