Transcript

AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

March 13, 2001

1. Approval of minutes of meeting held February 27, 2001. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $11,000,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA STATE UNIVERSITY PARKING 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 $11,000,000 State of Florida, Board of Regents, Florida State University Parking Facility Revenue Bonds, Series 2001 (the "Bonds") for the purpose of providing a portion of the funds for the construction and equipping of a parking facility on the campus of the Florida State University, providing for capitalized interest, funding a reserve account, purchasing a municipal bond insurance policy and paying certain costs associated with the issuance and sale of the Bonds.

The Bonds will be payable on a parity with the $8,000,000 State of Florida, Board of Regents, Florida State University Parking Facility Revenue Bonds, Series 1992, of which $6,425,000 remains outstanding and unpaid as of February 28, 2001, from the pledged parking system revenues. The Governing Board of the Division adopted the Supplemental Authorizing Resolution for the proposed Bonds on November 29, 2000. It is anticipated the Governing Board of the Division will adopt on March 13, 2001 the sale resolution for the 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.

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

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3. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $7,770,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF CENTRAL FLORIDA PARKING 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 $7,770,000 State of Florida, Board of Regents, University of Central Florida Parking Facility Revenue Bonds, Series 2001 (the "Bonds") for the purpose of financing a portion of the costs of constructing a parking facility on the main campus of the University of Central Florida, providing for capitalized interest, if any, funding a reserve account, purchasing a municipal bond insurance policy and paying certain costs associated with the issuance and sale of the Bonds.

The Bonds will be payable on a parity with the $23,395,000 State of Florida, Board of Regents, University of Central Florida Parking Facility Revenue Bonds, Series 1995 through 1999 from the pledged parking system revenues. The Governing Board of the Division adopted the Third Supplemental Authorizing Resolution for the proposed Bonds on July 25, 2000. It is anticipated the Governing Board of the Division will adopt on March 13, 2001 the sale resolution for the 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.

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

4. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $14,580,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION CAPITAL OUTLAY BONDS, 2001 SERIES A: The State Board of Education of Florida has submitted for approval as to fiscal sufficiency a proposal to issue Not Exceeding $14,580,000 State of Florida, Full Faith and Credit, State Board of Education Capital Outlay Bonds, 2001 Series A (the "Bonds") for the purpose of financing the cost of capital outlay projects for school purposes for various school and community college districts.

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The State Board of Education is authorized to issue bonds pledging the full faith and credit of the State payable primarily from funds provided in Subsection (d) of Section 9 of Article XII of the Constitution of Florida, as amended (the "School Capital Outlay Amendment"), for the purpose of providing funds to finance capital outlay projects for school purposes in the manner provided therein, upon the application of the School Boards of the School Districts of the State, and the Boards of Trustees of the Community College Districts of the State.

The State Board of Education has heretofore pledged the State Motor Vehicle License Taxes distributable to the account of various School and Community College Districts, pursuant to said School Capital Outlay Amendment, to the payment of debt service on the Outstanding Capital Outlay Bonds, Series 1991-A heretofore issued, which bonds constitute a prior lien on the State Motor Vehicle License Taxes.

The Outstanding Capital Outlay Bonds, Series 1992A through 2000A heretofore issued, and the Bonds proposed to be issued, shall rank equally and be on a parity in all respects as to lien on and source and security for payment from the State Motor Vehicle License Taxes distributable for the account of certain School Districts and Community College Districts in Florida, under the provisions of said School Capital Outlay Amendment.

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

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

5. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $10,800,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE REFUNDING BONDS, 2001 SERIES (SERIES TO BE DESIGNATED) (THE VININGS AT HAMPTON VILLAGE APARTMENTS): The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $10,800,000 Tax Exempt Florida Housing Finance Corporation Housing Revenue Refunding Bonds, 2001 Series (series to be designated) (the "Bonds") for the purpose of refunding the $10,800,000 Florida Housing Finance Agency Multi-Family Housing Revenue Bonds, 1987 Series B, which originally financed the acquisition and construction of a multifamily residential rental development located in Broward County, Florida (The Vinings at Hampton Village Apartments). The Bonds shall not constitute an obligation, either general or special, of the State or of any

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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. #5)

6. REAPPOINTMENT OF INVESTMENT ADVISORY COUNCIL MEMBER. (Att. #6)

7. THE STATE BOARD OF ADMINISTRATION REQUESTS THE TRUSTEES APPROVE THE FOLLOWING RULE:

The State Board of Administration staff requests permission from the Trustees to file Rule 19-10.001 for adoption. The rule implements the initial asset transfers between July 1, 2002 and March 31, 2003, for the new Defined Contribution Program. The rule development workshop was held on November 14, 2000. The Trustees granted permission to file the rule for notice on January 23, 2001. The rule hearing was held on February 28, 2001. Three changes were made at the rule hearing. In addition, the Joint Administrative Procedures Committee had several concerns. All the changes have been set out in a Notice of Change which will be filed with the Secretary of State once permission to file for adoption has been granted. After the Notice of Change has been published for 20 days, the rule will be filed for adoption. The anticipated filing date is April 16, 2001. (Att. #7)

8. The State Board of Administration staff requests the Trustees approve the bundled provider selection process document. This item is the subject of a conference call on March 8, 2001, with the PEORPAC, and any revisions from this meeting will be forwarded prior to the March 13, 2001 Cabinet meeting.

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9. The State Board of Administration staff requests that the Trustees approve the proposed selection and evaluation criteria for the bundled providers. This item is the subject of a conference call scheduled for March 8, 2001, with the PEORPAC, and any revisions will be forwarded prior to the March 13, 2001 Cabinet meeting.

10. APPOINTMENT OF ADVISORY COUNCIL MEMBER TO THE FLORIDA HURRICANE CATASTROPHE FUND. (Backup to follow)

11. THE FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION. (Exhibit 1)