| 1 | A bill to be entitled | 
| 2 | An act relating to firefighter and municipal police | 
| 3 | pensions; amending s. 175.032, F.S.; revising the | 
| 4 | definition of "firefighter"; amending s. 175.061, F.S.; | 
| 5 | authorizing the terms of office for the board of trustees | 
| 6 | of the firefighters' pension trust fund to be revised | 
| 7 | under certain circumstances; authorizing the plan | 
| 8 | administrator to withhold funds to pay for premiums for | 
| 9 | accident, health, and long-term care insurance for the | 
| 10 | retiree and the retiree's spouse and dependents; providing | 
| 11 | an exemption from liability under certain circumstances; | 
| 12 | amending s. 175.071, F.S.; requiring the board of trustees | 
| 13 | to perform its powers subject to certain fiduciary | 
| 14 | standards and ethics provisions; authorizing the use of | 
| 15 | additional investment policy guidelines; increasing the | 
| 16 | percentage of assets of the firefighters' pension trust | 
| 17 | fund that the board of trustees may invest in foreign | 
| 18 | securities; authorizing certain individuals to sign drafts | 
| 19 | issued upon the firefighters' pension trust fund; amending | 
| 20 | s. 175.101, F.S.; clarifying boundaries of a special fire | 
| 21 | control district; amending s. 185.03, F.S.; specifying | 
| 22 | application to certain consolidated governments; requiring | 
| 23 | notice to the Division of Retirement of the Department of | 
| 24 | Management Services of certain interlocal agreements; | 
| 25 | authorizing the levy of taxes by municipal ordinance; | 
| 26 | providing for the distribution of tax proceeds; amending | 
| 27 | s. 185.05, F.S.; authorizing the terms of office for the | 
| 28 | board of trustees of the municipal police officers' | 
| 29 | retirement trust fund to be revised under certain | 
| 30 | circumstances; authorizing the plan administrator to | 
| 31 | withhold funds to pay for premiums for accident, health, | 
| 32 | and long-term care insurance for the retiree and the | 
| 33 | retiree's spouse and dependents; providing an exemption | 
| 34 | from liability under certain circumstances; amending s. | 
| 35 | 185.06, F.S.; requiring the board of trustees to perform | 
| 36 | its powers subject to certain fiduciary standards and | 
| 37 | ethics provisions; authorizing the use of additional | 
| 38 | investment policy guidelines; increasing the percentage of | 
| 39 | assets of the municipal police officers' retirement trust | 
| 40 | fund that the board of trustees may invest in foreign | 
| 41 | securities; authorizing certain individuals to sign drafts | 
| 42 | issued upon the municipal police officers' retirement | 
| 43 | trust fund; amending s. 185.08, F.S.; including certain | 
| 44 | consolidated governments under provisions authorizing | 
| 45 | imposition of a state excise tax on property insurance | 
| 46 | premiums covering certain property for certain purposes; | 
| 47 | providing for severability; providing an effective date. | 
| 48 | 
 | 
| 49 | Be It Enacted by the Legislature of the State of Florida: | 
| 50 | 
 | 
| 51 | Section 1.  Paragraph (a) of subsection (8) of section | 
| 52 | 175.032, Florida Statutes, is amended to read: | 
| 53 | 175.032  Definitions.--For any municipality, special fire | 
| 54 | control district, chapter plan, local law municipality, local | 
| 55 | law special fire control district, or local law plan under this | 
| 56 | chapter, the following words and phrases have the following | 
| 57 | meanings: | 
| 58 | (8)(a)  "Firefighter" means any person employed solely by a | 
| 59 | constituted fire department of any municipality or special fire | 
| 60 | control district who is certified as a firefighter as a | 
| 61 | condition of employment in accordance with the provisions of s. | 
| 62 | 633.35 and whose duty it is to extinguish fires, to protect | 
| 63 | life, or to protect property. "Firefighter" includes all | 
| 64 | certified supervisory and command personnel whose duties | 
| 65 | include, in whole or in part, the supervision, training, | 
| 66 | guidance, and management responsibilities of full-time | 
