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AGENDA MEETING
OF THE 1. APPROVAL OF MINUTES FROM THE JUNE 25, 2002. (Att. #1) (ACTION
REQUIRED) (ACTION REQUIRED) The
Division of Bond Finance of the Florida 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 $295,000,000 State of Florida, Full Faith and Credit State
Board of Education Public Education Capital Outlay Refunding Bonds,
2002 Series [letter designation(s) to be determined] (the Refunding
Bonds) for the purpose of refunding a portion of the outstanding 1993
Series C Bonds and the Series 1987-A Refunding Bonds; provided, however,
that none of the said Refunding 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 Refunding
Bonds are being issued pursuant to an authorizing resolution adopted
by the Governor and Cabinet on July 21, 1992 and authorizing and sale
resolutions anticipated to be adopted by the Governor and Cabinet on
August 13, 2002. junior,
inferior, and subordinate to the outstanding and unpaid Public Education
Capital Outlay and Public Education Capital Outlay Refunding Bonds Series
1985 through 1989-A as to lien on and source and security for payment
from the Gross Receipts Taxes. The proposed Refunding Bonds shall be
issued on a parity as to 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 $250,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2002 SERIES [LETTER DESIGNATION(S) TO BE DETERMINED]. (ACTION REQUIRED) The Division of Bond Finance of the Florida 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 $250,000,000 State of Florida, Full Faith and Credit State Board of Education Public Education Capital Outlay Bonds, 2002 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 authorizing and sale resolutions anticipated to be adopted by the Governor and Cabinet on August 13, 2002. The State Board of Education has heretofore issued Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds, Series 1985 through FSBA
AGENDA
2001 Series G of which $7,677,700,000 in principal amount was outstanding
and unpaid on July 31, 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 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. #3) 4. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $200,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS, SERIES 2002A. (ACTION REQUIRED) The
Division of Bond Finance of the Florida State Board of Administration
(the Division) has submitted for approval as to fiscal sufficiency a
proposal to issue Not Exceeding $200,000,000 State of Florida, Full
Faith and Credit, Department of Transportation Right-of-Way Acquisition
and Bridge Construction Bonds, Series 2002A (the Bonds) for the purpose
of financing or refinancing the cost of acquiring real property or the
rights to real property for state roads as defined by law, or to finance
or refinance the cost of state bridge construction, and purposes incidental
to such property acquisition or State bridge construction. The Governing
Board of the Division approved the authorizing resolution for the proposed Bonds on February 28, 1989, as amended and supplemented by various resolutions. It is anticipated the Governing Board of the Division will adopt a resolution authorizing the sale of the Bonds on August 13, 2002.
The Bonds to be issued pursuant to Section 17 of Article VII of the
State Constitution and Chapter 88-247, Laws of Florida, are to be secured
by a pledge of and shall be payable primarily from motor fuel and special
fuel taxes, except those defined in Section 9(c) of Article XII of the
State Constitution, as provided by law (the Pledged A study of this proposal and the estimates of revenue expected to accrue from the Pledged Gas Taxes, indicate that the proposed Bonds 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. #4) 5. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $150,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA FOREVER REVENUE BONDS, SERIES 2002B. (ACTION REQUIRED) The
Division of Bond Finance of the Florida 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 2002B
(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 Nineteenth Subsequent Resolution authorizing the sale of the Bonds at the Cabinet meeting of August 13, 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 2002A (the Outstanding Bonds) of which a combined total of $2,499,890,000 in principal amount was outstanding and unpaid on July 31, 2002. The proposed Bonds shall be issued on parity with the Outstanding Bonds 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. 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. #5) 6. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $60,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION REFUNDING BONDS, [SERIES TO BE DESIGNATED]. (ACTION REQUIRED) The
Division of Bond Finance of the Florida State Board of Administration
(the Division) has submitted for approval as to fiscal sufficiency a
proposal to issue Not Exceeding $60,000,000 State of Florida, Full Faith
and Credit, Department of Transportation Right-of-Way Acquisition and
Bridge Construction Refunding Bonds, [series to be designated] (the
Bonds) for the purpose of refunding a portion of the Department of Transportation
Right-of-Way Acquisition and Bridge Construction Bonds, Series 1993.
