HB 1787 2003
1	A bill to be entitled
2	An act relating to public records; amending s. 215.44,
3	F.S.; creating a public records exemption for the
4	alternative investments program of the State Board of
5	Administration; providing an exception to the exemption;
6	requiring the Auditor General to report on specified
7	investment transactions to the Commission on Ethics;
8	requiring the Auditor General to maintain the confidential
9	and exempt status of information obtained, except as
10	otherwise provided; providing for future review and
11	repeal; providing a statement of public necessity;
12	providing an effective date.
13
14	Be It Enacted by the Legislature of the State of Florida:
15
16	Section 1. Paragraph (c) of subsection (8) of section
17	215.44, Florida Statutes, is created to read:
18	215.44 Board of Administration; powers and duties in
19	relation to investment of trust funds.--
20	(8)
21	(c)1. The following information, in connection with the
22	alternative investments program, held by the Board of
23	Administration is confidential and exempt from the provisions of
24	s. 119.07(1) and s. 24(a), Art. I of the State Constitution:
25	a. Within a partnership or investment management
26	relationship, information or specific investment terms
27	associated with each individual portfolio company investment;
28	b. Contractual side letters of, or other information
29	concerning, other investors in current or prospective
30	partnerships or investment management relationships; and
31	c. Due-diligence materials concerning prospective or
32	current partnerships or investment management relationships.
33	2. The board may use the confidential and exempt
34	information specified in subparagraph 1. as necessary in any
35	legal or administrative proceeding.
36	3. The Auditor General shall report to the Commission on
37	Ethics any investment transaction made pursuant to this section
38	that appears to be in violation of part III of chapter 112, as
39	noted during the Auditor General's audits of the State Board of
40	Administration. Any information obtained by the Auditor General
41	which is confidential and exempt pursuant to this paragraph
42	shall remain confidential and exempt unless such information
43	relates to violations of part III of chapter 112.
44	Section 2. Paragraph (c) of subsection (8) of section
45	215.44, Florida Statutes, is subject to the Open Government
46	Sunset Review Act in accordance with section 119.15, Florida
47	Statutes, and shall stand repealed on October 2, 2008, unless
48	reviewed and saved from repeal through reenactment by the
49	Legislature.
50	Section 3. The Legislature finds that the public records
51	exemption created by this act is a public necessity because
52	release of such information would substantially limit the
53	ability of the board to access the best possible investments.
54	Without this exemption, the board would be unable to access and
55	retain certain portfolio company or limited partnership
56	information, because these entities would be unwilling to share
57	this information due to the board’s inability to protect it from
58	public access. The opportunity to participate in many investment
59	opportunities would be hindered or unavailable if the board
60	could not keep such information confidential and exempt.
61	Furthermore, if the board could not guarantee that such
62	information obtained by the Auditor General would be protected,
63	then the board’s ability to access such information would be
64	further hindered. As a result, the Legislature finds that it is
65	a public necessity that such information be held confidential
66	and exempt in order to gain access to certain portfolio company
67	and partnership information, thereby enabling the board to
68	select and monitor prudent investments of the state's funds.
69	Section 4. This act shall take effect upon becoming a law.