AGENDA

MEETING OF THE
STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

January 25, 2000

1. Approval of minutes of meeting held December 14, 1999. (Att. #1)

2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $75,300,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION CAPITAL OUTLAY BONDS, 2000 SERIES A:

The State Board of Education of Florida has submitted for approval as to fiscal sufficiency a proposal to issue Not Exceeding $75,300,000 State of Florida, Full Faith and Credit, State Board of Education Capital Outlay Bonds, 2000 Series A (the "Bonds") for the purpose of financing the cost of capital outlay projects for school purposes in certain school districts and community college districts.

The State Board of Education is authorized to issue bonds pledging the full faith and credit of the State payable primarily from funds provided in Subsection (d) of Section 9 of Article XII of the Constitution of Florida, as amended (the "School Capital Outlay Amendment"), for the purpose of providing funds to finance capital outlay projects for school purposes in the manner provided therein, upon the application of the School Boards of the School Districts of the State, and the Boards of Trustees of the Community College Districts of the State.

The State Board of Education has heretofore pledged the State Motor Vehicle License Taxes distributable to the account of various School and Community College Districts, pursuant to said School Capital Outlay Amendment, to the payment of debt service on the Outstanding Capital Outlay Bonds, Series 1979-A through Series 1991-A heretofore issued, which bonds constitute a prior lien on the State Motor Vehicle License Taxes.

The Outstanding Capital Outlay Bonds, 1992 Series A, 1992 through 1999 Series A heretofore issued, and the Bonds proposed to be issued, shall rank equally and be on a parity in all respects as to lien on and source and security for payment from the State Motor Vehicle License Taxes distributable for the account of certain School Districts and Community College Districts in Florida, under the provisions of said School Capital Outlay Amendment.

A study of this proposal and the estimates of revenue expected to accrue from the Motor Vehicle License Taxes, indicate that the proposed Bonds and all other outstanding bonds having a lien on the Motor Vehicle License Taxes 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. APPROVAL OF FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $13,085,000 TAX EXEMPT AND $3,470,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (SERIES TO BE DESIGNATED) (NELSON PARK APARTMENTS PROJECT):

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue amounts Not Exceeding $13,085,000 Tax Exempt and $3,470,000 Taxable Florida Housing Finance Corporation Housing Revenue Bonds, 2000 Series (series to be designated) (the "Bonds") for the purpose of financing the construction and equipping of a multifamily residential rental development located in Lake County, Florida (Nelson Park Apartments Project).

The Bonds shall not constitute an obligation, either general or special, of the State or of any local government thereof; neither the State nor any local government thereof shall be liable thereon. Neither the full faith, revenue, credit nor taxing power of the State of Florida, or any local governments thereof shall be pledged to the payment of the principal of, premium (if any), or interest on the Bonds. The Bonds shall be payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefor.

RECOMMENDATION: A study of this proposal and of estimates of revenue and other available moneys expected to accrue indicate that the issue meets the requirements for the fiscal determination required by Section 420.509, Florida Statutes, as stated in Article VII, Subsection 16(c) of the revised Constitution of 1968, and the Executive Director recommends that the State Board of Administration of Florida (the "Board") approve the fiscal determination thereof. It is further recommended that, pursuant to the fiscal determination requirements of Subsection 16(c) of Article VII of the revised Constitution of 1968, the Board find and determine that in no State fiscal year will the debt service requirements of the Bonds proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information. The Board does not assume any responsibility for, and makes no warranty (express or implied) with respect to any other aspect of this bond issue except for fiscal determination. (Att. #3)

 

4. APPROVAL OF THE FISCAL DETERMINATION REQUIRED BY ARTICLE VII, SECTION 16(C), FLORIDA CONSTITUTION, OF ONE OR MORE SERIES IN AN AGGREGATE AMOUNT NOT EXCEEDING $159,999,912 FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS, SERIES 2000 3-9, AND NOT EXCEEDING $1,000,000 FLORIDA HOUSING FINANCE CORPORATION DOWN PAYMENT ASSISTANCE NOTE (FNMA SECOND MORTGAGE PROGRAM), SERIES 2000-A:

The Florida Housing Finance Corporation (the "Corporation") (the "Issuer") has submitted for approval as to fiscal determination a proposal to issue one or more series in an aggregate amount Not Exceeding $159,999,912 Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, 2000 Series 3-9 (the "Bonds"), and Not Exceeding $1,000,000 Florida Housing Finance Corporation Down Payment Assistance Note (FNMA Second Mortgage Program) Series 2000-A (the "Note") for the purpose of providing funds for (i) the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans, (ii) refunding certain outstanding bonds of the Issuer previously issued for such purposes and (iii) funding closing costs and down payment assistance loans under the FNMA Second Mortgage Program as defined in the Authorizing Resolutions adopted by the Corporation on December 21, 1999.

The Bonds and Note shall not constitute an obligation, either general or special, of the State or of any local government thereof; neither the State nor any local government thereof shall be liable thereon. Neither the full faith, revenue, credit nor taxing power of the State of Florida, or any local governments thereof shall be pledged to the payment of the principal of, premium (if any), or interest on the Bonds and Note. The Bonds and Note shall be payable as to principal, premium (if any), and interest solely out of revenues and other amounts pledged therefor.

RECOMMENDATION: A study of this proposal and of estimates of revenue and other available monies expected to accrue indicate that the issues are fiscally sufficient, and the Executive Director recommends that the Board approve the fiscal determination thereof. It is further recommended that, pursuant to the requirements of Subsection 16(c) of Article VII of the revised Constitution of 1968, the Board find and determine that in no State fiscal year will the debt service requirements of the Bonds and Note proposed to be issued and all other bonds secured by the same pledged revenues exceed the pledged revenues available for payment of such debt service requirements. The State Board of Administration of Florida has relied upon information from others but has not independently verified the accuracy or completeness of such information. The State Board of Administration does not assume any responsibility for, and makes no warranty (express or implied) with respect to any other aspect of these issues except for fiscal determination. (Att. #4)

5. REPORT BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the fund activity analysis reports for the months of October and November 1999. (Att. #5)