Transcript

AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
THE CAPITOL
TALLAHASSEE, FLORIDA
January 29, 2002

1. APPROVAL OF MINUTES OF MEETING HELD DECEMBER 18, 2001. (Att. #1)

2. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION OF FLORIDA RESCINDING THE APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $12,780,000 TAX EXEMPT AND $2,667,238 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2001 SERIES (SERIES TO BE DESIGNATED) (WESTMINSTER APARTMENTS) AND APPROVING THE FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $12,780,000 TAX EXEMPT AND $3,065,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (WESTMINSTER APARTMENTS):

The Florida Housing Finance Corporation (the Corporation) has requested the State Board of Administration to rescind its approval of fiscal determination of amounts Not Exceeding $12,780,000 Tax Exempt and $2,667,238 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 2001 Series (series to be designated) (Westminster Apartments), and has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $12,780,000 Tax Exempt and $3,065,000 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 Pinellas County, Florida (Westminster 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
STATE BOARD OF ADMINISTRATION
AGENDA
JANUARY 29, 2002
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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. #2)

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

The staff of the State Board of Administration requests that the Trustees approve filing Rules 19-7.001 through 19-7.017 for adoption. These rules implement Part IV of Chapter 218, Florida Statutes, regarding investments in local government pools. Proposed amended rule 19-7.001 sets out the purpose of the rules. Proposed amended rule 19-7.010 describes Rules 19-7.010 through 19-7.016 as relating to the Local Government Pooled Investment Account. Proposed amended rule 19-7.011 provides the rate of return calculation for the Pooled Investment Account. Proposed amended rule 19-7.012 provides a method for investing surplus funds. Proposed amended rule 19-7.013 provides reporting procedures for the pool. Proposed amended rule 19-7.014 provides the maximum number of accounts. Proposed amended rule 19-7.015 provides for allocation of earnings for accounts participating in the Pooled Investment Account. Proposed amended rule 19-7.016 provides procedures for investments based on when the Board's records are balanced. Proposed amended rule 19-7.017 provides procedures for establishing a reserve fund.

A rule development workshop was scheduled for October 31, 2001, but was not held because it was not requested. A rule hearing was scheduled for January 3, 2002, but was not held because it was not requested. The Joint Administrative Procedures Committee made suggestions, which are incorporated in a Notice of Change. If the Trustees give permission to file for adoption, the Notice of Change will be filed and the rules will be filed for adoption on or about March 6, 2002. (Att. #3)

STATE BOARD OF ADMINISTRATION
AGENDA
JANUARY 29, 2002
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4. DC IMPLEMENTATION STATUS REPORT #14. (Att. #4)

5. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the Fund Activity Analysis for the months of October and November 2001. (Att. #5)

6. THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF THE FOLLOWING COMPREHENSIVE INVESTMENT PLANS:

Pursuant to Section 240.551(6)(c) and 240.552(5)(g), Florida Statutes, approval of the proposed Comprehensive Investment Plan for both the Florida Prepaid College Program and the Florida College Savings Plan is requested. (Att. #6)

7. THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF THE FOLLOWING PROPOSED TRUST AGREEMENT:

Pursuant to Section 215.44(1), Florida Statutes, approval of the proposed trust agreement between the Florida State Board of Administration and the Old Plantation Water Control District for investment management services is requested. (Att. #7)

8. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS THE APPROVAL OF THE FOLLOWING RULES:

The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing a Notice of Proposed Rulemaking for Rules 19-8.010, F.A.C. (2002 Reimbursement Contract), 19-8.012, F.A.C. (Procedures to Determine Ineligibility for Participation and Exemption from Participation in the Florida Hurricane Catastrophe Fund) and 19-8.029, F.A.C. (2002 Insurer Reporting Requirements).

These rules were the subject of a rule development workshop on January 8, 2002, and, on January 9, 2002, the Advisory Council approved the filing of the Notice of Proposed Rulemaking with respect to these Rules. (Att. #8)