AGENDA

MEETING OF THE

FLORIDA STATE BOARD OF ADMINISTRATION

(Contact Person:  Dorothy Westwood - (850) 488-4406)

THE CAPITOL

TALLAHASSEE, FLORIDA

February 11, 2003

1. APPROVAL OF MINUTES FROM THE MEETING ON JANUARY 28, 2003.

(Att. #1)

(ACTION REQUIRED)

2.      APPROVAL OF FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $12,270,000 TAX EXEMPT FLORIDA HOUSING FINANCE CORPORATION MULTIFAMILY MORTGAGE REVENUE BONDS, 2003 SERIES (SERIES TO BE DESIGNATED) (EAGLE POINTE APARTMENTS):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount not exceeding $12,270,000 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 Broward County, Florida (Eagle Pointe 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:  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 the Bonds proposed to be issued and all other bonds secured by the same

FSBA AGENDA

February 11, 2003

Page two

pledged revenues exceed the pledged revenues available for payment of such debt service requirements. The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.  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)

3.    TOTAL FUND INVESTMENT PLAN PROPOSED CHANGES:

(ACTION REQUIRED)

This agenda item was deferred from the Cabinet meeting of January 28, 2003. The FRS Asset Liability/Asset Allocation Study has been completed.  The Study, which began in October 2002, resulted in recommended changes to the FSBA Total Fund Investment Plan.  The principal work was done by FSBA's general consultant, Ennis, Knupp & Associates, and augmented by FSBA staff.  The Study and recommendation were supported by Callan Associates, FSBA's investment consultant, and the Investment Advisory Council.  (Att. #3)

4. LAWTON CHILES ENDOWMENT FUND TOTAL INVESTMENT PLAN PROPOSED CHANGES. 

(ACTION REQUIRED)

A review of the Lawton Chiles Total Fund Investment Plan (TFIP) has been completed. The study, which began in October 2002, is the first full-scale re-examination of the TFIP since the Endowment was created in 1999. The principal work was done by Prof. Moshe Milevsky, consultant to the Board, and augmented by FSBA staff. The broad recommendation to alter the payout structure of the Endowment in order to preserve the principle was unanimously endorsed by the Investment Advisory Council.  (Back up to follow)

5.    THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING:

(ACTION REQUIRED)

The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing a Notice of Proposed Rulemaking for Rules 19-8.010, F.A.C. (2003 Reimbursement Contract), 19-8.012, F.A.C. (Procedures to Determine Ineligibility for Participation and Exemption from Participation in the Florida Hurricane Catastrophe Fund), 19-8.013, F.A.C. (Revenue Bonds), 19-8.029, F.A.C. (2003 Insurer Reporting Requirements), 19-8.030, F.A.C. (Insurer Responsibilities) and 19-8.031, F.A.C. (Hurricane Mitigation).