AGENDA

MEETING OF THE

 STATE BOARD OF ADMINISTRATION

(Contact Person:  Dorothy Westwood –

(850) 488-4406)

THE CAPITOL

TALLAHASSEE, FLORIDA

October 14, 2003

1.                APPROVAL OF MINUTES FROM THE MEETING ON SEPTEMBER 30, 2003.

(Att. #1)

(ACTION REQUIRED)

2.     APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $200,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION LOTTERY REVENUE BONDS, VARIOUS SERIES:

(ACTION REQUIRED)

The Division of Bond Finance of the State Board of Administration of Florida (the Division) has submitted for approval a proposal to issue an amount not exceeding $200,000,000 State of Florida, State Board of Education Lottery Revenue Bonds, Various Series (the Bonds), for the purpose of providing funds for the financing of the costs of classrooms and educational facilities.  The Bonds will be issued pursuant to the amended and restated authorizing resolution adopted by the Governor and Cabinet on August 12, 2003, and a sale resolution anticipated to be adopted by the Governor and Cabinet on October 14, 2003. 

The proposed Bonds shall be secured by a first lien upon the Pledged Revenues, which are defined by the Authorizing Resolution as all revenues pledged pursuant to Section 24.121(2), Florida Statutes for bonds issued pursuant to Sections 1013.68, 1013.70 and 1013.73, Florida Statutes.  The Division has heretofore issued Lottery Revenue Bonds, Series 1998A through 2002C of which $1,847,880,000 in principal amount was outstanding and unpaid on September 30, 2003.  The proposed Bonds shall be issued on a parity as to lien on and source and security for payment from the Pledged Revenues with the outstanding and unpaid Series 1998A through 2002C Bonds.

A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues, indicate that the proposed Bonds are fiscally sufficient and that the proposal will be executed pursuant to the applicable provisions of law.  The Board has relied upon information from others but has not independently verified the accuracy or completeness of such information.

RECOMMENDATION: It is recommended that the Board approve the proposal outlined above.  (Att. #2)

SBA AGENDA

October 14, 2003

Page two

3.     APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $200,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2001 SERIES J:

(ACTION REQUIRED)

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 $200,000,000 State of Florida, Full Faith and Credit, State Board of Education Public Education Capital Outlay Bonds, 2001 Series J (the Bonds) for the purpose of financing capital outlay projects for the State System of Public Education in Florida; provided, however, that none of the said 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 Bonds will be issued in one or more series pursuant to an authorizing resolution adopted by the State Board of Education on July 21, 1992, the Twenty-Second Supplemental Authorizing Resolution adopted August 14, 2001, as amended and supplemented on September 10, 2002, and a sale resolution anticipated to be adopted by the State Board of Education on October 21, 2003.

The State Board of Education has heretofore issued Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds, Series 1985 through 2003 Series B, of which $8,626,315,000 in principal amount was outstanding and unpaid on October 1, 2003.  The State Board of Education received approval as to fiscal sufficiency for amounts not exceeding $363,400,000 Public Education Capital Outlay Bonds, 2002 Series (of which $163,400,000 remains unissued) and $210,000,000 Public Education Capital Outlay Refunding Bonds, (series to be determined) at the June 26, 2003 meeting of the State Board of Administration, and $300,000,000 Public Education Capital Outlay Bonds, 2003 Series [letter designation(s) to be determined] (of which $100,000,000 remains unissued) at the August 12, 2003 meeting of the State Board of Administration (collectively, the Previously Approved Bonds).  The proposed Bonds shall be junior, inferior, and subordinate to the outstanding and unpaid Public Education Capital Outlay and Public Education Capital Outlay Refunding Bonds Series 1985 through 1989-A as to lien on and source and security for payment from the Gross Receipts Taxes.  The proposed 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, 1993 Series A through 2003 Series B and, if issued, the Previously Approved Bonds. 

SBA AGENDA

October 14, 2003

Page three

A study of this proposal and the estimates of revenue expected to accrue from the Gross Receipts Taxes indicate that the proposed Bonds and all other outstanding bonds having a lien on the Gross Receipts Taxes 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.  (Att. #3)

4.     APPROVAL OF FISCAL SUFFICIENCY OF AN AMOUNT NOT EXCEEDING $270,000,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE BONDS, SERIES 2003C:

(ACTION REQUIRED)

The Division of Bond Finance of the State Board of Administration (the Division), on behalf of the State of Florida Department of Transportation, has submitted for approval as to fiscal sufficiency a proposal to issue an amount not exceeding $270,000,000 State of Florida, Department of Transportation Turnpike Revenue Bonds, Series 2003C (the Bonds), for the purpose of financing the construction or acquisition of capital improvements to the Turnpike System.  The Bonds will be issued pursuant to the Original Resolution adopted on October 25, 1988, as amended and restated on December 8, 1998, and the Seventeenth Supplemental Turnpike Revenue Bond Resolution anticipated to be adopted by the Governor and Cabinet on October 14, 2003 authorizing the issuance and sale of the Bonds.

The Division, on behalf of the Department of Transportation, has heretofore issued Turnpike Revenue and Revenue Refunding Bonds, Series 1992A through 2003B (the Outstanding Bonds) of which a combined total of $1,955,755,000 in principal amount was outstanding and unpaid on September 30, 2003.  The Bonds shall be payable on a parity and rank equally as to lien on and source and security for payment from the pledged revenues and in all other respects, with the Outstanding Bonds.  The Bonds shall not be secured by a pledge of the full faith and credit or the taxing power of the State of Florida or any political subdivision thereof.

A study of this proposal and the estimates of revenue 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.   Att.  #4)

SBA AGENDA

October 14, 2003

Page four

5.     APPROVAL OF THE FISCAL DETERMINATION OF AN AMOUNT NOT EXCEEDING $75,000,000 FLORIDA HOUSING FINANCE CORPORATION HOMEOWNER MORTGAGE REVENUE BONDS, 2003 (MULTIPLE SERIES TO BE DETERMINED):

(ACTION REQUIRED)

The Florida Housing Finance Corporation has submitted for approval as to fiscal determination a proposal to issue an amount not exceeding $75,000,000 Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, 2003 (multiple series to be determined) (the Bonds) for the purpose of providing funds for (i) the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or the purchase of obligations secured by such mortgage loans and (ii) refunding certain outstanding obligations of the Corporation previously issued for such purposes.

The Bonds shall not constitute obligations, 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 the 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. #5)