Transcript

AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

January 23, 2001

1. Approval of minutes of meeting held December 12, 2000. (Att. #1)

2. Approval of minutes of special meeting held January 4, 2001. (Att. #2)

3. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $9,000,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA STATE UNIVERSITY HOUSING FACILITY REVENUE BONDS, SERIES 2001:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Board of Regents, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $9,000,000 State of Florida, Board of Regents, Florida State University Housing Facility Revenue Bonds, Series 2001 (the "Bonds") for the purpose of paying the cost of renovation and improvement of a residence hall on the campus of the Florida State University, purchasing a municipal bond insurance policy and a debt service reserve account surety bond, and paying certain costs associated with the issuance and sale of the Bonds.

The Bonds are being issued pursuant to the Original Authorizing Resolution adopted by the Governor and Cabinet on November 17, 1992, as amended and restated on July 25, 2000. It is anticipated the Governor and Cabinet will adopt a sale resolution for the Bonds on January 23, 2001.

The Division on behalf of the Board of Regents has heretofore issued Florida State University Housing Revenue Certificates, Series 1993 and Housing Facility Revenue Bonds Series, 1994 and Series 1996 (the "Previous Bonds"), of which the principal amount of $22,995,000 was outstanding as of December 31, 2000. The Bonds shall be payable on a parity and rank equally as to lien on and source and security for payment from the Pledged Revenues (as defined in the resolution) and in all other respects, with the Previous Bonds.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds and all other outstanding bonds having a lien on the Pledged Revenues are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law.

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January 23, 2001

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RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #3)

4. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $350,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, VARIOUS SERIES:

The Division of Bond Finance of the State Board of Administration of Florida (the "Division") has submitted for approval a proposal to issue an amount Not Exceeding $350,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Various Series (the "Bonds"), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities.

The Governor and Cabinet adopted the Authorizing Resolution for the Bonds on May 12, 1998, and such Resolution has been amended and will be amended and restated by the Governor and Cabinet on January 23, 2001. It is anticipated that the Governor and Cabinet will adopt the Sale Resolution for the Bonds on January 23, 2001.

The proposed Bonds shall be secured by a first lien upon the Pledged Revenues which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 235.187 or 235.2195, Florida Statutes. The Division has heretofore issued Lottery Revenue Bonds, Series 1998A through 2000C of which $1,045,580,000 in principal amount was outstanding and unpaid on December 31, 2000. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A through 2000C Bonds and the authorized but unissued $75,000,000 Lottery Revenue Bonds.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues, indicate that the proposed Bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.

RECOMMENDATION: It is recommended that the Board approve the proposal outlined above. (Att. #4)

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5. THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF THE FOLLOWING RULES:

1. A. The State Board of Administration requests that the Trustees approve filing for adoption the following rules; Rules 19-3.001 through 19-3.015; 19-3.018 through 19-3.096; 19-3.098; and 19-6.008 through 19-6.012. Upon adoption, these rules will be repealed. They are proposed for repeal because the previously existing statutory

   authority has been repealed. No rule development workshop has been held because a workshop is not required for rule repeals, pursuant to Section 120.54(2)(a), Florida Statutes. There was no rule hearing because no rule hearing was requested. The Joint Administrative Procedures Committee had no comments. (Att. #5A)

2. The State Board of Administration requests that the Trustees approve filing Rule 19-10.001 for notice. Rule 19-10.001 provides the procedures for the asset transfers for the initial period for choice for public employees between the defined benefit plan and the defined contribution plan. A rule development workshop was held on November 14, 2000. Several comments were received and incorporated in the draft. If permission is received to file for notice, the rule hearing will be scheduled for February 28, 2001. (Att. #5B)

7. PRESENTATION AND DISCUSSION OF THE REPORT ON SURPLUS MANAGEMENT: (Backup to be provided).

Deferred.

8. REPORT BY THE EXECUTIVE DIRECTOR:

Submitted for information and review is the Fund Activity Analysis for the month of November 2000. (Att. #8)