AGENDA MEETING OF THE STATE BOARD OF ADMINISTRATION (Contact Person: Dorothy Westwood - 488-4406) THE CAPITOL March 24, 1998 1. Approval of minutes of meeting held on March 10, 1998. (Att. #1) 2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $300,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION
2000 REVENUE BONDS, SERIES 1998B: The Division of Bond Finance of the State Board of Administration (the "Division"),
on behalf of the Department of Environmental Protection of Florida, has submitted
for approval as to fiscal sufficiency a proposal to issue Not Exceeding $300,000,000
State of Florida, Department of Environmental Protection, Preservation 2000
Revenue Bonds, Series 1998B (the "Bonds.") The proceeds of the Bonds are to
be used for the purpose of paying the cost of acquisition of lands and related
resources in furtherance of outdoor recreation and natural resources conservation
in the State of Florida. It is anticipated the Governor and Cabinet will adopt
on March 24, 1998 the Tenth Subsequent Resolution authorizing the sale and issuance
of the Bonds. The Florida Outdoor Recreational Development Council, predecessor to the Department
of Natural Resources, heretofore issued $20,000,000 State of Florida, Florida
Outdoor Recreation Revenue Bonds, dated July 1, 1968, of which $1,400,000 in
principal amount was outstanding and unpaid on February 28, 1997 (the "Prior
Lien Obligations.") The Prior Lien Obligations have a first lien on the pledged
revenues and the lien of the Preservation 2000 Revenue Bonds shall be junior,
subordinate, and inferior to the claim of the Prior Lien Obligations against
the pledged revenues. The Department of Environmental Protection has heretofore issued $2,502,615,000
Preservation 2000 Revenue and Revenue Refunding Bonds, Series 1991A, 1992A,
1993A, 1994A, 1995A, 1996A, 1997A, 1997B and 1998A of which $1,906,525,000 in
principal amount was outstanding and unpaid on February 28, 1998. The proposed
Bonds shall be issued on parity with the outstanding and unpaid Preservation
2000 Revenue Bonds, Series 1991A, AGENDA MARCH 24, 1998 PAGE TWO 1992A, 1993A, 1994A, 1995A, 1996A, 1997A, 1997B and 1998A as to source and
security for payment. The Bonds shall not be secured by a pledge of the full faith and credit nor
the taxing power of the State of Florida or any political subdivision thereof. The estimate of funds pledged to the Bonds indicates that sufficient monies
can be pledged to exceed the debt service requirements of the proposed issue
and that in no State fiscal year will the monies pledged for the debt service
requirement of the proposed issue be less than the required coverage amount. RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency
of the proposal outlined above. (Att. #2) 3. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $2,785,000 STATE OF FLORIDA,
BOARD OF REGENTS, UNIVERSITY OF SOUTH FLORIDA HOUSING FACILITY REVENUE BONDS,
SERIES 1998: The Division of Bond Finance of the State Board of Administration (the "Division"),
on behalf of the Board of Regents, has submitted for approval as to fiscal sufficiency
a proposal to issue an amount Not Exceeding $2,785,000 State of Florida, Board
of Regents, University of South Florida Housing Facility Revenue Bonds, Series
1998 (the "Bonds") for the purpose of providing funds for the construction of
a student housing facility on the Sarasota/New College campus of the University
of South Florida, purchasing a municipal bond insurance policy, funding a reserve
account, providing for capitalized interest, and paying certain costs associated
with the issuance and sale of the Bonds. The Bonds will be payable on a parity
with the $1,980,000 State of Florida, Board of Regents, University of South
Florida Housing Facility Revenue Bonds, Series 1996B. The Governing Board of
the Division adopted the First Supplemental Resolution authorizing the issuance
of the Bonds on November 4, 1997. It is anticipated the Go vernor and Cabinet will adopt the sale resolution at the Cabinet meeting of
March 24, 1998. A study of this proposal and the estimates of revenue expected to accrue from
the Pledged Revenues indicate that the proposed bonds and all other outstanding
bonds have a lien on the Pledged Revenues are fiscally sufficient AGENDA MARCH 24, 1998 PAGE THREE 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. REPORTS BY THE EXECUTIVE DIRECTOR: Submitted for information and review are the investment performance and fund
balance analysis for the month of February 1998. (Att. #4)