The Governor and Cabinet - Florida Department of State

AGENDA

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

September 10, 2002

1. APPROVAL OF MINUTES FROM THE MEETING OF AUGUST 27, 2002.
(Att. #1)

(ACTION REQUIRED)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $26,905,000 STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, FLORIDA INTERNATIONAL UNIVERSITY PARKING FACILITY REVENUE BONDS, SERIES 2002:

(ACTION REQUIRED)

The Division of Bond Finance of the State Board of Administration (the Division), on behalf of the Florida Board of Education, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $26,905,000 State of Florida, Florida Board of Education, Florida International University Parking Facility Revenue Bonds, Series 2002 (the Bonds), on behalf of and in the name of the Florida Board of Education for the purpose of providing a portion of the funds for the construction and equipping of two parking facilities on the main campus of Florida International University, purchasing a municipal bond insurance policy, funding a reserve account and paying certain costs associated with the issuance and sale of the Bonds.

The Governor and Cabinet adopted the Second Supplemental Resolution on June 12, 2002 authorizing the issuance of the Bonds. It is anticipated the Governor and Cabinet will adopt a sale resolution for the Bonds at the Cabinet meeting of September 10, 2002.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds and all other outstanding bonds having a lien on the Pledged Revenues 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)

FSBA AGENDA
September 10, 2002
Page two

3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $15,900,000 TAX EXEMPT AND $2,650,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (HERON COVE APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $15,900,000 Tax Exempt and $2,650,000 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 Collier County, Florida (Heron Cove 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 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 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)

FSBA AGENDA
September 10, 2002
Page three

4. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $14,000,000 TAX EXEMPT AND $2,700,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (TUSCANY LAKES APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $14,000,000 Tax Exempt and $2,700,000 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 Manatee County, Florida (Tuscany Lakes Apartments).

FSBA AGENDA
September 10, 2002
Page four

5. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $12,165,000 TAX EXEMPT AND $4,055,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (CHAPEL TRACE APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $12,165,000 Tax Exempt and $4,055,000 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 Orange County, Florida (Chapel Trace Apartments).

FSBA AGENDA
September 10, 2002
Page five

6. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,975,000 TAX EXEMPT AND $645,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (BRIDGEWATER CLUB APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $8,975,000 Tax Exempt and $645,000 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 Hernando County, Florida (Bridgewater Club Apartments).

FSBA AGENDA
September 10, 2002
Page six

7. AMENDMENT TO THE FY 2002-2003 FLORIDA COLLEGE SAVINGS PROGRAM BUDGET.

(ACTION REQUIRED)

The Executive Director requests authority to amend the FY 2002-2003 Florida College Savings Program Budget as approved by the Florida Prepaid College Board at its meeting on June 25, 2002. (Att. #7)

8. APPROVAL OF REVISED COMPREHENSIVE INVESTMENT PLAN - FLORIDA COLLEGE SAVINGS PLAN. (Att. #8)

(ACTION REQUIRED)

9. DC STATISTICAL REPORT.
(Backup to follow)

(FOR INFORMATION ONLY)

10. INVESTMENT PROTECTION PRINCIPLES UPDATE AND RECOMMENDATION.
(Backup to follow)

(ACTION REQUIRED)

The Executive Director requests approval of the recommendation by FSBA staff to adopt the Investment Protection Principles. The Investment Protection Principles require broker-dealers and money managers to eliminate conflicts of interest through the prohibition of certain activities and through enhanced disclosures. These Principles represent a major initiative to protect state taxpayers and public pension funds, and are an important attempt to encourage persuasive and meaningful corporate changes and reforms in order to make corporations more accountable for their actions relating to accounting and disclosures.