The Governor and Cabinet - Florida Department of State

AGENDA

MEETING OF THE
FLORIDA STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood – (850) 488-4406)
THE CAPITOL
TALLAHASSEE, FLORIDA
October 22, 2002

1. APPROVAL OF MINUTES FROM THE MEETING ON OCTOBER 8, 2002.
(Att. #1)

(ACTION REQUIRED)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $13,700,000 STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, UNIVERSITY OF SOUTH FLORIDA PARKING FACILITY REVENUE BONDS, SERIES 2002:

(ACTION REQUIRED)

The Division of Bond Finance of the Florida 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 $13,700,000 State of Florida, Florida Board of Education, University of South Florida 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 funds for the construction of a parking facility on the main campus of the University of South Florida in Tampa, Florida, providing for any capitalized interest, funding a reserve account, and paying certain costs associated with the issuance and sale of the Bonds.

The Bonds are being issued pursuant to an authorizing resolution adopted by the Governor and Cabinet on July 26, 1994 and an amending and supplemental resolution adopted June 12, 2002. It is anticipated the Governor and Cabinet will adopt a sale resolution at the Cabinet meeting of October 22, 2002. The Division on behalf of the Florida Board of Education has heretofore issued University of South Florida Parking Facility Revenue Bonds, Series 1994 (the Outstanding Bonds) of which $3,955,000 remains outstanding and unpaid as of September 30, 2002. The Bonds shall be payable on a parity and rank equally as to lien on and source and security for payment from the Pledged Revenues and in all other respects, with the Outstanding Bonds.

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

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October 22, 2002
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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 this fiscal sufficiency. (Att. #2)

3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $6,500,000 TAX EXEMPT AND $200,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (CYPRESS LAKE APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $6,500,000 Tax Exempt and $200,000 Taxable Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2002 Series (series to be designated) (the Bonds) to refund bonds previously issued for the purpose of refinancing the costs of construction and equipping of a multifamily residential rental development located in Hillsborough County, Florida (Cypress Lake 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 Florida 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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October 22, 2002
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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. #3)

4. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,800,000 TAX EXEMPT AND $1,750,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (LIGHTHOUSE BAY APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $8,800,000 Tax Exempt and $1,750,000 Taxable Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2002 Series (series to be designated) (the Bonds) to refund bonds previously issued for the purpose of refinancing the costs of construction and equipping of a multifamily residential rental development located in Hillsborough County, Florida (Lighthouse Bay 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 Florida 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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October 22, 2002
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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 $19,400,000 TAX EXEMPT AND $4,400,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (VICTORIA PARK APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $19,400,000 Tax Exempt and $4,400,000 Taxable Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2002 Series (series to be designated) (the Bonds) to refund bonds previously issued for the purpose of financing the construction and equipping of a multifamily residential rental development located in Duval County, Florida (Victoria Park 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 Florida 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. #5)
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October 22, 2002
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6. REPORT BY THE EXECUTIVE DIRECTOR:

(ACTION REQUIRED)

Submitted for information and review is the Fund Activity Analysis for the month of August 2002. (Att. #6)