Investments and Deposits of Public Funds

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A bill to be entitled 1
An act relating to investments and deposits of public 2
funds; amending s. 17.57, F.S.; providing definitions; 3
providing the Chief Financial Officer and certain 4
parties the option to invest certain moneys through 5
qualified custodians and to deposit any remaining 6
money and funds in certain qualified public 7
depositories; providing the Chief Financial Officer 8
the option to invest certain funds and to deposit any 9
remaining funds in certain qualified public 10
depositories; providing an option for certain money to 11
be invested in digital assets and exchange-traded 12
products under specified circumstances; authorizing 13
the Chief Financial Officer, in managing state funds, 14
to include digital assets and exchange-traded products 15
as stores of value and potential hedges against 16
inflation and to engage in certain acts relating to 17
investments; authorizing the Chief Financial Officer 18
to invest money in digital assets and exchange-traded 19
products from certain public funds; providing limits 20
to such investments; providing requirements for 21
holding acquired digital assets; authorizing the Chief 22
Financial Officer and other parties to loan digital 23
assets in state funds if such loans are collateralized 24
and comply with certain fiduciary standards; providing 25

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rulemaking authority; requiring the Chief Financial 26
Officer to maintain certain documentation and to cure 27
any lapse in control over the digital assets in state 28
funds within a specified timeframe; requiring taxes 29
and fees paid in digital assets to be transferred to 30
the General Revenue Fund; requiring designated funds 31
to be reimbursed from the General Revenue Fund in 32
United States currency for such payments; providing 33
construction; amending s. 17.61, F.S.; authorizing the 34
Chief Financial Officer to open and maintain certain 35
accounts in credit unions; authorizing loans of 36
digital assets to securities dealers and loans of 37
securities, digital assets, and investments to 38
financial institutions; amending s. 121.151, F.S.; 39
authorizing the Board of Trustees of the State Board 40
of Administration to invest and reinvest available 41
funds of the System Trust Fund in digital assets; 42
providing limits and custody requirements for such 43
investments; providing definitions; amending s. 44
215.47, F.S.; authorizing the Board of Trustees of the 45
State Board of Administration to invest a portion of 46
any fund in digital assets; providing limits and 47
custody requirements; providing definitions; amending 48
s. 280.03, F.S.; exempting certain deposits and 49
investments from specified security requirements; 50

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amending ss. 112.661, 215.4701, 215.473, 215.4735, 51
215.475, 215.4755, 215.50, 215.555, 218.409, 1002.36, 52
and 1002.395, F.S.; conforming cross-references; 53
providing an effective date. 54
55
WHEREAS, inflation has eroded the purchasing power of 56
assets held in state funds managed by the Chief Financial 57
Officer, diminished the value of the state's reserves, and 58
affected the financial stability and economic security of this 59
state, its taxpayers, and its residents, and 60
WHEREAS, although this state does not have direct control 61
over the national money supply or the policies that influence 62
inflation, it has a responsibility to safeguard Florida's 63
financial resources against the impacts of inflation and other 64
economic uncertainties, and 65
WHEREAS, Bitcoin and other digital assets have 66
significantly increased in value and are becoming more widely 67
accepted as international stores of value and mediums of 68
exchange, and countries around the world, including the United 69
States, hold such assets within their treasury or reserve 70
frameworks, and 71
WHEREAS, Bitcoin and other digital assets are recognized by 72
sovereign nations and prominent investment advisers, including 73
BlackRock, Fidelity, and Franklin Templeton, as potential tools 74
to strengthen long-term portfolio value, and 75

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WHEREAS, on March 6, 2025, the President of the United 76
States issued Executive Order No. 14233 establishing the 77
Strategic Bitcoin Reserve and the United States Digital Asset 78
Stockpile, to be administered by the United States Department of 79
the Treasury and capitalized with lawfully forfeited digital 80
assets, and 81
WHEREAS, these federal executive actions recognize that 82
Bitcoin and other digital assets can be strategically held by 83
governmental institutions to support fiscal stability, 84
strengthen national resilience, and serve public objectives 85
without increasing taxpayer burdens, and 86
WHEREAS, this state seeks to align its policy with these 87
national directives by creating a secure, transparent framework 88
to lawfully acquire, hold, and manage Bitcoin and other digital 89
assets as part of its broader fiscal strategy, and 90
WHEREAS, this state should have access to tools such as 91
Bitcoin and other digital assets to enhance the long-term value 92
and resilience of public funds, NOW, THEREFORE, 93
94
Be It Enacted by the Legislature of the State of Florida: 95
96
Section 1. Section 17.57, Florida Statutes, is amended to 97
read: 98
17.57 Deposits and investments of state money.— 99
(1)(a) As used in this section subsection, the term: 100

