Florida. State Board of Administration

The State Board of Administration was created in 1929 (Ch. 14486, Laws; amended to the 1885 Constitution as Article IV, Section 16, 1942, Senate Joint Resolution 324, 1941; continued under Article XII, Section 9, 1968 Constitution and Ch. 69-106, Laws) and consists of the Governor, the Comptroller, and the Treasurer. The Board's duties have included debt service administration of road and bridge bonds; managing the constitutional two-cent gasoline tax; supervising education bonds; approving the legal and fiscal sufficiency of all state and revenue bonds issued by state agencies, boards, commissions, and authorities prior to validation; controlling the State Building and Outdoor Recreation bonds; administering all state and revenue bonds issued by the Division of Bond Finance, Dept. of General Services, and serving as the Division's governing board; investing various funds including bond sinking funds, local government surplus funds, and pension funds; approving all interest rates in excess of legal limits; and designating bank depositories for clearing accounts and revolving funds for any state monies deposited outside the state treasury. In 1969, the Board assumed the duties of the State Finance Committee, the Bond Review Board, and the Board of Appeals of County Budgets (Ch. 69-106, Laws).