1 STATE OF FLORIDA OFFICE OF THE GOVERNOR AND CABINET … · 2016. 2. 19. · presentation for the next Cabinet meeting that we think will provide as much detail as possible about

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C & N REPORTERS TALLAHASSEE, FLORIDA 850-697-8314

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STATE OF FLORIDAOFFICE OF THE GOVERNOR AND CABINET

IN RE: CABINET AIDES' MEETING_________________________________________/

CABINET AIDES: MONICA RUSSELL, CHAIRKENT PEREZROB JOHNSONKRISTIN OLSONROBERT TORNILLOERIN SUMPTERERICA ATALLACHELSI HENRYJESSICA FIELDBROOKE McKNIGHT

DATE: WEDNESDAY, APRIL 8, 2015

LOCATION: CABINET MEETING ROOMLOWER LEVEL, THE CAPITOLTALLAHASSEE, FLORIDA

REPORTED BY: NANCY S. METZKE, RPR, FPRCOURT REPORTER

C & N REPORTERSPOST OFFICE BOX 3093

TALLAHASSEE, FLORIDA 32315-3093(850) 697-8314 / FAX (850) 697-8715

[email protected]

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INDEX

PAGE NO.

Minutes - March 10, 2015 3

Agency Measures and Review ofDelegated Authority for the Officeof Insurance Regulation 4

Agency Measures and Review ofDelegated Authority for the Officeof Financial Regulation 10

Agency Measures and Review ofDelegated Authority for the Departmentof Revenue 13

Board of Trustees of the InternalImprovement Trust Fund 15

Office of Financial Regulation 23

Division of Bond Finance 25

State Board of Administration 29

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P R O C E E D I N G S

MS. RUSSELL: Good morning, and welcome to the

April 8th Cabinet Aides' meeting for the Governor

and Cabinet meeting on April 14th.

Just as a reminder, anybody who comes to the

podium, please make sure you state your name and

the spelling for the record so our court reporter

can make sure to record it accurately.

So the first item on the agenda that we will

go over, first we will have the minutes from the

previous meeting that they will approve.

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AGENCY MEASURES AND REVIEW OF DELEGATED AUTHORITY

FOR THE OFFICE OF INSURANCE REGULATION

MS. RUSSELL: And then the first item is the

Agency Measures and Review of Delegated Authority

for the Office of Insurance Regulation, and Monte

is here to present.

MR. STEVENS: Good morning. Is that on?

Yeah, good morning. My name is Monte Stevens.

That's spelled M-O-N-T-E; last name Stevens,

S-T-E-V-E-N-S. I'm the Deputy Chief of Staff with

the Florida Office of Insurance Regulation.

Good morning. It's good to see all of you.

As you all are aware, Commissioner McCarty and our

staff have been hard at work developing a

presentation for the next Cabinet meeting that we

think will provide as much detail as possible about

the services that the Office provides to the

insurance industry and to the people of Florida.

The Commissioner's goal with this presentation

is to provide the members of the Commission the

information that he feels will give them the best

opportunity to begin a dialogue on how to measure

the Office's performance moving forward.

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We've been watching very closely and listening

very intently the past few Cabinet meetings, and

have attempted to incorporate information that,

from our vantage point, meets the criteria that was

laid out by the Commission as a whole and has in it

information that is important to each of the

Cabinet members individually. And to that end, the

document that I distributed to you all yesterday

essentially provides you with an overview, albeit a

very high level overview, of what we do on a

day-to-day basis, mostly using data that we

compiled for calendar year 2014.

You'll notice in the packet that there's a

different time frame, or a series of different time

frames and deadlines in the statute for a variety

of different types of insurance products; and,

candidly, it sometimes makes creating an objective

measure that specifically details a particular time

frame a little bit challenging. But that being

said, the Commissioner expects to have a final

product complete with recommended measures that

will allow for a constructive dialogue moving

forward, and we'll have that to you hopefully

Monday before the Cabinet meeting so that you can

review it the night before.

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I don't know if the intent is for me to walk

through each of these pages individually or not.

I'm happy to do that if you all so desire, or I can

just answer any questions that you might have about

the information that I've provided.

MS. RUSSELL: Does anyone have a preference of

whether or not he goes through the presentation now

or --

MR. JOHNSON: Whatever you want to do.

MS. RUSSELL: You all are planning on going

through the presentation for the Cabinet members?

MR. STEVENS: Oh, absolutely, yes.

MS. RUSSELL: Okay.

MR. STEVENS: Yeah, the Commissioner will have

a detailed presentation for the Cabinet members.

This is just sort of a preview of that. It's not

the entirety of the presentation; we're still

putting together the pieces of that.

We want to be thoughtful and considerate

about it and make sure that we have all of the

information that we think that you all will want

and need in order to make educated and smart

decisions about the goals for our office moving

forward, and so we're continuing that process.

It's still sort of under construction, if you

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will.

We wanted to give you something that you

could review for today's meeting, kind of give

you a preview of where we're going in case you

had any instructions for us based on what we've

got so far.

MS. RUSSELL: And you all expect the final

presentation to be ready Monday?

MR. STEVENS: Yeah, we're waiting on -- we're

trying to get some information, for example, from

other states so that we can have a baseline

comparison for how we interact with other states

and how we compare to other states. That type of

information has been a little bit difficult for us

to ascertain.

We expect to have most of it completed by

Friday, hopefully the information -- over the

weekend, we'll hopefully get it together and put it

in a format that is acceptable for presentation to

the Commission; and then my goal would be to

hopefully get you guys something on Monday early in

the day that you can review before the Cabinet

meeting on Tuesday.

