1.                  APPROVAL OF MINUTES FROM THE MEETING ON AUGUST 12, 2003.

(Att. #1)

(ACTION REQUIRED)

2.         APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS, SERIES 2003A:

            (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 $300,000,000 State of Florida, Full Faith and Credit, Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds, Series 2003A (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 26, 2003.

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 1995 through 2002A and Refunding Bonds, Series 1996 (the Outstanding Bonds), of which $1,156,765,000 in principal amount was outstanding and unpaid on July 31, 2003.  The Bonds will be issued on a parity as to lien and security for payment from the Pledged Gas Taxes with the Outstanding Bonds.

SBA AGENDA

August 26, 2003

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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. #2)

3.         APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $16,800,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA STATE UNIVERSITY PARKING FACILITY REVENUE BONDS, SERIES 2003B:

(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 $16,800,000 State of Florida, Florida Education System, Florida State University Parking Facility Revenue Bonds, Series 2003B (the Bonds) to finance the construction of a parking facility on the campus of the Florida State University, to fund a reserve account, to purchase a municipal bond insurance policy and to pay certain costs associated with the issuance and sale of the Bonds.  The Bonds will be issued pursuant to the Original Resolution adopted by the Governor and Cabinet on July 21, 1992, as amended and supplemented by a resolution adopted on November 26, 2002, as further supplemented by resolution adopted on May 13, 2003, and a sale resolution which is anticipated to be adopted on August 26, 2003 (collectively referred to herein as the Resolution).

The Division has heretofore issued Florida State University Parking Facility Revenue Bonds, Series 2001 and Refunding Bonds, Series 2003A (the Previous Bonds) of which the principal amount of $15,560,000 was outstanding as of July 31, 2003.  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 (as defined in the Resolution) and in all other respects, with the Previous 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 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. #3)

SBA AGENDA

August 26, 2003

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4.         APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $180,000,000 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 an amount not exceeding $180,000,000 State of Florida, Department of Environmental Protection, Florida Forever Revenue Refunding Bonds, Series (to be designated) (the Bonds).  The proceeds of the Bonds are to be used to refund a portion of the outstanding Preservation 2000 Revenue Bonds, Series 1996A.  The Bonds will be issued pursuant to the Thirteenth Subsequent Resolution authorized by the Governor and Cabinet on January 23, 2001, and the Twenty-Fourth Subsequent Resolution, which is anticipated by the Governor and Cabinet on August 26, 2003.

The Department of Environmental Protection has heretofore issued Preservation 2000 Revenue and Revenue Refunding Bonds, Series 1994A through 2001A and Florida Forever Revenue and Revenue Refunding Bonds, Series 2001A through 2003B (collectively, the Outstanding Bonds) of which a combined total of $2,776,315,000 in principal amount was outstanding and unpaid on July 31, 2003.  The Department of Environmental Protection has received approval as to fiscal sufficiency for not exceeding $150,000,000 Florida Forever Revenue Bonds, Series 2003C (the Previously Approved Bonds) at the August 12, 2003 meeting of the State Board of Administration.  The proposed Bonds shall be issued on a parity with the Outstanding Bonds and the Previously Approved 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. #4)

SBA AGENDA

August 26, 2003

Page four

5.         APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $7,500,000 TAX EXEMPT AND $2,000,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (PINEVIEW VILLAS APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts not exceeding $7,500,000 Tax Exempt and $2,000,000 Taxable Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2003 Series (series to be designated) (the Bonds) for the purpose of financing the acquisition and rehabilitation of a multifamily residential rental development located in Leon County, Florida (Pineview Villas 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:  It is recommended that the Board approve the fiscal determination of the proposal outlined above.  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 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)

6.         APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $16,300,000 TAX EXEMPT AND $1,945,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (BRISTOL BAY APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts not exceeding $16,300,000 Tax Exempt and

SBA AGENDA

August 26, 2003

Page five

$1,945,000 Taxable Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2003 Series (series to be designated) (the Bonds) for the purpose of

financing the construction and equipping of a multifamily residential rental development located in Hillsborough County, Florida (Bristol Bay 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:  It is recommended that the Board approve the fiscal determination of the proposal outlined above.  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 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. #6)