| 67 | firefighters, part-time firefighters, or auxiliary firefighters | 
| 68 | but does not include part-time firefighters or auxiliary | 
| 69 | firefighters. However, for purposes of this chapter only, | 
| 70 | "firefighter" also includes public safety officers who are | 
| 71 | responsible for performing both police and fire services, who | 
| 72 | are certified as police officers or firefighters, and who are | 
| 73 | certified by their employers to the Chief Financial Officer as | 
| 74 | participating in this chapter prior to October 1, 1979. | 
| 75 | Effective October 1, 1979, public safety officers who have not | 
| 76 | been certified as participating in this chapter shall be | 
| 77 | considered police officers for retirement purposes and shall be | 
| 78 | eligible to participate in chapter 185. Any plan may provide | 
| 79 | that the fire chief shall have an option to participate, or not, | 
| 80 | in that plan. | 
| 81 | Section 2.  Paragraph (a) of subsection (1) and subsection | 
| 82 | (7) of section 175.061, Florida Statutes, are amended to read: | 
| 83 | 175.061  Board of trustees; members; terms of office; | 
| 84 | meetings; legal entity; costs; attorney's fees.--For any | 
| 85 | municipality, special fire control district, chapter plan, local | 
| 86 | law municipality, local law special fire control district, or | 
| 87 | local law plan under this chapter: | 
| 88 | (1)  In each municipality and in each special fire control | 
| 89 | district there is hereby created a board of trustees of the | 
| 90 | firefighters' pension trust fund, which shall be solely | 
| 91 | responsible for administering the trust fund. Effective October | 
| 92 | 1, 1986, and thereafter: | 
| 93 | (a)  The membership of the board of trustees for a chapter | 
| 94 | plan shall consist of five members, two of whom, unless | 
| 95 | otherwise prohibited by law, shall be legal residents of the | 
| 96 | municipality or special fire control district, who shall be | 
| 97 | appointed by the governing body of the municipality or special | 
| 98 | fire control district, and two of whom shall be full-time | 
| 99 | firefighters as defined in s. 175.032 who shall be elected by a | 
| 100 | majority of the active firefighters who are members of such | 
| 101 | plan. With respect to any chapter plan or local law plan that, | 
| 102 | on January 1, 1997, allowed retired firefighters to vote in such | 
| 103 | elections, retirees may continue to vote in such elections. The | 
| 104 | fifth member shall be chosen by a majority of the previous four | 
| 105 | members as provided for herein, and such person's name shall be | 
| 106 | submitted to the governing body of the municipality or special | 
| 107 | fire control district. Upon receipt of the fifth person's name, | 
| 108 | the governing body of the municipality or special fire control | 
| 109 | district shall, as a ministerial duty, appoint such person to | 
| 110 | the board of trustees as its fifth member. The fifth member | 
| 111 | shall have the same rights as each of the other four members | 
| 112 | appointed or elected as herein provided, shall serve as trustee | 
| 113 | for a period of 2 years, and may succeed himself or herself in | 
| 114 | office. Each resident member shall serve as trustee for a period | 
| 115 | of 2 years, unless sooner replaced by the governing body at | 
| 116 | whose pleasure he or she shall serve, and may succeed himself or | 
| 117 | herself as a trustee. Each firefighter member shall serve as | 
| 118 | trustee for a period of 2 years, unless he or she sooner leaves | 
| 119 | the employment of the municipality or special fire control | 
| 120 | district as a firefighter, whereupon a successor shall be chosen | 
| 121 | in the same manner as an original appointment. Each firefighter | 
| 122 | may succeed himself or herself in office. The terms of office of | 
| 123 | the appointed and elected members of the board may be amended by | 
| 124 | municipal ordinance, special act of the Legislature, or | 
| 125 | resolution adopted by the governing body of the special fire | 