MS. MCKNIGHT: Monica, I just have one

follow-up, and it's not specifically to OIR, it's

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for OFR and DOR too, and simply reiterating I think

what we've individually spoken about when we've

met, but also what the Commissioner said at the

last Cabinet meeting, which is to just make sure

that you're incorporating in your presentation not

just your priorities as the Cabinet adopted and the

guidelines, but specifically why those have been

priorities and how those priorities do benchmark

against your other objectives.

So I just want to be clear that they're able

to articulate why they have selected those as a

leader to be priorities for the Agency.

MR. STEVENS: Absolutely, Brooke, and

Commissioner McCarty and I have had this

conversation on more than one occasion. We know

that Commissioner Putnam, as well as the other

members of the Cabinet, are very interested in not

just having a regurgitation of our LRPP but rather

doing a deeper dive into really getting into detail

about what we do, how we do it, and why it's

important to measure particular aspects of what we

do. And I think that you'll be satisfied that

we'll accomplish that in the presentation.

MS. RUSSELL: Any other questions for Monte?

(NO RESPONSE).

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MS. RUSSELL: Do any other Cabinet offices

plan on bringing a proposal to this meeting?

(NEGATIVE INDICATIONS).

MS. RUSSELL: No?

MS. MCKNIGHT: I don't think that was our

understanding from the last Cabinet meeting. I

think we wanted to hear from them first.

MS. RUSSELL: And then you plan on bringing

proposals to the next one or have --

MS. MCKNIGHT: I think the Cabinet will make

that determination. They'll probably work off of

what the Agencies present.

MS. RUSSELL: What they present?

MS. MCKNIGHT: Uh-huh.

MS. RUSSELL: Okay. Any other questions for

Monte?

(NO RESPONSE).

MS. RUSSELL: No?

(NO RESPONSE).

MS. RUSSELL: Okay.

MR. STEVENS: Thank you for your time.

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FOR THE OFFICE OF FINANCIAL REGULATION

MS. RUSSELL: Next up we have Agency Measures

and Review of Delegated Authority for the Office of

Financial Regulation, and I think it's Jamie, Jamie

is here to present.

MS. MONGIOVI: I'm Jamie Mongiovi. I'm

Communications Director at the Office of Financial

Regulation. And that's J-A-M-I-E, M-O-N-G-I-O-V-I.

And the Commissioner intends to, I believe, do

something similar. If you want to go through the

agency presentation overview first, is that okay?

Because we also have a rules package. Does that

work?

(NO RESPONSE).

MS. MONGIOVI: Okay. He's going to outline

the mission and Agency overview I think as part of

the document that was approved by Cabinet on

March 10th, the Cabinet governance guidelines.

There were several criteria in there that we would

like to address in the presentation, so he'll be

giving an overview of our mission, an overview of

our Agency. He's going to outline his vision for

the OFR and how that aligns with our mission and

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taxpayer value expectations.

He's going to go over four core areas of

performance that we've identified for the Agency.

And then we've also taken a look at some focus

areas for improvement, and so I think that he will

be eager to share those with you, and we also have

some additional ideas for measurement. Those will

be some things he'd like to discuss, and then

initiatives that are on the horizon and some new

ideas for the Agency.

So he'll go over that as well as review the

delegated authority, which is something I know was

specifically asked for in the Cabinet governance

document. So I'm happy to walk you through the

presentation slide by slide. I know you have the

draft that was provided on Friday; but if you have

any questions, I can answer those now.

MS. RUSSELL: This is the final presentation

then, Jamie?

MS. MONGIOVI: It's still in draft form.

There are a couple of additional items that we

expect to add, but they're not large. It's simply

additional numbers, changing a couple of numbers,

and adding some goals where we had baselines, and

then where we are for this year. We'd like to,

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you know, project out a certain goal for the areas

of improvement that we've identified, so we'll be

adding that.

MS. RUSSELL: Are you all planning on getting

the final presentation prior to the Cabinet

meeting?

MS. MONGIOVI: Absolutely. It's my hope to

provide that by Friday if not by Monday,

absolutely, so you'll have it before.

MS. RUSSELL: Anybody have questions for

Jamie?

(NO RESPONSE).

MS. RUSSELL: Nope? Okay, and I know you all

have another agenda item, but we'll call you up for

the second one.

MS. MONGIOVI: Great. Thank you.

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FOR THE DEPARTMENT OF REVENUE

MS. RUSSELL: All right. So next up we have

Agency Measures and Review of Delegated Authority

for the Department of Revenue, and Danielle is

here.

MS. SCOGGINS: Good morning. My name is

Danielle Scoggins. I'm Director of Legislative and

Cabinet Services for the Florida Department of

Revenue.

Director Stranburg will walk through the

documents as included in the agenda packet going

through the Department's vision, mission, values,

the value to Floridians, and our three programs:

The General Tax Administration Program, the

Property Tax Oversight Program, and the Child

Support Enforcement Program; looking at our

performance measures, our current measures, as well

as to look at the documents that the Governor

passed out to us and incorporating some of those

objectives.

We also will be addressing delegation of

authority and then any other questions that the

members may have.

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We will be building our presentation off of

the handouts that you have currently; and if you

have any further questions, we will be finalizing

that and providing it to you by noon on Monday.

MS. RUSSELL: Did you say -- what time on

Monday did you say?

MS. SCOGGINS: I said by noon on Monday,

midday Monday.

MS. RUSSELL: Monday, okay.

MS. SCOGGINS: Certainly if you have another

request, we could accommodate that. We're going

through and answering some followup questions based

upon the documents. We wanted to make sure that we

incorporated all of the feedback from all four

principals.

MS. RUSSELL: Does anyone have any questions

for Danielle?

(NO RESPONSE).

MS. RUSSELL: No?

(NO RESPONSE).

