AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

COUNTY ADMINISTRATION BUILDING

COUNTY COMMISSIONER’S CHAMBER – 1^ST FLOOR

1660 RINGLING BLVD.

SARASOTA, FL

May 23, 2000

1.Approval of minutes of meeting held May 9, 2000. (Att. #1)

2. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,155,000 TAX EXEMPT AND $3,300,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (SERIES TO BE DESIGNATED) (WATERFORD POINTE APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $8,155,000 Tax Exempt and $3,300,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 2000 Series (series to be designated) (the "Bonds") for the purpose of financing the construction and equipping of a multifamily residential rental development located in Orange County, Florida (Waterford Pointe 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

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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. #2)

3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,680,000 TAX EXEMPT AND $3,320,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (SERIES TO BE DESIGNATED) (MYSTIC POINTE II APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $8,680,000 Tax Exempt and $3,320,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 2000 Series (series to be designated) (the "Bonds") for the purpose of financing the construction and equipping of a multifamily residential rental development located in Orange County, Florida (Mystic Pointe II 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)

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4. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.:

Palm Beach County, Florida (the "Issuer") has submitted a request for approval of an interest rate exception on an issue of Not Exceeding $16,000,000 Palm Beach County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2000A (the "Series 2000A Bonds") and Interest-Only Bonds, Series 2000B (the "Series 2000B Bonds") (together, the "Bonds.")

The Bonds are being issued for the purpose of refunding the outstanding principal amount of the Florida Housing Finance Corporation Multifamily Housing Revenue Refunding Bonds, 1994 Series D (Clear Lake Colony Apartments Project) (the "Project.") The Bonds will be secured by a first mortgage, security agreement and assignment of rents and leases on the Project. The Bonds are limited obligations of the Issuer and are payable solely from the revenues pledged to their payment. The Bonds do not constitute, within the meaning of any statutory or constitutional provision, an indebtedness, an obligation, or a loan of credit of the State of Florida, Palm Beach County, Florida, or any municipality, county, or other municipal or political corporation or subdivision of the State of Florida.

The entire amount of the 2000A Bonds will be privately placed with a sophisticated institutional investor, and will be restricted as to subsequent transfer in minimum denominations of $500,000 to sophisticated institutional investors. The Series B Bonds will be placed as a single instrument with a sophisticated institutional investor and will be restricted as to subsequent transfer as a single instrument to a sophisticated institutional investor. The interest rate on the Series 2000A Bonds shall not exceed 7.00 percent per annum. The interest rate on the Interest-Only Series 2000B Bonds shall not exceed 2.20 percent per annum, and is only payable to the extent of excess revenues from the project after payment of principal and interest on the Series 2000A Bonds. The combined interest rate on the Bonds shall not exceed 9.20 percent per annum. The maximum interest rate for the month of May 2000 is 8.82 percent.

RECOMMENDATION: The Executive Director recommends that the Board authorize a combined interest rate Not Exceeding 9.20 percent per annum, of which 7.00 percent per annum shall be attributed to the Series 2000A Bonds and 2.20 percent per annum shall be attributed to the Series 2000B Bonds. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by Palm Beach County, Florida. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #4)

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5. REPORT BY THE EXECUTIVE DIRECTOR:

Submitted for information and review is the fund activity analysis report for the month of March 2000. (Att. #5)