Bill Text: FL S7024 | 2015 | Regular Session | Enrolled

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Bill Title: State Board of Administration

Spectrum: Committee Bill

Status: (Passed) 2015-05-22 - Chapter No. 2015-75 [S7024 Detail]

Download: Florida-2015-S7024-Enrolled.html

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       ENROLLED
       2015 Legislature                                         SB 7024
       
       
       
       
       
       
                                                             20157024er
    1  
    2         An act relating to the State Board of Administration;
    3         repealing s. 121.153, F.S., relating to restrictions
    4         on investments in institutions doing business in or
    5         with Northern Ireland; amending s. 218.421, F.S.;
    6         establishing conditions for the transfer of any
    7         residual balance in the Fund B Surplus Funds Trust
    8         Fund upon self-liquidation; specifying the method of
    9         calculating the payment amount to an entitled
   10         participant; requiring that additional income received
   11         after distribution of the residual balance be
   12         deposited in the Local Government Surplus Funds Trust
   13         Fund; providing an effective date.
   14          
   15  Be It Enacted by the Legislature of the State of Florida:
   16  
   17         Section 1. Section 121.153, Florida Statutes, is repealed.
   18         Section 2. Paragraph (e) of subsection (2) of section
   19  218.421, Florida Statutes, is amended to read:
   20         218.421 Fund B Surplus Funds Trust Fund; purpose;
   21  rulemaking; administration; reporting.—
   22         (2)
   23         (e) After the trust fund self-liquidates through the full
   24  return of the original principal balance to trust fund
   25  participants and the payment of all expenses related to the
   26  liquidation of assets, any residual balance shall be
   27  transferred, within a timeframe established by the board, back
   28  to each participant in the Local Government Surplus Funds Trust
   29  Fund who had been entitled to, but had not received, a November
   30  2007 interest payment on invested funds at any time during that
   31  month. The amount paid to such participants shall be based on
   32  each participant’s proportional share of the total November 2007
   33  interest earned by such participants in the Local Government
   34  Surplus Funds Trust Fund which was not paid out but transferred
   35  to the trust fund in order to maximize the payout of principal.
   36  If income attributable to an investment held directly or
   37  indirectly at any time by the trust fund is received by the
   38  board after the residual balance has been paid out to all
   39  entitled participants, such income shall be deposited in the
   40  Local Government Surplus Funds Trust Fund, any remaining reserve
   41  may be transferred by the trustees at their sole discretion back
   42  to the trust fund from which the assets were originally
   43  separated.
   44         Section 3. This act shall take effect July 1, 2015.