APPROVAL OF MINUTES FROM THE MEETING ON NOVEMBER 26, 2002.
2. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $8,350,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2002 SERIES (SERIES TO BE DESIGNATED) (PINNACLE GROVE APARTMENTS):
The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount not exceeding $8,350,000 Tax Exempt Florida Housing Finance Corporation Housing Revenue Bonds, 2002 Series (series to be designated) (the Bonds) for the purpose of financing the construction and equipping of a multifamily residential rental development located in Indian River County, Florida (Pinnacle Grove Apartments).
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.
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
3. CHIEF OF INTERNAL AUDIT SELECTION.