Cabinet Affairs

1. Approval of minutes of meeting held on February 25, 1997. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $202,000,000 FLORIDA HOUSING FINANCE AGENCY HOMEOWNER MORTGAGE REVENUE BONDS, 1997 SERIES 1, 1997 SERIES 2, 1997 SERIES 3 AND 1997 SERIES 4 (AND IF SO DETERMINED, ADDITIONAL SERIES TO BE SUBSEQUENTLY DESIGNATED) PROVIDING FOR THE APPLICATION OF THE NET PROCEEDS OF THE BONDS FOR, AMONG OTHER THINGS, THE PURCHASE OF CERTAIN SINGLE FAMILY MORTGAGE LOANS IN ORDER TO FINANCE QUALIFIED RESIDENCES INTENDED FOR USE BY PERSONS OF LOW, MODERATE OR MIDDLE INCOME AND THE REFUNDING OF ALL OR A PORTION OF VARIOUS OUTSTANDING SERIES OF SINGLE FAMILY MORTGAGE REVENUE BONDS OF THE FLORIDA HOUSING FINANCE AGENCY:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf 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 $202,000,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Bonds, 1997 Series 1, 1997 Series 2, 1997 Series 3 and 1997 Series 4 (and is so determined, additional series to be subsequently designated) (the "Bonds") for the purpose of providing for the application of the net proceeds of the Bonds for, among other things, the purchase of certain single family mortgage loans in order to finance qualified residences intended for use by persons of low, moderate or middle income and the refunding of all or a portion of various outstanding series of single family mortgage revenue 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),

AGENDA

March 11, 1997

Page Two

or interest on the Bonds. The Bonds shall be 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 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. The State Board Administration has relied upon information from the Florida Housing Finance Agency but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, any other aspect of this bond issue except for fiscal sufficiency.