Cabinet Affairs

AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

November 4, 1997

1. Approval of minutes of meeting held on October 9, 1997. (Att. #1)

2. LEGISLATION TO BE CONSIDERED DURING THE 1997 LEGISLATIVE SESSION:

The Executive Director recommends repealing of Section 215.455, Florida Statutes; amending Section 215.515, Florida Statutes to delete the review and approval of the Department of Management Services of the charges for investment services from the State Board of Administration to other state agencies; amending Section 215.47, Florida Statutes, to revise the permitted investments in which the State Board of Administration may invest; to increase from 50% to 75% the limit of the fund to be invested in internally managed common stock; to increase from 10% to 20% investments of any fund in foreign corporate obligations or securities; to revise the securities lending authorization of the State Board of Administration; amending Section 215.835, Florida Statutes, to authorize the State Board of Administration to adopt administrative rules; to amend Section 159.825, Florida Statutes, to authorize the State Board of Administration to adopt administrative rules; to amend Section 218.405, Florida Statutes to permit the

Local Government Surplus Funds Trust Fund to be invested in one or more separate investment pools; to amend Section 218.407, Florida Statutes, to delete a requirement of the local government resolution and to permit the State Board of Administration to adopt administrative rules; amending Section 218.409, Florida Statutes, to provide for separate pooled investment accounts in the Local Government Surplus Funds Trust Fund; and creating Section 218.412, Florida Statutes, to

authorize the State Board of Administration to adopt administrative rules to carry out the provisions of Part IV of Chapter 218, Florida Statutes. (Att. #2)

3. THE FLORIDA HURRICANE CATASTROPHE FUND:

The Florida Hurricane Catastrophe Fund request that the Trustees approve filing amended rule 19-8.011, regarding payment of loss reimbursements, for adoption, pursuant to Section 120.54, Florida Statutes. The Advisory Council approved this rule for filing for notice at its meeting on August 20, 1997, and the Trustees approved filing for notice on August 28, 1997. The

AGENDA

November 4, 1997

Page 2

rule hearing was held on October 13, 1997, and the Advisory Council approved filing the rules for adoption at its meeting on October 14, 1997.

(Backup will be furnished prior to meeting.)

4. REPORTS BY THE EXECUTIVE DIRECTOR:

(A) Submitted for information and review are the investment performance and fund balance analysis for the month of September 1997. (Att. #4A)

(B) Annual Report on Corporate Governance. (Backup will be furnished prior to meeting.)

5. INLAND PROTECTION FINANCING CORPORATION:

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 adopt the 1997A Series Resolution which authorizes the competitive sale of an amount not to exceed $275,000,000 Inland Protection Financing Corporation Special Obligation Bonds Series 1997A; amends the Master Resolution as adopted on November 19, 1996; and authorizes the appropriate officers and employees of the Corporation to take all necessary action in connection with the delivery of the bonds. (Exhibit 1)

AGENDA

MEETING OF THE INLAND PROTECTION FINANCING CORPORATION

The Capitol

November 4, 1997

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 adopt the 1997A Series Resolution which authorizes the competitive sale of an amount not to exceed $275,000,000 Inland Protection Financing Corporation Special Obligation Bonds Series 1997A; amends the Master Resolution as adopted on November 19, 1996; and authorizes the appropriate officers and employees of the Corporation to take all necessary action in connection with the delivery of the bonds.

1. The Executive Director will call Virginia Wetherell, 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 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:

a. Approval of the 1997A Series Resolution.

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

EXHIBIT 1