Approval of minutes of meeting held on March 9, 1999. (Att. #1)

2. 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).

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. #2)

This determination of fiscal sufficiency is predicated upon receipt of private activity bond allocation from the Florida Housing Finance Corporation so as to achieve the proposed interest rates. This would require either the favorable resolution to Florida Housing of the petition currently pending before the Division of Administrative Hearings with respect to the allocation assigned to these projects or action by Florida Housing to ensure the enforceability of the allocation provided to Wentworth II and East Lake in the event the petitioner is successful at DOAH. Further, if there is any material change in the facts on which this determination is based prior to a final decision by DOAH then the determination is nullified.

This item was deferred from the March 9, 1999 agenda.

3. 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.

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)

This determination of fiscal sufficiency is predicated upon receipt of private activity bond allocation from the Florida Housing Finance Corporation so as to achieve the proposed interest rates. This would require either the favorable resolution to Florida Housing of the petition currently pending before the Division of Administrative Hearings with respect to the allocation assigned to these projects or action by Florida Housing to ensure the enforceability of the allocation provided to Wentworth II and East Lake in the event the petitioner is successful at DOAH. Further, if there is any material change in the facts on which this determination is based prior to a final decision by DOAH then the determination is nullified.

This item was deferred from the March 9, 1999 agenda.

4. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING:

(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.

This item was deferred from the March 9, 1999 agenda.

(B) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rule for notice to implement the 1999-2000 contract year: new rule 19-8.028 regarding the 1999 premium formula. The proposed new rule was the subject of a rule development workshop on February 3, 1999, and was approved by the Advisory Council for filing for notice on March 5, 1999. (Back-up will be provided preceding meeting.)

This item was deferred from the March 9, 1999 agenda.

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

This item was deferred from the March 9, 1999 meeting and is tentatively scheduled for reconsideration pending receipt of additional legal materials.

6. APPROVAL OF APPOINTMENTS OF INVESTMENT ADVISORY COUNCIL MEMBERS.