AGENDA

MEETING OF THE

 STATE BOARD OF ADMINISTRATION

(Contact Person:  Dorothy Westwood – (850) 488-4406)

THE CAPITOL

TALLAHASSEE, FLORIDA

September 30, 2003

1.                APPROVAL OF MINUTES FROM THE MEETING ON AUGUST 26, 2003.

(Att. #1)

(ACTION REQUIRED)

2.     APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $9,060,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (CUTLER GLEN AND CUTLER MEADOWS APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount not exceeding $9,060,000 Tax Exempt 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 two multifamily residential rental developments located in Miami-Dade County, Florida (Cutler Glen and Cutler Meadows 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. #2)

SBA AGENDA

September 30, 2003

Page two

3.                APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $31,680,000 TAX EXEMPT AND $7,070,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (NORTHBRIDGE AT MILLENIA APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts not exceeding $31,680,000 Tax Exempt and $7,070,000 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 Orange County, Florida (Northbridge at Millenia 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. #3)