| 126 | control district to extend the terms of office from 2 years to 4 | 
| 127 | years. The length of the terms of office shall be the same for | 
| 128 | all board members. | 
| 129 | (7)  The board of trustees may, upon written request by the | 
| 130 | retiree of the plan, or by a dependent, when authorized by the | 
| 131 | retiree or the retiree's beneficiary, authorize the plan | 
| 132 | administrator to withhold from the monthly retirement payment | 
| 133 | those funds that are necessary to pay for the benefits being | 
| 134 | received through the governmental entity from which the employee | 
| 135 | retired, to pay the certified bargaining agent of the | 
| 136 | governmental entity, and to make any payments for child support | 
| 137 | or alimony. Further, the board of trustees may, upon written | 
| 138 | request of the retiree of the plan, authorize the plan | 
| 139 | administrator to withhold from the retirement payment those | 
| 140 | funds that are necessary to pay for premiums for accident, | 
| 141 | health, and long-term care insurance for the retiree and the | 
| 142 | retiree's spouse and dependents. A retirement plan does not | 
| 143 | incur any liability for participation in this permissive program | 
| 144 | if its actions are taken in good faith. | 
| 145 | Section 3.  Subsection (1) of section 175.071, Florida | 
| 146 | Statutes, is amended to read: | 
| 147 | 175.071  General powers and duties of board of | 
| 148 | trustees.--For any municipality, special fire control district, | 
| 149 | chapter plan, local law municipality, local law special fire | 
| 150 | control district, or local law plan under this chapter: | 
| 151 | (1)  The board of trustees, subject to the fiduciary | 
| 152 | standards in ss. 112.656, 112.661, and 518.11 and the Code of | 
| 153 | Ethics in ss. 112.311-112.3187, may utilize the investment | 
| 154 | policy guidelines provided in s. 112.661(5) or: | 
| 155 | (a)  Invest and reinvest the assets of the firefighters' | 
| 156 | pension trust fund in annuity and life insurance contracts of | 
| 157 | life insurance companies in amounts sufficient to provide, in | 
| 158 | whole or in part, the benefits to which all of the participants | 
| 159 | in the firefighters' pension trust fund shall be entitled under | 
| 160 | the provisions of this chapter and pay the initial and | 
| 161 | subsequent premiums thereon. | 
| 162 | (b)  Invest and reinvest the assets of the firefighters' | 
| 163 | pension trust fund in: | 
| 164 | 1.  Time or savings accounts of a national bank, a state | 
| 165 | bank insured by the Bank Insurance Fund, or a savings, building, | 
| 166 | and loan association insured by the Savings Association | 
| 167 | Insurance Fund which is administered by the Federal Deposit | 
| 168 | Insurance Corporation or a state or federal chartered credit | 
| 169 | union whose share accounts are insured by the National Credit | 
| 170 | Union Share Insurance Fund. | 
| 171 | 2.  Obligations of the United States or obligations | 
| 172 | guaranteed as to principal and interest by the government of the | 
| 173 | United States. | 
| 174 | 3.  Bonds issued by the State of Israel. | 
| 175 | 4.  Bonds, stocks, or other evidences of indebtedness | 
| 176 | issued or guaranteed by a corporation organized under the laws | 
| 177 | of the United States, any state or organized territory of the | 
| 178 | United States, or the District of Columbia, provided: | 
| 179 | a.  The corporation is listed on any one or more of the | 
| 180 | recognized national stock exchanges or on the National Market | 
| 181 | System of the NASDAQ Stock Market and, in the case of bonds | 
| 182 | only, holds a rating in one of the three highest classifications | 
| 183 | by a major rating service; and | 
| 184 | b.  The board of trustees shall not invest more than 5 | 
| 185 | percent of its assets in the common stock or capital stock of | 
| 186 | any one issuing company, nor shall the aggregate investment in | 
| 187 | any one issuing company exceed 5 percent of the outstanding | 
| 188 | capital stock of that company or the aggregate of its | 
| 189 | investments under this subparagraph at cost exceed 50 percent of | 