MS. RUSSELL: Okay.

MS. SCOGGINS: Okay. Thank you.

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BOARD OF TRUSTEES OF THE

INTERNAL IMPROVEMENT TRUST FUND

MS. RUSSELL: He's already up there, but next

on the agenda we have the Board of Trustees of the

Internal Improvement Trust Fund, and David is here

to present.

Hi, David.

MR. CLARK: Good morning. David Clark with

the Department of Environmental Protection.

There are three items on the Board of

Trustees' agenda. Item 1 is submittal of the

minutes from the February 5th Cabinet meeting.

Item 2 is consideration of the sale of

approximately 82 acres of state-owned

non-conservation land to Miami-Dade County for

$12.3 million. The 82 acres consists of four

noncontiguous parcels that are vacant, currently

not in use, and partially encumbered by a lease to

the Miami-Dade County School Board.

And the County has requested to purchase the

subject property, and the School Board has

requested termination of its lease. The subject

property was noticed, and pursuant to 253.111

Florida Statute, the County passed a resolution to

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acquire the parcels at appraised value.

The County intends to convey the subject

property to a private entity for the creation of a

commercial retail development with a commitment to

create 7,500 permanent jobs over the next 15 years.

The Florida Department of Transportation has been

working with the County and the developer to ensure

that future highway infrastructure and expansion

needs are met.

There are two archeological sites located on

the subject property, and the future landowner

acknowledges existence of these sites and will be

subject to compliance with any applicable laws

pertaining to these sites. Mayor Gimenez with

Miami-Dade County is here and would like to say a

few words.

MAYOR GIMENEZ: Thank you. Good morning. My

name is Carlos Gimenez. I'm the Mayor of

Miami-Dade County.

This project and our intention to buy the land

is so that we can use our economic development

ordinance to convey the property to allow IAL,

which is the company or the developer that's

purchasing the property -- or actually obtaining

the property from Miami-Dade to assemble

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approximately 200 acres out in the northwest

portion of Miami-Dade.

The intent is for development of approximately

four million square feet of entertainment and

retail in that portion of Miami-Dade County. While

we have minimums of up to 7,500 jobs, we actually

anticipate that this development will create

anywhere from 15 to 25,000 jobs inside the

development itself, the project, and many more jobs

ancillary attached to it in Miami-Dade County.

This is -- would be the largest project in

Miami-Dade County history, and because of that,

it's very important to the people of Miami-Dade.

It will generate, we anticipate, about $50 million

in taxes every year, 15 million of which will go to

the School Board; and I'm sure it will generate

millions of dollars in sales tax to the State of

Florida.

And so for those reasons, we are -- we hope

that the Cabinet will approve this -- the sale of

this property to Miami-Dade County, and then we

will use our economic development ordinance to

transfer the property to allow for this

development. Again, this is 80 acres. They're not

contiguous; they're separate parcels inside the

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200. And, you know, the appraisals were done by

the state, and we're paying the appraised value of

the property to the state, your price.

And so the deal -- the developer will put a

certain amount of money in escrow, no money will

actually be coming from Miami-Dade County, it's

all -- the developer will be putting the money, and

then the money will go to the state. And then we

also will pay the School Board $7,250,000 that is

also placed in escrow for them releasing the lease.

And then after that, the developer has also agreed

to add another million dollars in programs to the

Miami-Dade County School Board.

If there are any questions, I'd be happy to

take them.

MS. RUSSELL: Erin.

MS. SUMPTER: What is the -- once everything

is approved, if it is approved, and all the

permitting and everything -- anticipated start date

or groundbreaking?

MAYOR GIMENEZ: Well, they still have to go

through the --

MS. SUMPTER: Right.

MAYOR GIMENEZ: They still have to go through

the rezoning and master plan amendments because

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that's not guaranteed.

MS. SUMPTER: Is it like a two-year-ish?

MAYOR GIMENEZ: We can accelerate that. That

can be accelerated, but I would figure that you're

not going to have any groundbreaking any time

before 18 months to two years.

MS. SUMPTER: Thank you.

MAYOR GIMENEZ: You're welcome.

MS. RUSSELL: Any other questions?

(NO RESPONSE).

MS. RUSSELL: Thank you very much.

MAYOR GIMENEZ: Thank you.

MR. CLARK: The Department recommends approval

of this surplus.

MS. RUSSELL: Any questions for David?

(NO RESPONSE).

MR. CLARK: The next Rural & Family Lands

Protection Program item will be presented by

John Brown.

MR. BROWN: Good morning, everyone. We have a

request for the approval of a conservation easement

over 238.45 acres, Wayne and Patsy Smith. It's a

Rural and Family Lands conservation easement in

Putnam County. It's ranked Tier 1 of our 2014 list

and, if approved, it will be the Department's 15th

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Rural and Family Land easement covering 8,765

acres.

The consideration is $387,000 -- or excuse me,

$387,000. This tract consists mostly of slash pine

and loblolly plantations with a 56-acre improved

pasture and a 13-acre dome cypress -- cypress dome

swamp. The Smith family is part of DACS' forest

stewardship program and these lands are in the

Florida Forest Service Certified Stewardship

Program.

June 8th of 2010, the Trustees approved four

easements for the Smith family. They were in our

initial acquisition list, and that totaled

343 acres. And the reason there were

four easements is they did their subdivisions up

front to help them dispose of the property to the

children. Once the Trustees approve this easement,

the Smiths will have 568 acres approved, which is

still relatively small.

The Smith family has resided in Hastings,

which is in the Putnam area, Putnam and St. Johns

County, since the 1920s. Part of the family still

lives in the original home that was constructed

then.

