MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

SEPTEMBER 23, 1998

1. Approval of minutes of meeting held on September 9, 1998. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $600,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 1998 SERIES D [OR SUCH OTHER DESIGNATION(S) TO BE DETERMINED]:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the State Board of Education, has submitted for approval as to fiscal sufficiency a proposal to issue, in one or more series, an amount Not Exceeding $600,000,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Refunding Bonds, 1998 Series D [or such other designation(s) to be determined] (the "Bonds") for the purpose of refunding a portion of the outstanding State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds, 1994 Series A, 1993 Series F and 1992 Series C; provided, however, that none of the said Bonds shall be issued in excess of the amount which can be issued in full compliance with the State Bond Act and other applicable provisions of law, and pursuant to Section 9(a)(2), Article XII of the Constitution of Florida, as amended. It is anticipated the Governor and Cabinet will adopt on September 23, 1998 the

Sixteenth Supplemental Authorizing Resolution and the sale resolution authorizing the issuance and sale of the Bonds.

The State Board of Education has heretofore issued Public Education Capital Outlay Bonds, Series 1985, 1985-A, 1986-B, 1986-C, 1987-A, 1989-A, 1989-B, 1990, 1991-A, 1991-B, 1991-C and 1992-A, 1992 Series B, 1992 Series C, 1992 Series D, 1992 Series E, 1993 Series A, 1993 Series B, 1993 Series C, 1993 Series D, 1993 Series E, 1993 Series F, 1994 Series A, 1994 Series B, 1994 Series C, 1995 Series A, 1995 Series B, 1995 Series C, 1995 Series D, 1995 Series E, 1995 Series F, 1996 Series A, 1996 Series B, 1997 Series A, 1998 Series A and 1998 Series B of which $6,658,740,000 in principal amount was outstanding and unpaid on September 3, 1998. The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid portion of the Series

AGENDA

September 23, 1998

Page 2

1985, 1985-A, 1986-B, 1986-C, 1987-A, 1989-A, 1989-B, 1990, 1991-A, 1991-B, 1991-C and 1992-A Bonds as to lien on and source and security for payment from the Gross Receipts Taxes. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Gross Receipts Taxes with the outstanding and unpaid Public Education Capital Outlay Bonds, 1992 Series B, 1992 Series C, 1992 Series D, 1992 Series E, 1993 Series A, 1993 Series B, 1993 Series C, 1993 Series D, 1993 Series E, 1993 Series F, 1994 Series A, 1994 Series B, 1994 Series C, 1995 Series A, 1995 Series B, 1995 Series C, 1995 Series D, 1995 Series E, 1995 Series F, 1996 Series A, 1996 Series B, 1997 Series A, 1998 Series A and 1998 Series B.

A study of this proposal and the estimates of revenue expected to accrue from the Gross Receipts Tax, indicate that the proposed Bonds and all other outstanding bonds having a lien on the Gross Receipts Tax are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law.

RECOMMENDATION: It is recommended that the State Board of Administration approve the fiscal sufficiency of the proposal outlined above. (Att. #2)

3. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $250,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, SERIES 1998C:

The Division of Bond Finance of the State Board of Administration of Florida (the "Division") has submitted for approval a proposal to issue an amount Not Exceeding $250,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Series 1998C (the "Bonds"), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities.

The Authorizing Resolution for the Bonds was adopted by the Governor and Cabinet on May 12, 1998. It is anticipated that the Sale Resolution for the Bonds will be adopted by the Governor and Cabinet on September 23, 1998.

The proposed Bonds shall be secured by a first lien upon the Pledged Revenues which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 235.187 or 235.2195, Florida Statutes. The Division has heretofore

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September 23, 1998

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issued Lottery Revenue Bonds, Series 1998A and 1998B of which $315,390,000

in principal amount was outstanding and unpaid on September 22, 1998. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A and 1998B Bonds.

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. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.

RECOMMENDATION: It is recommended that the Board approve the proposal outlined above. (Att. #3)

4. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $100,000,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE BONDS, SERIES 1998 [LETTER DESIGNATION(S) TO BE DETERMINED]:

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 an amount Not Exceeding $100,000,000 State of Florida, Department of Management Services, Florida Facilities Pool Revenue Bonds, Series 1998 [letter designation(s) to be determined] (the "Bonds"), on behalf of the Division of Facilities Management of the Department of Management Services. The Bonds are being issued for the purpose of providing funds for the construction of four buildings at the Capital Circle Office Center (Satellite Office Complex) in Tallahassee, Florida, refunding all or a portion of the outstanding Facilities Pool Revenue Bonds, Series 1993A, 1993C, 1994A and 1995A and paying certain costs associated with the issuance and sale of the Bonds. It is anticipated the Twentieth Supplemental Revenue Bond Resolution, which authorizes the issuance and sale of the Bonds, will be approved by the Governing Board of the Division on September 23,

1998.

A study of this proposal and the estimates of revenue and other available moneys 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.

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September 23, 1998

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RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #4)

5. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $29,140,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA INTERNATIONAL UNIVERSITY 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 $29,140,000 State of Florida, Board of Regents, Florida International University Housing Facility Revenue Bonds, Series 1998 (the "Bonds") for the purpose of providing funds for the construction and equipping of a student housing complex and support services facility on the main campus of Florida International University, purchasing a municipal bond insurance policy, funding a reserve account or purchasing a reserve account credit facility, providing for capitalized interest, and paying certain costs associated with the issuance and sale of the Bonds. The Governing Board of the Division adopted the Authorizing Resolution authorizing the issuance of the Bonds on June 9, 1998. It is anticipated the Governor and Cabinet will adopt the sale resolution at the Cabinet meeting on September 23, 1998.

The Bonds will be secured by a pledge of the net revenues from the housing facility financed by the Bonds as well as a housing facility which will be constructed concurrently and financed from existing funds. The Bonds will also be payable from any excess revenue from existing housing facilities.

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. #5)

AGENDA

September 9, 1998

Page 5

6. APPROVAL OF THE FLORIDA HURRICANE CATASTROPHE FUND RULES:

The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for notice to amend the Fund's loss reimbursement procedures; the amendment of 19-8.011 to fine tune the Fund's loss reimbursement procedures; the amendment of Rule 19-8.013 to add a provision regarding repayment of premiums to comply with the IRS letter ruling permitting tax exempt status for revenue bonds; and the amendment of Rule 19-8.025, to remove obsolete procedures regarding a second data call and the JUA. The proposed amended rules were the subject of two rule development workshops: one on July 14 and the other on August 11, 1998. The rules were approved by the Advisory Council for filing for notice on August 27, 1998. (Backup will be provided preceding the meeting.)