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AGENDA
MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood
- 488-4406)
CITY COMMISSION CHAMBERS
CITY HALL
PANAMA CITY, FLORIDA
September 26, 2000
1. Approval of minutes of meeting held September
12, 2000. (Att. #1)
2. APPROVAL OF FISCAL SUFFICIENCY
OF AN ISSUE OF NOT EXCEEDING $100,000,000 STATE OF FLORIDA, FULL
FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION
AND BRIDGE CONSTRUCTION BONDS, SERIES 2000:
The Division of Bond Finance
of the State Board of Administration (the "Division") has submitted
for approval as to fiscal sufficiency a proposal to issue Not Exceeding
$100,000,000 State of Florida, Full Faith and Credit, Department
of Transportation Right-of-Way Acquisition and Bridge Construction
Bonds, Series 2000 (the "Bonds") for the purpose of financing or
refinancing the cost of acquiring real property or the rights to
real property for state roads as defined by law, or to finance or
refinance the cost of state bridge construction, and purposes incidental
to such property acquisition or State bridge construction. The Governing
Board of the Division approved the authorizing resolution for the
proposed Bonds on February 28, 1989, as supplemented and amended
on September 24, 1991, June 8, 1993, March 29, 1995, January 23,
1996, June 25, 1996, June 26, 1997, December 16, 1997, December
8, 1998 and February 23, 1999. It is anticipated the Governing Board
of the Division will adopt a resolution authorizing the sale of
the Bonds on September 26, 2000.
The Bonds to be issued pursuant
to Section 17 of Article VII of the State Constitution and Chapter
88-247, Laws of Florida, are to be secured by a pledge of and shall
be payable primarily from motor fuel and special fuel taxes, except
those defined in Section 9(c) of Article XII of the State Constitution,
as provided by law (the "Pledged Gas Taxes"), and shall additionally
be secured by the full faith and credit of the State. The Bonds
will be issued on a parity as to lien and security for payment from
the Pledged Gas Taxes with the outstanding State of Florida, Full
Faith and Credit, Department of Transportation Right-of-Way Acquisition
and Bridge Construction Bonds, Series 1991 through 1999A and Refunding
Bonds, Series 1996.
A study of this proposal and
the estimates of revenue expected to accrue from the Pledged Gas
Taxes, 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. (Att. #2)
SBA AGENDA
September 26, 2000
Page two
3. ADOPTION OF PROPOSED PEORP IMPLEMENTATION
PERFORMANCE CRITERIA:
This item was deferred from the September 12,
2000 Cabinet meeting.
SBA staff believes that it is
appropriate to identify certain selected performance criteria that
revolve around the implementation phase of PEORP. These criteria
are not intended to be the performance measures for the operational
phase of the PEORP program itself, but rather for the implementation
phase. Furthermore, modifications are certainly expected over the
remaining months of the implementation phase but adoption of these
initial measures helps to focus our energies on the mission critical
tasks.
These measures have been reviewed
by our general DC consultant, William M. Mercer, Inc., and reviewed
by the Investment Advisory Council on two occasions. (Att. #3)
4. DISCUSSION OF AN INVESTMENT
POLICY STATEMENT (IPS) FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT
PROGRAM (PEORP):
This item was deferred from the
September 12, 2000 Cabinet meeting
The SBA staff recommends that
the trustees give initial approval to the draft of the Investment
Policy Statement prepared for the September 26, 2000 meeting, as
amended, as required by section 121.4501(14), Florida Statutes.
(See amended Attachment 4)
This draft contains two of the
three items specifically required by subsection (14) of Section
121.4501: the investment objectives and the performance measurement
criteria. It is necessary for staff to obtain approval of these
components before the third item, manager selection and monitoring
guidelines, can be drafted.
The final Investment Policy Statement
will be adopted by rule. The rulemaking process will begin with
a rule development workshop on Friday, October 13, 2000, which will
address the Investment Policy Statement. Another rule development
workshop will be held on Wednesday, November 8, 2000, or Tuesday,
November 14, 2000, to discuss the rules related to the roles and
responsibilities of the agencies which must work together to implement
the PEORP program and to discuss the rules related to the asset
transfers from the defined benefit program to the defined contribution
program. The staff intends to ask the Trustees for permission to
file all the rules referenced above for notice at the December 12,
2000, Cabinet meeting.
Concurrent with the rulemaking
workshops and the rule drafting process, SBA staff will continually
apprise the Trustees of our progress in selecting the third party
administrator and the education consultants and the progress in
developing the comprehensive education program required by the statute.
The Trustees will also be involved in developing the selection
SBA AGENDA
September 26, 2000
Page three
criteria for the investment product
providers. The Trustees will be asked for their approval in establishing
the criteria for the selection of the third party administrator
, the investment
providers, and the education
providers. This will occur throughout the remainder of calendar
year 2000 in order to meet the December 29, 2000 statutory deadline
for the Trustees’ approval for the selection and evaluation criteria
for the investment product providers and in order to meet the January
1, 2001, deadline for the Trustees to approve the selection of the
third party administrator. To the maximum extent practicable, the
IAC and the PEORPAC will also participate in the development and
establishment process of these various criteria consistent with
the statutory guidelines. (Backup material will be provided.)
- REPORT BY THE EXECUTIVE DIRECTOR:
Submitted for information and
review is the fund activity analysis report for the month of July
2000. (Att. #5)
- The Florida Water Pollution Control Financing
Corporation requests that the Comptroller and Treasurer, the Governor’s
Budget Director and the Secretary of the Department of Environmental
Protection, in their capacity as directors, hold a meeting of
the Board of Directors of the Corporation to approve resolutions
selecting bond counsel, disclosure counsel and underwriters for
the Corporation’s proposed bond issues. Requests for Proposal
were sent out on July 25, 2000, and responses were received back
and received by a team of scorers. The results of the scoring
team’s tabulations are attached, along with the Requests for Proposal,
as supporting material. (Exhibit 1)
THE FLORIDA WATER POLLUTION CONTROL
FINANCING CORPORATION
AGENDA
CITY COMMISSION CHAMBERS
CITY HALL
PANAMA CITY, FLORIDA
September 26, 2000
The Florida Water Pollution Control Financing
Corporation requests that the Comptroller and Treasurer, the Governor’s
Budget Director and the Secretary of the Department of Environmental
Protection, in their capacity as directors, hold a meeting of the
Board of Directors of the Corporation to approve resolutions selecting
bond counsel, disclosure counsel and underwriters for the Corporation’s
proposed bond issues. Requests for Proposal were sent out on July
25, 2000, and responses were received back and received by a team
of scorers. The results of the scoring team’s tabulations are attached,
along with the Requests for Proposal, as supporting material.
1. The Executive Director, as Chief Executive
Officer, will call David Struhs, Secretary of the Department of
Environmental Protection and Donna Arduin, the Governor’s Budget
Director, to the podium and request the Chairperson of the Board
of Directors to call the meeting of the Corporation to order.
2. All of the members of the Board of
Directors being present, motion and second that the Board of Directors
take the following action:
a. adoption of a resolution selecting underwriters
for the issuance of bonds by the Florida water pollution control
financing corporation.
Copies of the resolution may be obtained
from the Corporation upon request.
b. Adoption of a resolution selecting bond
counsel for the issuance of bonds by the Florida Water Pollution
Control Financing Corporation.
Copies of the resolution may be obtained
from the Corporation upon request.
c. Adoption of a resolution selecting disclosure
counsel for the issuance of bonds by the Florida Water Pollution
Control Financing Corporation.
Copies of the resolution may be obtained
from the Corporation upon request.
EXHIBIT
1
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