The Governor and Cabinet - Florida Department of State

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AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
August 12, 1999

1. Approval of minutes of meeting held June 22, 1999. (Att. #1)

2. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $450,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES D3 (HAMPTON COURT APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $450,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 1999 Series D3 (the "Bonds") for the purpose of financing the construction and equipping of a multifamily residential rental development located in Palm Beach County, Florida (Hampton Court 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)

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3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $7,670,000 TAX EXEMPT AND $530,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (WOODS AT VERO BEACH APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $7,670,000 Tax Exempt and $530,000 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 Indian River County, Florida (Woods at Vero Beach Apartments Project).

4. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $7,675,000 TAX EXEMPT AND $355,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (TIMBERLINE APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $7,675,000 Tax Exempt and
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August 12, 1999
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$355,000 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 Osceola County, Florida (Timberline Apartments Project).

5. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION RESCINDING THE FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $11,895,000 TAX EXEMPT AND $2,460,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (VALENCIA VILLAGE APARTMENTS PROJECT) AND APPROVING THE FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $11,755,000 TAX EXEMPT AND $2,600,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (VALENCIA VILLAGE APARTMENTS PROJECT):

The Florida Housing Finance Corporation has requested the State Board of Administration to rescind its approval of fiscal determination of amounts Not Exceeding $11,895,000 Tax Exempt and $2,460,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 1999 Series (series to be designated), and has submitted for approval as to fiscal
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August 12, 1999
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determination a proposal to issue amounts Not Exceeding $11,755,000 Tax Exempt and $2,600,000 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 (Valencia Village Apartments Project).

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") rescind its previous approval of fiscal determination which was made at the June 22, 1999 meeting of the Board and approve the revised 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)

6. THE FLORIDA PREPAID COLLEGE BOARD REQUESTS APPROVAL OF ITS COMPREHENSIVE INVESTMENT GUIDELINES:

In compliance with Florida Statute 240.551 (5)(e) the State Board of Administration is required to approve of any changes to the Prepaid College Program's Comprehensive Investment Plan. On June 3, 1999, the Florida Prepaid College Board approved of changes to its Comprehensive Investment Plan. SBA staff has since reviewed the changes and recommends approval. (Att. #6)

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7. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING RULES:

(A) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for adoption to implement the 1999-2000 contract year: the amendment of Rule 19-8.010 to adopt the addendum to the reimbursement contract for the 1999-2000 contract year; and new rule 19-8.028, implementing the 1999 premium formula. The proposed new rule was the subject of a rule development workshop on February 3, 1999 and the proposed amended rule was the subject of a rule development workshop on May 24, 1999. The proposed new rule was approved by the Advisory Council for filing for notice on March 5, 1999, and was approved by the Trustees to file for notice on May 11, 1999. The new rule was approved by the Trustees for filing for notice on June 8, 1999. Both rules were the subject of a rule hearing on July 14, 1999 and were approved by the Advisory Council to file for adoption on July 27, 1999. Both rules were subject to comments by the Joint Administrative Procedures Committee. Notices of change were filed and adoption will be made after the running of the statutory period.

(B) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for adoption for repeal: Rule 19-8.002, definitions; 19-8.003, 1994 provisional premiums; 19-8.004, aggregate retention levels; 19-8.005, special provisions; 19-8.006, insurer reporting; and 19-8.009, 1994 reimbursement premiums formula. All these rules implement the 1994 contract year and are no longer necessary. The Advisory Council approved their repeal at its July 27, 1999 meeting. No rule development workshop is necessary for repeals. The rule hearing was held on July 14, 1999, and the Joint Administrative Procedures Committee recommended no changes.

(C) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing new Rule 19-8.014, regarding auditing procedures for notice. The rule was the subject of a rule development workshop on July 14, 1999, and the Advisory Council approved its filing for notice at the meeting on July 27, 1999. (Back-up material for Items 7A-C will be furnished prior to the meeting.)

8. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the fund balance analysis and fund activity analysis for the month of May 1999, and the fund activity analysis for the month of June 1999. (Att. #8)