Bill Text: FL S1028 | 2024 | Regular Session | Introduced

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Bill Title: State Board of Administration

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Governmental Oversight and Accountability [S1028 Detail]

Download: Florida-2024-S1028-Introduced.html

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       Florida Senate - 2024                                    SB 1028
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       40-01394A-24                                          20241028__
    1                        A bill to be entitled                      
    2         An act relating to the State Board of Administration;
    3         amending s. 215.47, F.S.; authorizing the State Board
    4         of Administration and its affiliated limited liability
    5         entities to issue securities and borrow money through
    6         specified means, subject to specified limitations;
    7         providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (22) is added to section 215.47,
   12  Florida Statutes, to read:
   13         215.47 Investments; authorized securities; loan of
   14  securities.—Subject to the limitations and conditions of the
   15  State Constitution or of the trust agreement relating to a trust
   16  fund, moneys available for investments under ss. 215.44-215.53
   17  may be invested as follows:
   18         (22) With no more than 5 percent of any fund, the State
   19  Board of Administration or its affiliated limited liability
   20  entities may issue securities and borrow money through loans or
   21  other financial obligations, including bonds, equity securities,
   22  and other security instruments, any of which may be unsecured;
   23  secured by alternative investments, as defined in s.
   24  215.4401(3)(a), or related cash flows; guaranteed by the related
   25  fund; or governed by financial covenants.
   26         Section 2. This act shall take effect upon becoming a law.