Representing:
DIVISION OF BOND FINANCE
OFFICE OF INSURANCE
REGULATION
DEPARTMENT OF HIGHWAY SAFETY AND MOTOR
VEHICLES
DEPARTMENT OF REVENUE
ADMINISTRATION
COMMISSION
FLORIDA LAND AND WATER ADJUDICATORY COMMISSION
BOARD OF
TRUSTEES OF THE INTERNAL IMPROVEMENT TRUST FUND
STATE BOARD OF
ADMINISTRATION
The above agencies came to be heard
before
THE FLORIDA CABINET, Honorable Governor Bush presiding, in
the
Cabinet Meeting Room, LL-03, The Capitol, Tallahassee,
Florida,
on the 7th day of December, 2004, commencing at
approximately
9:25 a.m.
Reported by:
KRISTEN L.
BENTLEY
Certified Court Reporter
ACCURATE STENOTYPE REPORTERS,
INC.
2894 REMINGTON GREEN
LANE
TALLAHASSEE, FL 32308 (850)878-2221
.
2
APPEARANCES:
Representing the Florida Cabinet:
JEB
BUSH
Governor
CHARLES H.
BRONSON
Commissioner of Agriculture
CHARLIE
CRIST
Attorney General
TOM
GALLAGHER
Chief Financial Officer
* * *
ACCURATE STENOTYPE REPORTERS, INC.
.
3
I N D E X
DIVISION OF BOND
FINANCE
(Presented by Ben Watkins)
ITEM
ACTION
PAGE
1
Approved
19
2
Approved
20
3
Approved
20
4
Approved
20
STATE BOARD OF
ADMINISTRATION
(Presented by Coleman Stipanovich)
ITEM
ACTION
PAGE
1
Approved
22
2
Approved
22
3
Approved
22
4
Approved
23
5
Approved
24
6
Approved
24
7
Accepted
24
FINANCIAL SERVICES
COMMISSION
(Presented by Lisa Miller)
ITEM
ACTION
PAGE
1
Approved
28
2
Approved
3
For Information Only
DEPARTMENT OF
REVENUE
(Presented by JAMES ZINGALE)
ITEM
ACTION
PAGE
1
Approved
37
2
Approved
45
3
Approved
47
ACCURATE STENOTYPE REPORTERS, INC.
.
4
DEPARTMENT OF HIGHWAY
SAFETY
(Presented by Fred Dickinson)
ITEM
ACTION
PAGE
1
Approved
48
2
Approved
48
3
Approved
50
ADMINISTRATION
COMMISSION
(Presented by Barbara Leighty)
ITEM
ACTION
PAGE
1
Approved
53
2
Approved
67
3
Approved
89
FLORIDA LAND AND WATER ADJUDICATORY
COMMISSION
(Presented by Barbara Leighty)
ITEM
ACTION
PAGE
1
Approved
91
2
Approved
91
BOARD OF
TRUSTEES
(Presented by Colleen Castille)
ITEM
ACTION
PAGE
1
Approved
93
2
Approved
97
3
Approved
98
4
Approved
98
5
Approved
99
6
Approved
101
7
Deferred
107
8
Approved
119
9
Approved
122
10
Approved
137
ACCURATE STENOTYPE REPORTERS, INC.
.
DIVISION OF BOND FINANCE - 12/7/04
5
1
PROCEEDINGS
2
THE GOVERNOR: The next cabinet meeting is Wednesday,
3 January 19th. So
I guess we're going to take a few weeks
4 off. We'll now
start the agenda.
5
The Division of Bond Finance. Ben. Happy holidays.
6
MR. WATKINS: Thank you, sir. Good morning,
7 Governor,
cabinet. It's that time of the year again.
8 Time for our annual
dose of debt so this is the annual
9 debt affordability
report that we prepare by way of
10 background but really
for the benefit of the audience.
11
The Debt Affordability Study was first done back in
12 1999 and provides a
methodology for the State to keep
13 track of its debt
position. It was subsequently embraced
14 by the Legislature
and is now included and required by
15 statute and we
prepare this report every year to provide
16 an update of the
information with respect to the State's
17 debt position.
