1. Approval of minutes of meeting held on March 28, 1996.
2. APPROVAL OF FISCAL SUFFICIENCY OF NOT TO EXCEED $40,000,000,
FLORIDA HOUSING FINANCE AGENCY HOMEOWNER MORTGAGE REVENUE BONDS,
1996 SERIES 1 AND SERIES 2:
The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of and in the name of the Florida Housing Finance Agency (the "Agency"), has submitted for approval as to fiscal sufficiency a proposal to issue Not to Exceed $40,000,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Bonds, 1996 Series 1 and Series 2 (the "Bonds.") The Bonds are being issued to provide funds for the origination or purchase of low interest rate 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 to refund certain outstanding bonds of the Agency.
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 are payable as
to principal, premium (if any), and interest solely out of revenues
and other amounts pledged therefore.
RECOMMENDATION: A study of this proposal and the estimate
of revenue and other available monies expected to accrue indicate
that the issue is fiscally sufficient, and the Executive Director
recommends that the Board approve the fiscal sufficiency thereof.
It is further recommended that, pursuant to the fiscal sufficiency
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. (Att. #2)