AGENDA
MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

June 26, 2000

1. Approval of minutes of meeting held June 13, 2000. (Att. #1)

2. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $8,800,000 FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, SERIES 2000 (FALLS OF VENICE APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount Not Exceeding $8,800,000 Florida Housing Finance Corporation Multifamily Housing Revenue Refunding Bonds, Series 2000 (Falls of Venice Apartments Project) (the "Bonds") for the purpose of refunding the Florida Housing Finance Agency Multifamily Housing Revenue Bonds, 1987 Series E (the "1987 Series E Bonds.") The 1987 Series E Bonds were originally issued to finance the acquisition and construction of a multifamily rental housing development located in Sarasota County, Florida.

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

STATE BOARD OF ADMINISTRATION

AGENDA

June 26, 2000

Page Two

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)

3. PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM (PEORP/DC):

The Executive Director requests that the Trustees consider several issues associated with the implementation of the Public Employee Optional Retirement Program (PEORP/DC). Pursuant to the provisions of HB 2393, this program, also known as a defined contribution retirement plan, is to be organized and implemented by the Trustees of the State Board of Administration. Matters to be considered under this agenda item are:

1. The Executive Director requests that the Trustees consider the attached organizational chart. (Backup will be delivered prior to meeting.)
2. The Executive Director requests that the Trustees consider the timeline set for the Public Employee Optional Retirement Program (PEORP). (Att. #3-2)
3. The Executive Director requests that the Trustees approve the proposed operating budget for FY 2000-2001 for the Public Employee Optional Retirement Program.

4. FLORIDA HURRICANE CATASTROPHE FUND REINSURANCE ISSUE:

Backup material will be delivered prior to meeting.