18
The analysis adopted and the benchmarks established
19 by the Legislature
set forth a benchmark debt ratio of
20 debt service to
revenues available to pay with a target of
21 6 percent and a cap
of 7 percent. The whole purpose of
22 the debt
affordability analysis is to provide a framework
23 for measuring,
monitoring, and managing the State's debt
24 position and to
provide the Legislature with information
25 regarding the
long-term financial impact of borrowing
ACCURATE STENOTYPE REPORTERS, INC.
.
DIVISION OF BOND FINANCE - 12/7/04
6
1 decisions that they
are confronted with. And most
2 fundamentally, it is a
financial model used to calculate
3 future bonding
capacity based on two variables. One is
4 our existing debt
burden and our expected future debt
5 burden. And the
second is the revenues available to make
6 the payments
with. So it's those two variables that drive
7 the determination of
what our future debt capacity is.
8
The process for updating the debt affordability
9 analysis and the
information that's provided from that
10 analysis is outlined
here. Step one is to calculate the
11 total State debt
that's outstanding, then to evaluate the
12 growth in the debt
over the last ten years and the growth
13 in the annual debt
service requirements associated with
14 that debt. Then
we update the projections based on the
15 most current
information we have available with respect to
16 future expected debt
issuance and with respect to the
17 revenues we expect to
have available over the next ten
18 years to make those
payments with.
19
Then we evaluate the impact of those changing
20 dynamics on our
projected benchmark debt ratio to evaluate
21 our debt position and
then calculate the change in future
22 estimated debt
capacity that we will have available both
23 within the 6 percent
target and the 7 percent cap. And
24 then lastly, we
evaluate what our reserve -- our levels of
25 reserves from a
financial management perspective are very
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
7
1 important and we
review our credit ratings.
2
THE GOVERNOR: This is pretty exciting stuff, huh,
3 guys? Show you
what kind of nerd I am, I actually like
4 these
presentations. Don't tell anybody though, okay? It
5 will ruin my
reputation.
6
MR. WATKINS: The first thing we do is look at total
7 State debt outstanding
and we find that at the end of 2004
8 we have total State
debt outstanding of $21.2 billion.
9 And the graph shows
what programmatic area has been funded
10 with the money that
we borrowed. And what we find is that
11 over 12 billion, or
more than half of all State debt, has
12 been dedicated to
financing the construction of education
13 facilities followed
by transportation and environmental
14 protection.
15
In looking at the growth and debt outstanding, you
16 can see you're now
familiar with the historical evolution
17 and the increase in
the long-term debt that we have
18 outstanding and the
trend in that analysis. The growth in
19 debt outstanding,
debt is increased by $12 billion over
20 the last ten
years. However, the increase over the last
21 year was only $817
million which is less than the average
22 annual increase of
about $1.2 billion a year.
23
THE GOVERNOR: And why was that, Ben?
24
MR. WATKINS: Primarily using cash in lieu of bonding
25 which was a proposal
you advocated that the Legislature
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
8
1 embraced
willingly. I don't know whether it was willingly
2 or strongarmed, but
they reached the right conclusion,
3 Governor, that's the
important thing. So it's because we
4 used cash rather than
bonding for our environmental
5 programs, Everglades
Restoration and Florida Forever, as
6 well as using class --
for classrooms, construction on
7 classrooms for
kids. So that helped to limit the amount
8 of debt that we had
increasing over the last year.
9
Then we look at what is the impact on our annual
10 recurring budgetary
needs and we evaluate that by looking
11 at the growth in the
annual debt service requirements
12 associated with that
growth and debt and you can see that
13 the annual debt
service requirements and the increase in
14 that mirrors the
increase in the debt that we've had
15 outstanding.
16
The State now devotes slightly more than one and a
17 half billion dollars
to the payment of debt service on
18 bonds. And
that's obviously on a recurring basis which is
19 a very important
indicator from a budgetary perspective
20 because it's an
indication of future financial flexibility
21 and it basically
tells you how much we are dedicating on a
22 recurring basis to
the long-term fixed cost associated
23 with debt before we
provide for other essential government
24 services.
