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AGENDA

Meeting of the

STATE BOARD OF ADMINISTRATION

The Capitol

April 9, 1996

1. Approval of minutes of meeting held on March 28, 1996. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $40,000,000, FLORIDA HOUSING FINANCE AGENCY HOMEOWNER MORTGAGE REVENUE BONDS, 1996 SERIES 1 AND SERIES 2:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of and in the name of the Florida Housing Finance Agency (the "Agency"), has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $40,000,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Bonds, 1996 Series 1 and Series 2 (the "Bonds.") The Bonds are being issued to provide funds for the origination or purchase of low interest rate loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans and to refund certain outstanding bonds of the Agency.

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 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 the estimate 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 secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements. (Att. #2)