| 190 | the assets of the fund. | 
| 191 | 
 | 
| 192 | This paragraph shall apply to all boards of trustees and | 
| 193 | participants. However, in the event that a municipality or | 
| 194 | special fire control district has a duly enacted pension plan | 
| 195 | pursuant to, and in compliance with, s. 175.351, and the | 
| 196 | trustees thereof desire to vary the investment procedures | 
| 197 | herein, the trustees of such plan shall request a variance of | 
| 198 | the investment procedures as outlined herein only through a | 
| 199 | municipal ordinance, special act of the Legislature, or | 
| 200 | resolution by the governing body of the special fire control | 
| 201 | district; where a special act, or a municipality by ordinance | 
| 202 | adopted prior to July 1, 1998, permits a greater than 50-percent | 
| 203 | equity investment, such municipality shall not be required to | 
| 204 | comply with the aggregate equity investment provisions of this | 
| 205 | paragraph. Notwithstanding any other provision of law to the | 
| 206 | contrary, nothing in this section may be construed to take away | 
| 207 | any preexisting legal authority to make equity investments that | 
| 208 | exceed the requirements of this paragraph. The board of trustees | 
| 209 | may invest up to 20 10percent of plan assets in foreign | 
| 210 | securities. | 
| 211 | (c)  Issue drafts upon the firefighters' pension trust fund | 
| 212 | pursuant to this act and rules and regulations prescribed by the | 
| 213 | board of trustees. All such drafts shall be consecutively | 
| 214 | numbered, be signed by the chair and secretary or two | 
| 215 | individuals designated by the board who are subject to the same | 
| 216 | fiduciary standards as required for the board of trustees under | 
| 217 | this subsection, and state upon their faces the purpose for | 
| 218 | which the drafts are drawn. The treasurer or depository of each | 
| 219 | municipality or special fire control district shall retain such | 
| 220 | drafts when paid, as permanent vouchers for disbursements made, | 
| 221 | and no money shall be otherwise drawn from the fund. | 
| 222 | (d)  Convert into cash any securities of the fund. | 
| 223 | (e)  Keep a complete record of all receipts and | 
| 224 | disbursements and of the board's acts and proceedings. | 
| 225 | Section 4.  Subsection (1) of section 175.101, Florida | 
| 226 | Statutes, is amended to read: | 
| 227 | 175.101  State excise tax on property insurance premiums | 
| 228 | authorized; procedure.--For any municipality, special fire | 
| 229 | control district, chapter plan, local law municipality, local | 
| 230 | law special fire control district, or local law plan under this | 
| 231 | chapter: | 
| 232 | (1)  Each municipality or special fire control district in | 
| 233 | this state described and classified in s. 175.041, having a | 
| 234 | lawfully established firefighters' pension trust fund or | 
| 235 | municipal fund or special fire control district fund, by | 
| 236 | whatever name known, providing pension benefits to firefighters | 
| 237 | as provided under this chapter, may assess and impose on every | 
| 238 | insurance company, corporation, or other insurer now engaged in | 
| 239 | or carrying on, or who shall hereinafter engage in or carry on, | 
| 240 | the business of property insurance as shown by the records of | 
| 241 | the Office of Insurance Regulation of the Financial Services | 
| 242 | Commission an excise tax in addition to any lawful license or | 
| 243 | excise tax now levied by each of the municipalities or special | 
| 244 | fire control districts, respectively, amounting to 1.85 percent | 
| 245 | of the gross amount of receipts of premiums from policyholders | 
| 246 | on all premiums collected on property insurance policies | 
| 247 | covering property within the corporate limits of such | 
| 248 | municipalities or within the legally defined boundaries of | 
| 249 | special fire control districts, respectively. Whenever the | 
| 250 | boundaries of a special fire control district that has lawfully | 