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(a) "Control" means control of a controllable electronic 101
record, as determined under s. 669.105. 102
(b) "Digital asset" means a controllable electronic 103
record, as defined in s. 669.102(1), capable of being held or 104
transferred electronically and representing economic, 105
proprietary, or access rights. The term includes, but is not 106
limited to: 107
1. Virtual currency, including Bitcoin. As used in this 108
subparagraph, the term "Bitcoin" means the decentralized digital 109
currency launched in 2009 which allows online payments to be 110
sent directly from one party to another without going through a 111
financial institution. 112
2. Digital commodities. 113
3. Digital asset securities. 114
4. Non-fungible tokens. 115
5. Any other cryptographically secured or tokenized 116
representation of value or rights recorded on a blockchain or 117
similar distributed ledger technology, including assets eligible 118
for inclusion in a national digital asset stockpile or strategic 119
reserve pursuant to federal executive or statutory authority. 120
(c) "Exchange-traded product" means a financial instrument 121
that is traded on a national stock exchange and holds an 122
underlying pool of assets, which may include digital assets, 123
stocks, bonds, commodities, and indexes. 124
(d) "Pecuniary factor" means a factor that the Chief 125

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Financial Officer, or other party authorized to invest on his or 126
her behalf, prudently determines is expected to have a material 127
effect on the risk or returns of an investment based on 128
appropriate investment horizons consistent with applicable 129
investment objectives and funding policy. The term does not 130
include the consideration of the furtherance of any social, 131
political, or ideological interests. 132
(e) "Qualified custodian" means any of the following: 133
1. A financial institution that has deposits insured by 134
the Federal Deposit Insurance Corporation or the National Credit 135
Union Association. 136
2. A trust company, whether incorporated or not, which: 137
a. Does business under the laws of any state or of the 138
United States, a substantial portion of the business of which 139
consists of receiving deposits or exercising fiduciary powers 140
similar to those authorized to national banks under the 141
authority of the Comptroller of the Currency; and 142
b. Is supervised and examined by state or federal 143
authority having supervision over banks or credit unions. 144
3. A broker-dealer registered under s. 15(b)(1) of the 145
Securities Exchange Act of 1934, 15 U.S.C. s. 78o(b)(1), as 146
amended, holding the client assets in customer accounts. 147
4. A futures commission merchant registered under s. 6f(a) 148
of the Commodity Exchange Act, as amended, holding the client 149
assets in customer accounts. 150

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(2)(a)(b) The Chief Financial Officer, or other parties 151
with the permission of the Chief Financial Officer, shall: 152
1. Deposit the money of this the state or any money in the 153
State Treasury in such qualified public depositories of this the 154
state as will offer satisfactory collateral security for such 155
deposits, pursuant to chapter 280; or 156
2. Invest the money of this state or any money in the 157
State Treasury through a qualified custodian and deposit any 158
remaining money of this state and the State Treasury in 159
qualified public depositories described in subparagraph 1. 160
(b) It is the duty of the Chief Financial Officer, 161
consistent with the cash requirements of the state, to keep the 162
such money of this state or any money in the State Treasury 163
fully invested or deposited as provided in this section herein 164
in order that the state may realize maximum earnings and 165
benefits. Nothing in This section does not shall preclude credit 166
unions designated as public depositories from participation. 167
(c) Notwithstanding any other law except for s. 215.472, 168
when deciding whether to invest and when investing, the Chief 169
Financial Officer, or other party authorized to invest on his or 170
her behalf, must make decisions based solely on pecuniary 171
factors and may not subordinate the interests of the people of 172
this state to other objectives, including sacrificing investment 173
return or undertaking additional investment risk to promote any 174
nonpecuniary factor. The weight given to any pecuniary factor 175

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must appropriately reflect a prudent assessment of its impact on 176
risk or returns. 177
(3)(a)(2) The Chief Financial Officer shall make funds 178
available to meet the disbursement needs of the state. Funds 179
that which are not needed for this purpose shall be: 180
1. Placed in qualified public depositories that will pay 181
rates established by the Chief Financial Officer at levels not 182
less than the prevailing rate for United States Treasury 183
securities with a corresponding maturity; or 184
2. Invested and the remaining funds placed in qualified 185
public depositories described in subparagraph 1. 186
(b) In the event money is available for interest-bearing 187
time deposits or savings accounts as provided in this section 188
herein and qualified public depositories are unwilling to accept 189
such money and pay thereon the rates established above, then 190
such money which qualified public depositories are unwilling to 191
accept shall be invested in: 192
1.(a) Direct United States Treasury obligations. 193
2.(b) Obligations of the Federal Farm Credit Banks. 194
3.(c) Obligations of the Federal Home Loan Bank and its 195
district banks. 196
4.(d) Obligations of the Federal Home Loan Mortgage 197
Corporation, including participation certificates. 198
5.(e) Obligations guaranteed by the Government National 199
Mortgage Association. 200