25
Now that completes the look back and we start
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
9
1 gathering information
with respect to the look forward in
2 terms of updating the
projections that we have. And we
3 find that in looking
at the expected debt issuance over
4 the next ten years for
existing bond programs, we expect
5 to issue about nine
and a half billion dollars in debt
6 over the next ten
years. And that's down by about a
7 billion dollars over
the prior year, primarily due to what
8 the Governor has
already mentioned, using cash in lieu of
9 bonding as well as an
additional year under our belt in
10 terms of issuing debt
for programs that were limited in
11 nature.
12
We did, however, add one new program this year in the
13 projections of future
expected debt issuance and that's a
14 new program for the
State infrastructure bank for funding
15 transportation
facilities. The next graphic is put in
16 here just to explain
what I'm getting ready to show which
17 is a change in the
benchmark debt ratio from 2003 to 2004.
18 And you see, this is
a change in the revenue forecast.
19 This is the other
variable that we use in connection with
20 evaluating the
State's debt position and our benchmark
21 debt ratio.
22
And what we see is there is a 7 and 9 percent yearly
23 increase in the
revenues that we expect over the next ten
24 years. And the
higher revenue estimates are a reflection
25 of the strength in
economy and the economic stimulus
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
10
1 provided from
rebuilding the hurricane damage. And
2 additionally and it
impacts the level of reserves we have,
3 the actual revenue
collections at the end of 2004 were
4 actually greater than
the expected revenue collections and
5 those monies then drop
straight to the bottom line and are
6 held in reserve.
So when we start talking about the
7 reserves at the end of
this report, it, to a large extent,
8 has been helped with
revenue collections greater than what
9 we had expected.
10
Now we get to the projected benchmark debt ratio and
11 this is where it all
comes together. The impact on the
12 benchmark debt ratio
of the most current information
13 available for both
expected debt issuance and future
14 expected revenue
collections and this is the graphic
15 demonstrating what
the historical development in that
16 ratio has been and
what the projection is expected to be
17 from 2004 going
forward.
18
In 2003, we exceeded the benchmark debt ratio of
19 6 percent for the
first time at 6.12 percent. However,
20 the benchmark debt
ratio improved and at the end of 2004,
21 the benchmark debt
ratio was 5.94 percent, slightly under
22 our 6 percent target
benchmark debt ratio. So we have
23 seen improvement in
our benchmark debt ratio and it's
24 important to note
that the -- with our expected borrowing
25 plans and our
expected economic outlook, we are consistent
ACCURATE STENOTYPE REPORTERS, INC.
.
DIVISION OF BOND FINANCE - 12/7/04
11
1 in -- with the 6
percent target that has been established
2 over the long
term. So the current projections look very
3 good.
4
THE GOVERNOR: But for the last little bullet, No. 5
5 there.
6
MR. WATKINS: Right. And there is actually good news
7 embedded in that too,
Governor. In that last year we had
8 two significant
constitutional initiatives that we were
9 looking at having to
implement that had potential funding.
10 One, high speed
rail. And one, the class size reduction.
11 Fortunately, at least
from an economic standpoint, high
12 speed rail has been
repealed. So with respect to future
13 challenges to the
State, there remains one that we haven't
14 formulated a spending
plan for yet.
15
So the one caveat is class size reduction and how
16 that ultimately gets
funded. But we cut, by 50 percent,
17 the amount of
constitutional initiatives that could
18 present a challenge
for us from a debt standpoint. Then
19 we look at the
available debt capacity within the 6
20 percent target and
the 7 percent cap and this is the
21 expected future debt
capacity within the 6 percent target.
22 And what we see is
that the available debt capacity
23 increased by nearly
$10 billion from last year when it was
24 one and a half
billion to this year when it's 11.9
25 billion. And
the increase in that capacity is due to
ACCURATE STENOTYPE REPORTERS, INC.
.
DIVISION OF BOND FINANCE - 12/7/04
12
1 several factors.
One is higher revenue estimates. The
2 second is the final
maturity of the P2000 bonds in 2013.
