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AGENDA
MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood
- 488-4406)
THE CAPITOL
October 10, 2000
- Approval of minutes of meeting held September
26, 2000. (Att. #1)
2. APPROVAL OF FISCAL SUFFICIENCY
OF AN AMOUNT NOT EXCEEDING $167,200,000 STATE OF FLORIDA, FULL FAITH
AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY
BONDS, 1999 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 amount Not Exceeding
$167,200,000 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. The Governor and Cabinet
adopted on September 14, 1999 the Nineteenth Supplemental Authorizing
Resolution authorizing the issuance of the Bonds. It is anticipated
the Governor and Cabinet will adopt on October 10, 2000 a sale resolution
for the Bonds.
The State Board of Education
has heretofore issued Public Education Capital Outlay Bonds, Series
1985 through 2000 Series A of which $7,270,640,000 in principal
amount was outstanding and unpaid on September 30, 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 2000 Series A.
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. #2)
AGENDA
October 10, 2000
Page two
3. A RESOLUTION OF THE STATE BOARD
OF ADMINISTRATION OF FLORIDA RESCINDING THE APPROVAL OF FISCAL DETERMINATION
OF AN AMOUNT NOT EXCEEDING $40,530,000 FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2000 SERIES (ONE OR MORE SERIES TO BE DESIGNATED)
(AUGUSTINE CLUB, PLANTATIONS AT KILLEARN AND WOODLAKE AT KILLEARN
APARTMENT PROJECTS) AND APPROVING THE FISCAL DETERMINATION OF AN
AMOUNT NOT EXCEEDING $36,865,000 FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2000 SERIES (ONE OR MORE SERIES TO BE DESIGNATED)
(AUGUSTINE CLUB, PLANTATIONS AT KILLEARN AND WOODLAKE AT KILLEARN
APARTMENT PROJECTS):
The Florida Housing Finance Corporation (the
"Corporation") has requested the State Board of Administration to
rescind its approval of fiscal determination of an amount Not Exceeding
$40,530,000 Florida Housing Finance Corporation Housing Revenue
Bonds, 2000 Series (one or more series to be designated) (Augustine
Club, Plantations at Killearn and Woodlake at Killearn Apartment
Projects), and has submitted for approval as to fiscal determination
a proposal to issue an amount Not Exceeding $36,865,000 Florida
Housing Finance Corporation Housing Revenue Bonds, 2000 Series (one
or more series to be designated) (the "Bonds") for the purpose of
financing the acquisition of three multifamily residential rental
developments located in Leon County, Florida (Augustine Club, Plantations
at Killearn and Woodlake at Killearn Apartment Projects).
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 SBA
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
AGENDA
October 10, 2000
Page three
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.
#3)
4. APPROVAL OF THE FISCAL DETERMINATION
OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT EXCEEDING $100,000,000
FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS,
2000 SERIES (MULTIPLE SERIES TO BE DETERMINED), AND NOT EXCEEDING
$500,000 FLORIDA HOUSING FINANCE CORPORATION DOWN PAYMENT ASSISTANCE
NOTE (FNMA SECOND MORTGAGE PROGRAM), SERIES 2000-B:
The Florida Housing Finance Corporation has
submitted for approval as to fiscal determination a proposal to
issue one or more series in an aggregate amount Not Exceeding $100,000,000
Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds,
2000 Series (multiple series to be determined) (the "Bonds"), and
Not Exceeding $500,000 Florida Housing Finance Corporation Down
Payment Assistance Note (FNMA Second Mortgage Program) Series 2000-B
(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.
The Bonds and Note shall not constitute obligations,
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.
