MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood - (850) 488-4406)
APRIL 8, 2003
1. APPROVAL OF MINUTES FROM THE MEETING ON MARCH 25, 2003.
(BACKUP TO FOLLOW)
2. APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $6,720,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (STONE HARBOR APARTMENTS):
The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount not exceeding $6,720,000 Tax Exempt Florida Housing Finance Corporation Multifamily Mortgage Revenue Bonds, 2003 Series (series to be designated) (the Bonds) for the purpose of financing the construction and equipping of a multifamily residential rental development located in Bay County, Florida (Stone Harbor 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.
RECOMMENDATION: It is recommended that the Board approve the fiscal determination of the proposal outlined above. 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 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. #2)
April 8, 2003
3. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING:
3.1. The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing a Notice of Change to Rule 19-8.013 (Issuance of Revenue Bonds) and approve the filing of this Rule, as amended, for adoption.
3.2. The Florida Hurricane Catastrophe Fund requests that the Trustees approve the filing for adoption of Rules 19-8.010 (Reimbursement Contract), 19-8.012 (Ineligibility/Exemption from the FHCF), Rule 19-8.029 (Insurer Reporting Requirements), Rule 19-8.030 (Insurer Responsibilities), and Rule 19-8.031 (Hurricane Mitigation) along with the forms incorporated therein.
These rules, including Rule 19-8.013, were the subject of a rule development workshop on January 9, 2003, a Rule Hearing on March 17, 2003, and on March 18, 2003, the Advisory Council approved the Notice of Change for Rule 19-8.013 and the filing of all the rules for adoption. A copy of the Notice of Change, the Rules and Forms are provided herewith.
3.3. The Florida Hurricane Catastrophe Fund requests that the Trustees approve the 2003/2004 Premium Formula with a zero rapid cash buildup factor, the 2003 Ratemaking Formula Report, and the 2003 Rates.
3.4. The Florida Hurricane Catastrophe Fund requests that the Trustees approve the filing of Rule 19-8.028, (2003 Premium Formula) for Notice of Proposed Rulemaking.
Rule 19-8.028 (Reimbursement Premium Formula) was the subject of a rule development workshop on January 9, 2003, and on March 18, 2003, the Advisory Council approved the 2003 Ratemaking Formula Report, the 2003 Rates, and the filing of Rule 19-8.028 (2003 Premium Formula) for Notice of Proposed Rulemaking.
A copy of the 2003 Ratemaking Formula Report, the Proposed 2003 Rates and Rule 19-8.028, are provided herewith. (Att. 3)
4. REPORT ON THE STATUS OF FLORIDA HURRICANE CATASTROPHE FUND.