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AGENDA
MEETING
OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
CITY HALL
SECOND FLOOR
COMMISSION CHAMBERS
300 S. ADAMS STREET
TALLAHASSEE, FLORIDA
December 18, 2001
1.
APPROVAL OF MINUTES OF MEETING HELD NOVEMBER 27, 2001. (Att. #1)
2.
APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $91,000,000
STATE OF FLORIDA, TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY AUTHORITY
REVENUE BONDS, SERIES 2002:
The
Division of Bond Finance of the State Board of Administration (the
Division), on behalf of the Tampa-Hillsborough County Expressway
Authority, has submitted for approval as to fiscal sufficiency a
proposal to issue an amount Not Exceeding $91,000,000 State of Florida,
Tampa-Hillsborough County Expressway Authority Revenue Bonds, Series
2002 (the Bonds) for the purpose of financing all or a portion of
the costs of the Lee Roy Selmon Crosstown Expressway reversible
lanes/widening project. The Governing Board of the Division adopted
the Authorizing Resolution for the proposed bonds on March 11, 1997.
It is anticipated the Governing Board of the Division will adopt
a resolution authorizing the sale of the Bonds on December 18, 2001.
The
proposed Bonds will be secured, along with certain other previously
issued parity bonds, by a first lien upon Net Revenues of the Expressway
System, which consists of all tolls, revenues, rates, fees, charges,
receipts, rents or other income derived from, or in connection with,
the operation or leasing of the Expressway System as defined in
the Authorizing Resolution. The Division has heretofore issued State
of Florida, Tampa-Hillsborough County Expressway Authority Revenue
Bonds, Series 1997 of which $130,040,000 in principal amount was
outstanding and unpaid on November 30, 2001. The proposed Bonds
will be issued on parity as to lien on and source and security for
payment from the Pledged Revenues with the outstanding and unpaid
Series 1997 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.
STATE BOARD OF ADMINISTRATION
AGENDA
December 18, 2001
Page two
RECOMMENDATION:
It is recommended that the Board approve the fiscal sufficiency
of the proposal outlined above. (Att. #2)
3.
APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $14,665,000
TAX EXEMPT AND $4,780,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (WESTLAKE
APARTMENTS):
The
Florida Housing Finance Corporation has submitted for approval as
to fiscal determination a proposal to issue amounts Not Exceeding
$14,665,000 Tax Exempt and $4,780,000 Taxable Florida Housing Finance
Corporation Housing Revenue Bonds, 2002 Series (series to be designated)
(the Bonds) for the purpose of financing the construction and equipping
of a multifamily residential rental development located in Palm
Beach County, Florida (Westlake Apartments).
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)
STATE
BOARD OF ADMINISTRATION
AGENDA
December 18, 2001
Page three
4.
APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $10,545,000
TAX EXEMPT AND $3,500,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (BRENTWOOD
CLUB ON MILLENIA BOULEVARD APARTMENTS):
The
Florida Housing Finance Corporation has submitted for approval as
to fiscal determination a proposal to issue amounts Not Exceeding
$10,545,000 Tax Exempt and $3,500,000 Taxable Florida Housing Finance
Corporation Housing Revenue Bonds, 2002 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 (Brentwood Club on Millenia Boulevard Apartments).
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)
STATE
BOARD OF ADMINISTRATION
AGENDA
December 18, 2001
Page four
5.
APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $12,550,000
TAX EXEMPT AND $4,180,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (MALLARD'S
LANDING APARTMENTS):
The
Florida Housing Finance Corporation has submitted for approval as
to fiscal determination a proposal to issue amounts Not Exceeding
$12,550,000 Tax Exempt and $4,180,000 Taxable Florida Housing Finance
Corporation Housing Revenue Bonds, 2002 Series (series to be designated)
(the Bonds) for the purpose of financing the construction and equipping
of a multifamily residential rental development located in Duval
County, Florida (Mallard's Landing Apartments).
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. #5)
6.
DC IMPLEMENTATION STATUS REPORT #13. (Att. #6)
STATE
BOARD OF ADMINISTRATION
AGENDA
December 18, 2001
Page five
7.
STATUS REPORT ON THE NEGOTIATIONS WITH VALIC AS A BUNDLED PROVIDER.
(Backup will be provided preceding meeting.)
8.
STATUS REPORT ON SAFECO'S "SHAREBUILDER" BROKERAGE WINDOW.
(Backup will be provided preceding meeting.)
9.
STATUS REPORT ON THE COLLAPSE OF ENRON AND THE IMPACT ON THE FRS.
(Backup will be provided preceding meeting.)
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