3 You can see out in
2013 there is an additional capacity of
4 over $5 billion.
Less expected borrowing over the
5 ten-year projection
period and also using cash in lieu of
6 debt last year when
the picture did not look so good.
7
But the important thing to note here is that debt
8 capacity isn't
available in the near term. You can see
9 over the next five
years there is only $750 million in
10 capacity available
within the 6 percent target and really
11 the increase in that
number in available capacity is in
12 the out years.
13
Then we do the same analysis for the 7 percent cap
14 and calculate the
debt capacity available and you can see
15 that the debt
capacity available over the next ten years
16 within the 7 percent
cap is about 18 billion. And again
17 for the same reasons
that we had increase in capacity for
18 the 6 percent target
we also have a corresponding increase
19 for capacity within
the 7 percent cap. And the important
20 point to note here
and the message I would like to leave
21 you with and the next
graphic demonstrates that, is this
22 capacity within the 6
and 7 percent really ought to be
23 viewed as a cushion
against downturns in the economy. And
24 it really ought to be
viewed as scarce resources available
25 only when the State
is faced with critical infrastructure
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
13
1 needs. And
because, as you can see from the next slide,
2 the change in our debt
ratio and our debt position and
3 where we expect to be
is affected significantly by the
4 revenues we expect to
have available over that projection
5 period. And I
can't tell you what the future holds but
6 what I can tell you is
that that picture will be different
7 tomorrow than it is
from today. And I put this in here
8 just to give you -- to
compare to 2003 projections with
9 the 2004 projections
to indicate the volatility in the
10 benchmark debt ratio
by what the economy looks like going
11 forward.
12
And last year at this time, we were confronted with
13 being over 6 percent
and expecting to stay over 6 percent
14 for an extended
period of time approaching the 7 percent
15 cap. And
primarily because of conservative financial
16 management practices
and a better economic outlook, we are
17 now in a much better
position from a prospective debt
18 standpoint of being
consistent with the 6 percent target
19 that we've
established for ourselves.
20
THE GOVERNOR: Ben, on the general revenue estimating
21 that you use for
this, are you using all general revenue
22 or are you using
recurring?
23
MR. WATKINS: All general revenue as well as
24 dedicated revenue
streams. And that's obviously an issue
25 from a budgetary
standpoint that gets struggled with every
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
14
1 year is structural
balance in recurring revenues with
2 recurring expenditures
and that is not captured in the
3 analysis in the sense
that we try to address that issue.
4
THE GOVERNOR: We certainly have a lot of recurring
5 nonrecurring money
though.
6
MR. WATKINS: Right. And the use of that money on a
7 long-term basis, from
a financial management standpoint,
8 using cash in lieu of
debt does a couple of things. It
9 maintains our debt
position at its current level. It
10 preserves future
capacity. And even more importantly from
11 a budgetary
standpoint, it saves you that annual recurring
12 cost to the debt
service associated with that debt.
13
THE GOVERNOR: Plus it matches recurring --
14 nonrecurring moneys
with nonrecurring expenditures so that
15 you don't have a gap
if the economy turns south.
16
MR. WATKINS: Right.
17
In looking at the level of reserves, the general fund
18 reserves have grown
substantially over the last ten years.
19 And the traditional
measure used by rating agencies and
20 analysts is general
fund reserves compared to general fund
21 appropriations
expressed as a percentage. And this is
22 probably the single
most important measure of the fiscal
23 health of a
governmental entity. And our general fund
24 reserves totalled $3
1/2 billion at June 30, 2004 or
25 15.8 percent of
general revenues.
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
15
1
THE GOVERNOR: How does that compare to other states?
2
MR. WATKINS: It's absolutely phenomenal. In looking
3 at other states and
how they balance their budget, if we
4 look at our ten-state
peer group, Governor, there are five
5 states in deficit
positions and five states with positive
6 general fund
balances. But the average of that is more
7 like 3 percent.
8
THE GOVERNOR: So we're the highest of the peer
9 group.
10
MR. WATKINS: We are unprecedented or unparalleled in
11 terms of our levels
of reserves.
12
THE GOVERNOR: Slow down so Gary can write all this
13 down.
