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AGENDA
MEETING
OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
THE COUNTY COMMISSION CHAMBERS
ONE COURTHOUSE SQUARE
KISSIMMEE, FLORIDA
February 27, 2002
1.
APPROVAL OF MINUTES OF MEETING HELD February 12, 2002. (Att. #1)
2.
APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $150,000,000 STATE
OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA FOREVER
REVENUE BONDS, SERIES 2002A:
The
Division of Bond Finance of the State Board of Administration (the
Division), on behalf of the Department of Environmental Protection
of Florida, has submitted for approval as to fiscal sufficiency
a proposal to issue not exceeding $150,000,000 State of Florida,
Department of Environmental Protection Florida Forever Revenue Bonds,
Series 2002A (the Bonds). The proceeds of the Bonds are to be used
for the acquisition and improvement of land, water areas, and related
property interests and resources to accomplish environmental restoration
and enhance public access and recreational enjoyment in the State
of Florida. The Governor and Cabinet adopted the Florida Forever
Authorizing Resolution (the Thirteenth Subsequent Resolution), which
authorizes the issuance of the Florida Forever Bonds, at the Cabinet
meeting of January 23, 2001. It is anticipated the Governor and
Cabinet will adopt the Eighteenth Subsequent Resolution authorizing
the sale of the Bonds at the Cabinet meeting of February 27, 2002.
The
Department of Environmental Protection has heretofore issued Preservation
2000 Revenue and Revenue Refunding Bonds, Series 1991A through 2001A
and Florida Forever Revenue Bonds, Series 2001A and 2001B of which
a combined total of $2,509,075,000 in principal amount was outstanding
and unpaid on January 31, 2002. The proposed Bonds shall be issued
on parity with the outstanding and unpaid Preservation 2000 Revenue
and Revenue Refunding Bonds, Series 1991A through 2001A and the
Florida Forever Revenue Bonds, Series 2001A and 2001B as to source
and security for payment.
The
Bonds shall not be secured by a pledge of the full faith and credit
or the taxing power of the State of Florida or any political subdivision
thereof.
STATE
BOARD OF ADMINISTRATION
AGENDA
FEBRUARY 27, 2002
PAGE TWO
The
estimate of funds pledged to the Bonds indicates that sufficient
monies can be pledged to exceed the debt service requirements of
the proposed issue and that in no State fiscal year will the monies
pledged for the debt service requirement of the proposed issue be
less than the required coverage amount.
RECOMMENDATION:
It is recommended that the Board approve the fiscal sufficiency
of the proposal outlined above. (Att. #2)
3.
2001 FRS ACTUARIAL REPORT:
Pursuant
to Section 121.0312, Florida Statutes, the Trustees are charged
with reviewing the annual actuarial report of the Florida Retirement
System and forwarding any suggestions/comments on to the Legislature
for their review and consideration. In furtherance of this charge,
the attached memo reflects the thinking of the State Board of Administration
staff, and is recommended to you for your favorable consideration.
(Att. #3)
4.
DC IMPLEMENTATION STATUS REPORT #15. (Att. #4)
5.
REPORT BY THE EXECUTIVE DIRECTOR:
Submitted
for information and review is the Fund Activity Analysis for the
month
of December 2001. (Att. #5)
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