|
|
Cabinet
Affairs |
|
|
  |
|
|||||||||||
|
AGENDA
MEETING
OF THE 1.
APPROVAL OF MINUTES OF MEETING HELD MARCH 26, 2002. 2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $208,300,000 STATE OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2000 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 issue an amount Not Exceeding $208,300,000
State of Florida, Full Faith and Credit State Board of Education Public
Education Capital Outlay Bonds, 2000 Series [letter designation(s) to
be determined] (the Bonds) for the purpose of financing capital outlay
projects for the State System of Public Education in Florida; 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. The Bonds are
being issued pursuant to an authorizing resolution adopted by the Governor
and Cabinet on July 21, 1992 and September 12, 2000. It is anticipated
the Governor and Cabinet will adopt on April 9, 2002 a sale resolution
authorizing the sale of the Bonds. Taxes with the outstanding and unpaid Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds, 1992 Series B through 2001 Series G and if issued, the approved $20,000,000 Public Education Capital Outlay Bonds, 2000 Series [letter designation(s) to be determined] and the approved $50,000,000 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. #2) 3. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $26,070,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION CAPITAL OUTLAY BONDS, 2002 SERIES A: The Division of Bond Finance of the State Board of Administration (the Division), on behalf of the State Board of Education of Florida, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $26,070,000 State of Florida, Full Faith and Credit, State Board of Education Capital Outlay Bonds, 2002 Series A (the Bonds) for the purpose of financing the cost of capital outlay projects for school purposes for various school and community college districts. The State Board of Education is authorized to issue bonds pledging the full faith and credit of the State payable primarily from funds provided in Subsection (d) of Section 9 of Article XII of the Constitution of Florida, as amended (the School Capital Outlay Amendment), for the purpose of providing funds to finance capital outlay projects for school purposes in the manner provided therein, upon the application of the School Boards of the School Districts of the State, and the Boards of Trustees of the Community College Districts of the State. The Bonds are being issued pursuant to the Thirteenth Supplemental Authorizing Resolution adopted by the Governor and Cabinet on February 27, 2002. It is anticipated the Governor and Cabinet will adopt on April 9, 2002 a sale resolution authorizing the sale of the Bonds. The State Board of Education of Florida has heretofore issued Capital Outlay Bonds, 1992 Series B through 2001 Series A of which $916,900,000 in principal amount was outstanding and unpaid on March 31, 2002. The Outstanding Capital Outlay Bonds, SBA
AGENDA Series
1992B through 2000A heretofore issued, and the Bonds proposed to be issued,
shall rank equally and be on a parity in all respects as to lien on and
source and A study of this proposal and the estimates of revenue expected to accrue from the Motor Vehicle License Taxes, indicate that the proposed Bonds and all other outstanding bonds having a lien on the Motor Vehicle License Taxes 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) 4. APPROVAL OF PROPOSED DOMESTIC EQUITIES ASSET CLASS BENCHMARK REPORT: This proposal contemplates the Russell 3000 be used as the Benchmark for Domestic Equities effective July 1, 2002, as approved by the Investment Advisory Council on March 22, 2002. (Att. #4) 5. INVESTMENT MANAGER MONITORING AND RISK MANAGEMENT UPDATE: Progress report on manager monitoring guidelines, policies, risk budgeting and single security watch lists. 6. PEORP INVESTMENT PLAN POLICY REVISIONS: This proposal contemplates amending the Investment Policy Statement Adopted by the Trustees on February 27, 2001.This proposal was approved by the Investment Advisory Council on March 22, 2002. (Att. #6) 7. DC IMPLEMENTATION STATUS REPORT #17. Florida Retirement System choice statistics as of April 1, 2002. (Backup to follow) 8.
RECOMMENDATION FOR THE BOARD TO CONTRACT WITH GRADY & ASSOCIATES/JOHNSON,
BLAKELY, POPE, BOKOR, RUPPEL & BURNS FOR ALLIANCE CAPITAL MANAGEMENT
POTENTIAL LEGAL ACTION. 9. THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF FILING OF RULES FOR NOTICE FOR THE FOLLOWING: A. The staff of the State Board of Administration requests that the Trustees approve filing the Investment Policy Statement, which was approved at the Trustees meeting on January 29, 2002, in Rule 19-9.001 for notice. A rule development workshop was offered on March 12, 2002, but was not held because it was not requested. The changes in the document revise the structure of the balanced funds. Other changes remove obsolete language and reflect the on-going implementation of the Public Employee Optional Retirement Program. If the Trustees give permission to file for notice, the rule hearing will be held on May 21, 2002. If the Trustees give permission to file for adoption at their meeting on June 12, 2002, the rule will be filed shortly thereafter. (Att. #9A) B. The staff of the State Board of Administration requests that the Trustees approve filing amendments to Rule 19-10.001 for notice. The rule implements the initial asset transfers between the defined benefit plan and the optional defined contribution program of the Florida Retirement System which transfer will occur between July 1, 2002 and March 31, 2003. The rule incorporates the requirements of the enrollment form and makes other amendments reflecting operational changes that have occurred as the program has evolved. A rule development workshop was offered on March 12, 2002, but was not held because it was not requested. If the Trustees give permission to file for notice, the rule hearing will be scheduled for May 21, 2002, and rule adoption will be scheduled for mid-June, if the Trustees give permission to file for adoption at their meeting on June 12, 2002. (Att. #9B) 10. REPORT BY THE EXECUTIVE DIRECTOR: APPROVAL OF THE 2000-2001 CORPORATE GOVERNANCE ANNUAL REPORT. (Backup to follow.)
11. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS THE APPROVAL OF THE FOLLOWING: A. The Florida Hurricane Catastrophe Fund requests that the Trustees approve both the filing of a Notice of Change and the filing for adoption, as amended, with respect to Rules 19-8.010 (Reimbursement Contract 19-8.012, F.A.C. (Ineligibility/Exemption from the FHCF) and Rule 19-8.029, F.A.C. (Insurer Reporting Requirements) along with the forms incorporated therein. These rules were the subject of a rule development workshop on January 8, 2002, a Rule Hearing on March 5, 2002 and on March 19, 2002, the Advisory Council approved the Notice of Change and approved for filing of the rules, as amended, for adoption. A copy of the Notice of Change, the Rules and the Forms, as amended, are provided herewith. (Att. #11A) B. The Florida Hurricane Catastrophe Fund requests that the Trustees approve the 2002 Ratemaking Formula Report, the 2002 Rates, and the filing of Rule 19-8.028, F.A.C. (2002 Premium Formula) for Notice of Proposed Rulemaking. Rule 19-8.028, F.A.C. (Reimbursement Premium Formula) was the subject of a rule development workshop on January 8, 2002, and, on March 28, 2002, the Advisory Council approved the 2002 Ratemaking Formula Report, the 2002 Rates, and the filing of Rule 19-8.028, F.A.C. (2002 Premium Formula) for Notice of Proposed Rulemaking. A copy of the 2002 Ratemaking Formula Report, the Proposed 2002 Rates and Rule 19-8.028, F.A.C., will be provided prior to the meeting. (Att. #11B) 12. EXECUTIVE DIRECTOR SUCCESSION. |
|||||||||||||
