1.                1. APPROVAL OF MINUTES FROM THE MEETING ON OCTOBER 14, 2003.

(Att. #1)

 

(ACTION REQUIRED)

 

2.       APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $100,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA FOREVER REVENUE BONDS, SERIES 2004A:

 

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 $100,000,000 State of Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2004A (the Bonds).  The proceeds of the Bonds are to be used for the acquisition and improvement of land, water areas, and related property interests and resources to accomplish environmental restoration and enhance public access and recreational enjoyment in the State of Florida.  The Bonds will be issued pursuant to the Thirteenth Subsequent Resolution authorized by the Governor and Cabinet on January 23, 2001, and the Twenty-fifth Subsequent Resolution, which is anticipated to be adopted by the Governor and Cabinet on December 16, 2003.

 

The Department of Environmental Protection has heretofore issued Preservation 2000 Revenue and Revenue Refunding Bonds, Series 1994A through 2001A and Florida Forever Revenue Bonds, Series 2001A through 2003C of which a combined total of $2,747,400,000 in principal amount was outstanding and unpaid on November 30, 2003.  The proposed Bonds shall be issued on a parity with the outstanding and unpaid Preservation 2000 Revenue and Revenue Refunding Bonds, Series 1994A through 2001A and the Florida Forever Revenue Bonds, Series 2001A through 2003C 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

SBA AGENDA

December 16, 2003

Page Two

 

 

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. #2)

 

3.       THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF THE AUDIT COMMITTEE CHARTER.  (Att. #3)

 

(ACTION REQUIRED)

 

In their first meeting held on November 18, 2003, the Audit Committee discussed, revised, and adopted its charter subject to approval by the Trustees.

 

4.                 INVESTMENT PROTECTION PRINCIPLES IMPLEMENTATION.

(Att. #4)

 

(INFORMATION ONLY)

 

5.                 2004 STATE BOARD OF ADMINISTRATION LEGISLATIVE PROPOSALS.

(Att. #5)

 

(DISCUSSION)

 

6.                 2004 FLORIDA HURRICANE CATASTROPHE FUND LEGISLATIVE PROPOSALS.  (Att. #6)

 

(DISCUSSION)

 

7.                 DEFINED CONTRIBUTION PROGRAM – INVESTMENT PRODUCT REVIEW.

(Backup to follow.)

 

(DISCUSSION)

 

8.                 AUDITED FINANCIAL REPORT OF INLAND PROTECTION FINANCING CORPORATION FOR THE PERIOD JUNE 30, 2003.  (Att. #8)

 

(INFORMATION ONLY)