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6.(f) Obligations of the Federal National Mortgage 201
Association. 202
7.(g) Commercial paper of prime quality of the highest 203
letter and numerical rating as provided for by at least one 204
nationally recognized rating service. 205
8.(h) Time drafts or bills of exchange drawn on and 206
accepted by a commercial bank, otherwise known as "bankers 207
acceptances," which are accepted by a member bank of the Federal 208
Reserve System having total deposits of not less than $400 209
million or which are accepted by a commercial bank which is not 210
a member of the Federal Reserve System with deposits of not less 211
than $400 million and which is licensed by a state government or 212
the Federal Government, and whose senior debt issues are rated 213
in one of the two highest rating categories by a nationally 214
recognized rating service and which are held in custody by a 215
domestic bank which is a member of the Federal Reserve System. 216
9.(i) Corporate obligations or corporate master notes of 217
any corporation within the United States, if the long-term 218
obligations of such corporation are rated by at least two 219
nationally recognized rating services in any one of the four 220
highest classifications. However, if such obligations are rated 221
by only one nationally recognized rating service, then the 222
obligations shall be rated in any one of the two highest 223
classifications. 224
10.(j) Obligations of the Student Loan Marketing 225

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Association. 226
11.(k) Obligations of the Resolution Funding Corporation. 227
12.(l) Mortgage-backed securities of the highest credit 228
quality. 229
13.(m) Asset-backed securities rated by at least two 230
nationally recognized rating services in any one of the three 231
highest classifications. However, if such obligations are rated 232
by only one nationally recognized rating service, the 233
obligations must be rated in any one of the two highest 234
classifications. 235
14.(n) Any obligations not previously listed which are 236
guaranteed as to principal and interest by the full faith and 237
credit of the United States Government or are obligations of 238
United States agencies or instrumentalities which are rated in 239
the highest category by a nationally recognized rating service. 240
15.(o) Commingled no-load investment funds or no-load 241
mutual funds in which all securities held by the funds are 242
authorized in this subsection. 243
16.(p) Money market mutual funds as defined and regulated 244
by the Securities and Exchange Commission. 245
17.(q) Obligations of state and local governments rated in 246
any of the four highest classifications by at least two 247
nationally recognized rating services. However, if such 248
obligations are rated by only one nationally recognized rating 249
service, then the obligations shall be rated in any one of the 250

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two highest classifications. 251
18.(r) Covered put and call options on investment 252
instruments authorized in this subsection for the purpose of 253
hedging transactions by investment managers to mitigate risk or 254
to facilitate portfolio management. 255
19.(s) Negotiable certificates of deposit issued by 256
financial institutions whose long-term debt is rated in one of 257
the three highest categories by at least two nationally 258
recognized rating services, the investment in which may shall 259
not be prohibited by any provision of chapter 280. 260
20.(t) Foreign bonds denominated in United States dollars 261
and registered with the Securities and Exchange Commission for 262
sale in the United States, if the long-term obligations of such 263
issuers are rated by at least two nationally recognized rating 264
services in any one of the four highest classifications. 265
However, if such obligations are rated by only one nationally 266
recognized rating service, the obligations shall be rated in any 267
one of the two highest classifications. 268
21.(u) Convertible debt obligations of any corporation 269
domiciled within the United States, if the convertible debt 270
issue is rated by at least two nationally recognized rating 271
services in any one of the four highest classifications. 272
However, if such obligations are rated by only one nationally 273
recognized rating service, then the obligations shall be rated 274
in any one of the two highest classifications. 275

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22.(v) Securities not otherwise described in this 276
subsection. However, not more than 3 percent of the funds under 277
the control of the Chief Financial Officer shall be invested in 278
securities described in this subparagraph paragraph. 279
23.(w) Derivatives of investment instruments authorized in 280
subparagraphs 1.-22. paragraphs (a)-(v). 281
24.(x) Futures and options on futures, provided the 282
instruments for such purpose are traded on a securities exchange 283
or board of trade regulated by the Securities and Exchange 284
Commission or the Commodity Futures Trading Commission. 285
25. Digital assets. 286
26. Exchange-traded products. 287
288
These investments may be in varying maturities and may be in 289
book-entry form. Investments made pursuant to this subsection 290
may be under repurchase agreement or reverse repurchase 291
agreement. The Chief Financial Officer may hire registered 292
investment advisers and other consultants to assist in 293
investment management and to pay fees directly from investment 294
earnings. Investment securities, proprietary investment services 295
related to contracts, performance evaluation services, 296
investment-related equipment or software used directly to assist 297
investment trading or investment accounting operations including 298
bond calculators, telerates, Bloombergs, special program 299
calculators, intercom systems, and software used in accounting, 300

