AGENDA MEETING OF THE STATE BOARD OF ADMINISTRATION THE CAPITOL NOVEMBER 29, 1995 1. Approval of minutes of meeting held on November 7, 1995. (Att. #1) 2. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.: The Bay Creek Community Development District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $5,200,000 Bay Creek Community Development District, Bond Anticipation Notes, Series 1995 (the "Notes.") The proceeds of the Notes will be used to finance the cost of acquiring, constructing and equipping assessable improvements within the District (the "1995 Project"), which is located in Lee County, Florida. The Notes will be secured equally and ratably by a first lien upon and pledge of special assessments levied on property benefitted by the 1995 Project. Neither the Notes nor the interest and premium, if any, payable thereon shall constitute a general obligation or general indebtedness of the District within the meaning of the Constitution and laws of the State of Florida. The Notes and the interest and premium, if any, payable thereon shall not constitute a pledge of the full faith and credit of the District or a lien upon any property of the District other than as provided in the Trust Indenture pursuant to which the Notes will be issued. The Notes are expected to be sold to First Union National Bank of Florida. The interest rate on the Notes shall not exceed 9.25 percent per annum. The maximum interest rate for the month of November 1995 is 7.26 percent. The Notes shall not be sold to the general public. RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Notes described hereinabove and authorize an interest rate Not to Exceed 9.25 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the Bay Creek Community Development District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #2) AGENDA November 29, 1995 Page Two 3. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.: The Dove Pointe Community Development District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $6,000,000 Dove Pointe Community Development District, Special Assessment Revenue Bonds, Series 1995 ( the "Bonds.") The proceeds of the Bonds will be used to finance the costs of planning, acquisition, construction, equipping and installation of certain road improvements, drainage and water management improvements, water and wastewater improvements and other improvements benefiting developable property in the District, which is located in Collier County, Florida. The Bonds will be limited obligations of the District payable solely out of the pledged revenues and certain funds and accounts pledged therefor under the Trust Indenture and neither the property, the full faith and credit, nor the taxing power of the District, Collier County, Florida, the State of Florida, or any political subdivision thereof, will be pledged as security for the payment of the Bonds. The Bonds will not constitute an indebtedness of the District, Collier County, Florida, the State of Florida, or any political subdivision thereof within the meaning of any constitutional or statutory provision or limitation. The Bonds are expected to be sold via negotiated sale to Redwood Securities Group, Inc. and Miller & Schroeder Financial, Inc. (the "Underwriters") and resold by the Underwriters to institutional investors. The interest rate on the Bonds shall not exceed 11.00 percent per annum. The maximum interest rate for the month of November 1995 is 7.26 percent. The Bonds shall not be sold to the general public. Interest rate waivers were previously granted at meetings of the Board on June 16, 1994 and January 24, 1995, which waivers expired December 1994 and July 1995, respectively. A subsequent waiver was granted at the Board's meeting on June 27, 1995, which will expire December 24, 1995. RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 11.00 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the Dove Pointe CommunityDevelopment District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any AGENDA November 29, 1995 Page Three responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #3) 4. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.: The Indian Trace Community Development District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $20,000,000 Indian Trace Community Development District Water and Sewer System Expansion Revenue Bonds, Series 1995 (the "Series 1995 Bonds.") The District has previously issued its Water and Sewer System Expansion Revenue Bonds, Series 1989, of which $1,830,000 remains outstanding (the "1989 Bonds") and Water and Sewer System Expansion Revenue Bonds, Series 1992, of which $2,625,000 remains outstanding (the "1992 Bonds.") The Series 1995 Bonds are the third Series of Bonds (the "Bonds") to be issued by the District under and pursuant to the terms of its General Water and Sewer System Expansion Revenue Bond Resolution (the "General Bond Resolution.") The Series 1995 Bonds are being issued for the purpose of financing the acquisition, construction and installation of additions to the District's water distribution and sewer and waste water collection system (the "System.") The Series 1995 Bonds shall not constitute an indebtedness of the State of Florida, Broward County, Florida, or any political subdivision thereof. The Bonds will be payable primarily from connection fees derived from new connections to the System. The District has covenanted in the General Bond Resolution to, at all times, make, impose, charge and collect the connection fees in each year in amounts, together with other available monies, if any, sufficient to pay principal of and interest on any Bonds issued thereunder, including the Series 1995 Bonds. The issuance of the Series 1995 Bonds shall not directly or indirectly or contingently obligate the District, the State of Florida, Broward County, Florida, or any political subdivision thereof to levy or pledge any taxes whatever therefor or to make any appropriation for their payment except from such funds. In addition, pursuant to certain agreements between the District and certain major land developers within the District, such developers have agreed to purchase connections in accordance with absorption schedules as will enable the District to meet its debt service obligations with respect to the Series 1995 Bonds. The Bonds are expected to be sold via negotiated sale to Smith Barney, Inc. at a private sale at an aggregate discount including underwriter’s and original issue discount, estimated not to exceed 3.50%. The interest rate on the Bonds shall not exceed 9.50 percent per annum. The maximum interest rate for the month of AGENDA November 29, 1995 Page Four November 1995 is 7.26 percent. The Bonds shall not be sold to the general public. An interest rate waiver was previously granted at the Board's meeting on May 9, 1995, which expired on November 5, 1995. RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 9.50 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the Indian Trace Community Development District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #4) 5. INTEREST RATE EXCEPTION PURSUANT TO SECTION 215.84, F.S.: The St. Lucie West Services District, (the "District"), has submitted a request for authority to issue bonds at an interest rate in excess of the maximum for Not to Exceed $6,000,000 St. Lucie West Services District Water Management Benefit Tax Bonds, Series 1995 (the "Bonds.") The proceeds of the Bonds will be used to finance the cost of acquiring, constructing and equipping assessable improvements within the District (the "1995 Project"), which is located in St. Lucie County, Florida. The Bonds will be issued, secured and structured in accordance with the Indenture. The Bonds will be limited obligations of the District, payable solely from the revenues pledged therefor under the Indenture, including Benefit Taxes levied on certain lands within the District, and certain funds and accounts held under the Indenture. Neither the property, the full faith and credit, nor the taxing power of the District, the City of Port St. Lucie, Florida, St. Lucie County, Florida, the State of Florida, or any political subdivision thereof, shall be pledged as security for the payment of the Bonds. The Bonds shall not constitute an indebtedness of the District, the City of Port St. Lucie, Florida, St. Lucie County, Florida, the State of Florida, or any political subdivision thereof, within the meaning of any constitutional or statutory provision or limitation. The Bonds will be sold by Prager, McCarthy & Sealy as Underwriter in a negotiated sale transaction. The interest rate on the Bonds shall not exceed 9.25 percent per annum. The maximum interest rate for the month of November 1995 is 7.26 AGENDA November 29, 1995 Page Five percent. The Bonds shall not be sold to the general public. RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 9.25 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the St. Lucie West Services District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. #5) 6. EXTENSION OF HURRICANE RELIEF LOAN PROGRAM: The State Board of Administration has previously approved the Hurricane Relief Loan Program. The treasurer has recommended that this program be extended for a one year period. The extension would apply to existing loans only. The Treasurer is recommending that this be the final extension and that the Treasury investment rate should remain at 2-1/2%. There are 9 loans funded under the program with a current balance of $1,321,500. RECOMMENDATION: The Executive Director recommends that the Board approve the extension of this program. (Att. #6)