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
November 19, 1996

1. Approval of minutes of meeting held on November 7, 1996. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $4,325,000 FLORIDA HOUSING FINANCE AGENCY MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS, (VARIOUS SERIES TO BE DESIGNATED) (WINDWOOD OAKS 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 $4,325,000 Florida Housing Finance Agency Multi-Family Housing Revenue Refunding Bonds, (various series to be designated) (Windwood Oaks Project)(the "Bonds") for the purpose of refunding the Agency's outstanding Multi-Family Housing Revenue Bonds, 1985 Series P (Windwood Oaks Project) (the "Prior 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 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 $6,200,000 FLORIDA HOUSING FINANCE AGENCY MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS, (VARIOUS SERIES TO BE DESIGNATED) (WINDWOOD OAKS II 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 $6,200,000 Florida Housing Finance Agency Multi-Family Housing Revenue Refunding Bonds, (various series to be designated) (Windwood Oaks II Project), (the "Bonds") for the purpose of refunding the Agency's outstanding Multi-Family Housing Revenue Bonds, 1985 Series FFF (Windwood Oaks II Project) (the Prior Bonds.")

4. APPROVAL OF FISCAL SUFFICIENCY OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $12,235,000 FLORIDA HOUSING FINANCE AGENCY MULTI-FAMILY LOAN REVENUE REFUNDING BONDS, (VARIOUS SERIES TO BE DESIGNATED) (SANDSTONE APARTMENTS PROJECT) (HARBOUR WALK 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 $12,235,000 Florida Housing Finance Agency Multi-Family Loan Revenue Refunding Bonds, (various series to be designated) (Sandstone Apartments Project) (Harbour Walk Apartments Project), (the "Bonds") for the purpose of refunding the Agency's outstanding Multi-Family Loan Revenue Bonds Floating Rate Monthly Demand, 1984 Series B (Webb Road I Apartments Project) and its Multi-Family Loan Revenue Bonds Floating Rate Monthly Demand, 1984 Series C (Webb Road II Apartments Project) (collectively, the "Prior bonds.")

5. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $13,350,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1996 SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (CROSSINGS AT INDIAN RUN 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 $13,350,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 Series (one or more series to be designated) (Crossings at Indian Run Apartments Project) (the "Bonds.") The Bonds are being issued for the purpose of financing the development and construction of a multifamily residential rental development located in Martin County, Florida, occupied in part by persons and families of low, moderate, and middle income.

6. 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) Florida Statutes, 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, Florida Statutes, validation process required by Section 376.3075(10), Florida Statutes. Validation is critical to the Corporation's ability to issue debt to pay existing reimbursement obligations as of December 31, 1996. (Exhibit 1)

AGENDA
MEETING OF THE INLAND PROTECTION FINANCING CORPORATION
The Capitol
November 19, 1996

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), Florida Statutes, 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, Florida Statutes, validation process required by Section 376.3075(10), Florida Statutes. Validation is critical to the Corporation's ability to issue debt to pay existing reimbursement obligations as of December 31, 1996.

1. The 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 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. Direction to the Secretary to set out all these actions in the Minutes of the Corporation.

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

EXHIBIT 1