AGENDA

MEETING OF THE

 STATE BOARD OF ADMINISTRATION

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

CITY HALL

180 GOVERNMENTAL CENTER

PENSACOLA, FLORIDA

APRIL 22, 2003

1.      APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $127,000,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS, SERIES 2003A:

(ACTION REQUIRED)

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 an amount Not Exceeding $127,000,000 State of Florida, Department of Management Services, Florida Facilities Pool Revenue Refunding Bonds, Series 2003A (the Bonds), on behalf of the Department of Management Services.  The Bonds are being issued for the purpose of refunding all or a portion of the outstanding Series 1992 Bonds.  The Bonds will be issued, and sold pursuant to the Original Authorizing Resolution adopted by the Governor and Cabinet on May 20, 1986, as amended and supplemented, and the Twenty-fifth Supplemental Resolution anticipated to be adopted by the Governor and Cabinet on April 22, 2003.

The Department of Management Services has heretofore issued Florida Facilities Pool Revenue and Revenue Refunding Bonds, Series 1992 through 2002A (the Outstanding Bonds) of which a total of $381,815,000 in principal amount was outstanding and unpaid on March 31, 2003.  The proposed Bonds shall be issued on a parity with the Outstanding Bonds as to source and security for payment.

A study of this proposal and the estimates of revenue and other available moneys expected to accrue 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.  (Back up to follow)