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AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person:  Dorothy Westwood - 488-4406)
THE CAPITOL
June 26, 1997

1.  Approval of minutes of meeting held on June 12, 1997.  (Att. #1)

2.	APPROVAL OF FISCAL SUFFICIENCY OF AN AGGREGATE AMOUNT NOT EXCEEDING $500,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 1996 AND 1997 SERIES (LETTER DESIGNATIONS TO BE DETERMINED):
	
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 an aggregate amount Not Exceeding $500,000,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds, 1996 and 1997 Series (Letter Designations to be determined), (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, and pursuant to Section 9(a)(2), Article XII of the Constitution of Florida, as amended.  The Governor and Cabinet adopted on July 23, 1996 the Eleventh Supplemental Authorizing Resolution authorizing the issuance of the 1996 Series Bonds.  It is anticipated the Governor and Cabinet will adopt on June 26, 1997 the Twelfth Supplemental Authorizing Resolution authorizing the issuance of the 1997 Series 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 June 11, 1997; 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, 1993 Series A, 1993 Series B and 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, 1995 Series F, and 1996 Series A, of which $5,945,340,000 in principal amount was outstanding and unpaid on June 11, 1997.  The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid 

AGENDA
June 26, 1997
Page Two

Public Education Bonds, Series A and B not refunded, inclusive, and to the outstanding and unpaid Series 1989-A, 1989-B, 1990, 1991-A, 1991-B, 1991-C, and 1992-A Bonds, and the unrefunded portion of Series 1985, 1985-A, 1986-B, 1986-C and 1987-A 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 and unpaid Public Education Capital Outlay Bonds, 1992 Series B, 1992 Series C, 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, 1995 Series F and 1996 Series A.

A study of this proposal and the estimates of revenue expected to accrue from the Gross Receipts Tax, indicate that the proposed Bonds and all other outstanding bonds having a lien on the Gross Receipts Tax 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.	APPROVAL OF FISCAL SUFFICIENCY OF AN ISSUE OF NOT EXCEEDING $350,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS, (SERIES TO BE DESIGNATED):

	The Division of Bond Finance of the State Board of Administration (the "Division"), has submitted for approval as to fiscal sufficiency a proposal to issue Not Exceeding $350,000,000 State of Florida, Full Faith and Credit Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds, (Series to be designated) (the "Bonds") for the purpose of financing or refinancing the cost of acquiring real property or the rights to real property for state roads as defined by law, or to finance or refinance the cost of state bridge construction, and purposes incidental to such property acquisition or bridge construction.  The Governing Board of the Division approved the authorizing resolution for the proposed Bonds on February 28, 1989, as supplemented and amended on September 24, 1991, June 8, 1993, March 29, 1995, January 23, 1996 and June 25, 1996.  It is anticipated the Governing Board of the Division will adopt a resolution authorizing the sale of the Bonds on June 26, 1997.

	 

AGENDA
June 26, 1997
Page Three

	The Bonds to be issued pursuant to Section 17 of Article VII of the State Constitution and Chapter 88-247, Laws of Florida, are to be secured by a pledge of and shall be payable primarily from motor fuel and special fuel taxes, except those defined in Section 9(c) of Article XII of the State Constitution, as provided by law (the "Pledged Gas Taxes"), and shall additionally be secured by the full faith and credit of the State.  The Bonds will be issued on a parity as to lien
and security for payment from the Pledged Gas Taxes with the outstanding State of Florida, Full Faith and Credit, Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds, Series 1991, 1993, 1995, 1996,
Refunding Bonds Series 1996, and, if and when issued, the proposed $350,000,000 State of Florida, Full Faith and Credit, Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds, (Series to be designated.)

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Gas Taxes, indicate that the proposed Bonds 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. #3)

4.	APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $55,000,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY SYSTEM IMPROVEMENT REVENUE  REFUNDING BONDS, SERIES (TO BE DESIGNATED):

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 Exceeding $55,000,000 State of Florida, Board of Regents, University System Improvement Revenue Refunding Bonds, Series (to be designated), (the "Bonds") for the purpose of refunding all or a portion of the outstanding University System Improvement Revenue Certificates, Series 1991.  It is anticipated the Governing Board of the Division will adopt the authorizing and sale resolutions for the Bonds on June 26, 1997.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law. 
AGENDA
June 26, 1997
Page Four

RECOMMENDATION:  It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above.  (Att. #4)