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communications, and trading, and advisory and consulting 301
contracts made under this section are exempt from the provisions 302
of chapter 287. 303
(4)(3) In the event the financial institutions in the 304
state do not make sufficient loan funds available for a 305
residential conservation program pursuant to any plan approved 306
by the Florida Public Service Commission under the Florida 307
Energy Efficiency and Conservation Act, the board may authorize 308
the investment of state funds, except retirement trust funds, in 309
such a loan program at rates not less than prevailing United 310
States Treasury bill rates. However, prior to investment of such 311
funds, the Florida Public Service Commission shall develop a 312
plan which must be approved by the Legislature before 313
implementation. 314
(5)(4) All earnings on any investments made pursuant to 315
this section are hereby appropriated to the General Revenue 316
Fund, except that earnings attributable to moneys made available 317
pursuant to s. 17.61(3)(a) and (b) shall be credited pro rata to 318
the funds from which such moneys were made available. 319
(6)(5) The fact that a municipal officer or a state 320
officer, including an officer of any municipal or state agency, 321
board, bureau, commission, institution, or department, is a 322
stockholder or an officer or director of a bank or savings and 323
loan association will not bar such bank or savings and loan 324
association from being a depository of funds coming under the 325

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jurisdiction of any such municipal officer or state officer if 326
it shall appear in the records of the municipal or state office 327
that the governing body of such municipality or state agency has 328
investigated and determined that such municipal or state officer 329
is not favoring such banks or savings and loan associations over 330
other qualified banks or savings and loan associations. 331
(7)(6) The Chief Financial Officer is designated the cash 332
management officer for the state and is charged with the 333
coordination and supervision of procedures providing for the 334
efficient handling of financial assets under the control of the 335
State Treasury and each of the various state agencies, and of 336
the judicial branch, as defined in s. 216.011. This 337
responsibility shall include the supervision and approval of all 338
banking relationships. Pursuant to this responsibility, the 339
Chief Financial Officer may obtain information from financial 340
institutions regarding depository accounts maintained by any 341
agency or institution of the State of Florida. 342
(8)(7) In addition to the deposits authorized under this 343
section and notwithstanding any other provisions of law, funds 344
that are not needed to meet the disbursement needs of the state 345
may be deposited by the Chief Financial Officer in accordance 346
with the following conditions: 347
(a) The funds are initially deposited in a qualified 348
public depository, as defined in s. 280.02, selected by the 349
Chief Financial Officer. 350

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(b) The selected depository arranges for depositing the 351
funds in financial deposit instruments insured by: 352
1. The Federal Deposit Insurance Corporation in one or 353
more federally insured banks or savings and loan associations, 354
wherever located, for the account of the state. 355
2. For credit unions designated as qualified public 356
depositories, the National Credit Union Share Insurance Fund. 357
(c) The full amount of the principal and accrued interest 358
of each financial deposit instrument is insured by the Federal 359
Deposit Insurance Corporation or, for credit unions designated 360
as qualified public depositories, the National Credit Union 361
Share Insurance Fund. 362
(d) The selected depository acts as custodian for the 363
state with respect to each financial deposit instrument issued 364
for its account. 365
(9) The Chief Financial Officer may: 366
(a) In managing state funds pursuant to this section and 367
subject to the limitations of chapter 215, include digital 368
assets or exchange-traded products as stores of value and 369
potential hedges against inflation, thereby protecting the 370
purchasing power of state funds. 371
(b) Ensure that the investment strategies employed under 372
this section align with the goal of enhancing this state's 373
economic security and financial resilience. 374
(c) Maintain flexibility in investment decisions to 375

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respond to changing economic conditions and emerging 376
opportunities that may offer better protection or returns on 377
state funds. 378
(10)(a)1. The Chief Financial Officer may invest money in 379
digital assets or exchange-traded products from the following 380
funds: 381
a. The General Revenue Fund. 382
b. The Budget Stabilization Fund. 383
c. All the trust funds and all agency funds of each state 384
agency and of the judicial branch, as defined in s. 216.011(1). 385
d. Funds of any board, association, or entity created by 386
the State Constitution or by law upon request of the board, 387
association, or entity. 388
e. Any other state fund deemed appropriate by the 389
Legislature. 390
2. The amount of public funds that the Chief Financial 391
Officer may invest in digital assets or exchange-traded products 392
may not exceed 10 percent of the total funds in any account. 393
(b)1. The digital assets acquired under paragraph (a) 394
shall be held in a manner that provides this state with control 395
consistent with chapter 669 and may be held only: 396
a. Directly by the Chief Financial Officer, who confers 397
control to this state; 398
b. On behalf of this state by a qualified custodian that: 399
(I) Grants this state with control under chapter 669; or 400

