Senate Bill 1470

    Florida Senate - 1998                                  SB 1470

    By Senator Silver





    38-769-98

  1                      A bill to be entitled

  2         An act relating to public records; amending s.

  3         112.656, F.S.; providing for confidentiality of

  4         certain records of public employees' retirement

  5         systems and plans; providing findings of public

  6         necessity; providing an effective date.

  7

  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Subsection (4) is added to section 112.656,

11  Florida Statutes, to read:

12         112.656  Fiduciary duties; certain officials included

13  as fiduciaries.--

14         (4)  Records and other information held by a retirement

15  system or plan for public employees which relate to acquiring,

16  hypothecating, or disposing of private placement investments

17  are confidential and exempt from s. 119.07(1) and s. 24(a),

18  Art. I of the State Constitution.  All reports and documents

19  relating to value, offers, counteroffers, or negotiations are

20  confidential and exempt from s. 119.07(1) and s. 24(a), Art. I

21  of the State Constitution until 30 days after completion of

22  the transaction to which those reports and documents relate.

23  The exemption created under this subsection is subject to the

24  Open Government Sunset Review Act of 1995, in accordance with

25  s. 119.15, and shall stand repealed on October 2, 2003, unless

26  reviewed and saved from repeal by reenactment of the

27  Legislature.

28         Section 2.  The Legislature finds that there is a

29  public necessity in providing for the confidentiality of

30  records and documents held by a public employees' retirement

31  system or plan in order for it to administer its investment

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






    Florida Senate - 1998                                  SB 1470
    38-769-98




  1  programs effectively and efficiently.  The Legislature finds

  2  that such confidentiality is needed in order to protect

  3  proprietary information necessary to the system's or plan's

  4  ability to transact arms-length negotiations and compete

  5  successfully in the market for private placement investments.

  6         Section 3.  This act shall take effect upon becoming a

  7  law.

  8

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10                          SENATE SUMMARY

11    Exempts documents and records of public employees'
      retirement systems or plans which relate to acquiring,
12    hypothecating, or disposing of private placement
      investments from public-records law disclosure.  Provides
13    that reports and documents relating to value, offers,
      counteroffers, and negotiations are confidential until 30
14    days after completion of the transaction to which they
      relate.
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