AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL

March 14, 2000

1. Approval of minutes of meeting held February 22, 2000. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION 2000 REVENUE BONDS, SERIES 2000A:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Department of Environmental Protection of Florida, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $300,000,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds, Series 2000A (the "Bonds.") The proceeds of the Bonds are to be used for the purpose of paying the cost of acquisition of lands and related resources in furtherance of outdoor recreation and natural resources conservation in the State of Florida. It is anticipated the Governor and Cabinet will adopt on March 14, 2000 the Twelfth Subsequent Resolution authorizing the sale and issuance of the Bonds.

The Department of Environmental Protection has heretofore issued $3,102,615,000 Preservhref="trans. 2000 Revenue and Revenue Refunding Bonds, Series 1991A through 1999A of which $2,324,430,000 in principal amount was outstanding and unpaid on February 29, 1999. The proposed Bonds shall be issued on parity with the outstanding and unpaid Preservationhref="audioindex Revenue Refunding Bonds, Series 1991A through 1999A as to source and security for payment.

The Bonds shall not be secured by a pledge of the full faith and credit or the taxing power of the State of Florida or any political subdivision thereof.

The estimate of funds pledged to the Bonds indicates that sufficient monies can be pledged to exceed the debt service requirements of the proposed issue and that in no State fiscal year will the monies pledged for the debt service requirement of the proposed issue be less than the required coverage amount.

RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #2)

3. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $17,155,000 FLORIDA HOUSING FINANCE CORPORATION MULTI-FAMILY REVENUE REFUNDING BONDS, 2000 SERIES (SERIES TO BE DESIGNATED) (IONA LAKES APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $17,155,000 Florida Housing Finance Corporation Multi-Family Revenue Refunding Bonds, 2000 Series (series to be designated) (the "Bonds") for the purpose of refunding the Florida Housing Finance Authority Multi-Family Revenue Bonds, Series 1989 D, which financed the construction and equipping of a multifamily residential rental development located in Lee County, Florida (Iona Lakes Apartments Project).

The Bonds shall not constitute an obligation, either general or special, of the State or of any local government thereof; neither the State nor any local government thereof shall be liable thereon. Neither the full faith, revenue, credit nor taxing power of the State of Florida, or any local governments thereof shall be pledged to the payment of the principal of, premium (if any), or interest on the Bonds. The Bonds shall be payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefor.

RECOMMENDATION: A study of this proposal and of estimates of revenue and other available moneys expected to accrue indicate that the issue meets the requirements for the fiscal determination required by Section 420.509, Florida Statutes, as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968, and the Executive Director recommends that the State Board of Administration of Florida (the "Board") approve the fiscal determination thereof. It is further recommended that, pursuant to the fiscal determination requirements of Subsection 16(c) of Article VII of the revised Constitution of 1968, the Board find and determine that in no State fiscal year will the debt service requirements of the Bonds proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information. The Board does not assume any responsibility for, and makes no warranty (express or implied) with respect to any other aspect of this bond issue except for fiscal determination. (Att. #3)

4. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $40,530,000 FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (AUGUSTINE CLUB, PLANTATIONS AT KILLEARN AND WOODLAKE AT KILLEARN APARTMENT PROJECTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $40,530,000 Florida Housing Finance Corporation Housing Revenue Bonds, 2000 Series (one or more series to be designated) (the "Bonds") for the purpose of financing the acquisition of three multifamily residential rental developments located in Leon County, Florida (Augustine Club, Plantations at Killearn and Woodlake at Killearn Apartment Projects).

The Bonds shall not constitute an obligation, either general or special, of the State or of any local government thereof; neither the State nor any local government thereof shall be liable thereon. Neither the full faith, revenue, credit nor taxing power of the State of Florida, or any local governments thereof shall be pledged to the payment of the principal of, premium (if any), or interest on the Bonds. The Bonds shall be payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefor.

RECOMMENDATION: A study of this proposal and of estimates of revenue and other available moneys expected to accrue indicate that the issue meets the requirements for the fiscal determination required by Section 420.509, Florida Statutes, as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968, and the Executive Director recommends that the State Board of Administration of Florida (the "Board") approve the fiscal determination thereof. It is further recommended that, pursuant to the fiscal determination requirements of Subsection 16(c) of Article VII of the revised Constitution of 1968, the Board find and determine that in no State fiscal year will the debt service requirements of the Bonds proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information. The Board does not assume any responsibility for, and makes no warranty (express or implied) with respect to any other aspect of this bond issue except for fiscal determination. (Att. #4)

5. THE FLORIDA HURRICANE CATASTROPHE FUND:

1. The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for notice to begin the process for implementing the 2000-2001 contract year: the amendment of Rule 19-8.010 to adopt the reimbursement contract for the 2000-2001 contract year and of rule 19-8.029 to adopt the 2000 insurer reporting requirements. The proposed amended rules were the subject of a rule development workshop on February 3, 2000, and will be the subject of a rule hearing to be held on April 17, 2000. These two rules were approved by the members of the FHCF Advisory Council at their March 2, 2000 meeting for filing for notice. (Att. #5)

The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the notice for repeal of Rule 19-8.011 Loss Reimbursements. The Advisory Council also approved the repeal of this rule at their March 2, 2000 meeting. (Att. #5)