Cabinet Affairs

1. Approval of minutes of meeting held on February 27, 1996. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $2,100,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF SOUTH FLORIDA HOUSING FACILITY REVENUE BONDS, SERIES 1996B:

The Division of Bond Finance of the State Board of Administration (the ADivision@), on behalf of and in the name of the Board of Regents, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not to Exceed $2,100,000 State of Florida, Board of Regents, University of South Florida Housing Facility Revenue Bonds, Series 1996B, (the "Bonds") for the purpose of providing funds for the construction of a housing facility on the Sarasota/New College campus of the University of South Florida, purchasing a municipal bond insurance policy, funding a reserve account, providing for any capitalized interest and paying certain costs associated with the issuance and sale of the Bonds. The Governing Board of the Division approved the authorizing resolution for the proposed Bonds on September 14, 1995.

A study of this proposal and the estimate of revenues expected to accrue from the Pledged Revenues indicates 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 ISSUE OF NOT TO EXCEED $245,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION 2000 REVENUE REFUNDING BONDS, SERIES 1996B AND RESCISSION OF THE FISCAL SUFFICIENCY AUTHORIZATION FOR THE NOT TO EXCEED $200,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION 2000 REVENUE REFUNDING BONDS, SERIES 1994B:

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 Not to Exceed $245,000,000 State of Florida, Department of Environmental Protection, Preservation 2000

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Revenue Refunding Bonds, Series 1996B (the "Bonds.") The proceeds of the Bonds are to be used to refund all or a portion of the State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds, Series 1991A ("Series 1991A Bonds.") It is anticipated that the Governor and the Cabinet will adopt on March 12, 1996 the Seventh Subsequent Authorizing Resolution authorizing the issuance of the Bonds.

The Division, on behalf of the Department of Environmental Protection of Florida, also hereby requests that the fiscal sufficiency approval of an issue of Not to Exceed $200,000,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Refunding Bonds, Series 1994B, which was received on February 22, 1994, be rescinded because it is anticipated that this amount will not be needed to refund any of the Series 1991A Bonds.

The Florida Outdoor Recreational Development Council, predecessor to the Department of Environmental Protection, heretofore issued $20,000,000 State of Florida, Florida Outdoor Recreation Revenue Bonds, dated July 1, 1968, of which $3,925,000 in principal amount was outstanding on February 29, 1996 (the "Prior Lien Obligations.")

The Prior Lien Obligations have a first lien on the pledged revenues and the lien of the Preservation 2000 Revenue Bonds shall be junior, subordinate, and inferior to the claim of the Prior Lien Obligations against the pledged revenues. The Bonds shall not be secured by a pledge of the full faith and credit nor the taxing power of the State of Florida or any political subdivision thereof.

The Department of Environmental Protection has heretofore issued Preservation 2000 Revenue Bonds, Series 1991A, 1992A, 1993A, 1994A and 1995A of which $1,417,400,000 in principal amount was outstanding and unpaid on February 29, 1996. The Department of Environmental Protection has heretofore proposed an issue of Not to Exceed $300,000,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds, Series 1996A. The Bonds shall be issued on parity with the outstanding and unpaid Preservation 2000 Revenue Bonds, Series 1991A, 1992A, 1993A, 1994A, 1995A and, if and when issued, the proposed Series 1996A bonds described above as to source and security for payment.

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.

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RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above and rescind the fiscal sufficiency approval of an issue of Not to Exceed $200,000,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Refunding Bonds, Series 1994B. (Att. # 3)

4. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $13,760,000 FLORIDA HOUSING FINANCE AGENCY MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, 1996 SERIES (TO BE DESIGNATED) AND NOT TO EXCEED $1,900,000 FLORIDA HOUSING FINANCE AGENCY TAXABLE MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, 1996 SERIES (TO BE DESIGNATED) (LAKE SIDE VILLAS AND GOLF VILLAS AT SABLE PALM PROJECTS)