| 251 | established a firefighters' pension trust fund encompass a | 
| 252 | portion of the corporate territory of a municipality that has | 
| 253 | also lawfully established a firefighters' pension trust fund, | 
| 254 | that portion of the tax receipts attributable to insurance | 
| 255 | policies covering property situated both within the municipality | 
| 256 | and the special fire control district shall be given to the fire | 
| 257 | service provider. For the purpose of this section, the | 
| 258 | boundaries of a special fire control district shall be deemed to | 
| 259 | include an area that has been annexed until the completion of | 
| 260 | the 4-year period provided for in s. 171.093(4), or other | 
| 261 | agreed-upon extension, or the termination of an interlocal | 
| 262 | agreement executed pursuant to s. 171.093(3). The agent shall | 
| 263 | identify the fire service provider on the property owner's | 
| 264 | application for insurance. Remaining revenues collected pursuant | 
| 265 | to this chapter shall be distributed to the municipality or | 
| 266 | special fire control district according to the location of the | 
| 267 | insured property. | 
| 268 | 
 | 
| 269 | This section also applies to any municipality consisting of a | 
| 270 | single consolidated government which is made up of a former | 
| 271 | county and one or more municipalities, consolidated pursuant to | 
| 272 | the authority in s. 3 or s. 6(e), Art. VIII of the State | 
| 273 | Constitution, and to property insurance policies covering | 
| 274 | property within the boundaries of the consolidated government, | 
| 275 | regardless of whether the properties are located within one or | 
| 276 | more separately incorporated areas within the consolidated | 
| 277 | government, provided the properties are being provided fire | 
| 278 | protection services by the consolidated government. This section | 
| 279 | also applies to any municipality, as provided in s. | 
| 280 | 175.041(3)(c), which has entered into an interlocal agreement to | 
| 281 | receive fire protection services from another municipality | 
| 282 | participating under this chapter. The excise tax may be levied | 
| 283 | on all premiums collected on property insurance policies | 
| 284 | covering property located within the corporate limits of the | 
| 285 | municipality receiving the fire protection services, but will be | 
| 286 | available for distribution to the municipality providing the | 
| 287 | fire protection services. | 
| 288 | Section 5.  Subsection (2) of section 185.03, Florida | 
| 289 | Statutes, is amended to read: | 
| 290 | 185.03  Municipal police officers' retirement trust funds; | 
| 291 | creation; applicability of provisions; participation by public | 
| 292 | safety officers.--For any municipality, chapter plan, local law | 
| 293 | municipality, or local law plan under this chapter: | 
| 294 | (2)(a)  The provisions of this chapter shall apply only to | 
| 295 | municipalities organized and established pursuant to the laws of | 
| 296 | the state, and said provisions shall not apply to the | 
| 297 | unincorporated areas of any county or counties nor shall the | 
| 298 | provisions hereof apply to any governmental entity whose police | 
| 299 | officers are eligible to participate in the Florida Retirement | 
| 300 | System. | 
| 301 | (b)  With respect to the distribution of premium taxes, a | 
| 302 | single consolidated government consisting of a former county and | 
| 303 | one or more municipalities, consolidated pursuant to s. 3 or s. | 
| 304 | 6(e), Art. VIII of the State Constitution, is also eligible to | 
| 305 | participate under this chapter. The consolidated government | 
| 306 | shall notify the division when it has entered into an interlocal | 
| 307 | agreement to provide police services to a municipality within | 
| 308 | its boundaries. The municipality may enact an ordinance levying | 
| 309 | the tax as provided in s. 185.08. Upon being provided copies of | 
| 310 | the interlocal agreement and the municipal ordinance levying the | 
| 311 | tax, the division shall distribute any premium taxes reported | 
