AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
March 28, 2000

1. Approval of minutes of meeting held March 14, 2000. (Att. #1)
2. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, VARIOUS SERIES:

The Division of Bond Finance of the State Board of Administration of Florida (the "Division") has submitted for approval a proposal to issue an amount Not Exceeding $300,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Various Series (the "Bonds"), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities.

The Authorizing Resolution for the Bonds was adopted by the Governor and Cabinet on May 12, 1998. It is anticipated that the Sale Resolution for the Bonds will be adopted by the Governor and Cabinet on March 28, 2000.

The proposed Bonds shall be secured by a first lien upon the Pledged Revenues which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 235.187 or 235.2195, Florida Statutes. The Division has heretofore issued Lottery Revenue Bonds, Series 1998A through 1999A of which $646,465,000 in principal amount was outstanding and unpaid on February 29, 2000. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A through 1999A Bonds and with the $125,000,000 Series 2000A Bonds, which are anticipated to be issued on March 30, 2000.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues, indicate that the proposed Bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.

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

3. REPORT BY THE EXECUTIVE DIRECTOR:

Submitted for information and review is the fund activity analysis report for the month of January 2000. (Att. #3)

4. INLAND PROTECTION FINANCING CORPORATION:

AGENDA
MEETING OF THE INLAND PROTECTION FINANCING CORPORATION
The Capitol

March 28, 2000

The Inland Protection Financing Corporation requests that the Trustees, in their capacities as directors, hold a Board of Directors meeting of the Inland Protection Financing Corporation. This Corporation was created in Section 376.2075(a) by House Bill 1127 during the 1996 legislative session. A board meeting is necessary to appoint Coleman Stipanovich as Treasurer of the Corporation and to designate the position of Chief of Administrative Services of the State Board of Administration as the Treasurer of the Corporation.

1. The Chief Executive Officer will call David Struhs, Secretary of the Department of Environmental Protection, and Keith Carswell, Chairman of the Black Business Investment Board, to the podium and requests the Governor to call the Board of Directors meeting of the Corporation to order.
2. All the members of the Board of Directors being present, motion and second that the Board of Directors take the following action:

Approve the appointment of Coleman Stipanovich as Treasurer of the Inland Protection Financing Corporation, and designate the position of Chief of Administrative Services of the State Board of Administration as the Treasurer of the Corporation.

3. There being no further business, motion and second to adjourn the meeting.

EXHIBIT 1