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Cabinet
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AGENDA MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
THE CAPITOL
MAY 28, 1998 1. Approval of minutes of meeting held on May 12, 1998. (Att.
#1) 2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $27,865,000
STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF FLORIDA HOUSING REVENUE BONDS,
SERIES 1998: 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
$27,865,000 State of Florida, Board of Regents, University of Florida Housing
Revenue Bonds, Series 1998 (the "Bonds") for the purpose of paying
the cost of constructing and equipping a student residence facility on the campus
of the University of Florida (the "1998 Project"), the refunding of
all or a portion of the outstanding University of Florida Housing Revenue Bonds,
Series 1989 and to pay 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 $15,192,000 University of Florida
Housing Revenue Certificates, Series A to F, $2,880,000 University of Florida
Housing System Revenue Bonds, Series of 1974 and $3,500,000 State of Florida,
Board of Regents, University of Florida Revenue Certificates of 1984, of which
the principal amounts of $1,968,000, $1,215,000 and $2,455,000, respectively,
were outstanding as of April 30, 1998. 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 $7,500,000 State of Florida,
Board of Regents, University of Florida Housing System Revenue Bonds, Series
1989 and $13,000,000 State of Florida, Board of Regents, University of Florida
Housing Revenue Bonds, Series 1993, dated June 1, 1989 and June 15, 1993, respectively,
of which the principal amounts of $6,780,000 and $12,550,000, respectively,
were outstandi ng as of April 30, 1998. The Governor and Cabinet adopted on December 4, 1997, and is
anticipated to adopt on May 28, 1998, resolutions authorizing the issuance of
the Bonds. It is AGENDA
May 28, 1998
Page two anticipated the Governor and Cabinet will adopt the sale resolution
at the Cabinet meeting of May 28, 1998. 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. SBA BUDGET FOR FISCAL YEAR 1998-1999: The Executive Director recommends approval of a proposed Operating
Budget for fiscal year 1998-1999. 4. REPORTS BY THE EXECUTIVE DIRECTOR: Submitted for information and review are the investment performance
and fund balance analysis for the month of April 1998. (Att. #4)