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AGENDA MEETING
OF THE 1.
APPROVAL OF MINUTES FROM THE MEETING ON SEPTEMBER 10, 2002. (ACTION REQUIRED) 2.
APPROVAL OF MINUTES FROM THE MEETING ON SEPTEMBER 24, 2002. (ACTION REQUIRED) 3. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $80,000,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS, SERIES 2002 [LETTER DESIGNATION(S) TO BE DETERMINED]: (ACTION REQUIRED) The Division of Bond Finance of the State Board of Administration (the Division) has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $80,000,000 State of Florida, Department of Management Services, Florida Facilities Pool Revenue Refunding Bonds, Series 2002 [letter designation(s) to be determined] (the Bonds), on behalf of the Department of Management Services. The Bonds are being issued for the purpose of refunding all or a portion of the outstanding Series 1993A, 1993B, 1993C and 1995A Bonds. The Bonds will be issued and sold pursuant to the Original Authorizing Resolution adopted by the Governor and Cabinet on May 20, 1986, as amended and supplemented, and the Twenty-fourth Supplemental Resolution anticipated to be adopted by the Governor and Cabinet on October 8, 2002. The Department of Management Services has heretofore issued Florida Facilities Pool Revenue and Revenue Refunding Bonds, Series 1992 through 2000A (the Outstanding Bonds) of which a total of $378,905,000 in principal amount was outstanding and unpaid on September 30, 2002. The proposed Bonds shall be issued on a parity with the Outstanding Bonds as to source and security for payment. A
study of this proposal and the estimates of revenue and other available
moneys expected to accrue 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. #3) 4. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $195,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA FOREVER REVENUE REFUNDING BONDS, SERIES (TO BE DESIGNATED): (ACTION REQUIRED) The Division of Bond Finance of the 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 $195,000,000 State of Florida, Department of Environmental Protection Florida Forever Revenue Refunding Bonds, Series (to be designated) (the Bonds) for the purpose of refunding a portion of the outstanding Preservation 2000 Revenue Bonds, Series 1994A. The Governor and Cabinet adopted the Florida Forever Authorizing Resolution (the Thirteenth Subsequent Resolution), which authorizes the issuance of the Florida Forever Bonds for among other things, the refunding of Preservation 2000 Bonds, at the Cabinet meeting of January 23, 2001. It is anticipated the Governor and Cabinet will adopt the Twentieth Subsequent Resolution authorizing the sale of the Bonds at the Cabinet meeting of October 8, 2002. The
Department of Environmental Protection has heretofore issued Preservation
2000 Revenue and Revenue Refunding Bonds, Series 1993A through 2001A
and Florida Forever Revenue Bonds, Series 2001A through 2002A (the Outstanding
Bonds) of which a combined total of $2,499,890,000 in principal amount
was outstanding and unpaid on September 30, 2002. The Department of
Environmental Protection received approval as to fiscal sufficiency
on August 13, 2002 for $150,000,000 Florida Forever Revenue Bonds, Series
2002B (the 2002B Bonds). The 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
RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #4) 5. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, VARIOUS SERIES: (ACTION REQUIRED) The Division of Bond Finance of the State Board of Administration of Florida (the Division) has submitted for approval a proposal to issue an amount Not Exceeding $300,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Various Series (the Bonds), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities. The Bonds will be issued pursuant to the amended and restated authorizing resolution adopted by the Governor and Cabinet on February 6, 2001 and the sale resolution, which is anticipated to be adopted by the Governor and Cabinet on October 8, 2002. The proposed Bonds shall be secured by a first lien upon the Pledged Revenues which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 235.187 or 235.2195, Florida Statutes. The Division has heretofore issued Lottery Revenue Bonds, Series 1998A through 2002B of which $1,677,465,000 in principal amount was outstanding and unpaid on September 30, 2002. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A through 2002B Bonds. A
study of this proposal and the estimates of revenue expected to accrue
from the Pledged Revenues, indicate that the proposed Bonds are fiscally
sufficient and that RECOMMENDATION: It is recommended that the Board approve the proposal outlined above. (Att. #5)
