1. APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $365,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2002 SERIES [LETTER DESIGNATION(S) TO BE DETERMINED]:
The Division of Bond Finance of the State
Board of Administration (the Division), on behalf of the State Board
of Education, has submitted for approval as to fiscal sufficiency a
proposal to issue an amount Not Exceeding $365,000,000 State of Florida,
Full Faith and Credit State Board of Education Public Education Capital
Outlay Refunding Bonds, 2002 Series [letter designation(s) to be determined]
(the Refunding Bonds) for the purpose of refunding a portion of the
outstanding 1992 Series D and 1992 Series E Bonds; provided, however,
that none of the said Refunding Bonds shall be issued in excess of the
amount which can be issued in full compliance with the State Bond Act
and other applicable provisions of law, and pursuant to Section 9(a)(2),
Article XII of the Constitution of Florida, as amended. The Refunding
Bonds are being issued pursuant to an authorizing resolution adopted
by the Governor and Cabinet on July 21, 1992, and authorizing and sale
resolutions anticipated to be adopted by the Governor and Cabinet on
September 24, 2002.
proposed Refunding Bonds shall be issued on a parity as to lien on and source and security for payment from the Gross Receipts Taxes with the outstanding and unpaid Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds, 1992 Series C through 2001 Series G, the 2002 Series B Refunding Bonds and, if issued, the Previously Approved Bonds.
A study of this proposal and the estimates of revenue expected to accrue from the Gross Receipts Tax, indicate that the proposed Bonds and all other outstanding bonds having a lien on the Gross Receipts Tax 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.