| 312 | for the municipality to the consolidated government as long as | 
| 313 | the interlocal agreement is in effect. | 
| 314 | Section 6.  Paragraph (a) of subsection (1) and subsection | 
| 315 | (6) of section 185.05, Florida Statutes, are amended to read: | 
| 316 | 185.05  Board of trustees; members; terms of office; | 
| 317 | meetings; legal entity; costs; attorney's fees.--For any | 
| 318 | municipality, chapter plan, local law municipality, or local law | 
| 319 | plan under this chapter: | 
| 320 | (1)  In each municipality described in s. 185.03 there is | 
| 321 | hereby created a board of trustees of the municipal police | 
| 322 | officers' retirement trust fund, which shall be solely | 
| 323 | responsible for administering the trust fund. Effective October | 
| 324 | 1, 1986, and thereafter: | 
| 325 | (a)  The membership of the board of trustees for chapter | 
| 326 | plans shall consist of five members, two of whom, unless | 
| 327 | otherwise prohibited by law, shall be legal residents of the | 
| 328 | municipality, who shall be appointed by the legislative body of | 
| 329 | the municipality, and two of whom shall be police officers as | 
| 330 | defined in s. 185.02 who shall be elected by a majority of the | 
| 331 | active police officers who are members of such plan. With | 
| 332 | respect to any chapter plan or local law plan that, on January | 
| 333 | 1, 1997, allowed retired police officers to vote in such | 
| 334 | elections, retirees may continue to vote in such elections. The | 
| 335 | fifth member shall be chosen by a majority of the previous four | 
| 336 | members, and such person's name shall be submitted to the | 
| 337 | legislative body of the municipality. Upon receipt of the fifth | 
| 338 | person's name, the legislative body of the municipality shall, | 
| 339 | as a ministerial duty, appoint such person to the board of | 
| 340 | trustees as its fifth member. The fifth member shall have the | 
| 341 | same rights as each of the other four members appointed or | 
| 342 | elected as herein provided, shall serve as trustee for a period | 
| 343 | of 2 years, and may succeed himself or herself in office. Each | 
| 344 | resident member shall serve as trustee for a period of 2 years, | 
| 345 | unless sooner replaced by the legislative body at whose pleasure | 
| 346 | the member shall serve, and may succeed himself or herself as a | 
| 347 | trustee. Each police officer member shall serve as trustee for a | 
| 348 | period of 2 years, unless he or she sooner leaves the employment | 
| 349 | of the municipality as a police officer, whereupon the | 
| 350 | legislative body of the municipality shall choose a successor in | 
| 351 | the same manner as an original appointment. Each police officer | 
| 352 | may succeed himself or herself in office. The terms of office of | 
| 353 | the appointed and elected members of the board may be amended by | 
| 354 | municipal ordinance or special act of the Legislature to extend | 
| 355 | the terms of office from 2 years to 4 years. The length of the | 
| 356 | terms of office shall be the same for all board members. | 
| 357 | (6)  The board of trustees may, upon written request by the | 
| 358 | retiree of the plan, or by a dependent, when authorized by the | 
| 359 | retiree or the retiree's beneficiary, authorize the plan | 
| 360 | administrator to withhold from the monthly retirement payment | 
| 361 | those funds that are necessary to pay for the benefits being | 
| 362 | received through the governmental entity from which the employee | 
| 363 | retired, to pay the certified bargaining agent of the | 
| 364 | governmental entity, and to make any payments for child support | 
| 365 | or alimony. Further, the board of trustees may, upon written | 
| 366 | request of the retiree of the plan, authorize the plan | 
| 367 | administrator to withhold from the retirement payment those | 
| 368 | funds that are necessary to pay for premiums for accident, | 
| 369 | health, and long-term care insurance for the retiree and the | 
| 370 | retiree's spouse and dependents. A retirement plan does not | 
