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AGENDA
MEETING
OF THE
STATE
BOARD OF ADMINISTRATION
(Contact
Person:Dorothy Westwood 4884406)
212
KNOTT BUILDING
August
28, 2001
1. APPROVAL OF MINUTES OF MEETING HELD AUGUST 14, 2001. (Att.
#1)
2.
APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $9,000,000
STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, FLORIDA ATLANTIC UNIVERSITY
PARKING FACILITY REVENUE BONDS, SERIES 2001:
The
Division of Bond Finance of the State Board of Administration (the
Division), on behalf of the Florida Board of Education, has submitted
for approval as to fiscal sufficiency a proposal to issue an amount
Not Exceeding $9,000,000 State of Florida, Florida Board of Education,
Florida Atlantic University Parking Facility Revenue Bonds, Series
2001 (the Bonds), on behalf of and in the name of the Florida Board
of Education for the purpose of providing a portion of the funds
for the construction and equipping of a parking facility on the
Boca Raton campus of the Florida Atlantic University, purchasing
a municipal bond insurance policy, funding a reserve account and
paying certain costs associated with the issuance and sale of the
2001 Bonds.
The
Bonds are being issued pursuant to the First Supplemental Authorizing
Resolution, which was adopted on June 26, 2001, and which is anticipated
to be amended and restated by the Governor and Cabinet on August
28, 2001. It is anticipated the Governor and Cabinet will adopt
a sale resolution for the Bonds at the Cabinet meeting of August
28, 2001.
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)
3.APPROVAL
OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $220,000,000 STATE
OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC
EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2001 SERIES [LETTER DESIGNATION(S)
TO BE DETERMINED]:
The
Division of Bond Finance of the State Board of Administration (the
Division), on behalf of the State Board of Education, has submitted
for approval as to fiscal sufficiency a proposal to
STATE
BOARD OF ADMINISTRATION
AGENDA
August 28, 2001
Page two
issue
an amount Not Exceeding $220,000,000 State of Florida, Full Faith
and Credit State Board of Education Public Education Capital Outlay
Refunding Bonds, 2001 Series [Letter Designation(s) to be determined]
(the Bonds) for the purpose of refunding a portion of the outstanding
State of Florida, Full Faith and Credit State Board of Education
Public Education Capital Outlay Refunding Bonds, Series 1989-A;
provided, however, that none of the said Bonds shall be issued in
excess of the amount which can be issued in full compliance with
the State Bond Act and other applicable provisions of law, and pursuant
to Section 9(a)(2), Article XII of the Constitution of Florida,
as amended. It is anticipated the Governor and Cabinet will adopt on August 28, 2001
the Twenty-third Supplemental Authorizing Resolution authorizing
the issuance of the Bonds. It
is anticipated the Governor and Cabinet will adopt on August 28,
2001 a sale resolution for the Bonds.
The
State Board of Education has heretofore issued Public Education
Capital Outlay and Capital Outlay Refunding Bonds, Series 1985 through
2001 Series B of which $7,283,740,000 in principal amount
was outstanding and unpaid on July 31, 2001. The State Board of
Education received approval as to fiscal sufficiency on July 25,
2000 for $220,000,000 Public Education Capital Outlay Bonds, 2000
Series [letter designation(s) to be determined], of which $20,000,000
remains unissued. The State Board of Education has received approval
as to fiscal sufficiency on August 14, 2001 for $300,000,000 Public
Education Capital Outlay Refunding Bonds, 2001 Series [letter designation(s)
to be determined] and $250,000,000 Public Education Capital Outlay
Bonds, 2001 Series [letter designation(s) to be determined.] The
proposed Bonds shall
be junior, inferior, and subordinate to the outstanding and unpaid
Public Education Capital Outlay and Capital Outlay Refunding Bonds
Series 1985 through 1992-A as to lien on and source and security
for payment from the Gross Receipts Taxes. The proposed
Bonds shall be issued on a parity as to lien on and source and security
for payment from the Gross Receipts Taxes with the outstanding and
unpaid Public Education Capital Outlay and Capital Outlay Refunding
Bonds, 1992 Series B through 2001 Series B and if issued, the approved
$20,000,000 Public Education Capital Outlay Bonds, 2000 Series [letter
designation(s) to be determined], $300,000,000 Public Education
Capital Outlay Refunding Bonds, 2001 Series [letter designation(s)
to be determined] and the $250,000,000 Public Education Capital
Outlay Bonds, 2001 Series [letter designation(s) to be determined.]
A study of this proposal and the estimates of revenue expected to
accrue from the Gross Receipts Tax, indicate that the proposed Bonds
and all other outstanding bonds having a lien on the Gross Receipts
Tax 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)
STATE BOARD OF ADMINISTRATION
AGENDA
August 28, 2001
Page three
4. THE STATE BOARD OF ADMINISTRATION REQUESTS THAT THE TRUSTEES APPROVE FILING OF THE
FOLLOWING RULES FOR NOTICE:
The
staff of the State Board of Administration requests that the Trustees
approve filing Rules 19-12.001 through 19-12006 for notice. These
rules implement requirements of the federal Internal Revenue Service
regarding implementation of the Public Employee Optional Retirement
Program. Rule 19-12.001 provides definitions. Rule 19-12.002 briefly
describes the purpose of the rules. Rule 19-12.003 provides IRS
requirements regarding limitations on contributions. Rule 19-12.004
provides IRS requirements regarding any annual additions in excess
of federal limitations. Rule 19-12.005 sets out the exclusive benefit
rule within the Internal Revenue Code and provides requirements
for forfeitures. Rule 19-12.006 provides requirements regarding
distributions of benefits.A rule development workshop was scheduled
on August 20, 2001. If the Trustees give permission to file for
notice, the rule hearing will be scheduled for October 1, 2001.
(Att. #4)
5.
REPORT BY THE EXECUTIVE DIRECTOR:
Submitted
for information and review is the fund activity analysis for the
month of June 2001.(Att.
#5)
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