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Florida Senate - 2008 COMMITTEE AMENDMENT

Bill No. SB 2860

424216

CHAMBER ACTION

Senate

Comm: WD

3/25/2008

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House



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The Committee on Banking and Insurance (Atwater) recommended the

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following amendment to amendment (411274):

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     Senate Amendment (with title amendment)

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     Between line(s) 6 and 7

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insert:

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Section 1. The Legislature finds that prudent and sound

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investments by the State Board of Administration of funds from

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the Florida Retirement System Trust Fund in state bonds,

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including but not limited to bonds issued by the Florida

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Hurricane Catastrophe Fund, that have potential to earn stable

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and substantial returns will serve the broad interests of the

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beneficiaries of the trust fund. The Legislature also finds that

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such investments help promote the continued maintenance of

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employer contributions to the system by strengthening the economy

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of the State of Florida. Therefore, it is a policy of this state

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that the State Board of Administration identify and invest in

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such investments if they are consistent with and do not

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compromise or conflict with the fiduciary obligations of the

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State Board of Administration to the participants, members, or

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beneficiaries of the Florida Retirement System.

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Section 2. Present subsections (7) through (17) of section

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215.47, Florida Statutes, are renumbered as subsections (8)

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through (18), respectively, and a new subsection (7) is added to

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that section, to read:

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215.47 Investments; authorized securities; loan of

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securities.--Subject to the limitations and conditions of the

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State Constitution or of the trust agreement relating to a trust

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fund, moneys available for investments under ss. 215.44-215.53

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may be invested as follows:

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(7) The State Board of Administration, consistent with sound

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investment policy, shall invest in bonds, issued by the Florida

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Hurricane Catastrophe Fund if those bonds are offered but not

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sold to other buyers.

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Section 3.  Paragraph (o) is added to subsection (1),

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paragraph (k) is added to subsection (2), and subsection (18) is

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added to section 215.47, Florida Statutes, to read:

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215.47  Investments; authorized securities; loan of

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securities.-Subject to the limitations and conditions of the

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State Constitution or of the trust agreement relating to a trust

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fund, moneys available for investments under ss. 215.44-215.53

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may be invested as follows:

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(1)  Without limitation in:

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(o) Bonds issued by the Florida Hurricane Catastrophe Fund.

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(2)  With no more than 25 percent of any fund in:

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(k) CAT Fund bonds.

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(18) The State Board of Administration, consistent with

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sound investment policy, shall purchase bonds issued by the

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Florida Hurricane Catastrophe Fund, B consistent with s. 215.47.

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Prior to making any such investments, the board must obtain an

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opinion from legal counsel skilled in federal taxation that such

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investments will not negatively impact the tax exempt status of

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the trust fund. Such investments must comply with the exclusive

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benefit rule and must provide an adequate rate of return to the

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System Trust Fund considering all investment risks involved.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     Line 3196, after the word "insurance,"

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insert:

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     amending s. 215.47, F.S.,

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providing bonding requirements;

3/25/2008  12:36:00 PM     BI.BI.05730

CODING: Words stricken are deletions; words underlined are additions.

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