Cabinet Affairs

1. Approval of minutes of meeting held on September 22, 1996. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $13,385,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA STATE UNIVERSITY HOUSING 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 $13,385,000 State of Florida, Board of Regents, Florida State University Housing Facility Revenue Bonds, Series 1996, (the "1996 Bonds") for the purpose of providing funds for the renovation and improvement of two residence halls on the campus of the Florida State University (the "1996 Project"), purchasing a municipal bond insurance policy, funding a reserve account, providing for capitalized interest and to pay certain costs associated with the issuance and sale of the 1996 Bonds. The Governing Board of the Division adopted the supplemental authorizing resolution for the proposed 1996 Bonds on July 23, 1996.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenue indicate that the proposed 1996 Bonds and all other outstanding bonds having a lien on the pledged Revenue 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. APPOINTMENT OF EXECUTIVE DIRECTOR:

Selection and Appointment of the Executive Director of the State Board of Administration. Attendant personnel actions include establishment of effective date, approval of salary rate and commensurate budget amendment. Transfer of incumbent position and benefits will be effected upon appointment.

4. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the investment performance and fund balance analysis for the month of September 1996. (Att. #4)

5. INLAND PROTECTION FINANCING CORPORATION:

The Inland Protection Financing Corporation requests that the Trustees, in their capacities as Directors, hold a Board of Directors meeting of the Inland Protection Financing Corporation. This Corporation was created in Section 376.3075(1) by House Bill 1127 during the 1996 legislative session. The organizational meeting was held on September 10 and this subsequent meeting is necessary to permit the Corporation to proceed with the Chapter 75 F.S. validation process required by Section 376.3075(10). Validation is critical to the Corporation's ability to issue debt to pay existing reimbursement obligations as of December 31, 1996. (Exhibit 1)

The Inland Protection Financing Corporation requests that the Trustees, in their capacities as Directors, hold a Board of Directors meeting of the Inland Protection Financing Corporation. This Corporation was created in Section 376.3075(1) by House Bill 1127 during the 1996 legislative session. The organizational meeting was held on September 10 and this subsequent meeting is necessary to permit the Corporation to proceed with the Chapter 75 F.S. validation process required by Section 376.3075(10). Validation is critical to the Corporation's ability to issue debt to pay existing reimbursement obligations as of December 31, 1996.

1. The Acting Executive Director will call Virginia Wetherell, Secretary of the Department of Environmental Protection, and Keith Carswell, Chairman of the Black Business Investment Board, to the podium and requests the Governor to call the organizational meeting of the Corporation to order.

2. All the members of the Board of Directors being present, motion and second that the Board of Directors take the following action:

a. Approval of Master Bond Resolution.
b. Approval of the Service Contract between DEP and the Corporation.
c. Disclosure of selected Bond Counsel.
d. A description of the process and subsequent selection of Financial Advisor.
e. Direction to the Secretary to set out all these actions in the Minutes of the Corporation.

3. Presentation by the Department of Environmental Protection concerning the Underground Petroleum Tank Clean-up Programs.

4. There being no further business, motion and second to adjourn the meeting.