The Governor and Cabinet - Florida Department of State

AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
THE CAPITOL
TALLAHASSEE, FLORIDA
May 21, 2002

1. APPROVAL OF MINUTES OF MEETING HELD MAY 7, 2002. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $200,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2001 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 $200,000,000 State of Florida, Full Faith and Credit State Board of Education Public Education Capital Outlay Bonds, 2001 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 authorizing resolutions adopted by the Governor and Cabinet on July 21, 1992 and August 14, 2001. It is anticipated the Governor and Cabinet will adopt on May 21, 2002 a sale resolution authorizing the sale of the Bonds.

The State Board of Education has heretofore issued Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds, Series 1985 through 2001 Series G of which $7,481,215,000 in principal amount was outstanding and unpaid on April 30, 2002. The State Board of Education received approval as to fiscal sufficiency on April 9, 2002 for $208,300,000 Public Education Capital Outlay Bonds, 2000 Series [letter designation(s) to be determined], of which $100,000,000 remains unissued. The State Board of Education received approval as to fiscal sufficiency on August 14, 2001 for $250,000,000 Public Education Capital Outlay Bonds, 2001 Series [letter designation(s) to be determined], of which $50,000,000 remains unissued. The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds Series 1985 through 1992-A as to lien on and source and security for payment from the Gross Receipts Taxes. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Gross Receipts Taxes with the outstanding and unpaid Public Education Capital Outlay and Public

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Education Capital Outlay Refunding Bonds, 1992 Series B through 2001 Series G and if issued, the approved $100,000,000 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 DETERMINATION OF AN AMOUNT NOT EXCEEDING $13,535,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (GRANDE COURT AT BOGGY CREEK APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $13,535,000 Tax Exempt 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 Osceola County, Florida (Grande Court at Boggy Creek 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.

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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)

4. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $11,020,000 TAX EXEMPT AND $1,895,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (HAMPTON POINTE APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $11,020,000 Tax Exempt and $1,895,000 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 Charlotte County, Florida (Hampton Pointe Apartments).

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

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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)

5. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $2,800,000 TAX EXEMPT AND $380,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (LINDSEY GARDENS PHASE II APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $2,800,000 Tax Exempt and $380,000 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 Indian River County, Florida (Lindsey Gardens Phase II Apartments).

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6. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,070,000 SENIOR TAX EXEMPT, $2,760,000 SUBORDINATE TAX EXEMPT AND $2,970,000 SENIOR TAXABLE FLORIDA HOUSING FINANCE CORP-ORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (PALMS AT VERO BEACH APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $8,070,000 Senior Tax Exempt, $2,760,000 Subordinate Tax Exempt and $2,970,000 Senior 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 Indian River County, Florida (Palms at Vero Beach Apartments).

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7. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $9,690,000 TAX EXEMPT AND $3,090,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (PEACOCK RUN APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $9,690,000 Tax Exempt and $3,090,000 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 St. Lucie County, Florida (Peacock Run Apartments).

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8. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $6,040,000 SENIOR TAX EXEMPT, $2,200,000 SUBORDINATE TAX EXEMPT AND $2,745,000 SENIOR TAXABLE FLORIDA HOUSING FINANCE CORP-ORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (VALENCIA TRACE APARTMENTS):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $6,040,000 Senior Tax Exempt, $2,200,000 Subordinate Tax Exempt and $2,745,000 Senior 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 (Valencia Trace Apartments).

9. DC STATISTICAL REPORT. (Backup to be provided prior to meeting.)

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10. PEORP BUNDLED PROVIDER STATUS REPORT.

11. STATE BOARD OF ADMINISTRATION'S BUDGET FOR FISCAL YEAR 2002-2003:

The Executive Director recommends approval of a proposed Operating Budget for fiscal year 2002-2003 for the State Board of Administration, and other trust fund management activities including the Public Employee Optional Retirement Program, the Division of Bond Finance, the Florida Hurricane Catastrophe Fund, and the Florida Prepaid College Board. (Backup to be provided prior to meeting.)

12. RESOLUTION RELATING TO THE FRS RETIREMENT PLAN CHOICES. (Backup to be provided prior to meeting.)

A Resolution to the State employers in the State of Florida to encourage their employees to actively participate in the FRS Pension Plan/Investment Plan educational efforts in order to ensure that state employees make an informed decision when choosing between the current Pension Plan and the new Investment Plan.