1. Approval of minutes of meeting held on April 13, 1999. (Att. #1)

2. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $300,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, SERIES 1999A:

The Division of Bond Finance of the State Board of Administration of Florida (the "Division") has submitted for approval a proposal to issue an amount Not Exceeding $300,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Series 1999A (the "Bonds"), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities.

The Authorizing Resolution for the Bonds was adopted by the Governor and Cabinet on May 12, 1998. It is anticipated that the Sale Resolution for the Bonds will be adopted by the Governor and Cabinet on April 27, 1999.

The proposed Bonds shall be secured by a first lien upon the Pledged Revenues which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 235.187 or 235.2195, Florida Statutes. The Division has heretofore issued Lottery Revenue Bonds, Series 1998A through 1998C of which $565,390,000 in principal amount was outstanding and unpaid on March 31, 1999. The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A through 1998C Bonds.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues, indicate that the proposed Bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.

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

AGENDA

April 27, 1999

Page Two

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

(A) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for adoption to implement the 1999-2000 contract year: the amendment of Rule 19-8.010 to adopt the reimbursement contract for the 1999-2000 contract year; and new rules 19-8.027, regarding definitions for the 1999-2000 contract year, and 19-8.029, regarding the 1999 insurer reporting requirements. The proposed new and amended rules were the subject of a rule development workshop on February 3, 1999, were approved by the Advisory Council for filing for notice on March 5, 1999, were approved by the Trustees to file for notice on March 9, were the subject of a rule hearing on April 14, were approved by the Advisory Council to file for adoption on April 14, and were not subject to any objections by the Joint Administrative Procedures Committee. (Back-up material will be provided prior to the meeting.)

(B) The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for notice for repeal: Rule 19-8.002, definitions; 19-8.003, 1994 provisional premiums; 19-8.004, aggregate retention levels; 19-8.005, special provisions; 19-8.006, insurer reporting; and 19-8.009, 1994 reimbursement premium formula. All these rules implement the 1994 contract year and are no longer necessary. The Advisory Council approved their repeal at its April 14, 1999 meeting. No rule development workshop is necessary for repeals. (Back-up material will be provided prior to the meeting.)

4. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the investment performance and fund balance analysis for the month of March 1999. (Att. #4)

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