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Cabinet
Affairs |
1. Approval of minutes of meeting
held on March 12, 1996. (Att. #1)
2. APPROVAL OF FISCAL SUFFICIENCY
OF NOT TO EXCEED $12,700,000, STATE OF FLORIDA, BOARD OF REGENTS,
FLORIDA AGRICULTURAL AND MECHANICAL UNIVERSITY STUDENT APARTMENT
FACILITY REVENUE BONDS, SERIES 1996:
The Division of Bond Finance of
the State Board of Administration (the "Division"),
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 $12,700,000 State of Florida, Board of Regents,
Florida Agricultural and Mechanical University Student Apartment
Facility Revenue Bonds, Series 1996, (the "Bonds")
for the purpose of providing funds for the construction and equipping
of a housing facility on the campus of the Florida Agricultural
and Mechanical University, providing for capitalized interest,
purchasing a municipal bond insurance policy, funding a reserve
account or paying the premium for a debt service reserve surety
bond, 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
28, 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 $50,000,000 STATE OF FLORIDA,
FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY
ACQUISITION AND BRIDGE CONSTRUCTION REFUNDING BONDS, (SERIES
TO BE DESIGNATED):
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 Not to Exceed $50,000,000 State of Florida, Full Faith and Credit, Department of Transportation
Right-of-Way Acquisition and Bridge
Construction Refunding Bonds, (Series to be designated) (the
"Bonds") for the purpose of refunding a portion of the
AGENDA
March 28, 1996
Page Two
$50,000,000 State of Florida, Full
Faith and Credit, Department of Transportation Right- of-Way
Acquisition and Bridge Construction Bonds, Series 1991. The Governing
Board of the Division approved the authorizing resolution for
the proposed bonds on February 28, 1989, as supplemented and
amended on September 24, 1991, June 8, 1993 and March 29, 1995.
It is anticipated the Governing Board of the Division will adopt
a resolution authorizing the sale of the Bonds on March 28, 1996.
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 Bonds will be issued on a parity as to lien
and security for payment from the Pledged Gas Taxes with the
outstanding State of Florida, Full Faith and Credit, Department
of Transportation Right-of- Way Acquisition and Bridge Construction
Bonds, Series 1991, 1993 and 1995.
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. #3)
4. INTEREST RATE EXCEPTION PURSUANT
TO SECTION 215.84, F.S.:
The Overoaks Community Development
District (Osceola County, Florida) (the "District")
has submitted a request for approval of an interest rate exception
on an issue of Not to Exceed $13,800,000 Overoaks Community Development
District Capital Improvement Revenue Bonds, Series 1996 (the "Bonds.")
The Bonds are being issued to finance the cost of acquiring, constructing and equipping assessable improvements within the District (the "1996 Project.") The Bonds are secured equally and ratably by a first lien upon and pledge of special assessments levied on property benefitted by the 1996 Project.
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 the State 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
AGENDA
March 28, 1996
Page Three
other than as provided in the Trust
Indenture pursuant to which the Bonds are to be issued (the
"Indenture.") No owner or any other person shall ever
have the right to compel the exercise of any ad valorem taxing
power of the District or any other public authority or governmental
body to pay debt service or to pay any other amounts required
to be paid pursuant to the Indenture or the Bonds. Rather, debt
service and any other amounts required to be paid pursuant to
the Indenture or the Bonds shall be payable solely from, and
shall be secured solely by, the Pledged Revenues and the Pledged
Funds (as defined in the Indenture) pledged to the Bonds, all
as provided in the Indenture.
The Bonds are expected to be sold
to Prager, McCarthy & Sealy, (the "Underwriter"),
and have been deemed by the Underwriter suitable only for "qualified
institutional buyers" as defined in Rule 144A of the United
States Securities and Exchange Commission, which term is a more
restrictive subset of "accredited investors" as defined
in Regulation D. Therefore, the Bonds will not be sold to the
general public. The interest rate on the Bonds shall not exceed
8.75 percent per annum. The maximum interest rate for the month
of March 1996 is 7.07 percent.
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 8.75 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 Overoaks
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. #4)
5. FLORIDA HURRICANE CATASTROPHE
FUND ADVISORY COUNCIL APPOINTMENT.
6. The Executive Director requests
authority to proceed with a shareholder resolution relating
to the independence of the Archer-Daniels Midland (ADM) Company's
Board of Directors. The Council of Institutional Investors
defines an independent director as one who:
× has not been employed by
the Company or an affiliate in an executive capacity within
the last five years;
AGENDA
March 28, 1996
Page 4
× was not, and is not a member
of a corporation or firm that is one of the Company's paid
advisers or consultants;
× is not employed by a customer,
supplier or provider of professional services to the Company;
× has no personal services
contract with the Company;
× is not employed by a foundation
or university that receives grants or endowments from the
Company;
× is not a relative of the
management of the Company;
× is not an officer of a company
on which Archer-Daniels Midland's Chairman or Chief Executive
Officer is also a board member.
Recent allegations and events suggest
that the economic interest of shareholders of Archer-Daniels Midland
would be better served if the governance of the company included
an independent Board of Directors. The Florida Retirement System
Trust Fund portfolio managed by the Florida State Board of Administration
includes a holding of 3,004,921.000 shares of ADM with a current
market value of $58,029,768.75. These shares are held on behalf
of the 600,000 plus beneficiaries of the Florida Retirement System.
It is our belief that the economic interest of these beneficiaries
will be best served by proceeding with this initiative.
7. REPORTS BY THE EXECUTIVE DIRECTOR:
Submitted for information and review
are the investment performance and fund balance analysis for
the month of February 1996.