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AGENDA

MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood Ė 488-4406)

THE CAPTIOL

NOVEMBER 10, 1998

  1. Approval of minutes of meeting held on October 27, 1998. (Att. #1)

  2. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $8,800,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF CENTRAL FLORIDA PARKING FACILITY REVENUE BONDS, SERIES 1998:

    The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Board of Regents, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $8,800,000 State of Florida, Board of Regents, University of Central Florida Parking Facility Revenue Bonds, Series 1998 (the "Bonds") for the purpose of providing funds for the construction and equipping of a parking facility on the campus of the University of Central Florida, providing for capitalized interest, funding a reserve account, purchasing a municipal bond insurance policy and paying certain costs associated with the issuance and sale of the Bonds. It is anticipated that the reserve account will be funded with a debt service surety bond. The Bonds will be payable on a parity with the $7,000,000 State of Florida, Board of Regents, University of Central Florida Parking Facility Revenue Bonds, Series 1995 and $7,960,000 State of Florida, Board of Regents, University of Central Florida Parking Facility Revenue Bonds, Series 1997 from the pledged parking system revenues. The Governing Board of the Division adopted the Second Supplemental Authorizing Resolution for the proposed Bonds on June 24, 1998.

    A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds and all other outstanding bonds having a lien on the Pledged Revenues 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. #2)

  3. APPROVAL OF FISCAL SUFFICIENCY OF NOT EXCEEDING $10,000,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY OF FLORIDA PARKING FACILITY REVENUE BONDS, SERIES 1998:

    The Division of Bond Finance of the State Board of Administration (the "Division"), on behalf of the Board of Regents, has submitted for approval as to fiscal sufficiency a proposal to issue an amount Not Exceeding $10,000,000 State of Florida, Board of Regents, University of Florida Parking Facility Revenue Bonds, Series 1998 (the "Bonds") for the purpose of providing funds for the construction of two parking facilities on the campus of the University of Florida, purchasing a municipal bond insurance policy, funding a reserve account, providing for capitalized interest, and paying certain costs associated with the issuance and sale of the Bonds. The Bonds will be payable on a parity with the $19,545,000 State of Florida, Board of Regents, University of Florida Parking Facility Revenue Bonds, Series 1993. The Governing Board of the Division adopted the First Supplemental Resolution authorizing the issuance of the Bonds on June 9, 1998.

    A study of this proposal and the estimates of revenue expected to accrue from the Pledged Revenues indicate that the proposed bonds and all other outstanding bonds having a lien on the Pledged Revenues 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. THE FLORIDA HURRICANE CATASTROPHE FUND REQUESTS APPROVAL OF THE FOLLOWING RULES FOR ADOPTION:

The Florida Hurricane Fund requests that the Trustees approve filing the following rules for adoption to amend the Fundís loss reimbursement procedures: the amendment of Rule 19-8.011 to fine tune the Fund's loss reimbursement procedures; the amendment of Rule 19-8.013 to add a provision regarding repayment of premiums to comply with the IRS letter ruling permitting tax exempt status for revenue bonds; and the amendment of Rule 19-8.025, to remove obsolete procedures regarding a second data call and the JUA. The proposed amended rules were the subject of two rule development workshops: one on July 14 and the other on August 11, 1998. The rules were approved by the Advisory Council for filing for notice on August 27, 1998, were approved by the Trustees to file for notice on September 23, were the subject of a rule hearing on October 27, were approved by the Advisory Council to file for adoption on November 5, and were not subject to any objections by the Joint Administrative Procedures Committee.