FSBA AGENDA 6. APPROVAL OF THE FISCAL DETERMINATION OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT EXCEEDING $100,000,000 FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS, 2002 (MULTIPLE SERIES TO BE DETERMINED) AND AN AMOUNT NOT EXCEEDING $100,000,000 FEDERAL HOME LOAN BANK LINE OF CREDIT: (ACTION REQUIRED) The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue one or more series in an aggregate amount Not Exceeding $100,000,000 Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, 2002 (multiple series to be determined) (the Bonds) and proposes to establish an amount Not Exceeding $100,000,000 Federal Home Loan Bank Line of Credit (the Loan) for the purpose of providing funds for (i) the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans and (ii) refunding certain outstanding obligations of the Corporation previously issued for such purposes. Neither the Bonds nor the Loan shall constitute obligations, 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 the 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 and Loan. The Bonds and Loan 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 monies expected to accrue indicate that the issues are 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 find and determine that in no State fiscal year will the debt service requirements of the Bonds and Loan proposed to be issued and all other obligations secured by the same pledged revenues 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 FSBA
AGENDA 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. #6) 7. THE STAFF OF THE FLORIDA STATE BOARD OF ADMINISTRATION REQUESTS THAT THE TRUSTEES APPROVE FILING THE FOLLOWING THREE SETS OF RULES FOR ADOPTION: (Att. #7) (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. The Trustees gave permission to file for notice of proposed rulemaking on August 13, 2002. The rule hearing was scheduled for September 17, 2002, but was not held, because it was not requested. The Joint Administration Committee had comments on the rules. These comments are incorporated into a Notice of Change. After the Notice of Change has been published in the Florida Administrative Weekly, the rules will be filed for adoption, if the Trustees give their permission at the October 8, 2002, meeting. (Att. #7A) 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. The Trustees gave permission to file for notice of proposed rulemaking on August 13, 2002. The rule hearing was scheduled for September 17, 2002, but was not held, because it was not requested. The Joint Administration Committee had comments on the rules. These comments are incorporated into a Notice of Change. After the Notice of Change has been published in the Florida Administrative Weekly, the rules will be filed for adoption, if the Trustees give their permission at the October 8, 2002, meeting. (Att. #7B) 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 8. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS THE APPROVAL OF THE FOLLOWING RULE: (ACTION REQUIRED) The Florida Hurricane Catastrophe Fund (FHCF) requests that the Trustees approve the filing for adoption, as amended, Rules 19-8.010 (Reimbursement Contract), Rule 19-8.029, F.A.C. (Insurer Reporting Requirements) along with the forms incorporated therein. A notice stating that a rule development workshop would be held if one were requested was published on June 28, 2002, in Volume 28, Number 26, Page 2778 of the Florida Administrative Weekly. No workshop was requested. These rules were the subject of a Rule Hearing on September 16, 2002, and also on September 16, 2002. The FHCF Advisory Council approved the filing of the rules, as amended, for adoption. (Att. #8)
(ACTION REQUIRED) The Florida Water Pollution Control Financing Corporation requests that the Board of Directors of the Corporation adopt a Resolution appointing Barbara Jarriel, in her capacity as Chief Investment Officer of the Florida State Board of Administration, Treasurer of the Corporation, and designating the position of Chief Investment Officer as the Corporation’s Treasurer in the future.
FSBA AGENDA (ACTION REQUIRED) The Inland Protection Financing Corporation requests that the Board of Directors of the Corporation adopt a Resolution appointing Barbara Jarriel, in her capacity as Chief Investment Officer of the Florida State Board of Administration, Treasurer of the Corporation, and designating the position of Chief Investment Officer as the Corporation’s Treasurer in the future. AGENDA THE FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION THE CAPITOL October 8, 2002 The Florida Water Pollution Control Financing Corporation requests that the Board of Directors of the Corporation adopt a Resolution appointing Barbara Jarriel, in her capacity as Chief Investment Officer of the Florida State Board of Administration, Treasurer of the Corporation, and designating the position of Chief Investment Officer as the Corporation’s Treasurer in the future. EXHIBIT 1 AGENDA THE INLAND PROTECTION FINANCING CORPORATION THE CAPITOL October 8, 2002 The Inland Protection Financing Corporation requests that the Board of Directors of the Corporation adopt a Resolution appointing Barbara Jarriel, in her capacity as Chief Investment Officer of the Florida State Board of Administration, Treasurer of the Corporation, and designating the position of Chief Investment Officer as the Corporation’s Treasurer in the future. EXHIBIT 2 |
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