Senate Bill 1470c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1470
By the Committee on Governmental Reform and Oversight and
Senator Silver
302-1762-98
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.
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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) Trade secrets, as defined by s. 812.081, personal
15 financial records, or confidential business information
16 received by a retirement system or plan for public employees
17 during the process of acquiring, hypothecating, or disposing
18 of private placement investments are confidential and exempt
19 from s. 119.07(1) and s. 24(a), Art. I of the State
20 Constitution; however, reports and documents relating to
21 value, offers, counteroffers, or negotiations received by a
22 retirement system or plan for public employees in the process
23 of acquiring, hypothecating, or disposing of private placement
24 investments are confidential and exempt from s. 119.07(1) and
25 s. 24(a), Art. I of the State Constitution only until 30 days
26 after completion of the transaction to which those reports and
27 documents relate. The exemption created under this subsection
28 is subject to the Open Government Sunset Review Act of 1995,
29 in accordance with s. 119.15, and shall stand repealed on
30 October 2, 2003, unless reviewed and saved from repeal by
31 reenactment of the Legislature.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1470
302-1762-98
1 Section 2. The Legislature finds that in order for
2 retirement systems or plans for public employees to operate
3 effectively and efficiently, they must be able to compete
4 successfully in the market for private placement investment.
5 In order for retirement systems or plans for public employees
6 to compete successfully in the market, they must be permitted
7 to transact arms-length negotiations and must be permitted to
8 keep certain types of information confidential and exempt
9 during the negotiation process and thereafter. As a result, it
10 is a public necessity that trade secrets, personal financial
11 records, or confidential business records that are received by
12 a retirement system or plan during the process of acquiring,
13 hypothecating, or disposing of private placement investments
14 remain confidential and exempt. Further, it is a public
15 necessity that reports and documents relating to value,
16 offers, counteroffers, or negotiations received by a
17 retirement system or plan for public employees in the process
18 of acquiring, hypothecating, or disposing of private placement
19 investments be kept confidential and exempt until 30 days
20 after completion of the transaction to which those reports and
21 documents relate.
22 Section 3. This act shall take effect upon becoming a
23 law.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 CS for SB 1470
302-1762-98
1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 Senate Bill 1470
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4 Makes confidential and exempt from public records requirements
trade secrets, personal financial information, and
5 confidential business information received by a retirement
system or plan for public employees when acquiring or
6 disposing of private placement investments.
7 Explains in greater detail the reasons for making certain
information received by a retirement system or plan for public
8 employees confidential and exempt and states the public
necessity for the exemption.
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