14
(Laughter.)
15
MR. WATKINS: I'm glad you're bringing up the
16 important points,
Governor, the highlights. The
17 highlights of the
highlights.
18
(Laughter.)
19
We also expect to maintain that balance going into
20 the end of the June
30, 2005 fiscal year at about
21 $3 1/2 billion.
And the strong and stable reserves
22 obviously distinguish
it from other states who have -- in
23 their financial
position and is largely a reflection of
24 the conservative
financial management practices that have
25 been deployed in
formulating the budget over the '01/'03
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
16
1 recessionary
period.
2
Lastly are the State's credit ratings. Florida has a
3 very strong double A
rating. The ratings are important
4 because they influence
the amount of interest and the cost
5 of the debt. The
ratings are based on four different
6 factors which are
enumerated here and the rating agencies
7 view the way -- the
debt affordability analysis and the
8 way we're managing our
debt position very favorably. The
9 current ratings,
although we were placed on credit watch
10 for a brief period of
time after the events of 9-11, we
11 were returned to a
stable outlook within six months
12 because of the quick
action that was taken with respect to
13 the budget two years
ago. And the rating agencies have
14 finally, in my
judgement, finally recognized the policies
15 and the conservative
financial management practices and
16 the level of reserves
and the level of debt we have in
17 balancing our budget
in a very prudent way and have
18 actually put us on
credit watch with a positive outlook
19 looking to possibly
upgrade the State's credit rating.
20 And Moody's will be
down --
21
THE GOVERNOR: When was the last time our credit
22 rating was
raised?
23
MR. WATKINS: You know, we went back and looked at
24 that, Governor, and
with respect to Moody's, it's been
25 double A since
1973. That's how far back our records go.
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
17
1 In other words, this
doesn't happen very often at all. It
2 really takes a
significant long-term recurring pattern of
3 prudent financial
management practices for them to sit up
4 and take notice and
they have done that. And they are
5 coming down to look at
our credit rating. We were
6 upgraded by half a
notch by Standard and Poor's in 1997,
7 but it had been over
20 years since they had revisited the
8 State's credit rating
when they upgraded us to double A
9 plus.
10
So we have meetings set up on Friday where we're
11 going to visit with
the rating agencies, have been
12 coordinating with
your folks in the Office of Policy and
13 Budget and look
forward to meeting with them and sharing
14 with them the good
news from the State from a financial
15 management
perspective.
16
In conclusion and really by way of review, the
17 benchmark debt ratio
improved to 5.94 percent, slightly
18 under the 6 percent
target for the fiscal year 2004. The
19 projected --
importantly, the projected benchmark debt
20 ratio is expected to
be maintained around the 6 percent
21 target level over the
next ten years. And the news from
22 last year to this
year is that the projected benchmark
23 debt ratio has
improved significantly due to higher
24 revenue collections
and using cash in lieu of bonding.
25
Then we review, there's $12 billion in available debt
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
18
1 capacity within the 6
percent target over the next ten
2 years with only 750
million being available over the next
3 five years. And
there's 18 billion of capacity available
4 within the 7 percent
cap but that really should be viewed
5 as a cushion against
downturns in the economy. The
6 general fund reserves
remain strong and the State credit
7 ratings had been
maintained because of the conservative
8 financial management
practices and hopefully we're going
9 to get recognition of
that with an upgrade from Moody's if
10 we're successful and
if they are satisfied with the
11 information they get
next week and debt is manageable at
12 its current
level.
13
(Applause.)
14
THE GOVERNOR: You're applauding? Go ahead. That's
15 the first Ben Watkins
has ever gotten an applause for debt
16 affordability
report.
17
MR. WATKINS: Yeah, but, Governor, they are clapping
18 because it's
over.
19
(Laughter.)
20
CFO GALLAGHER: Ben, what they're really applauding
21 for is what you're
telling them is we're not going to
22 leave them a bunch of
debt they're not going to be able to
23 afford. That's
what they really like best.
24
MR. WATKINS: Thank you, Governor.
25
THE GOVERNOR: Thank you, Ben. Don't you have the
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
19
1 rest of your -- don't
you have a presentation?
