AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

December 16, 1997

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

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $13,650,000 FLORIDA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (GRAND SAVANNAH CLUB APARTMENTS PROJECT):

The Florida Housing Finance Agency, on behalf of the Florida Housing Finance Corporation (the "Corporation"), has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $13,650,000 Florida Housing Finance Agency Housing Revenue Bonds, Series (one or more series to be designated) (Grand Savannah Club Apartments Project) (the "Bonds.")

Chapter 97-167, Laws of Florida, creates the Corporation, effective January 1, 1998, to take over the duties and responsibilities of the Florida Housing Finance Agency. The Corporation will have the authority to issue its own bonds without requiring the Division of Bond Finance to be involved.

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 the 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) Article VII of the revised Constitution of 1968, the Board find and determine that in no

AGENDA

December 16, 1997

Page two

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 #2)

3. EXECUTIVE DIRECTOR REPORTS:

Pursuant to the provisions of Chapter 97-152 and consistent with the approved FY 97/98 SBA budget, the Executive Director and all other staff members of the State Board of Administration will receive COLA salary increases to be effective January 1, 1998 as follows:

a) Employees with annual salaries of $20,000 or less shall receive an annualized increase of $1,200.

b) Employees with annual salaries from $20,001 to $36,000 shall receive an annualized increase of $1,000.

c) Employees with annual salaries of $36,001 or more shall receive an annualized increase of 2.78%.

4. INLAND PROTECTION FINANCING CORPORATION:

The Inland Protection Financing Corporation requests that the Trustees, in their capacities as Directors, hold a Board of Directors meeting of the Inland Protection Financing Corporation. This Corporation was created in Section 376.3075(1) by House Bill 1127 during the 1996 legislative session. A board meeting is necessary to appoint William O. Bell, III to serve as Treasurer of the Corporation to replace Peter Collins who resigned as Treasurer.

(Exhibit 1)

AGENDA

ORGANIZATIONAL MEETING OF THE INLAND PROTECTION FINANCING CORPORATION

The Capitol

December 16, 1997

INLAND PROTECTION FINANCING CORPORATION:

The Inland Protection Financing Corporation requests that the Trustees, in their capacities as Directors, hold a Board of Directors meeting of the Inland Protection Financing Corporation. This Corporation was created in Section 376.3075(1) by House Bill 1127 during the 1996 legislative session. A board meeting is necessary to appoint William O. Bell, III to serve as Treasurer of the Corporation to replace Peter Collins who resigned as Treasurer.

1. The Chief Executive Officer will call Virginia Wetherell, Secretary of the Department of Environmental Protection, and Keith Carswell, Chairman of the Black Business Investment Board, to the podium and requests the Governor to call the Board of Directors meeting of the Corporation to order.

2. All the members of the Board of Directors being present, motion and second that the Board of Directors take the following action:

a. Approve appointment of William O. Bell, III as Treasurer of the Inland Protection Financing Corporation.

EXHIBIT 1