The improvements on this tract include

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fencing, gates, a shed, a large pole barn, a

one-room cabin, and a shooting range. The shooting

range is relatively small with access by FWC hunter

safety courses, local law enforcement, the civilian

population; and there's also room there where they

have farmer and rancher meetings and gatherings and

other civic groups.

This easement is typical. There is no

subdivision on the property, no commercial water

wells on the property, no harvesting of cypress in

special natural areas, no mitigation banks, no

conversion of special natural areas to more

improved areas.

Wayne and Patsy Smith will be at the Trustees'

meeting to address the Cabinet if there are any

questions.

Has anybody got any questions for me on this

one?

(NO RESPONSE).

MS. RUSSELL: No questions?

(NO RESPONSE).

MR. BROWN: Thank you.

MR. CLARK: Thank you, John.

That concludes the Board of Trustees' agenda.

MS. RUSSELL: Any additional questions for

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David?

(NO RESPONSE).

MS. RUSSELL: No?

(NO RESPONSE).

MS. RUSSELL: Thank you, David.

MR. CLARK: Thank you.

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OFFICE OF FINANCIAL REGULATION

MS. RUSSELL: All right. Next on the agenda

is the Office of Financial Regulation, and Jamie.

MS. MONGIOVI: Okay. So the Office of

Financial Regulation has several items on the

agenda for April 14th.

The first item is the approval of the minutes

for January 13th, 2015.

The second item is a notice of proposed rule.

That has two pieces for the Division of Financial

Institutions. The first is the technical changes

to the examination manuals and reference standards,

and the second piece is the repeal of a

credit union reporting requirement. It's a filing

of appointments rule.

And the third item on the agenda is a request

of approval to file for final adoption of the

Division of Securities' rules relating to the

regulation of investment advisors and securities

issuers and dealers.

Does anyone have any questions?

(NO RESPONSE).

MS. RUSSELL: No?

(NO RESPONSE).

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MS. RUSSELL: Thank you, Jamie.

MS. MONGIOVI: That concludes the agenda.

Thanks.

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DIVISION OF BOND FINANCE

MS. RUSSELL: Next up is the Division of

Bond Finance, and Ben Watkins is here.

Hi, Ben.

DIRECTOR WATKINS: Good morning. How are you?

MS. RUSSELL: Great. How are you?

DIRECTOR WATKINS: Good morning, everyone.

Item 1 is approval of the minutes of the

March 10th meeting.

Item 2 are two reports of award, both are PECO

refundings: The first is $231.8 million, sold at

competitive sale at a true interest cost of

approximately 2.19%. That allowed us to reduce the

interest rate on outstanding PECO bonds from 4.9%

to 2.19% generating gross debt service savings of

51.1 million; present value savings of

44.3 million; and 16.8% of the principal amount of

the bonds being refunded.

And then 2B is also a competitive sale of PECO

refunding bonds for debt service savings, 253.9

million, sold at a true interest cost of 3.08%

allowing us to reduce the interest rate from 4.63%

to 3.08%, generating gross debt service savings of

58 and a half million; present value savings of

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42.3 million, or 15.6% of the principal amount of

the bonds refunded.

So that -- so for the fiscal year to date,

we've executed 10 transactions totaling

$1.6 billion, generating gross debt service savings

of 320 million or 261 million on a present value

basis.

And if you guys are interested, I'll send you

this chart, and all it does is track on an annual

basis what we've been doing in terms of refinancing

activity. And market conditions continue to be

very favorable. The supply/demand dynamic is still

working in our favor.

And what I mean by that is limited supply

available in the municipal space and monies still

flowing in to the mutual fund complex as it needs

to be invested, and so we have good demand and very

low interest rates. And so we've been the

beneficiary for four or five years now, and our

strategy is to dollar cost average, take these on

an issue-by-issue basis and reduce the interest

rates.

So it's -- you know, the focus now in terms of

market and market conditions is on what they term

"lift off," which is basically the Fed changing its

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zero interest rate policy and beginning to start

tightening interest rates. The speculation was

June. Everybody was convinced the Fed was going to

move in June, but the employment report last week

and global dynamics, which is Europe in recession,

growth in China slowing, has all served to -- and a

weak employment report last Friday. So now the

speculation is September is when the Fed will start

moving.

So I've seen this movie for four years; they

just keep moving it out. It's sort of like

predicting hurricanes. Doctor Ray is spot-on by

November, right? You start out with an estimate at

one point in time, but then by the time you get to

the end he's right, so they just keep revising it.

But it is -- at some point that will change. But

in the interim, we will continue to do what we do

in terms of moving to save the state money.

So that by way of introduction to Item

Number 3, which is a resolution authorizing the

issuance and competitive sale of up to 600 million

in additional PECO refunding for debt service

savings. So that's about five separate bond issues

that are in the money currently that we will move

forward with, assuming we get authorization.

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This Item Number 4 is also a refinancing, 225

million for Turnpike Revenue Bonds and, again, for

debt service savings.

And lastly is a resolution authorizing the

redemption prior to maturity of University of

Central Florida Bookstore Revenue Bonds. So

they've got about two maturities left on bonds of

545,000 that they would like to prepay, in effect;

and since we're the issuer of the bonds, we are the

ones who have to call those bonds prior to

maturity.

So that's our -- that's what we're asking for

approval for.

MS. RUSSELL: Anybody have any questions for

Ben?

(NO RESPONSE).

MS. RUSSELL: No? All right.

DIRECTOR WATKINS: Well, good. Thank you.

MS. RUSSELL: Thank you.

* * * *

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STATE BOARD OF ADMINISTRATION

MS. RUSSELL: Next up we have the State Board

of Administration, and Dennis is here.

MR. MCKEE: Good morning.

MS. RUSSELL: And if you could just state your

full name.