2
MR. WATKINS: Oh, we do have an agenda.
3
THE GOVERNOR: You were so excited about the debt
4 affordability study
you forgot the rest of your work here.
5 And, Coleman, are you
here?
6
CFO GALLAGHER: He is.
7
THE GOVERNOR: If you don't mind, maybe you could be
8 next after Ben just so
-- the Treasurer has to --
9
CFO GALLAGHER: I'll make a motion on the minutes.
10
COMMISSIONER BRONSON: Second.
11
THE GOVERNOR: There's a motion and a second on
12 Item 1. Without
objection, the motion passes. Thank
13 you-all. Merry
Christmas. Happy holidays. You get extra
14 credit for sticking
through that, I promise you.
15
Item 2.
16
MR. WATKINS: Thank you, Kent. I came unprepared,
17 Governor.
18
THE GOVERNOR: That's all right.
19
CFO GALLAGHER: He was so excited about that debt
20 affordability
study.
21
MR. WATKINS: The good news, I couldn't contain
22 myself.
23
Item No. 2 is adoption of a resolution authorizing
24 the issuance and
competitive sale of up to $340 million in
25 PECO refunding
bonds.
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
20
1
CFO GALLAGHER: Motion on 2.
2
GENERAL CRIST: Second.
3
THE GOVERNOR: There's a motion and a second.
4 Without objection, the
item passes. Thank goodness the
5 children have left now
that we are creating more debt.
6
(Laughter.)
7
MR. WATKINS: That's refunding. That's to save them
8 money, Governor.
9
THE GOVERNOR: Okay. All right.
10
MR. WATKINS: No. 3 is a report of award on the
11 competitive sale of
$53,915,000 of housing facility
12 revenue bonds for
Florida International --
13
CFO GALLAGHER: Motion on 3.
14
GENERAL CRIST: Second.
15
MR. WATKINS: -- University. The bonds were awarded
16 to the low bidder at
true interest cost of 4.28 percent.
17
THE GOVERNOR: There is a motion and a second.
18 Without objection,
the item passes.
19
CFO GALLAGHER: Motion to approve of the debt
20 affordability
report.
21
GENERAL CRIST: Second.
22
THE GOVERNOR: There's a motion to approve the debt
23 affordability report
and a second. Without objection, the
24 motion passes.
Ben, thank you so much.
25
MR. WATKINS: Thank you, Governor.
ACCURATE STENOTYPE REPORTERS, INC.
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DIVISION OF BOND FINANCE - 12/7/04
21
1
THE GOVERNOR: Happy holidays. Merry Christmas.
2
MR. WATKINS: Thank you, sir.
3
THE GOVERNOR: Thanks for your service to the State.
4 You did an incredible
job. See you on Friday.
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
ACCURATE STENOTYPE REPORTERS, INC.
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STATE BOARD OF ADMINISTRATION 12/7/04
22
1
THE GOVERNOR: State Board of Administration.
2
CFO GALLAGHER: Motion on the minutes.
3
THE GOVERNOR: Is there a second?
4
GENERAL CRIST: Second.
5
THE GOVERNOR: There's a motion and a second.
6 Without objection,
Item 1 passes. This is the State Board
7 of Administration
agenda. Coleman, welcome.
8
MR. STIPANOVICH: Thank you, Governor, members.
9
Item No. 2 is a request for approval of fiscal
10 sufficiency of an
amount not exceeding 340 million State
11 of Florida, full
faith and credit, State Board of
12 Education public
education capital outlay refunding bonds.
13
GENERAL CRIST: Motion.
14
CFO GALLAGHER: Second.
15
THE GOVERNOR: There's a motion and a second.
16 Without objection,
Item 2 passes.
17
MR. STIPANOVICH: The third item is a request for
18 approval of fiscal
determination of an amount not
19 exceeding 13,700,000
tax exempt Florida Housing Finance
20 Corporation
multifamily --
21
CFO GALLAGHER: Motion on 3.
22
MR. STIPANOVICH: -- mortgage revenue bonds.
23&n
Cabinet
Affairs