| 371 | incur any liability for participation in this permissive program | 
| 372 | if its actions are taken in good faith. | 
| 373 | Section 7.  Subsection (1) of section 185.06, Florida | 
| 374 | Statutes, is amended to read: | 
| 375 | 185.06  General powers and duties of board of | 
| 376 | trustees.--For any municipality, chapter plan, local law | 
| 377 | municipality, or local law plan under this chapter: | 
| 378 | (1)  The board of trustees, subject to the fiduciary | 
| 379 | standards in ss. 112.656, 112.661, and 518.11 and the Code of | 
| 380 | Ethics in ss. 112.311-112.3187, may utilize the investment | 
| 381 | policy guidelines provided in s. 112.661(5) or: | 
| 382 | (a)  Invest and reinvest the assets of the retirement trust | 
| 383 | fund in annuity and life insurance contracts of life insurance | 
| 384 | companies in amounts sufficient to provide, in whole or in part, | 
| 385 | the benefits to which all of the participants in the municipal | 
| 386 | police officers' retirement trust fund shall be entitled under | 
| 387 | the provisions of this chapter, and pay the initial and | 
| 388 | subsequent premiums thereon. | 
| 389 | (b)  Invest and reinvest the assets of the retirement trust | 
| 390 | fund in: | 
| 391 | 1.  Time or savings accounts of a national bank, a state | 
| 392 | bank insured by the Bank Insurance Fund, or a savings and loan | 
| 393 | association insured by the Savings Association Insurance Fund | 
| 394 | which is administered by the Federal Deposit Insurance | 
| 395 | Corporation or a state or federal chartered credit union whose | 
| 396 | share accounts are insured by the National Credit Union Share | 
| 397 | Insurance Fund. | 
| 398 | 2.  Obligations of the United States or obligations | 
| 399 | guaranteed as to principal and interest by the United States. | 
| 400 | 3.  Bonds issued by the State of Israel. | 
| 401 | 4.  Bonds, stocks, or other evidences of indebtedness | 
| 402 | issued or guaranteed by a corporation organized under the laws | 
| 403 | of the United States, any state or organized territory of the | 
| 404 | United States, or the District of Columbia, provided: | 
| 405 | a.  The corporation is listed on any one or more of the | 
| 406 | recognized national stock exchanges or on the National Market | 
| 407 | System of the NASDAQ Stock Market and, in the case of bonds | 
| 408 | only, holds a rating in one of the three highest classifications | 
| 409 | by a major rating service; and | 
| 410 | b.  The board of trustees shall not invest more than 5 | 
| 411 | percent of its assets in the common stock or capital stock of | 
| 412 | any one issuing company, nor shall the aggregate investment in | 
| 413 | any one issuing company exceed 5 percent of the outstanding | 
| 414 | capital stock of the company or the aggregate of its investments | 
| 415 | under this subparagraph at cost exceed 50 percent of the fund's | 
| 416 | assets. | 
| 417 | 
 | 
| 418 | This paragraph shall apply to all boards of trustees and | 
| 419 | participants. However, in the event that a municipality has a | 
| 420 | duly enacted pension plan pursuant to, and in compliance with, | 
| 421 | s. 185.35 and the trustees thereof desire to vary the investment | 
| 422 | procedures herein, the trustees of such plan shall request a | 
| 423 | variance of the investment procedures as outlined herein only | 
| 424 | through a municipal ordinance or special act of the Legislature; | 
| 425 | where a special act, or a municipality by ordinance adopted | 
| 426 | prior to July 1, 1998, permits a greater than 50-percent equity | 
| 427 | investment, such municipality shall not be required to comply | 
| 428 | with the aggregate equity investment provisions of this | 
| 429 | paragraph. Notwithstanding any other provision of law to the | 
| 430 | contrary, nothing in this section may be construed to take away | 
| 431 | any preexisting legal authority to make equity investments that | 
| 432 | exceed the requirements of this paragraph. The board of trustees | 
| 433 | may invest up to 20 10percent of plan assets in foreign | 
| 434 | securities. | 
