Approval of minutes of meeting held on March 23, 1999. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION 2000 REVENUE BONDS, SERIES 1999A:

The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Department of Environmental Protection of Florida, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $300,000,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds, Series 1999A (the "Bonds.") The proceeds of the Bonds are to be used for the purpose of paying the cost of acquisition of lands and related resources in furtherance of outdoor recreation and natural resources conservation in the State of Florida. It is anticipated the Governor and Cabinet will adopt on April 13, 1999 the Eleventh Subsequent Resolution authorizing the sale and issuance of the Bonds.

The Department of Environmental Protection has heretofore issued $2,802,615,000 Preservation Revenue and Revenue Refunding Bonds, Series 1991A, 1992A, 1993A, 1994A, 1995A, 1996A, 1997A, 1997B, 1998A and 1998B of which $2,122,840,000 in principal amount was outstanding and unpaid on March 31, 1999. The proposed Bonds shall be issued on a parity with the outstanding and unpaid Preservation 2000 Revenue and Revenue Refunding Bonds, Series 1991A, 1992A, 1993A, 1994A, 1995A, 1996A, 1997A, 1997B, 1998A and 1998B as to source and security for payment.

The Bonds shall not be secured by a pledge of the full faith and credit nor the taxing power of the State of Florida or any political subdivision thereof.

The estimate of funds pledged to the Bonds indicates that sufficient monies can be pledged to exceed the debt service requirements of the proposed issue and that in no State fiscal year will the monies pledged for the debt service requirement of the proposed issue be less than the required coverage amount.

RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above. (Att. #2)

AGENDA

April 13, 1999

Page Two

3. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING:

(A) The Florida Hurricane Catastrophe Fund requests that, pursuant to Section 215.555(5)(b), Florida Statutes, the Trustees approve the premium formula for the

1999-2000 contract year. (Backup will be furnished prior to the meeting)

This item was deferred from the March 23, 1999 agenda.

(B) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rule for notice to implement the 1999-2000 contract year: new rule 19-8.028 regarding the 1999 premium formula. (Backup will be furnished prior to the meeting)

This item was deferred from the March 23, 1999 agenda.

4. DRAFT RECOMMENDATIONS OF THE FLORIDA RETIREMENT SYSTEM/UNFUNDED ACTUARIAL LIABILITY (FRS/UAL) WORKING GROUP:

This item was deferred from the March 23, 1999 meeting and is tentatively scheduled for reconsideration pending receipt of additional legal materials.

5. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the investment performance and fund balance analysis for the month of February 1999. (Att. #5)