| 1 | Representative Attkisson offered the following: |
| 2 |
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| 3 | Substitute Amendment for Amendment (437311) (with title |
| 4 | amendment) |
| 5 | Remove everything after the enacting clause and insert: |
| 6 | Section 1. The Legislature finds that financially prudent |
| 7 | technology and growth investments by the State Board of |
| 8 | Administration with funds from the Florida Retirement System |
| 9 | Trust Fund have the potential for high-growth, high-wage jobs |
| 10 | that will provide significant benefits to state residents and a |
| 11 | variety of business sectors. The Legislature further finds that |
| 12 | such investments will create jobs and housing, improve the |
| 13 | state's general infrastructure, and serve the broad interests of |
| 14 | the beneficiaries of the trust fund. The Legislature also finds |
| 15 | that technology and growth investments help promote employer |
| 16 | contributions to the system by strengthening the economy and the |
| 17 | well-being of employers. Therefore, it is a policy of this state |
| 18 | that the State Board of Administration identify and invest in |
| 19 | technology and growth investments if such investments are |
| 20 | consistent with and do not compromise or conflict with the |
| 21 | fiduciary duties of the State Board of Administration to the |
| 22 | participants, members, and beneficiaries of the Florida |
| 23 | Retirement System. |
| 24 | Section 2. Subsection (5) of section 215.44, Florida |
| 25 | Statutes, is amended to read: |
| 26 | 215.44 Board of Administration; powers and duties in |
| 27 | relation to investment of trust funds.-- |
| 28 | (5) On or before January 1 of each year, the board shall |
| 29 | provide to the Legislature a report including the following |
| 30 | items for each fund which, by law, has been entrusted to the |
| 31 | board for investment: |
| 32 | (a) A schedule of the annual beginning and ending asset |
| 33 | values and changes and sources of changes in the asset value of: |
| 34 | 1. Each fund managed by the board; and |
| 35 | 2. Each asset class and portfolio within the Florida |
| 36 | Retirement System Trust Fund.; |
| 37 | (b) A description of the investment policy for each fund, |
| 38 | and changes in investment policy for each fund since the |
| 39 | previous annual report.; |
| 40 | (c) A description of compliance with investment strategy |
| 41 | for each fund.; |
| 42 | (d) A description of the risks inherent in investing in |
| 43 | financial instruments of the major asset classes held in the |
| 44 | fund.; and |
| 45 | (e) A summary of the type and amount of technology and |
| 46 | growth investments held by each fund. |
| 47 | (f)(e) Other information deemed of interest by the |
| 48 | executive director of the board. |
| 49 | Section 3. Present subsections (7) through (17) of section |
| 50 | 215.47, Florida Statutes, are renumbered as subsections (8) |
| 51 | through (18), respectively, new subsections (7) and (19) are |
| 52 | added to that section, and present subsection (14) of that |
| 53 | section is amended, to read: |
| 54 | 215.47 Investments; authorized securities; loan of |
| 55 | securities.--Subject to the limitations and conditions of the |
| 56 | State Constitution or of the trust agreement relating to a trust |
| 57 | fund, moneys available for investments under ss. 215.44-215.53 |
| 58 | may be invested as follows: |
| 59 | (7) The State Board of Administration, consistent with its |
| 60 | fiduciary duties, may invest up to 1.5 percent of the net assets |
| 61 | of the system trust fund in technology and growth investments of |
| 62 | businesses domiciled in this state or businesses whose principal |
| 63 | address is in this state. As used in this subsection, the term |
| 64 | "technology and growth investments" includes, but is not limited |
| 65 | to, space technology, aerospace and aviation engineering, |
| 66 | computer technology, renewable energy, biotechnology, and |
| 67 | medical and life sciences. |
| 68 | (15)(14) With no more, in the aggregate, than 10 5 percent |
| 69 | of any fund in alternative investments, as defined in s. |
| 70 | 215.44(8)(c)1.a., through participation in the vehicles defined |
| 71 | in s. 215.44(8)(c)1.b., or in securities or investments, whether |
| 72 | they are publicly traded or not, and are not otherwise |
| 73 | authorized by this section. |
| 74 | (19) The State Board of Administration may offer |
| 75 | opportunities to small, state-based investment management firms |
| 76 | to facilitate their development and growth. |
| 77 | Section 4. Section 215.474, Florida Statutes, is created |
| 78 | to read: |
| 79 | 215.474 Analyses of technology and growth |
| 80 | investments.--The Office of Program Policy Analysis and |
| 81 | Government Accountability shall perform an annual review of |
| 82 | technology and growth investments made by the State Board of |