MR. MACKEEE: Dennis MacKee, M-A-C, capital,

K-E-E.

Good morning. Item 1, request approval of the

minutes of the March 10th meeting.

Item 2, request an approval of $600 million

fiscal sufficiency of PECO Capital Outlay Refunding

Bonds.

Item 3, request approval of a fiscal

sufficiency of an amount not exceeding 225 million,

Department of Transportation Turnpike Revenue

Refunding Bonds.

Item 4 is a resolution of the State Board of

Administration of Florida making the fiscal

determination in connection with the issuance of an

amount not exceeding 8,750,000 Florida Housing

Finance Corporation Multi-Family Mortgage Revenue

Bonds for the Spring Manor Apartments.

Item 5 is also a fiscal determination in the

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amount of $5.5 million for Florida Housing Finance

Corporation Multi-Family Mortgage Revenue Bonds for

Georgia Arms Apartments.

Okay, sorry, I thought there was a question.

Item 6, request approval of the appointment of

Jay Robert Jones to the Investment Advisory

Council. He'll be replacing Charles Newman.

Item 7, request approval of the appointment of

Mark Thompson to the State Board of Administration

Audit Committee. He will be replacing

Rudolpho Angmen.

Item 8, request approval of the 2015-'16

Florida Hurricane Catastrophe Fund Reimbursement

Premium Formula. This is the annual ratemaking

formula.

Item 9, request authority to file the notice

of the proposed rule for the Cat Fund for

Reimbursement Premium Formula, and to file the rule

along with the incorporated forms for adoption, if

no member of the public timely requests a rule

hearing.

Item 10 is also an annual event: Request

authority to file a notice of the proposed rule for

the Cat Fund Reimbursement Contract, and to file

the rule along with incorporated forms for adoption

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if no member of the public timely requests a rule

hearing.

And Item 11 is essentially a repeat of what we

presented at the last Trustee meeting. The

difference here will be that at this meeting, it's

anticipated that we will be able to come with

specificity in regards to recommended allocations

to any risk transfer and or pre-event bonding and

the details related to it. They're being developed

as we speak.

Now if Item 11 is, in fact, approved, we will

follow it with a meeting of the State Board of

Administration Finance Corporation. And that's all

I have.

MS. RUSSELL: Rob, do you have a question?

MR. JOHNSON: Yeah, thanks, Monica.

Dennis, can you kind of walk us through what

it will look like if the Trustees decide to move

forward with Item 11, the timing of all of that?

How will that work? What does it look like to the

public? You know, we don't have another Cabinet

meeting until May 5th; is that right?

MS. RUSSELL: Uh-huh.

MR. JOHNSON: So obviously I see Jack, but

what's the timing on that? How long is it going to

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take to go out and do a little road show?

MR. MACKEE: Well, keep in mind, there are two

possible -- actually, there are probably four

possible directions it could go, but there is

going -- there could be a risk transfer element and

a pre-event element. Now there also could be

neither or one or the other.

A reimbursement or risk transfer element would

have to move relatively quickly because it's going

to have to be completed before the hurricane season

begins. A pre-event bonding would require first a

meeting of the State Board of Administration

Finance Corporation, at which time then we would go

meet with Ben and go out and do some bonding, which

would happen likely over the summer.

So without knowing the balance and the

relative values of each, it's pretty hard to say,

here's the timetable, but that's pretty much how it

would be split. Did that answer your question?

MR. JOHNSON: Sort of. So basically we'll see

you back again in May, early May to kind of update

the --

MR. MACKEE: Hold on one second. Remember the

last time somebody was behind me while I was

speaking?

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MR. JOHNSON: Yeah.

MR. MACKEE: Jack. Jack Nicholson.

MR. NICHOLSON: In terms of the timetable,

what we've done is we've got a broker, Aon,

Aon Benfield; and they're, as we speak, in Bermuda;

and they're going to New York, and they're getting

firm pricing.

We expect to have some details, firm details

back Friday, late Friday Chicago time. So I guess

over the weekend, Ash and I -- and it could be late

Friday afternoon we'll be able to put together a

recommendation and get the information to you guys

just as quickly as we have it.

So what we're looking at is, as Dennis said,

those options and we're looking at -- we'll be

looking at the price points, we'll be looking at --

we'll have a spreadsheet that shows you all of the

information. There's the gross cost; the net cost;

there's the impact on Cat Fund rates; there's

the -- you know, if you were interested in, and I'm

sure you are, the impact on overall residential

premiums, which is about 11% of our impact.

So anyway, we're going to show you all of that

information, lay it out, and then try to give you

the justification, maybe some comparables in terms

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34

of pricing that's out there; citizens' last year's

transaction, and maybe some others. I'm not sure

what that will look like. But it's our

understanding that the markets are very favorable,

and we're going to get the best deal possible.

MR. MACKEE: Jack, for the record, will you

state your name?

MS. RUSSELL: Yeah.

MR. NICHOLSON: And my name is Jack Nicholson,

Chief Operating Officer for the Florida Hurricane

Catastrophe Fund, State Board of Administration.

MR. JOHNSON: Thanks, Jack. That's helpful.

MR. MACKEE: That's it for us.

MS. RUSSELL: Any other questions? We have a

speaker? Just make sure you state your name.

MR. STANDER: Thank you. My name is

William Stander, S-T-A-N-D-E-R, and I'm here

representing the Florida Property and Casualty

Association, which is a trade association of

Florida-based homeowners insurance companies. And,

of course, we work closely with Jack and the Cat

Fund on providing solutions to Florida's

policyholders.

