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AGENDA

Meeting of the
STATE BOARD OF ADMINISTRATION
The Capitol
November 7, 1995

1. Approval of minutes of meeting held on October 24, 1995. (Att. #1)

2. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.:

The North Springs Improvement District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $10,000,000 North Springs Improvement District Subordinate Water and Sewer Revenue Bonds, Series 1995 (Broward County, Florida) (the "Bonds.")

The proceeds of the Bonds will be used to repay certain moneys borrowed to finance the District's construction, acquisition and installation of certain subdivision water and sewer lines (the "Project") comprising a portion of the water and sewer system of the District (the "System.") The Bonds shall be secured by and payable from Available Revenues defined as an amount equal to 90% of all Revenues after payment of Operating Expenses and amounts payable with respect to all obligations issued under and pursuant to the Senior Bond Resolution and satisfaction of all covenants and reserve requirements existing under the Senior Bond Resolution. There are currently four series of bonds outstanding under the Senior Bond Resolution (collectively, the "Senior Lien Bonds.") The Bonds are to be secured on a subordinate basis to the Senior Lien Bonds. The District will covenant in the resolution authorizing the issuance of the Bonds (the "Subordinate Resolution") to, from time to time and as often as it shall appear necessary, adjust the rates, charges, fees and tolls established for the System so that the Available Revenues in each fiscal year, together with other moneys available therefore, will not be less than the amount expected to be required for the payment of operating expenses of the System plus 100% of the bond service on the Bonds for such fiscal year, plus the requirements for reserves established by the Subordinate Resolution. The Bonds shall be limited to obligations of the District and neither the property, full faith and credit nor the taxing power of the District, Broward County, Florida, the State of Florida or any political subdivision thereof shall be pledged as security for the payment of the Bonds.

The Bonds are expected to be sold via negotiated sale to Prager, McCarthy & Sealy (the "Underwriter") at a private sale at an aggregate discount including underwriter's and original issue discount, estimated not to exceed 3.50%. The interest rate on the Bonds shall not exceed 9.50 percent per annum. The maximum interest rate for the month of October 1995 is 7.50 percent. The Bonds shall not be sold to the general public.

RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 9.50 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the North Springs Improvement District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #2)

3. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.:

The Westchase East Community Development District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $4,000,000 Westchase East Community Development District Special Assessment Revenue Bonds, Series 1995 (the "Bonds.")

The proceeds of the Bonds will be used to finance a part of the cost of acquiring, constructing and equipping certain assessable infrastructure capital improvements benefiting developable property in the District, which is located in Hillsborough County, Florida. Neither the Bonds nor the interest and premium, if any, payable thereon shall constitute a general obligation or general indebtedness of the District within the meaning of the Constitution and laws of Florida. The Bonds and the interest and premium, if any, payable thereon do not constitute either a pledge of the full faith and credit of the District or a lien upon any property of the District other than as provided in the trust indentures pursuant to which the Bonds will be issued.

The Bonds are expected to be sold via negotiated sale to Prager, McCarthy & Sealy (the "Underwriter.") The interest rate on the Bonds shall not exceed 9.00 percent per annum. The maximum interest rate for the month of October 1995 is 7.50 percent. The Bonds shall not be sold to the general public.

RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 9.00 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the Westchase East Community Development District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #3)