The Governing Board of the Division approved the authorizing resolution
for the proposed Bonds on February 28, 1989, as amended and supplemented
by various resolutions. It is anticipated the Governing Board of the
Division will adopt a resolution authorizing the sale of the Bonds on
August 13, 2002. The Bonds to be issued pursuant to Section 17 of Article VII of the State Constitution and Chapter 88-247, Laws of Florida, are to be secured by a pledge of and shall be payable primarily from motor fuel and special fuel taxes, except those defined in Section 9(c) of Article XII of the State Constitution, as provided by law (the Pledged Gas Taxes), and shall additionally be secured by the full faith and credit of the State. The Division has heretofore issued State of Florida, Full Faith and Credit, Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds, Series 1991 through 2002 and Refunding Bonds, Series 1996 (the Outstanding Bonds), of which $982,225,000 in principal amount was outstanding and unpaid on July 31, 2002.
The Division has also submitted for approval as to fiscal sufficiency
a proposal to issue Not Exceeding $200,000,000 State of Florida, Full
Faith and Credit, Department of Transportation Right-of-Way Acquisition
and Bridge Construction Bonds, (series to be designated) (the Proposed
2002A Bonds) for approval at the Cabinet meeting on August 13, 2002.
The Bonds will be issued on a parity as to lien and security for A study of this proposal and the estimates of revenue expected to accrue from the Pledged Gas Taxes, indicate that the proposed Bonds 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. #6) 7. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $7,975,000 TAX EXEMPT AND $1,000,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (THE VILLAS AT LAKE SMART APARTMENTS). (ACTION REQUIRED) The
Florida Housing Finance Corporation has submitted for approval as to
fiscal determination a proposal to issue amounts Not Exceeding $7,975,000
Tax Exempt and $1,000,000 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 Polk County, Florida (The
Villas at Lake Smart 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.
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 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 finds and determines 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. 8. DEFINED CONTRIBUTION STATUS REPORT. (Backup to follow) (FOR INFORMATION ONLY) 9. THE STAFF OF THE FLORIDA STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF FILING THREE SETS OF RULES FOR NOTICE. (ACTION REQUIRED) A.
Rules 19-12.001,19-12.006, and 19-12.007. The first two rules are being
amended. Rule 19-12.007 is new. These rules implement requirements of
the federal Internal Revenue Service regarding implementation of the
Public Employee Optional Retirement Program. Rule 19-12.001 provides
definitions and is being amended to remove an unnecessary sentence.
Rule 19-12.006 provides requirements regarding distributions of benefits
and is being amended to change statutory citations amended during the
2002 legislative session. Rule 19-12.007 provides for acceptance of
rollovers as permitted by the Economic Growth and Tax Relief Reconciliation Act of 2001. A rule development workshop was scheduled for July 16, 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 September 17, 2002. (Att. # 9A) B. Rule 19-11.001 implements new section 121.78, Florida Statutes, enacted during the 2002 legislative session, regarding employer contributions. The rule addresses definitions, the penalty assessment, and the market loss calculation. A rule development workshop was scheduled for July 16, 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 September 17, 2002. (Att. # 9B) C. Rules 19-10.002 and 19-10.003 are being amended. Rule 19-10.002 is the asset transfer rule addressing the true up provision after the initial asset transfers and is being amended to address statutory changes and changes in the enrollment procedures. Rule 19-10.003 is the asset transfer rule addressing employees hired after the initial transfers and is being amended to include the enrollment form requirements in the body of the rule and to reflect statutory changes. A rule development workshop was scheduled for July 16, 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 September 17, 2002. (Att. # 9C) 10. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF FILING TWO SETS OF RULES FOR NOTICE OF PROPOSED RULEMAKING. (ACTION REQUIRED) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing a Notice of Proposed Rulemaking for Rules 19-8.010, F.A.C. (2002-2003 Reimbursement Contract) and 19-8.029, F.A.C. (2002-2003 Insurer Reporting Requirements). These rules, along with the forms incorporated therein, were the subject of emergency rules filed and effective on June 13, 2002. The emergency rules were filed in response to legislation that expanded coverage under the FHCF to include certain additional living expenses and certain collateral protection policies. A notice inviting the public to request a Rule Development Workshop was published in the Florida Administrative Weekly on June 28, 2002. No requests were received. The Advisory Council has approved the filing of the Notice of Proposed Rulemaking with respect to these Rules. (Att. #10) 11. EXECUTIVE DIRECTOR SUCESSION. |
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