MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

APRIL 14, 1998

1. Approval of minutes of meeting held on March 24, 1998. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING

$245,000,000 STATE OF FLORIDA, ORLANDO-ORANGE COUNTY EXPRESSWAY AUTHORITY JUNIOR LIEN REVENUE BONDS, SERIES OF 1998:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Orlando-Orange Expressway Authority, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $245,000,000 State of Florida, Orlando-Orlando County Expressway Authority Junior Lien Revenue Bonds, Series of 1998 ("the "Bonds") for the purpose of financing a portion of the cost of constructing the Western Beltway, Part A (the "1998 Project") and refunding a portion of the outstanding Orlando-Orange County Expressway Authority Junior Lien Revenue Bonds, Series of 1990. The Bonds are being issued under the provisions of the Junior Lien Master Resolution adopted by the Governor and the Cabinet on May 25, 1993, and the Junior Lien Third Supplemental Authorizing Resolution which is anticipated to be approved at the Cabinet meeting of April 14, 1998. It is anticipated the Governing Board of the Division will adopt a resolution authorizing the sale of the Bonds on April 14, 19

98.

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)