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(II) Credits this state with a security interest perfected 401
under s. 679.3131; or 402
c. In the form of an exchange-traded product issued by an 403
investment company registered with the Securities and Exchange 404
Commission under the Investment Company Act of 1940, as amended, 405
provided that the custodian of records maintains control on 406
behalf of this state pursuant to chapter 669. 407
2. The Chief Financial Officer, and other parties with the 408
permission of the Chief Financial Officer, may loan the digital 409
assets in state funds to generate additional returns, provided 410
that such loans: 411
a. Are secured by collateral having a market value at 412
least equal to 100 percent of the value of the assets loaned at 413
the time the loans are made; and 414
b. Comply with the fiduciary standards provided in chapter 415
215. 416
417
The Chief Financial Officer may, by rule, require 418
overcollateralization or impose additional safeguards to protect 419
the financial interests of this state. 420
3. The Chief Financial Officer shall maintain 421
documentation evidencing this state's continuing control over 422
each digital asset and shall cure any lapse in control within 5 423
business days after discovery. 424
(11) Taxes or fees paid to this state in digital assets 425

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shall be transferred to the General Revenue Fund. The designated 426
fund shall be reimbursed from the General Revenue Fund for the 427
value of the digital asset payment in United States currency for 428
such taxes or fees. A person who transfers a digital asset to 429
the state warrants that the asset is a controllable electronic 430
record free of adverse claims. This state takes the asset free 431
of any security interest or other claim if this state acquires 432
control for value and without notice of the claim, consistent 433
with chapter 669. 434
Section 2. Subsection (1) of section 17.61, Florida 435
Statutes, is amended to read: 436
17.61 Chief Financial Officer; powers and duties in the 437
investment of certain funds.— 438
(1) The Chief Financial Officer shall invest all general 439
revenue funds and all the trust funds and all agency funds of 440
each state agency, and of the judicial branch, as defined in s. 441
216.011, and may, upon request, invest funds of any board, 442
association, or entity created by the State Constitution or by 443
law, except for the funds required to be invested pursuant to 444
ss. 215.44-215.53, by the procedure and in the authorized 445
securities or in digital assets prescribed in s. 17.57; for this 446
purpose, the Chief Financial Officer may open and maintain one 447
or more demand and safekeeping accounts in any bank or credit 448
union savings association for the investment and reinvestment 449
and the purchase, sale, and exchange of funds, and securities, 450

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and digital assets in the accounts. Funds in such accounts used 451
solely for investments and reinvestments shall be considered 452
investment funds and not funds on deposit, and such funds shall 453
be exempt from the provisions of chapter 280. In addition, the 454
securities and other digital assets or investments purchased or 455
held under the provisions of this section and s. 17.57 may be 456
loaned to securities dealers and financial institutions banks 457
and may be registered by the Chief Financial Officer in the name 458
of a third-party nominee in order to facilitate such loans, 459
provided the loan is collateralized by cash or United States 460
Government securities having a market value of at least 100 461
percent of the market value of the securities loaned. The Chief 462
Financial Officer shall keep a separate account, designated by 463
name and number, of each fund. Individual transactions and 464
totals of all investments, or the share belonging to each fund, 465
shall be recorded in the accounts. 466
Section 3. Section 121.151, Florida Statutes, is amended 467
to read: 468
121.151 Investments.— 469
(1) The Board of Administration, created by authority of 470
the State Constitution, shall invest and reinvest available 471
funds of the System Trust Fund in accordance with the provisions 472
of ss. 215.44-215.53. 473
(2)(a) The Board of Administration may also invest and 474
reinvest available funds of the System Trust Fund in digital 475

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assets. The amount of funds that the board may invest and 476
reinvest in digital assets may not exceed 10 percent of the 477
total funds. 478
(b) The digital assets acquired under paragraph (a) shall 479
be held: 480
1. Directly by the board; 481
2. On behalf of the board by a qualified custodian; or 482
3. In the form of an exchange-traded product issued by an 483
investment company registered with the Securities and Exchange 484
Commission under the Investment Company Act of 1940, as amended. 485
(c) As used in this subsection, the terms "digital asset," 486
"exchange-traded product," and "qualified custodian" have the 487
same meanings as in s. 17.57(1). 488
Section 4. Subsections (6) through (21) of section 215.47, 489
Florida Statutes, are renumbered as subsections (7) through 490
(22), respectively, and a new subsection (6) is added to that 491
section to read: 492
215.47 Investments; authorized securities; loan of 493
securities.—Subject to the limitations and conditions of the 494
State Constitution or of the trust agreement relating to a trust 495
fund, moneys available for investments under ss. 215.44-215.53 496
may be invested as follows: 497
(6)(a) With no more than 10 percent of any fund in digital 498
assets. 499
(b) The digital assets acquired under paragraph (a) shall 500

