STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - 488-4406)
June 13, 20001. Approval of minutes of meeting held May 23, 2000. (Att. #1)
2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $16,645,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA INTERNATIONAL UNIVERSITY HOUSING FACILITY REVENUE BONDS, SERIES 2000:
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 $16,645,000 State of Florida, Board of Regents, Florida International University Housing Facility Revenue Bonds, Series 2000 (the "Bonds") for the purpose of providing funds for the construction and equipping of a student housing complex on the main campus of Florida International University, purchasing a municipal bond insurance policy, providing for capitalized interest, funding a reserve account and paying certain costs associated with the issuance and sale of the Bonds. It is anticipated that the debt service reserve fund will be funded with a debt service surety bond. In the event this does not occur, the debt service reserve fund will be funded with bond proceeds. On June 9, 1998 the Governing Board of the Division adopted the Authorizing Resolution authorizing the issuance of the Bonds, which was subsequently amended on September 23, 1998 and supplemented on February 22, 2000. It is anticipated the Governor and Cabinet will adopt the sale resolution at the Cabinet meeting on June 13, 2000.
The Bonds will be secured by a pledge of the net revenues from the housing facility financed by the Bonds as well as a housing facility which is being constructed from proceeds of the previously issued Series 1998 Bonds. The Bonds will also be payable from any excess revenue from the existing housing facilities at the University.
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.
RECOMMENDATION: It is recommended that the Board approve the fiscal sufficiency of the proposal outlined above.