Cabinet Affairs

AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

MAY 12, 1998

1. Approval of minutes of meeting held on April 28, 1998. (Att. #1)

2. APPROVAL OF THE FISCAL DETERMINATION REQUIRED BY ARTICLE VII, SECTION 16(C), FLORIDA CONSTITUTION, OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT EXCEEDING $162,925,844.28 FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS, 1998 SERIES 1-4 (AND IF SO DETERMINED ADDITIONAL SERIES TO BE SUBSEQUENTLY DESIGNATED), AND NOT EXCEEDING $500,000 FLORIDA HOUSING FINANCE CORPORATION TAXABLE HOMEOWNER MORTGAGE REVENUE NOTE (FNMA SECOND MORTGAGE PROGRAM), SERIES 1998:

The Florida Housing Finance Corporation (the "Corporation") (the "Issuer") has submitted for approval as to fiscal determination a proposal to issue one or more series in an aggregate amount Not Exceeding $162,925,844.28 Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, 1998 Series 1-4 (and if so determined additional series to be subsequently designated) (the "Bonds"), and Not Exceeding $500,000 Florida Housing Finance Corporation Taxable Homeowner Mortgage Revenue Note (FNMA Second Mortgage Program), Series 1998 (the "Note") for the purpose of providing funds for (i) the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans, (ii) refunding certain outstanding bonds of the Issuer previously issued for such purposes and (iii) funding closing costs and down payment assistance loans unde

r the FNMA Second Mortgage Program as defined in the Authorizing Resolutions adopted by the Corporation on April 22, 1998.

The Bonds and Note 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 and Note. The Bonds and Note 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 monies expected to accrue indicate that the issues are fiscally sufficient, and the Executive Director recommends that the Board approve the fiscal determination thereof. It is further recommended that, pursuant to the 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 and Note 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 a

spect of, these issues except for fiscal determination. (Att. #2)

3. REAPPOINTMENT OF CHAIR TO THE FLORIDA COMMISSION

ON HURRICANE LOSS PROJECTION METHODOLOGY:

Pursuant to Section 627.0628(2)(d), Florida Statutes, the reappointment of Elsie Crowell, the Insurance Consumer Advocate, as chair of the Florida Commission on Hurricane Loss Projection Methodology. Ms. Crowell has served as chair of the Commission since August.