Our companies primarily are the ones currently

writing new policies in the market. We're the ones

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participating in the takeouts and the keep-outs and

doing the hard work of de-populating citizens, and

so we work closely with the Cat Fund; and in

particular, the members of Florida Property and

Casualty Association are especially dependent on

reinsurance because just the way the economic model

works these days, these companies seed a lot of

their risk to the reinsurance markets, and so they

buy a lot of reinsurance; and so reinsurance is an

important part of their business models.

Just a couple of points that I want to bring

to your attention that you may want to be mindful

of when the Cat Fund comes back on Tuesday. If the

Cat Fund is able to get the reinsurance at a price

below the rate on-line that they charge the

members -- well, not just my members, but insurance

companies that write property insurance, then that

could potentially represent a savings to the

policyholder if the Cat Fund correspondingly lowers

its rate on-line to the insurers who have to

purchase for their coverage.

On the other hand, if the coverage that they

obtain costs some amount, then that will result in

a rate increase to the people of Florida. That may

be an appropriate policy decision that you

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36

recommend and that the Cabinet adopts.

But make no mistake, that will be a decision

by the Florida Cabinet to raise the insurance rates

on the people of Florida, an increase that we will

simply be forced to pass along to policyholders.

In addition, there is a market effect to the

Cat Fund going to market and buying private

insurance. It's unquantifiable; I cannot estimate

for you what that impact would be. But the

reinsurance market is completely unregulated in

regards to rates, and it is probably as close to a

pure supply-and-demand market as there is.

And so if the Cat Fund purchases upwards of

$2.2 billion of this private insurance, that is

less capital available for private insurers to

purchase and potentially, likely, will give

reinsurers the additional leverage to charge an

amount that might be more than what they would have

otherwise charged had the Cat Fund not gone to

market.

Again, these may all be reasonable policy

decisions that you consider and accept the

consequences of, but I just wanted to at least make

sure that I brought all of that to your attention.

Thank you.

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MS. ATALLA: Monica, I have a question.

MR. JOHNSON: One second.

MS. RUSSELL: Sure.

MR. JOHNSON: Yeah, thanks, Monica.

William, has your client publicly had a

position in the legislature in regards to the size

of the Cat Fund?

MR. STANDER: We have in the past and

currently oppose any reduction in the current

$17 billion capacity of the Cat Fund. We have been

willing to sit down and talk with the reinsurers

and work out possible solutions to their concerns.

They would like to shrink the Cat Fund and force us

to buy more of their private reinsurance.

Historically, the Cat Fund's purpose is to be

a stabilizing force in the marketplace when

reinsurance prices not only go up and down, but

even more importantly, when reinsurance simply

disappears, as it has several times. So in regards

to the statutory approach, we support keeping the

$17 billion current although we've, again,

expressed our willingness to sit down and talk

about other solutions.

For instance, I believe it was last year or

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38

two years ago, we suggested making the top

$3 billion optional; and so, therefore, if

reinsurance rates were actually below the R-O-L of

the Cat Fund, realistically our companies would

purchase more private reinsurance because it would

be cheaper.

By the way, point in fact, I can tell you

anecdotally, yes, the market is quite favorable

enough to the point now where some companies -- and

if you don't know, some of you probably do; so

companies are required to purchase Cat Fund, and

they may do so at three different levels: 45, 75,

and 90%. And until recently, they were actually

locked in to the 90% because of the need to pay off

the bonds. The bonds have been defeased and now

that box has been unlocked and companies may choose

any of those three levels.

Historically they've bought at 90% because the

Cat Fund was a good deal. Well, it turns out that,

in fact, the private reinsurance market is

loosening; and I've heard anecdotally that some

companies are reducing their share to 75 or perhaps

even 45. So there is a bit of self correction

taking place.

MR. JOHNSON: Okay.

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MS. ATALLA: I'm just wondering, Jack, can you

respond to the possibility of a rate increase? I

know you don't know what the deal may or may not

look like, but with the pretty strong --

MR. NICHOLSON: Well, you know, if I were

going to say in terms of what's happened to Florida

rates, I'd say absolutely there would not be a rate

increase at all this year in residential premiums

because of other factors going on. Our impact

would be very minor.

There is the fact that the assessment of 1.3%

is rolling off everyone's rates due to the

defeasance of the bonds, and that effect alone will

cause a negative impact. But regardless of that,

private reinsurance rates we understand are going

down by 10 to 15%. We were in a meeting yesterday

with the CFO, and Jennifer Montero from Citizens

confirmed that number and that was their experience

in the marketplace.

So I think we're really talking about an

action, you know, that's a responsible action, we

think, and we'll be recommending whatever that is

when we see it, but we haven't made a

recommendation yet. We have talked to William and

a number of other companies because we wanted them

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to be aware of what we were doing. That was

several months ago.

So I wouldn't characterize it perhaps like

other people are trying to characterize it, because

they're just afraid every time something happens

and they can prevent us from doing something. Just

no matter how minor it is, it comes up for

discussion.

But whatever we do, we're going to do it in

light of the markets. We don't want to disrupt

anybody's capital and take a responsible action, so

that's kind of where we are.

MS. ATALLA: Thank you.

MS. RUSSELL: Any other questions?

MR. JOHNSON: Yeah, I just have one final

comment.

Thanks, Jack and William. I appreciate your

comments.

I think this illustrates the need to continue

the dialogue of right-sizing the Cat Fund. I think

we have a gap of a couple of billion dollars. We

have some pre-event money I think rolling off next

year. Is that right, Jack?

MR. NICHOLSON: That's right.

MR. JOHNSON: And so, you know, at the end of

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41

the day, if we get hit with a bunch of storms, the

taxpayers are going to be on -- the policyholders

are going to be on the hook. So, you know, I just

wanted to make that final comment.

But I appreciate your hard work on this item;

and also, William, your comments too. Thank you.