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be held: 501
1. Directly by the board; 502
2. On behalf of the board by a qualified custodian; or 503
3. In the form of an exchange-traded product issued by an 504
investment company registered with the Securities and Exchange 505
Commission under the Investment Company Act of 1940, as amended. 506
(c) Notwithstanding the limitation in paragraph (a), the 507
board is authorized to hold any other investment authorized in 508
this section as a digital asset, provided that it is held in 509
accordance with paragraph (b). 510
(d) As used in this subsection, the terms "digital asset," 511
"exchange-traded product," and "qualified custodian" have the 512
same meanings as in s. 17.57(1). 513
Section 5. Paragraph (f) of subsection (3) of section 514
280.03, Florida Statutes, is amended to read: 515
280.03 Public deposits to be secured; prohibitions; 516
exemptions.— 517
(3) The following are exempt from the requirements of, and 518
protection under, this chapter: 519
(f) Public deposits made in accordance with s. 17.57(8), 520
s. 215.47(6), s. 17.57(7) or s. 218.415(23). 521
Section 6. Paragraph (a) of subsection (5) and subsection 522
(17) of section 112.661, Florida Statutes, are amended to read: 523
112.661 Investment policies.—Investment of the assets of 524
any local retirement system or plan must be consistent with a 525

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written investment policy adopted by the board. Such policies 526
shall be structured to maximize the financial return to the 527
retirement system or plan consistent with the risks incumbent in 528
each investment and shall be structured to establish and 529
maintain an appropriate diversification of the retirement system 530
or plan's assets. 531
(5) AUTHORIZED INVESTMENTS.— 532
(a) The investment policy shall list investments 533
authorized by the board. Investments not listed in the 534
investment policy are prohibited. Unless otherwise authorized by 535
law or ordinance, the investment of the assets of any local 536
retirement system or plan covered by this part shall be subject 537
to the limitations and conditions set forth in s. 215.47(1)-(7), 538
(9), (10), (12), and (18) s. 215.47(1)-(6), (8), (9), (11) and 539
(17). 540
(17) VALUATION OF ILLIQUID INVESTMENTS.—The investment 541
policy shall provide for the valuation of illiquid investments 542
for which a generally recognized market is not available or for 543
which there is no consistent or generally accepted pricing 544
mechanism. If those investments are utilized, the investment 545
policy must include the criteria set forth in s. 215.47(6) and 546
(7) s. 215.47(6), except that submission to the Investment 547
Advisory Council is not required. The investment policy shall 548
require that, for each actuarial valuation, the board must 549
verify the determination of the fair market value for those 550

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investments and ascertain that the determination complies with 551
all applicable state and federal requirements. The investment 552
policy shall require that the board disclose to the Department 553
of Management Services and the plan's sponsor each such 554
investment for which the fair market value is not provided. 555
Section 7. Section 215.4701, Florida Statutes, is amended 556
to read: 557
215.4701 Trademarks, copyrights, or patents.—The State 558
Board of Administration, on behalf of the Florida Retirement 559
System or any other trust fund under its jurisdiction, may 560
develop work products that are subject to trademark, copyright, 561
or patent statutes. The board may, in its own name or through 562
the growth initiative program created pursuant to s. 215.47(8) 563
s. 215.47(7) or any other program developed with or for the 564
board: 565
(1) Perform all things necessary to secure letters of 566
patent, copyrights, or trademarks on any work products and 567
enforce its rights therein. 568
(2) License, lease, assign, or otherwise give written 569
consent to any person for the manufacture or use of its work 570
products on a royalty basis or for such other consideration as 571
the board deems proper. 572
(3) Take any action necessary, including legal action, to 573
protect its work products against improper or unlawful use or 574
infringement. 575

