(Att.#1)

The Division of Bond Finance of the State Board of Administration (the “Division”), on behalf of and in the name of Florida Housing Finance Agency, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $5,925,000 Florida Housing Finance Agency Multifamily Housing Revenue Refunding Bonds, 1996 (Series to be designated) (Andover Place Project), (the “Bonds”) for the purpose of refunding the Agency’s Multifamily Housing Revenue Bonds, 1986 Series B (the “Prior Bonds.”)

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, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $14,500,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 (Series to be designated) (Caribbean Key Project), (the “Bonds.”)

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 therefor.

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 Acting 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. #3)

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, has submitted for approval as to fiscal sufficiency a proposal to issue one or more series in an aggregate amount Not to Exceed $15,500,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 (one or more series to be designated) (Sterling Palms Apartments Project), (the “Bonds.”)

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 governments 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 revenue and other amounts pledged therefor.

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 Acting 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. #4)

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, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $7,405,000 Florida Housing Finance Agency Multifamily Revenue Bonds, 1996 Series (Spinnaker Cove Apartments Project),(the Bonds.")

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 principle 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 therefor.

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 Acting 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. #5)

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, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $5,850,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 Series (to be designated) (Praxis of Deerfield Beach, Phase III Project), (the "Bonds.")

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 therefor.

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 Acting 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. #6)

The Julington Creek Plantation Community Development District (St. Johns County, Florida) (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $11,225,000 Julington Creek Plantation Community Development District Special Assessment Bonds, Series 1996A (the “Bonds.")

The District proposes to issue the Bonds 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, and the cost of certain recreational facilities, (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 shall be limited obligations of the District payable solely out of the pledged revenues pledged therefor under the terms and provisions of the Indenture and neither the property, the full faith and credit, nor the taxing power of the District, St. Johns County, Florida, the State of Florida, nor any political subdivision thereof, shall be pledged as security for the payment of the Bonds, except that the District will be obligated pursuant to the Indenture to levy and collect special assessments (as defined in the Indenture) to secure and pay the Bonds. The Bonds shall 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 9.00 percent per annum. The maximum interest rate for the month of May 1996 is 7.41 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 percent per annum was previously granted at the Board's meeting on September 14, 1995, which expired March 12, 1996. A second interest rate waiver for an amount Not to Exceed $11,445,000 at an interest rate Not to Exceed 8.50 percent per annum was previously granted at the Board's meeting on March 12, 1996, which will expire September 9, 1996. Subsequent to obtainment of the second waiver, Atlantic Gulf Communities Corporation indicated its intention to sell Julington Creek Plantation development. This decision led to a restructuring of the Bonds and a further delay in the issuance thereof. Accordingly, a new interest rate waiver is required. (Att. #7)

RECOMMENDATION: The Acting Executive Director recommends that the Board approve an interest rate exception on the bonds described herein above 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 Julington Creek Plantation 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 (express or implied) with respect to, the accuracy or completeness of said information.

• (1) The Florida Hurricane Catastrophe Fund requests that the Trustees approve the premium formula for the 1996-1997 contract year. The premium formula is essentially the same as it was last year. The rulemaking process to adopt the rates and the formula has already been initiated after the rates and the formula were discussed and approved by the Advisory Council at its May 21, 1996 meeting.

• (2) The State Board of Administration is required annually to appoint one of the members of the Florida Commission on Hurricane Loss Projection Methodology as the chair. The Acting Executive Director requests that the present chair, Jack Nicholson, Chief Operating Officer of the Catastrophe Fund, be re-appointed for another year. Dr. Nicholson has done an excellent job and his continuing leadership will be a great asset to the ongoing work of the Commission.

The Acting Executive Director recommends approval of a proposed Operating Budget for fiscal year 1996-97. (Back-up will be furnished prior to the meeting.)

(A) Submitted for information and review are the investment performance and fund balance analysis reports for the month of April 1996.
(Att. # 10-A)

(B) Submitted for information and review is the report of banks designated for the month of April 1996.
(Att. #10 -B)