CS/HB 1295

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

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