MS. RUSSELL: Great. Are there any other

questions or comments?

(NO RESPONSE).


That concludes the April 8th Cabinet Aides'

meeting for the April 14th Cabinet meeting -- or

Governor and Cabinet meeting.

Please, we will see you all next Tuesday.

Thank you very much.

(WHEREUPON, THE MEETING WAS ADJOURNED).

* * * *

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42

CERTIFICATE

STATE OF FLORIDA )COUNTY OF LEON )

I, NANCY S. METZKE, RPR, FPR, certify that Iwas authorized to and did stenographically report theforegoing proceedings and that the transcript is a trueand complete record of my stenographic notes.

DATED this 16th day of April, 2015.

_________________________

NANCY S. METZKE, RPR, CCRCourt Reporter

$

$17 [2] - 37:11, 37:22

$387,000 [2] - 20:3,

20:4

$50 [1] - 17:14

$600 [1] - 29:12

$7,250,000 [1] - 18:9

1

1 [4] - 15:12, 19:24,

25:9, 29:10

1.3% [1] - 39:11

1.6 [1] - 26:5

10 [5] - 2:4, 2:8, 26:4,

30:22, 39:16

10th [3] - 10:20,

25:10, 29:11

11 [3] - 31:3, 31:11,

31:19

11% [1] - 33:22

12.3 [1] - 15:17

13 [1] - 2:10

13-acre [1] - 20:6

13th [1] - 23:9

14th [3] - 3:5, 23:7,

41:12

15 [4] - 2:11, 16:5,

17:8, 17:15

15% [1] - 39:16

15.6% [1] - 26:1

15th [1] - 19:25

16.8% [1] - 25:18

16th [1] - 42:7

18 [1] - 19:6

1920s [1] - 20:22

2

2 [3] - 15:14, 25:11,

29:12

2.19% [2] - 25:14,

25:16

2.2 [1] - 36:14

200 [2] - 17:1, 18:1

2010 [1] - 20:11

2014 [2] - 5:12, 19:24

2015 [4] - 1:15, 2:4,

23:9, 42:7

2015-'16 [1] - 30:12

225 [2] - 28:1, 29:16

23 [1] - 2:12

231.8 [1] - 25:12

238.45 [1] - 19:22

25 [1] - 2:13

25,000 [1] - 17:8

253.111 [1] - 15:24

253.9 [1] - 25:21

261 [1] - 26:6

29 [1] - 2:14

2B [1] - 25:20

3

3 [4] - 2:4, 27:20,

29:15, 38:2

3.08% [2] - 25:22,

25:24

3093 [1] - 1:23

320 [1] - 26:6

32315-3093 [1] - 1:24

343 [1] - 20:14

4

4 [3] - 2:6, 28:1,

29:19

4.63% [1] - 25:23

4.9% [1] - 25:15

42.3 [1] - 26:1

44.3 [1] - 25:18

45 [2] - 38:12, 38:23

5

5 [1] - 29:25

5.5 [1] - 30:1

51.1 [1] - 25:17

545,000 [1] - 28:8

56-acre [1] - 20:5

568 [1] - 20:18

58 [1] - 25:25

5th [2] - 15:13, 31:22

6

6 [1] - 30:5

600 [1] - 27:21

697-8314 [1] - 1:24

697-8715 [1] - 1:24

7

7 [1] - 30:8

7,500 [2] - 16:5, 17:6

75 [2] - 38:12, 38:22

8

8 [2] - 1:15, 30:12

8,750,000 [1] - 29:22

8,765 [1] - 20:1

80 [1] - 17:24

82 [2] - 15:15, 15:17

850 [2] - 1:24

8th [3] - 3:4, 20:11,

41:11

9

9 [1] - 30:16

90% [3] - 38:13,

38:14, 38:18

A

able [4] - 8:10, 31:6,

33:11, 35:14

absolutely [5] - 6:12,

8:13, 12:7, 12:9, 39:7

accelerate [1] - 19:3

accelerated [1] -

19:4

accept [1] - 36:22

acceptable [1] - 7:19

access [1] - 21:3

accommodate [1] -

14:11

accomplish [1] -

8:23

accurately [1] - 3:9

acknowledges [1] -

16:12

acquire [1] - 16:1

acquisition [1] -

20:13

acres [8] - 15:15,

15:17, 17:1, 17:24,

19:22, 20:2, 20:14,

20:18

action [3] - 39:21,

40:11

activity [1] - 26:11

add [2] - 11:22,

18:12

adding [2] - 11:24,

12:3

addition [1] - 36:6

additional [6] - 11:7,

11:21, 11:23, 21:25,

27:22, 36:17

address [2] - 10:22,

21:15

addressing [1] -

13:23

ADJOURNED) [1] -

41:16

ADMINISTRATION

[1] - 29:1

Administration [8] -

2:14, 13:16, 29:4,

29:20, 30:9, 31:13,

32:12, 34:11

adopted [1] - 8:6

adoption [3] - 23:18,

30:19, 30:25

adopts [1] - 36:1

advisors [1] - 23:20

Advisory [1] - 30:6

afraid [1] - 40:5

afternoon [1] - 33:11

Agencies [1] - 9:12

Agency [11] - 2:5,

2:7, 2:9, 4:6, 8:12,

10:4, 10:18, 10:24,

11:3, 11:10, 13:5

agency [1] - 10:13

AGENCY [3] - 4:2,

10:1, 13:1

agenda [10] - 3:10,

12:14, 13:13, 15:5,

15:12, 21:24, 23:3,

23:7, 23:17, 24:2

ago [2] - 38:1, 40:2

agreed [1] - 18:11

