AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
April 11, 2000

1. Approval of minutes of meeting held March 28, 2000. (Att. #1)
   
   
2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $32,000,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF FLORIDA HOUSING REVENUE BONDS, SERIES 2000:

   The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Board of Regents, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $32,000,000 State of Florida, Board of Regents, University of Florida Housing Revenue Bonds, Series 2000 (the "Bonds") for the purpose of paying the cost of replacing, renovating and upgrading student residence facilities on the campus of the University of Florida, providing for capitalized interest, purchasing a municipal bond insurance policy, funding a reserve account and paying certain costs associated with the issuance and sale of the Bonds.

   The lien of the Bonds on the Pledged Revenues shall be junior and subordinate to the lien thereon of the University of Florida Housing Revenue Certificates, Series A to F, University of Florida Housing System Revenue Bonds, Series of 1974 and State of Florida, Board of Regents, University of Florida Revenue Certificates of 1984, of which the principal amounts of $1,348,000, $925,000 and $2,225,000, respectively, were outstanding as of March 31, 2000. The Bonds shall be payable on a parity and rank equally as to lien on and source and security for payment from the Pledged Revenues and in all other respects, with the State of Florida, Board of Regents, University of Florida Housing Revenue Bonds, Series 1993 and 1998, of which the principal amounts of $12,075,000 and $25,975,000, respectively, were outstanding as of March 31, 2000.

   The Bonds are being issued pursuant to the Original Authorizing Resolution adopted by the Governor and Cabinet on April 25, 1989, as amended on June 13, 1989, October 20, 1992 and May 11, 1993 and as Supplemented on February 22, 2000. It is anticipated the Governor and Cabinet will adopt a sale resolution for the Bonds at the Cabinet meeting of April 11, 2000.

   A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds and all other outstanding bonds having a lien on the Pledged Revenues 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 SUFFICIENCY OF AN AGGREGATE AMOUNT NOT EXCEEDING $197,900,000 STATE OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 1998 SERIES [LETTER DESIGNATION(S) TO BE DETERMINED]:

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 $197,900,000 State of Florida, Full Faith and Credit State Board of Education Public Education Capital Outlay Bonds, 1998 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. The Governor and Cabinet adopted on July 14, 1998 the Thirteenth Supplemental Authorizing Resolution authorizing the issuance of the 1998 Series Bonds. It is anticipated the Governor and Cabinet will adopt on April 11, 2000 a sale resolution for the Bonds.

The State Board of Education has heretofore issued Public Education Capital Outlay Bonds, Series 1985 through 1999 Series D of which $7,026,535,000 in principal amount was outstanding and unpaid on March 31, 2000. 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 D.

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 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. #3)