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 SBA 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
AGENDA
October 10, 2000
Page four
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. #4)
5. APROVAL OF FISCAL DETERMINATION OF AN
AMOUNT NOT EXCEEDING $11,255,000 TAX EXEMPT FLORIDA HOUSING FINANCE
CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (SERIES TO BE DESIGNATED)
(MARINA BAY APARTMENTS):
The Florida Housing Finance Corporation has
submitted for approval as to fiscal determination a proposal to
issue an amount Not Exceeding $11,255,000 Tax Exempt Florida Housing
Finance Corporation Housing Revenue Bonds, 2000 Series (series to
be designated) (the "Bonds") for the purpose of financing the construction
and equipping of a multifamily residential rental development located
in Palm Beach County, Florida (Marina Bay Apartments).
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. #5)
AGENDA
October 10, 2000
Page five
6. APPPROVAL OF FISCAL DETERMINATION OF AMOUNTS
NOT EXCEEDING $6,900,000 TAX EXEMPT AND $1,200,000 TAXABLE FLORIDA
HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (SERIES
TO BE DESIGNATED) (RIVER TRACE SENIOR APARTMENTS):
The Florida Housing Finance Corporation has
submitted for approval as to fiscal determination a proposal to
issue amounts Not Exceeding $6,900,000 Tax Exempt and $1,200,000
Taxable Florida Housing Finance Corporation Housing Revenue Bonds,
2000 Series (series to be designated) (the "Bonds") for the purpose
of financing the construction and equipping of a multifamily residential
rental development located in Manatee County, Florida (River Trace
Senior Apartments).
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. #6)
- DC IMPLEMENTATION STATUS REPORT #3: (Att. #7)
- THE FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION:
This item was deferred from the September 26,
2000 Cabinet meeting.
AGENDA
October 10, 2000
Page six
The Florida Water Pollution Control Financing
Corporation requests that the Comptroller and Treasurer, the Governor’s
Budget Director and the Secretary of the Department of Environmental
Protection, in their capacity as directors, hold a meeting of the
Board of
Directors of the Corporation to delegate authority
to the Chief Executive Officer of the Corporation to negotiate and
execute an Administrative Services Contract, and to select bond
counsel, disclosure counsel and underwriters for the Corporation’s
proposed bond issues. Requests for Proposal were sent out on July
25, 2000, and responses were received back and reviewed by a team
of scorers. The results of the scoring team’s tabulations were previously
furnished, along with the Requests for Proposal, as supporting material.
The selection of these professionals was deferred from the meeting
of the Board of Directors originally scheduled for September 26,
2000 due to the lack of a quorum at the meeting. (EXHIBIT
1)
THE FLORIDA WATER POLLUTION CONTROL FINANCING
CORPORATION
AGENDA
THE CAPITOL
October 10, 2000
The Florida Water Pollution Control Financing
Corporation requests that the Comptroller and Treasurer, the Governor’s
Budget Director and the Secretary of the Department of Environmental
Protection, in their capacity as directors, hold a meeting of the
Board of Directors of the Corporation to delegate authority to the
Chief Executive Officer of the Corporation to negotiate and execute
an Administrative Services Contract, and to select bond counsel,
disclosure counsel and underwriters for the Corporation’s proposed
bond issues. Requests for Proposal were sent out on July 25, 2000,
and responses were received back and reviewed by a team of scorers.
The results of the scoring team’s tabulations were previously furnished,
along with the Requests for Proposal, as supporting material. The
selection of these professionals was deferred from the meeting of
the Board of Directors originally scheduled for September 26, 2000
de to the lack of a quorum at the meeting.
1. The Executive Director, as Chief Executive
Officer, will call David Struhs, Secretary of the Department of
Environmental Protection and Donna Arduin, the Governor’s Budget
Director, to the podium and request the Chairperson of the Board
of Directors to call the meeting of the Corporation to order.
2. All of the members of the Board of
Directors being present, motion and second that the Board of Directors
take the following action:
a. Selection of Bond Counsel
- Selection of Disclosure Counsel
- Selection of Underwriters
- Delegation of authority to Tom Herndon, as Chief Executive
Officer of the Corporation, to finalize the negotiations and
to execute an Administrative Services Contract among the Corporation,
the State Board of Administration, and the Department of Environmental
Protection.
EXHIBIT
1
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