The Division of Bond Finance of the State Board of Administration (the ADivision@), on behalf of and in the name of the Florida Housing Finance Agency, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $13,760,000 Florida Housing Finance Agency Multi-family Housing Revenue Refunding Bonds, 1996 Series (to be designated) and Not to Exceed $1,900,000 Florida Housing Finance Agency Taxable Multi-family Housing Revenue Refunding Bonds, 1996 Series (to be designated) (Lake Side Villas and Golf Villas at Sable Palm Projects) (collectively, the "Bonds.") The Bonds are being issued to refund the Agency's Multi-Family Housing Revenue Bonds, 1985 Series R (Lake Side Villas Project), and the Agency's Multi-Family Housing Revenue Bonds, 1985 Series S (Golf Villas at Sable Palm Project) and to provide funds to pay real estate taxes on the Projects, pay the cost of issuance of the Bonds and fund a reserve account.

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 government thereof shall be pledged to the payment of the principal of, premium (if any), or interest on the Bonds. The Bonds are payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefore.

RECOMMENDATION: A study of this proposal and of estimates of revenue and other available monies expected to accrue indicate that the issue is fiscally sufficient, and the Executive Director recommends that the Board approve the fiscal sufficiency thereof. It is further recommended that, pursuant to the fiscal sufficiency 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 AGENDA

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secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements.

(Att. #4)

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

The Lake St. Charles 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 Lake St. Charles Community Development District Special Assessment Revenue Bonds, Series 1996 (the "Bonds.")

The Series 1996 Bonds are being issued for the purpose of financing the acquisition, construction and equipping of certain public improvement and community facilities (the "Project") for the benefit of the inhabitants of the District, making a deposit to the Reserve Fund, paying accrued interest on the Bonds and paying the costs and expenses of issuing the Bonds. The Bonds will be special limited obligations of the District payable solely from the special assessments levied on the properties within the District that are specifically benefitted by the Project.

The Bonds are expected to be privately placed by Robert W. Baird & Co., the underwriter, with accredited investors. The interest rate on the Bonds shall not exceed 10.00 percent per annum. The maximum interest rate for the month of February 1996 is 6.96 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 10.00 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 Lake St. Charles 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. #5)

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

The Julington Creek Plantation Community Development District (St. Johns County, Florida) (the "District") has submitted a request for approval of an interest rate

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exception on an issue of Not to Exceed $11,445,000 Julington Creek Plantation Community Development District Special Assessment Bonds, Series 1996A (the "Bonds.")

The Bonds are to be issued to (i) finance the cost of certain roadway improvements, including, without limitation, the payment to St. Johns County, Florida towards the construction of certain offsite roadway improvements (which payments are required under the terms of the applicable development order) and the payment of engineering, design, permitting, legal and other related costs associated with the roadway improvements to be undertaken by the District, (ii) pay capitalized interest on the Bonds, (iii) make a deposit to the credit of the Debt Service Reserve Fund in the amount of the Debt Service Reserve Requirement for the Bonds and (iv) pay the costs of issuance of the Bonds. The Bonds are limited obligations of the District payable solely out of the pledged revenues pledged therefor under the Indenture and neither the property, the full faith and credit, nor the taxing power of the District, Lee County, Florida, the State of Florida, nor any political subdivision thereof, is pledged as security for the payment of the Bonds, except that the District is obligated pursuant to the Indenture to levy and collect special assessments (as defined in the Indenture) to secure and pay the Bonds. The Bonds do not constitute an indebtedness of the District, St. Johns County, Florida, the State of Florida, or any political subdivision thereof within the meaning of any constitutional or statutory provision or limitation.

The Bonds are expected to be sold pursuant to a negotiated sale by Prager, McCarthy & Sealy, the underwriter, to Allstate Insurance Company. The interest rate on the Bonds shall not exceed 8.50 percent per annum. The maximum interest rate for the month of February 1996 is 6.96 percent. The bonds shall not be sold to the general public.

An interest rate waiver for an amount Not to Exceed $11,000,000 at an interest rate Not to Exceed 9.00 per annum was previously granted at the Board's meeting on September 14, 1995, which will expire March 12, 1996.

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 8.50 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 Julington Creek Plantation Community Development District. The State Board of

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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. #6)