|
|
Cabinet
Affairs |
|
|
  |
|
|||||||||||
|
AGENDA MEETING
OF THE 1. APPROVAL OF MINUTES OF MEETING HELD MAY 21, 2002. (Att. #1) 2. APPROVAL OF THE FISCAL DETERMINATION REQUIRED BY ARTICLE VII, SECTION 16(C), FLORIDA CONSTITUTION, FOR AN INCREASE OF AN AMOUNT NOT EXCEEDING $25,000,000 IN THE FLORIDA HOUSING FINANCE CORPORATION'S FEDERAL HOME LOAN BANK LIQUIDITY ADVANCE LINE: The Florida Housing Finance Corporation (the Corporation) has submitted for approval as to fiscal determination a proposal to increase the amount of its Federal Home Loan Bank Liquidity Advance Line (the LAL) by $25,000,000 from its current level of $100,000,000 to $125,000,000. By utilizing this borrowing to redeem bonds from the Corporation's prior single family issues which otherwise would have been redeemed with the principal payments, prepayments, excess revenues, unexpended proceeds, mortgage sale proceeds, or other sources of funds, the Corporation has the opportunity to issue refunding bonds to provide new below market mortgage loans. The proceeds of such refunding bonds are the source of repayment of the LAL, provided that if no such refunding bonds are issued, funds on deposit in a Deposit Agreement securing the LAL will be used as repayment. Utilizing the LAL essentially allows the Corporation to preserve its private activity volume cap and fund more mortgage loans than it could fund without it. The LAL 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 or interest on the LAL. The LAL shall be payable as to principal 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 monies expected to accrue indicate that the LAL
is fiscally sufficient, and the Executive Director recommends that the
Board approve the fiscal determination thereof. It is further recommended
that, pursuant to the requirements of Subsection 16(c) of Article VII
of the revised Constitution of 1968, the Board finds and determines
that in no State fiscal year will the debt service requirements of the
LAL exceed the pledged revenues available for payment of such debt service requirements. The State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not assume any responsibility for, and makes no warranty (express or implied) with respect to, any other aspect of these issues except for fiscal determination. (Att. #2) 3.
DC STATISTICAL REPORT. FOR INFORMATIONAL PURPOSES ONLY. 4. APPROVAL OF THE STATE BOARD OF ADMINISTRATION'S BUDGET FOR FISCAL YEAR 2002-2003. (Backup to be provided prior to meeting.) 5. REPORT OF THE EXECUTIVE DIRECTOR. Submitted for information and review is the Fund Activity Analysis for the month of March 2002. (Att. #5) 6. THE STATE BOARD OF ADMINISTRATION REQUESTS THE APPROVAL OF THE FOLLOWING RULES FOR ADOPTION: 6.1 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 adoption. The proposed rulemaking was the subject of a rule development workshop scheduled for March 12, 2002. The workshop was not held because it was not requested. The Trustees gave permission to file the rule for notice on April 9, 2002. The rule hearing was scheduled for May 21, 2002, but was not held because it was not requested. The Joint Administrative Procedures Committee had no comments or suggestions. No changes are proposed. If the Trustees give permission to file for adoption, the rule will be filed no later than July 2, 2002. (Att. #6.1) 6.2 The staff of the State Board of Administration requests that the Trustees approve filing proposed amended Rule 19-10.001 for adoption. This rule implements the initial asset transfers which will occur between 7/02 and 3/03 for the defined contribution program. The proposed rulemaking was the subject of a rule development workshop scheduled for March 12, 2002. The workshop was not held because it was not requested. The Trustees gave permission to file the rule for notice on April 9, 2002. The rule hearing was scheduled for May 21, 2002, but was not held because it was not requested. The Joint Administrative Procedures Committee had no comments or suggestions. The Department of Banking and Finance proposed a few minor changes, which will be published in a Notice of Change. If the Trustees SBA
AGENDA
7. THE STATE BOARD OF ADMINISTRATION REQUESTS REAPPOINTMENT OF STATISTICS EXPERT TO CHAIR THE FLORIDA COMMISSION ON HURRICANE LOSS PROJECTION METHODOLOGY: The State Board of Administration requests that the Trustees reappoint Sneh Gulati, statistics expert, Professor at Florida International University, as the chair of the Florida Commission on Hurricane Loss Projection Methodology for the 2002-2003 year. (Att. #7) 8. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING RULES: 8.1 The Florida Hurricane Catastrophe Fund requests that the Trustees approve the filing of Rule 19-8.028, F.A.C. (2002 Premium Formula) for adoption. Rule 19-8.028, F.A.C., the incorporated Ratemaking Formula Report and the incorporated 2002 Premium Formula were the subject of a rule development workshop on January 8, 2002, a Rule Hearing on May 13, 2002 and on May 14, 2002, the Advisory Council approved the filing of this rule, along with the incorporated forms, for adoption. A
copy of the proposed amended rule (without the incorporated forms previously
approved by the Trustees on April 9, 2002) is attached hereto. (Att.
#8.1) A copy of the proposed amended emergency rules, along with amended incorporated forms are provided herewith. (Att. #8.2) 9. PEORP BUNDLED PROVIDER REPORT. FOR INFORMATIONAL PURPOSES ONLY.
|
|||||||||||||
