|
|
Cabinet
Affairs |
AGENDA
MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
October 9, 1997
1. Approval of minutes of meeting held on August
28, 1997. (Att. #1)
2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING
$160,000,000 STATE OF FLORIDA, TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY
AUTHORITY REVENUE BONDS, SERIES 1997:
The Division of Bond Finance of the State Board of
Administration (the "Division") on behalf of the Tampa-Hillsborough
County Expressway Authority, has submitted for approval as to
fiscal sufficiency a proposal to issue an amount Not Exceeding
$160,000,000 State of Florida, Tampa-Hillsborough County Expressway
Authority Revenue Bonds, Series 1997 (the "Bonds") for
the purpose of refunding the outstanding State of Florida, Full
Faith and Credit, Hillsborough County Expressway Bonds, Series
1971 and 1978, as well as providing funds for new projects. The
Governing Board of the Division adopted the Authorizing Resolution
for the proposed bonds on March 11, 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.
RECOMMENDATION: It is recommended that the Board
approve the fiscal sufficiency of the proposal outlined above.
(Att. #2)
3. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.:
The Boca Raton Housing Authority (the "Authority"),
has submitted a request for approval of an interest rate exception
on an issue of Not Exceeding $1,000,000 Boca Raton Housing Authority
Second Lien Mortgage Housing Revenue Bonds, 1997 Series B (the
"Bonds.")
The Bonds are being issued to finance the acquisition, construction and equipping of a 91 unit rental housing assisted and independent living project (the "Project") in Palm Beach County, Florida, to fund certain reserve funds created and established under the Trust Indenture, and to pay the costs of
AGENDA
October 9, 1997
Page Two
issuing the Bonds. The Bonds will be payable solely from the excess revenues of the Project remaining after payment of operation and maintenance expenses
and current debt service on the Authority's
Series A Bonds. Payment of the Bonds will be secured by a mortgage
on the Project which will be junior to the mortgage granted by
the Authority in favor of the Trustee for the benefit of the Authority's
Series A Bondholders. The Bonds shall be limited obligations
of the Authority payable solely out of the trust estate created
under the Indenture and neither Palm Beach County, Florida, the
City of Boca Raton, Florida, the State nor any political subdivision
of the State shall in any event be liable for the payment of,
the principal of, redemption premium, if any, or interest on
the Bonds.
The Bonds will be offered for sale in a public offering
by William R. Hough & Co. in minimum denominations of $25,000
or integral multiples of $5,000 in excess thereof. The interest
rate on the Bonds shall not exceed 9.55 percent per annum. The
maximum interest rate for the month of September 1997 is 8.45
percent.
RECOMMENDATION: The Executive Director recommends
that the Board approve an interest rate exception on the Bonds
described hereinabove and authorize a rate Not to Exceed 9.55
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 information
provided by the Boca Raton Housing Authority. 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. #3)
4. RULES AND REGULATIONS
Rule 19-4.0043 Policies and Review Procedures for Investments in Synthetic
Securities.
The repeal of this rule is needed because
of the revision of Section 215.47, Florida Statutes. The rule
is no longer required.
In accordance with the requirements of the Florida
Administrative Procedures Act, the proposed rule repeal was noticed
in the Florida Administrative
AGENDA
October 9, 1997
Page Three
Weekly on August 1, 1997, and a public hearing was
held on September 5, 1997. No hearing was requested.
RECOMMENDATION: The Executive Director recommends that the Board repeal this rule. It is further recommended that the Executive Director be authorized to file the same with the Department of State pursuant to Chapter 120, Florida Statutes.
5. REPORTS BY THE EXECUTIVE DIRECTOR:
Submitted for information and review are
the investment performance and fund balance analysis for the month
of August 1997. (Att. #5)