The Governor and Cabinet - Florida Department of State

Cabinet Affairs

AGENDA

Meeting of the

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood-488-4406)

The Capitol

July 23, 1996

1. Approval of minutes of meeting held on July 9, 1996. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $6,650,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (TO BE DESIGNATED) (VIZCAYA VILLAS PROJECT):

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. #2)

3. APPROVAL OF FISCAL SUFFICIENCY OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $19,000,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (CENTER COURT APARTMENTS PROJECT):

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 $19,000,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 Series (one or more series to be designated) (Center Court Apartments Project), (the "Bonds.")

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JULY 23, 1996
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4. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $4,530,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (TO BE DESIGNATED) (MYSTIC WOODS PHASE II APARTMENTS PROJECTS):

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JULY 23, 1996
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5. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $250,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 1996 SERIES A:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the State Board of Education, has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $250,000,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds, 1996 Series A, (the "Bonds") for the purpose of financing capital outlay projects for the State System of Public Education in Florida; provided, however, that none of the said Bonds shall be issued in excess of the amount which can be issued in full compliance with the State Bond Act and other applicable provisions of law, pursuant to Section 9(a)(2), Article XII of the Constitution of Florida, as amended. It is anticipated the Governor and Cabinet will adopt on July 23, 1996 the Eleventh Supplemental Authorizing Resolution authorizing the issuance of the Bonds.

The State Board of Education has heretofore issued Public Education Bonds, Series A and B of which $136,315,000 in principal amount was outstanding and unpaid on July 10, 1996; and which bonds constitute a prior lien on the Gross Receipts Taxes which are required to be deposited in the Public Education Capital Outlay and Debt Service Trust Fund (the "Gross Receipts Taxes.")

The State Board has heretofore issued Public Education Capital Outlay Bonds, Series 1985, 1985-A, 1986-B, 1986-C, 1987-A, 1989-A, 1989-B, 1990, 1991-A, 1991-B, 1991-C and 1992-A, 1992 Series B, 1992 Series C, 1992 Series D, 1992 Series E, 1993 Series A, 1993 Series B, 1993 Series C, 1993 Series D, 1993 Series E, 1993 Series F, 1994 Series A, 1994 Series B, 1994 Series C, 1995 Series A, 1995 Series B, 1995 Series C, 1995 Series D, and 1995 Series E, of which $5,596,080,000 in principal amount was outstanding and unpaid on July 10, 1996, and has authorized and intends to issue Not to Exceed $212,000,000 Public Education Capital Outlay Bonds, 1995 Series F. The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid Public Education Bonds, Series A and B not refunded, inclusive, and to the outstanding and unpaid 1992-A Bonds, and the unrefunded portion of Series 1985, 1985-A, 1986-B, 1986-C, 1987-A, 1989-A, 1989-B, 1990, 1991-A, 1991-B and 1991-C Bonds as to lien on and source and security for payment from the Gross Receipts

Taxes. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Gross Receipts Taxes with the outstanding andunpaid Public Education Capital Outlay Bonds, 1992 Series B, 1992 Series C, 1992 Series D, 1992 Series E, 1993 Series A, 1993 Series B, 1993 Series C, 1993 Series D, 1993 Series E, 1993 Series F, 1994 Series A, 1994 Series B, 1994 Series C, 1995 Series A, 1995 Series B, 1995 Series C, 1995 Series D, 1995 Series E and, if and when issued, the proposed $212,000,000 Public Education Capital Outlay Bonds described above.

A study of this proposal and the estimates of revenue expected to accrue from the Gross Receipts Taxes indicate that the proposed Bonds and all other outstanding bonds having a lien on the Gross Receipts Taxes are fiscally sufficient, and that the proposal will be executed pursuant to the applicable provisions of law.

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JULY 23, 1996
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RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #5)

6. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $7,800,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (TO BE DESIGNATED) (THE LANDINGS AT SEA FOREST APARTMENTS PROJECT):

7.APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $11,105,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (LEIGH MEADOWS APARTMENTS PROJECT);

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 $11,105,000 Florida Housing Finance Agency Revenue Bonds, 1996 Series (one or more series to be designated) (Leigh Meadows 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 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.

AGENDA
JULY 23, 1996
PAGE 5

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. #7)

8. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $12,500,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES(ONE OR MORE SERIES TO BE DESIGNATED) (STODDERT ARMS PROJECT):

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. #8)

9. FLORIDA HURRICANE CATASTROPHE FUND AUTHORIZING RESOLUTION:

The Florida Hurricane Catastrophe Fund requests that the Trustees adopt a resolution authorizing the issuance of up to $10,000,000,000 in bonds, either by the Florida Hurricane Catastrophe Fund Finance Corporation or by a local government, for the purpose of paying hurricane losses. The resolution will approve the form of the master trust indenture and the pledge and security agreement and authorize the validation of the bonds. (Back-up to follow).

AGENDA
JULY 23, 1996
PAGE 6

10. REPORTS BY THE ACTING EXECUTIVE DIRECTOR:

Submitted for information and review are the investment performance and fund balance analyses for the months of May and June 1996. (Att. #10)

AGENDA Organizational Meeting of the FLORIDA HURRICANE CATASTROPHE FUND FINANCE CORPORATION The Capitol July 23, 1996

The Florida Hurricane Catastrophe Fund requests that the Trustees, in their capacities as directors, hold the organizational meeting of the Florida Hurricane Catastrophe Fund Finance Corporation. This Corporation was created in Section 215.555(6) by CS/SB 2314 during the 1996 legislative session. An organizational meeting is necessary to permit the Fund to initiate the Chapter 75 validation process required by Section 215.555(6). Validation is critical to the Fund's ability to issue bonds to pay insurers for reimbursable losses due to hurricanes. At the organizational meeting, the board of directors will take a number of actions including but not limited to:

1. Election of Officers;

2. Acceptance of the Articles of Incorporation;

3. Adoption of By-Laws;

4. And such other business as may be required.

Back-up to follow to Board Members.