Cabinet Affairs

1. Approval of minutes of meeting held on February 23, 1999. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $9,200,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE BONDS, SERIES 1999A:

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 $9,200,000 State of Florida, Department of Management Services, Florida Facilities Pool Revenue Bonds, Series 1999A (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 the Opa Locka Regional Service Center in Dade County, Florida and paying certain costs associated with the issuance and sale of the Bonds. It is anticipated the Twenty-First Supplemental Revenue Bond Resolution, which authorizes the issuance and sale of the Bonds, will be approved by the Governing Board of the Division on March 9, 1999.

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.

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

3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $11,720,000 TAX EXEMPT AND $1,550,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (EASTLAKE APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $11,720,000 Tax Exempt and $1,550,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 1999 Series (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 (Eastlake Apartments Project).

AGENDA

March 9, 1999

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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)

4. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $14,660,000 FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (ONE OR MORE SERIES TO BE DESIGNATED) (WENTWORTH II APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $14,660,000 Florida Housing Finance Corporation Housing Revenue Bonds, 1999 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 (Wentworth 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.

AGENDA

March 9, 1999

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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)

1. THE FLORIDA HURRICANE CATASTROPHE FUND:

A. The Florida Hurricane Catastrophe Fund requests that, pursuant to Section 215.555(5)(b), Florida Statutes, the Trustees approve the premium formula for the 1999-2000 contract year. The Advisory Council approved the premium formula on March 5, 1999.

1. The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for notice to implement the 1999-2000 contract year: the amendment of Rule 19-8.010 to adopt the reimbursement contract for the 1999-2000 contract year; and new rules 19-8.027, regarding definitions for the 1999-2000 contract year, 19-8.028, regarding the 1999 premium formula, 19-8.029, regarding the 1999 insurer reporting requirements. The proposed new and amended rules were the subject of a rule development workshop on February 3, 1999, and were approved by the Advisory Council for filing for notice on March 5, 1999. (Back-up will be provided preceding meeting.)

1. DRAFT RECOMMENDATIONS OF THE FLORIDA RETIREMENT SYSTEM/ UNFUNDED ACTUARIAL LIABILITY (FRS/UAL) WORKING GROUP:

This item was deferred from the February 23, 1999 meeting and is tentatively scheduled for reconsideration pending receipt of additional legal materials.