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AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

May 13, 1997

1. Approval of minutes of meeting held on April 29, 1997. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $9,000,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (GLEN OAKS APARTMENTS PROJECT):

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 an amount Not Exceeding $9,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series (to be designated) (Glen Oaks Apartments Project) (the "Bonds.")

The Bonds are being issued to finance a multifamily rental housing project in Leon County, Florida for persons having incomes of 60% or less of the area median gross income. 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 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 moneys 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. The State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not

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assume any responsibility for, and makes no warranty (express or implied) with respect to, any other aspect of this bond issue except for fiscal sufficiency.

(Att. #2)

3. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $9,400,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (THE RESERVE AT NORTH SHORE APARTMENTS PROJECT):

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 an amount Not Exceeding $9,400,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series (to be designated) (The Reserve at North Shore Apartments Project) (the "Bonds.")

The Bonds are being issued for the purpose of financing the development and construction of a multifamily residential rental development for persons and families of low and moderate income in Bay County, Florida. 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 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 moneys 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. The State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not

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assume any responsibility for, and makes no warranty (express or implied) with respect to, any other aspect of this bond issue except for fiscal sufficiency.

(Att. #3)

4. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $14,650,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (THE RESERVE AT KANAPAHA APARTMENTS PROJECT):

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 an amount Not Exceeding $14,650,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series (to be designated) (The Reserve at Kanapaha Apartments Project) (the "Bonds.")

The Bonds are being issued for the purpose of financing the development and construction of a multifamily residential rental development for persons and families of low and moderate income in Alachua County, Florida. 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 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 moneys 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. The State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not

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assume any responsibility for, and makes no warranty (express or implied) with respect to, any other aspect of this bond issue except for fiscal sufficiency.

(Att. #4)

5. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $15,750,OOO FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (WINDCHASE APARTMENTS PROJECT):

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 an amount Not Exceeding $15,750,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series (to be designated) (Windchase Apartments Project ) (the "Bonds.")

The Bonds are being issued for the purpose of financing the development and construction of a multifamily residential rental development for persons and families of low and moderate income in Seminole County, Florida. 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 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 moneys 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. The State Board of Administration of Florida has relied upon

information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not

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assume any responsibility for, and makes no warranty (express or implied) with respect to, any other aspect of this bond issue except for fiscal sufficiency.

(Att. #5)

INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.:

6. The Florida Housing Finance Agency (the "Agency") has submitted a request for approval of an interest rate exception on an issue of Not Exceeding $1,080,000 Florida Housing Finance Agency Housing Revenue Bonds, Series 1997 (to be designated) (St. Cloud Village Apartments Project) (the "Bonds.")

The Bonds are being issued to finance a multifamily rental housing project for low or moderate income persons or families in Osceola County, Florida (the "Project.") The Bonds will be payable solely from moneys received under a loan agreement between the Agency and St. Cloud Associates, Ltd. (the "Developer.") The payment of the Bonds will be secured by a mortgage and assignment of rents on the Project.

The Bonds will be issued in minimum denominations of $100,000 solely to qualified institutional buyers or to sophisticated and/or institutional investors that have delivered an investor's letter to the effect that the purchaser is a sophisticated investor, purchasing the Bonds for its own account, has reviewed the relevant information and is not relying on information provided by the Agency. Alternatively, the Bonds may be sold in minimum denominations of $250,000 to sophisticated and/or institutional investors that have delivered an investor's letter similar to the one described in the previous sentence, without requiring that subsequent purchasers deliver such investor's letter. The Agency proposes to offer the Bonds through a negotiated private placement by Artemis Capital Group, Inc. (the "Placement Agent") in accordance with one of the preceding alternatives. The Placement Agent will receive a discount of 4.25 percent for the placement of the Bonds. The interest rate on the Bonds shall not exceed 10.00 percent per annum. The maximum interest rate for the month of May 1997 is 8.87 percent.

RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not Exceeding 10.00 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

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information provided by the Florida Housing Finance Agency. 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 (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #6)