| 435 | (c)  Issue drafts upon the municipal police officers' | 
| 436 | retirement trust fund pursuant to this act and rules and | 
| 437 | regulations prescribed by the board of trustees. All such drafts | 
| 438 | shall be consecutively numbered, be signed by the chair and | 
| 439 | secretary or two individuals designated by the board who are | 
| 440 | subject to the same fiduciary standards as required for the | 
| 441 | board of trustees under this subsection, and state upon their | 
| 442 | faces the purposes for which the drafts are drawn. The city | 
| 443 | treasurer or other depository shall retain such drafts when | 
| 444 | paid, as permanent vouchers for disbursements made, and no money | 
| 445 | shall otherwise be drawn from the fund. | 
| 446 | (d)  Finally decide all claims to relief under the board's | 
| 447 | rules and regulations and pursuant to the provisions of this | 
| 448 | act. | 
| 449 | (e)  Convert into cash any securities of the fund. | 
| 450 | (f)  Keep a complete record of all receipts and | 
| 451 | disbursements and of the board's acts and proceedings. | 
| 452 | Section 8.  Section 185.08, Florida Statutes, is amended to | 
| 453 | read: | 
| 454 | 185.08  State excise tax on casualty insurance premiums | 
| 455 | authorized; procedure.--For any municipality, chapter plan, | 
| 456 | local law municipality, or local law plan under this chapter: | 
| 457 | (1)  Each incorporated municipality in this state described | 
| 458 | and classified in s. 185.03, as well as each other city or town | 
| 459 | of this state which on July 31, 1953, had a lawfully established | 
| 460 | municipal police officers' retirement trust fund or city fund, | 
| 461 | by whatever name known, providing pension or relief benefits to | 
| 462 | police officers as provided under this chapter, may assess and | 
| 463 | impose on every insurance company, corporation, or other insurer | 
| 464 | now engaged in or carrying on, or who shall hereafter engage in | 
| 465 | or carry on, the business of casualty insurance as shown by | 
| 466 | records of the Office of Insurance Regulation of the Financial | 
| 467 | Services Commission, an excise tax in addition to any lawful | 
| 468 | license or excise tax now levied by each of the said | 
| 469 | municipalities, respectively, amounting to .85 percent of the | 
| 470 | gross amount of receipts of premiums from policyholders on all | 
| 471 | premiums collected on casualty insurance policies covering | 
| 472 | property within the corporate limits of such municipalities, | 
| 473 | respectively. | 
| 474 | (2)  In the case of multiple peril policies with a single | 
| 475 | premium for both property and casualty coverages in such | 
| 476 | policies, 30 percent of such premium shall be used as the basis | 
| 477 | for the .85-percent tax above. | 
| 478 | (3)  The excise tax shall be payable annually March 1 of | 
| 479 | each year after the passing of an ordinance assessing and | 
| 480 | imposing the tax herein authorized. Installments of taxes shall | 
| 481 | be paid according to the provisions ofs. 624.5092(2)(a), (b), | 
| 482 | and (c). | 
| 483 | 
 | 
| 484 | This section also applies to any municipality that has entered | 
| 485 | into an interlocal agreement to receive police protection | 
| 486 | services from another municipality under s. 185.03. The excise | 
| 487 | tax may be levied on all premiums collected on casualty | 
| 488 | insurance policies covering property located within the | 
| 489 | corporate limits of the municipality receiving the police | 
| 490 | protection services but is available for distribution to the | 
| 491 | municipality providing the police protection services. | 
| 492 | Section 9.  If any provision of this act or its application | 
| 493 | to any person or circumstance is held invalid, the invalidity | 
| 494 | does not affect other provisions or applications of the act | 
| 495 | which can be given effect without the invalid provision or | 
| 496 | application, and to this end the provisions of this act are | 
| 497 | severable. | 
| 498 | Section 10.  This act shall take effect upon becoming a | 
| 499 | law. |