| 83 | Administration and submit its findings to the State Board of |
| 84 | Administration, the President of the Senate, and the Speaker of |
| 85 | the House of Representatives by January 15 of each year. The |
| 86 | office may consult with the board, the Department of Revenue, |
| 87 | the Office of Economic and Demographic Research, and other |
| 88 | entities as necessary to obtain and evaluate the information |
| 89 | requested. The annual review shall include: |
| 90 | (1) The dollar amount of technology and growth investments |
| 91 | made by the board during the previous year ending June 30 and |
| 92 | the investment's percentage share of the system trust fund's net |
| 93 | assets. |
| 94 | (2) A list of investments identified by the board as |
| 95 | technology and growth investments within each asset class. |
| 96 | (3) An analysis of the direct and indirect economic |
| 97 | benefits to the state resulting from the technology and growth |
| 98 | investments. |
| 99 | Section 5. Reusable Space Vehicle Industry Prize |
| 100 | Program.-- |
| 101 | (1) The Legislature finds that awarding a prize for |
| 102 | achieving a specific goal stimulates entrepreneurial investment |
| 103 | in the state, which ultimately produces a significant monetary |
| 104 | return on the prize purse as well as considerable social |
| 105 | benefit. |
| 106 | (2) There is created within the Office of Tourism, Trade, |
| 107 | and Economic Development of the Executive Office of the Governor |
| 108 | a Reusable Space Vehicle Industry Prize Program. |
| 109 | (3) The program shall award a one-time cash prize, |
| 110 | including $2 million in state funds and provided by private |
| 111 | sponsors, to the firm or individual in the private sector |
| 112 | providing the most significant advancements within the reusable |
| 113 | space vehicle industry during the period beginning January 1, |
| 114 | 2009, and ending January 1, 2014. |
| 115 | (4) The Lieutenant Governor of Florida shall serve as |
| 116 | chair of the program and appoint a committee for the purpose of |
| 117 | establishing or adopting an application form, criteria for |
| 118 | awarding the prize, and any other rules or guidelines related to |
| 119 | the entry, judging, administration, or results of the program. |
| 120 | The application and all other information shall be posted on the |
| 121 | website of the Office of Tourism, Trade, and Economic |
| 122 | Development on or before January 1, 2009. |
| 123 | (5) The structure and operation of the program shall, to |
| 124 | the extent practicable, mirror the Ansari X Prize program |
| 125 | awarded by the X PRIZE FOUNDATION on November 6, 2004. |
| 126 | (6) The Office of Tourism, Trade, and Economic Development |
| 127 | shall adopt rules necessary to administer the program. |
| 128 | (7) The program shall terminate January 2, 2014. |
| 129 | Section 6. This act shall take effect July 1, 2008. |
| 130 |
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| 131 |
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| 132 | ----------------------------------------------------- |
| 133 | T I T L E A M E N D M E N T |
| 134 | Remove the entire title and insert: |
| 135 | A bill to be entitled |
| 136 | An act relating to stimulating the economy; providing |
| 137 | legislative findings and intent; amending s. 215.44, F.S.; |
| 138 | requiring the State Board of Administration to report on the |
| 139 | amount and type of technology and growth investments held by |
| 140 | each fund; amending s. 215.47, F.S.; authorizing the board to |
| 141 | invest a certain percentage of net assets in technology and |
| 142 | growth investments; increasing the percentage amount of |
| 143 | alternative investments in any fund, including investments that |
| 144 | are not publicly traded or specifically authorized; authorizing |
| 145 | the board to offer opportunities to small state-based investment |
| 146 | management firms; creating s. 215.474, F.S.; requiring the |
| 147 | Office of Program Policy Analysis and Government Accountability |
| 148 | to perform an annual review of technology and growth investments |
| 149 | made by the board and report to the Legislature; creating the |
| 150 | Reusable Space Vehicle Industry Prize Program within the Office |
| 151 | of Tourism, Trade, and Economic Development of the Executive |
| 152 | Office of the Governor; providing for a specified cash prize to |
| 153 | be awarded to the individual or firm providing the most |
| 154 | significant advancements within the reusable space vehicle |
| 155 | industry during a specified period; requiring that the |
| 156 | Lieutenant Governor serve as chair of the program and appoint a |
| 157 | committee; requiring that the committee perform certain tasks; |
| 158 | requiring that the office adopt certain rules; providing for the |
| 159 | program to terminate on a specified date; providing an effective |
| 160 | date. |