Transcript

AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
THE CAPITOL
TALLAHASSEE, FLORIDA
February 12, 2002

1. APPROVAL OF MINUTES OF MEETING HELD January 29, 2002. (Att. #1)

2.
A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 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 $300,000,000 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 restated. It is anticipated that the Governor and Cabinet will adopt the Sale Resolution for the Bonds on February 12, 2002.

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 2001B of which $1,430,305,000 in principal amount was outstanding and unpaid on January 31, 2002. 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 2001B 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. #2)
STATE BOARD OF ADMINISTRATION
AGENDA
FEBRUARY 12, 2002
PAGE TWO

3. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $100,000,000 FLORIDA HOUSING FINANCE CORPORATION AFFORDABLE HOUSING GUARANTEE REVENUE BONDS (TAXABLE), 2002 SERIES A:

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $100,000,000 Florida Housing Finance Corporation Affordable Housing Guarantee Revenue Bonds (Taxable), 2002 Series A (the "Bonds") for the purpose of providing funds to further capitalize its affordable housing guarantee fund. The Bonds shall be issued on parity with the outstanding and unpaid Florida Housing Financing Agency and Florida Housing Finance Corporation Affordable Housing Guarantee Revenue Bonds (Taxable), 1993 Series A through 2000 Series A.

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. Except as provided in the Trust Indenture with respect to Documentary Stamp Tax Revenues, 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
FEBRUARY 12, 2002
PAGE THREE

4. AUTHORIZATION TO PURSUE LEGISLATION TO EXPAND FLORIDA HURRICANE CATASTROPHE FUND COVERAGE FOR ADDITIONAL LIVING EXPENSES:

The Florida State Board of Administration request the approval of the Trustees to pursue legislation which would expand the coverage of the Florida Hurricane Catastrophe Fund to cover additional living expenses for losses associated with mobile home and personal residential exposures.

This proposal was discussed at an emergency meeting of the Florida Hurricane Catastrophe Fund Advisory Council held on February 4, 2002. The Advisory Council voted to approve the measure and pass it on to the Trustees for their consideration.