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AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

November 18, 1997

1. Approval of minutes of meeting held on November 4, 1997. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN ISSUE NOT EXCEEDING $330,000,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE BONDS, SERIES 1997 (LETTER DESIGNATION TO BE ASSIGNED):

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 $330,000,000 State of Florida, Department of Transportation Turnpike Revenue Bonds, Series 1997 (Letter Designation to be assigned) (the "Bonds") to fund various Turnpike Projects. It is anticipated that the Governing Board of the Division will adopt a resolution authorizing the sale of the Bonds on November 18, 1997.

The proposed Bonds shall be secured, along with certain other previously issued parity bonds, by a first lien upon Net Revenues of the Turnpike System, which consists of all tolls, revenues, rates, fees, charges, receipts, rents or other income derived from, or in connection with, the operation of the Florida Turnpike, less any necessary contribution to fund the Cost of Maintenance and Cost of Operation after taking into account other sources of funds available to fund the Cost of Maintenance and Cost of Operation. The tolls are required to be fixed, and adjusted if necessary, so that gross revenues shall be sufficient to pay at least (i) 100% of Operation and Maintenance costs; (ii) 120% of the Annual Debt Service Requirement; and (iii) 100% of all other payments required by the Authorizing Resolution.

RECOMMENDATION: A study of this proposal and the estimates of revenue expected to accrue indicate that the proposed Bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law. It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #2)

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November 18, 1997

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3. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $21,500,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (WILLOW LAKE 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 $21,500,000 Florida Housing Finance Agency Housing Revenue Bonds, 1997 Series (to be designated) (Willow Lake Apartments Project) (the "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 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 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 $16,420,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES (ONE OR MORE SERIES

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NOVEMBER 18, 1997

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TO BE DESIGNATED) (BARRINGTON PLACE 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 $16,420,000 Florida Housing Finance Agency Housing Revenue Bonds, 1997 Series (one or more series to be designated) (Barrington Place Apartments Project) (the "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 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 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 $14,750,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (SARAH'S PLACE APARTMENTS PROJECT):

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NOVEMBER 18, 1997

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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 $14,750,000 Florida Housing Finance Agency Housing Revenue Bonds, 1997 Series (to be designated) (Sarah's Place Apartments Project) (the "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 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 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)

6. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $13,000,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES (TO BE DESIGNATED) (WENTWORTH 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

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NOVEMBER 18, 1997

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Exceeding $13,000,000 Florida Housing Finance Revenue Bonds, 1997 Series (to be designated) (Wentworth Apartments Project) (the "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 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 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. #6)

7. APPROVAL OF THE FLORIDA PREPAID POSTSECONDARY EDUCATION EXPENSE BOARD INVESTMENT GUIDELINES:

In compliance with Florida Statute 240.551 (5) (e), the State Board of Administration is required to approve any changes to the Prepaid College program's Comprehensive Investment Plan. On August 19, 1997 the Florida Prepaid Postsecondary Education Expense Board approved changes to its plan. SBA staff has since reviewed the changes and recommends State Board approval.