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AGENDA MEETING
OF THE 1. Approval of minutes of meeting held August 24, 1999. (Att. #1) 2. APPROVAL OF THE FISCAL DETERMINATION REQUIRED BY ARTICLE VII, SECTION 16(C), FLORIDA CONSTITUTION, OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT EXCEEDING $139,998,196 FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS, SERIES 1999 (MULTIPLE SERIES TO BE DETERMINED) AND 2000 SERIES 1, AND NOT EXCEEDING $1,000,000 FLORIDA HOUSING FINANCE CORPORATION DOWN PAYMENT ASSISTANCE NOTE (FNMA SECOND MORTGAGE PROGRAM), 1999 SERIES A: The Florida Housing Finance Corporation (the "Corporation") (the "Issuer") has submitted for approval as to fiscal determination a proposal to issue one or more series in an aggregate amount Not Exceeding $139,998,196 Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, Series 1999 (multiple series to be determined) and 2000 Series 1 (the "Bonds"), and Not Exceeding $1,000,000 Florida Housing Finance Corporation Down Payment Assistance Note (FNMA Second Mortgage Program), 1999 Series A (the "Note") for the purpose of providing funds for (i) the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans, (ii) refunding certain outstanding bonds of the Issuer previously issued for such purposes and (iii) funding closing costs and down payment assistance loans under the FNMA Second Mortgage Program as defined in the Authorizing Resolutions adopted by the Corporation on September 10, 1999. The Bonds and Note 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 and Note. The Bonds and Note shall be payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefor. AGENDA RECOMMENDATION: A study of this proposal and of estimates of revenue and other available monies expected to accrue indicate that the issues are fiscally sufficient, and the Executive Director recommends that the Board approve the fiscal determination thereof. It is further recommended that, pursuant to the 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 and Note 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 State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not assume any responsibility for, and makes no warranty (express or implied) with respect to any other aspect of these issues except for fiscal determination. (Att. #2) 3. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $13,135,000 TAX EXEMPT AND $400,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 1999 SERIES (SERIES TO BE DESIGNATED) (GRANADA BAY AND STRATFORD LANDINGS APARTMENT PROJECTS): The Florida Housing Finance Corporation (the "Corporation") proposes to issue amounts Not Exceeding $13,135,000 Tax Exempt and $400,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 1999 Series (series to be designated) (the "Bonds") for the purpose of financing the acquisition and rehabilitation of two multifamily residential rental developments located in Brevard County, Florida (Granada Bay Apartments Project) and Leon County, Florida (Stratford Landings 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
monies 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 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 4. APPROVAL
OF FISCAL SUFFICIENCY OF AN AGGREGATE AMOUNT NOT 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 an aggregate amount Not Exceeding $200,000,000 State of Florida, Full Faith and Credit State Board of Education Public Education Capital Outlay Bonds, 1999 Series (Letter Designations to be determined) (the "Bonds") for the purpose of financing capital outlay projects for the State System of Public Education in Florida; 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 14, 1999 the Nineteenth Supplemental Authorizing Resolution authorizing the issuance of the 1999 Series Bonds, of which it is anticipated that the first series will be designated "1999 Series C." The State Board of Education has heretofore issued Public Education Capital Outlay Bonds, Series 1985 through 1999 Series B of which $6,808,485,000 in principal amount was outstanding and unpaid on August 31, 1999. In addition, the State Board of Education has sold $306,910,000 Public Education Capital Outlay Refunding Bonds, 1999 Series D, which will be delivered on March 15, 2000 for the purpose of refunding $288,860,000 Series 1989-A Bonds. The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid Public Education Capital Outlay Bonds Series 1985 through 1992-A 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 through 1999 Series B, and 1999 Series D when delivered. 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 AGENDA 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 Board approve the fiscal sufficiency of the proposal outlined above. (Att. #4) 5. THE STATE BOARD OF ADMINISTRATION REQUESTS APPROVAL OF THE FOLLOWING: Pursuant to Section 413.0115, Florida Statutes, approval of the proposed trust agreement between the Florida State Board of Administration and the Division of Blind Services for investment management services is requested. (Att. #5) 6. EXECUTIVE DIRECTOR REPORTS: Pursuant to the provisions of Chapter 99-228, Florida Statutes, and consistent with the FY 99/00 SBA budget, all employees of the State Board of Administration will receive COLA salary increases equal to 2.8 percent, to be effective October 1, 1999. This increase will be made on each employee's September 30, 1999 base rate of pay. If the increase is less than $1,000, each employee shall receive an additional increase that provides the employee a total annualized increase of $1,000. 7. REPORT BY THE EXECUTIVE REPORT: Submitted for information and review is the fund activity analysis report for the month of July 1999. (Att. #7) |
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