AGENDA
MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
OCTOBER 27, 1998
1. Approval of minutes of meeting held on October 13, 1998. (Att. #1)
2. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $16,500,000
FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE REFUNDING BONDS, 1998 SERIES
(ONE OR MORE SERIES TO BE DESIGNATED) (THE WAVES I APARTMENTS PROJECT):
The Florida Housing Finance Corporation has submitted for approval as to fiscal
determination a proposal to issue an amount Not Exceeding $16,500,000 Florida
Housing Finance Corporation Housing Revenue Refunding Bonds, 1998 Series (one
or more series to be designated) (the "Bonds") for the purpose of refunding
the outstanding Florida Housing Finance Agency Multifamily Housing Revenue Bonds,
Series 1985 Series PP (The Waves I Apartments Project) (Broward County, Florida).
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 of estimates of revenue and other
available moneys expected to accrue indicate that the issue meets the requirements
for the fiscal determination required by Section 420.509, Florida Statutes,
as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968,
and the Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the fiscal determination thereof. It is further
recommended that, pursuant to the fiscal determination 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 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 Board has relied upon information from others but has not
AGENDA
October 27, 1998
Page 2
independently verified the accuracy or completeness of such information. The
Board 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
determination. (Att. #2)
3. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $11,220,000
FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1998 SERIES (ONE
OR MORE SERIES TO BE DESIGNATED) (STONEBRIDGE LANDINGS II APARTMENTS PROJECT):
The Florida Housing Finance Corporation has submitted for approval as to fiscal
determination a proposal to issue an amount Not Exceeding $11,220,000 Florida
Housing Finance Corporation Housing Revenue Bonds, 1998 Series (one or more
series to be designated) (the "Bonds") for the purpose of financing the construction
and equipping of a multifamily residential rental development located in Orange
County, Florida (Stonebridge Landings II Apartments Project).
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 of estimates of revenue and other
available moneys expected to accrue indicate that the issue meets the requirements
for the fiscal determination required by Section 420.509, Florida Statutes,
as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968,
and the Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the fiscal determination thereof. It is further
recommended that, pursuant to the fiscal determination 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 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 Board has relied upon information from others but has not
independently verified the accuracy or completeness of such information. The
Board 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
determination. (Att. #3)
AGENDA
October 27, 1998
Page 3
4. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $14,000,000
FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1998 SERIES (ONE
OR MORE SERIES TO BE DESIGNATED) (MADALYN LANDING APARTMENTS PROJECT):
The Florida Housing Finance Corporation has submitted for approval as to fiscal
determination a proposal to issue an amount Not Exceeding $14,000,000 Florida
Housing Finance Corporation Housing Revenue Bonds, 1998 Series (one or more
series to be designated) (the "Bonds") for the purpose of financing the construction
and equipping of a multifamily residential rental development located in Brevard
County, Florida (Madalyn Landing Apartments Project).
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 of estimates of revenue and other
available moneys expected to accrue indicate that the issue meets the requirements
for the fiscal determination required by Section 420.509, Florida Statutes,
as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968,
and the Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the fiscal determination thereof. It is further
recommended that, pursuant to the fiscal determination 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 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 Board has relied upon information from others but has not
independently verified the accuracy or completeness of such information. The
Board 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
determination.
(Att. #4)
AGENDA
October 27, 1998
Page 4
5. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $5,500,000 FLORIDA
HOUSING FINANCE CORPORATION HOUSING REVENUE REFUNDING BONDS, 1998 SERIES (TO
BE DESIGNATED) (SOUTH POINTE APARTMENTS PROJECT):
The Florida Housing Finance Corporation has submitted for approval as to fiscal
determination a proposal to issue an amount Not Exceeding $5,500,000 Florida
Housing Finance Corporation Housing Revenue Refunding Bonds, 1998 Series (to
be designated) (South Pointe Apartments Project) (the "Bonds") for the purpose
of refunding at a lower net interest cost rate the Florida Housing Finance Agency
Multi-Family Housing Revenue Bonds, Series 1985 Series NN (South Pointe Project)
(the "1985 Series NN Bonds.") The 1985 Series NN Bonds were issued for the purpose
of financing the construction of a qualified multi-family residential housing
project located in Hillsborough County, Florida.
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 of estimates of revenue and other
available moneys expected to accrue indicate that the issue meets the requirements
for the fiscal determination required by Section 420.509, Florida Statutes,
as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968,
and the Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the fiscal determination thereof. It is further
recommended that, pursuant to the fiscal determination 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 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 Board has relied upon information from others but has not
independently verified the accuracy or completeness of such information. The
Board 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
determination. (Att. #5)
AGENDA
October 27, 1998
Page 5
6. APPROVAL OF ADDITION TO PROXY VOTING GUIDELINES: Method of tabulating votes
(Abstentions): Vote FOR
These proposals generally ask the company to exclude abstention votes in the
totals of proxy tabulations. The SBA does not support the inclusion of abstention
votes in voting totals. The SBA believes that abstention votes are used by shareholders
not as a passive way of voting against a proxy issue but rather as a way to
vote shares without taking a particular position on a proposal. Shares voted
as abstentions should not be confused with proxies not voted-the former is a
deliberate vote to abstain, the latter is not a vote at all. (Please refer to
page 13 in the Annual Report on Corporate Governance. This report will be forwarded
preceding meeting.)
7. REPORTS BY THE EXECUTIVE DIRECTOR:
(A) Submitted for information and review are the investment performance and
fund balance analysis for the month of September 1998. (Att. #7a)
(B) FY98 Annual Report on Corporate Governance (informational item).
Cabinet
Affairs