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(4) Enforce the collection of any sums due the board for 576
the manufacture or use of its work products by any other party. 577
(5) Sell any of its work products and execute all 578
instruments necessary to consummate any such sale. 579
(6) Do all other acts necessary and proper for the 580
execution of powers and duties provided under this section. 581
Section 8. Paragraph (b) of subsection (5) of section 582
215.473, Florida Statutes, is amended to read: 583
215.473 Divestiture by the State Board of Administration; 584
Sudan; Iran.— 585
(5) EXPIRATION.—This section expires upon the occurrence 586
of all of the following: 587
(b) If both of the following occur, the board may no 588
longer scrutinize companies according to subparagraph (1)(dd)4.; 589
may no longer assemble the Scrutinized Companies with Activities 590
in Iran Terrorism Sectors List; and shall cease engagement, 591
investment prohibitions, and divestment: 592
1. The Congress and President of the United States 593
affirmatively and unambiguously state, by means including, but 594
not limited to, legislation, executive order, or written 595
certification from the President to Congress, that the 596
government of Iran has ceased to acquire weapons of mass 597
destruction and support international terrorism; and 598
2. The United States revokes all sanctions imposed against 599
the government of Iran. 600

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601
The board, on behalf of the public fund, may reinvest in such 602
companies if such companies do not satisfy the criteria for 603
inclusion in the Scrutinized Companies with Activities in Sudan 604
List. The board, acting as a fiduciary in accordance with s. 605
215.47(11) s. 215.47(10), shall monitor events relating to 606
subparagraphs 1. and 2., and, upon finding that the conditions 607
in subparagraph 1. or subparagraph 2. have occurred, the board 608
shall report such finding at a quarterly meeting of its 609
trustees. At each quarterly meeting of the trustees, the board 610
shall report on the status of events relating to subparagraphs 611
1. and 2. 612
Section 9. Paragraph (b) of subsection (2) of section 613
215.4735, Florida Statutes, is amended to read: 614
215.4735 Prohibited foreign investments.— 615
(2) 616
(b) The board must: 617
1. Initiate, no later than June 1, 2024, a review of all 618
current direct holdings to determine which direct holdings, if 619
any, include securities of a Chinese company. 620
2. Develop, no later than September 1, 2024, a divestment 621
plan for all direct holdings in Chinese companies. The 622
divestment plan must be developed and implemented consistent 623
with the fiduciary standards set forth in s. 215.47(11) s. 624
215.47(10). 625

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3. Complete divestment from direct holdings in Chinese 626
companies included in the divestment plan developed pursuant to 627
subparagraph 2. no later than September 1, 2025, or at such 628
later time if necessary for the board to implement the 629
divestment plan consistent with the fiduciary standards set 630
forth in s. 215.47(11) s. 215.47(10). 631
Section 10.10. Subsection (1) of section 215.475, Florida 632
Statutes, is amended to read: 633
215.475 Investment policy statement.— 634
(1) In making investments for the System Trust Fund 635
pursuant to ss. 215.44-215.53, the board shall make no 636
investment which is not in conformance with the Florida 637
Retirement System Defined Benefit Plan Investment Policy 638
Statement, hereinafter referred to as "the IPS," as developed by 639
the executive director and approved by the board. The IPS must 640
comply with s. 215.47(11) s. 215.47(10) and include, among other 641
items, the investment objectives of the System Trust Fund; 642
permitted types of securities in which the board may invest; and 643
evaluation criteria necessary to measure the investment 644
performance of the fund. As required from time to time, the 645
executive director of the board may present recommended changes 646
in the IPS to the board for approval. 647
Section 11. Paragraph (b) of subsection (1) of section 648
215.4755, Florida Statutes, is amended to read: 649
215.4755 Certification and disclosure requirements for 650

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investment advisers and managers.— 651
(1) An investment adviser or manager who has discretionary 652
investment authority for direct holdings and who is retained as 653
provided in s. 215.44(2)(b) shall agree pursuant to contract to 654
annually certify in writing to the board that: 655
(b) All investment decisions made on behalf of the trust 656
funds and the board are made based solely on pecuniary factors 657
as defined in s. 215.47(11)(a) s. 215.47(10)(a) and do not 658
subordinate the interests of the participants and beneficiaries 659
of the funds to other objectives, including sacrificing 660
investment return or undertaking additional investment risk to 661
promote any nonpecuniary factor. This paragraph applies to any 662
contract executed, amended, or renewed on or after July 1, 2023. 663
Section 12. Subsection (4) of section 215.50, Florida 664
Statutes, is amended to read: 665
215.50 Custody of securities purchased; income.— 666
(4) Securities that the board selects to use for options 667
operations under s. 215.45 or for lending under s. 215.47(18) s. 668
215.47(17) shall be registered by the Chief Financial Officer in 669
the name of a third-party nominee in order to facilitate such 670
operations. 671
Section 13. Paragraph (a) of subsection (7) of section 672
215.555, Florida Statutes, is amended to read: 673
215.555 Florida Hurricane Catastrophe Fund.— 674
(7) ADDITIONAL POWERS AND DUTIES.— 675

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(a) The board may procure reinsurance from reinsurers 676
acceptable to the Office of Insurance Regulation for the purpose 677
of maximizing the capacity of the fund and may enter into 678
capital market transactions, including, but not limited to, 679
industry loss warranties, catastrophe bonds, side-car 680
arrangements, or financial contracts permissible for the board's 681
usage under s. 215.47(12) and (13) s. 215.47(11) and (12), 682
consistent with prudent management of the fund. 683
Section 14. Paragraph (a) of subsection (2) of section 684
218.409, Florida Statutes, is amended to read: 685
218.409 Administration of the trust fund.— 686
(2)(a) The trustees shall ensure that the board or a 687
professional money management firm administers the trust fund on 688
behalf of the participants. The board or a professional money 689
management firm shall have the power to invest such funds in 690
accordance with a written investment policy. The investment 691
policy shall be updated annually to conform to best investment 692
practices. The standard of prudence to be used by investment 693
officials shall be the fiduciary standards as set forth in s. 694
215.47(11) s. 215.47(10), which shall be applied in the context 695
of managing an overall portfolio. Portfolio managers acting in 696
accordance with written procedures and an investment policy and 697
exercising due diligence shall be relieved of personal 698
responsibility for an individual security's credit risk or 699
market price changes, provided deviations from expectations are 700

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reported in a timely fashion and the liquidity and the sale of 701
securities are carried out in accordance with the terms of this 702
part. 703
Section 15. Paragraph (e) of subsection (4) of section 704
1002.36, Florida Statutes, is amended to read: 705
1002.36 Florida School for the Deaf and the Blind.— 706
(4) BOARD OF TRUSTEES.— 707
(e) The board of trustees is invested with full power and 708
authority to: 709
1. Appoint a president, faculty, teachers, and other 710
employees and remove the same as in its judgment may be best and 711
fix their compensation. 712
2. Procure professional services, such as medical, mental 713
health, architectural, and engineering. 714
3. Procure legal services without the prior written 715
approval of the Attorney General. 716
4. Determine eligibility of students and procedure for 717
admission. 718
5. Provide for the students of the school necessary 719
bedding, clothing, food, and medical attendance and such other 720
things as may be proper for the health and comfort of the 721
students without cost to their parents, except that the board of 722
trustees may set tuition and other fees for nonresidents. 723
6. Provide for the proper keeping of accounts and records 724
and for budgeting of funds. 725

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7. Enter into contracts. 726
8. Sue and be sued. 727
9. Secure public liability insurance. 728
10. Do and perform every other matter or thing requisite 729
to the proper management, maintenance, support, and control of 730
the school at the highest efficiency economically possible, the 731
board of trustees taking into consideration the purposes of the 732
establishment. 733
11. Receive gifts, donations, and bequests of money or 734
property, real or personal, tangible or intangible, from any 735
person, firm, corporation, or other legal entity. However, the 736
board of trustees may not obligate the state to any expenditure 737
or policy that is not specifically authorized by law. If the 738
bill of sale, will, trust indenture, deed, or other legal 739
conveyance specifies terms and conditions concerning the use of 740
such money or property, the board of trustees shall observe such 741
terms and conditions. 742
12. Deposit outside the State Treasury such moneys as are 743
received as gifts, donations, or bequests and may disburse and 744
expend such moneys, upon its own warrant, for the use and 745
benefit of the Florida School for the Deaf and the Blind and its 746
students, as the board of trustees deems to be in the best 747
interest of the school and its students. Such money or property 748
does not constitute and may not be considered a part of any 749
legislative appropriation. 750

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13. Sell or convey by bill of sale, deed, or other legal 751
instrument any property, real or personal, received as a gift, 752
donation, or bequest, upon such terms and conditions as the 753
board of trustees deems to be in the best interest of the school 754
and its students. 755
14. Invest such moneys in securities enumerated under s. 756
215.47(1), (2)(c), (3), (4), and (11) (10), and in The Common 757
Fund, an Investment Management Fund exclusively for nonprofit 758
educational institutions. 759
15. After receiving approval from the Administration 760
Commission, exercise the power of eminent domain in the manner 761
provided in chapter 73 or chapter 74. 762
Section 16. Subsection (13) of section 1002.395, Florida 763
Statutes, is amended to read: 764
1002.395 Florida Tax Credit Scholarship Program.— 765
(13) DEPOSITS OF ELIGIBLE CONTRIBUTIONS.—All eligible 766
contributions received by an eligible nonprofit scholarship-767
funding organization shall be deposited in a manner consistent 768
with s. 17.57(3) s. 17.57(2). 769
Section 17. This act shall take effect July 1, 2026. 770