AIDES [1] - 1:9

Aides' [2] - 3:4,

41:11

AIDES' [1] - 1:4

albeit [1] - 5:9

aligns [1] - 10:25

allocations [1] - 31:7

allow [3] - 5:22,

16:22, 17:23

allowed [1] - 25:14

allowing [1] - 25:23

alone [1] - 39:13

amendments [1] -

18:25

amount [8] - 18:5,

25:18, 26:1, 29:16,

29:22, 30:1, 35:23,

36:18

ancillary [1] - 17:10

AND [4] - 1:1, 4:2,

10:1, 13:1

anecdotally [2] -

38:8, 38:21

Angmen [1] - 30:11

annual [3] - 26:9,

30:14, 30:22

answer [3] - 6:4,

11:17, 32:19

answering [1] -

14:12

anticipate [2] - 17:7,

17:14

anticipated [2] -

18:19, 31:6

anyway [1] - 33:23

Aon [2] - 33:4, 33:5

Apartments [2] -

29:24, 30:3

applicable [1] -

16:13

appointment [2] -

30:5, 30:8

appointments [1] -


1

23:16

appraisals [1] - 18:1

appraised [2] - 16:1,

18:2

appreciate [2] -

40:17, 41:5

approach [1] - 37:21

appropriate [1] -

35:25

approval [12] -

19:13, 19:21, 23:8,

23:18, 25:9, 28:13,

29:10, 29:12, 29:15,

30:5, 30:8, 30:12

approve [3] - 3:12,

17:20, 20:17

approved [7] - 10:19,

18:18, 19:25, 20:11,

20:18, 31:11

April [6] - 3:4, 3:5,

23:7, 41:11, 41:12,

42:7

APRIL [1] - 1:15

archeological [1] -

16:10

area [1] - 20:21

areas [6] - 11:2,

11:5, 12:1, 21:11,

21:12, 21:13

Arms [1] - 30:3

articulate [1] - 8:11

ascertain [1] - 7:15

Ash [1] - 33:10

aspects [1] - 8:21

assemble [1] - 16:25

assessment [1] -

39:11

Association [2] -

34:19, 35:5

association [1] -

34:19

assuming [1] - 27:25

ATALLA [4] - 1:12,

37:2, 39:1, 40:13

attached [1] - 17:10

attempted [1] - 5:3

attention [2] - 35:12,

36:24

Audit [1] - 30:10

authority [4] - 11:12,

13:24, 30:16, 30:23

Authority [6] - 2:5,

2:7, 2:9, 4:6, 10:5,

13:5

AUTHORITY [3] -

4:2, 10:1, 13:1

authorization [1] -

27:25

authorized [1] - 42:5

authorizing [2] -

27:20, 28:4

available [2] - 26:15,

36:15

average [1] - 26:20

award [1] - 25:11

aware [2] - 4:15, 40:1

B

balance [1] - 32:16

banks [1] - 21:11

barn [1] - 21:1

based [3] - 7:5,

14:12, 34:20

baseline [1] - 7:11

baselines [1] - 11:24

basis [4] - 5:11, 26:7,

26:10, 26:21

begin [1] - 4:24

beginning [1] - 27:1

begins [1] - 32:11

behind [1] - 32:24

below [2] - 35:15,

38:3

Ben [4] - 25:4, 25:5,

28:15, 32:14

benchmark [1] - 8:8

beneficiary [1] -

26:19

Benfield [1] - 33:5

Bermuda [1] - 33:5

best [2] - 4:23, 34:5

billion [6] - 26:5,

36:14, 37:11, 37:22,

38:2, 40:21

bit [3] - 5:19, 7:14,

38:23

BOARD [2] - 15:1,

29:1

Board [16] - 2:11,

2:14, 15:5, 15:11,

15:20, 15:22, 17:16,

18:9, 18:13, 21:24,

29:3, 29:19, 30:9,

31:12, 32:12, 34:11

BOND [1] - 25:1

bond [1] - 27:23

Bond [2] - 2:13, 25:4

bonding [3] - 31:8,

32:11, 32:14

bonds [10] - 25:15,

25:19, 25:21, 26:2,

28:7, 28:9, 28:10,

38:15, 39:13

Bonds [6] - 28:2,

28:6, 29:14, 29:18,

29:24, 30:2

Bookstore [1] - 28:6

bought [1] - 38:18

BOX [1] - 1:23

box [1] - 38:16

bring [1] - 35:11

bringing [2] - 9:2,

9:8

broker [1] - 33:4

BROOKE [1] - 1:13

Brooke [1] - 8:13

brought [1] - 36:24

Brown [1] - 19:19

BROWN [2] - 19:20,

21:22

building [1] - 14:1

bunch [1] - 41:1

business [1] - 35:10

buy [3] - 16:20, 35:9,

37:15

buying [1] - 36:7

BY [1] - 1:19

C

cabin [1] - 21:2

Cabinet [29] - 3:4,

3:5, 4:17, 5:2, 5:7,

5:24, 6:11, 6:15, 7:22,

8:4, 8:6, 8:17, 9:1,

9:6, 9:10, 10:19,

10:20, 11:13, 12:5,

13:10, 15:13, 17:20,

21:15, 31:21, 36:1,

36:3, 41:11, 41:12,

41:13

CABINET [4] - 1:1,

1:4, 1:9, 1:16

calendar [1] - 5:12

candidly [1] - 5:17

candnreporters.

com [1] - 1:25

cannot [1] - 36:8

capacity [1] - 37:11

capital [3] - 29:8,

36:15, 40:11

Capital [1] - 29:13

CAPITOL [1] - 1:17

Carlos [1] - 16:18

case [1] - 7:4

Casualty [2] - 34:18,

35:5

Cat [19] - 30:17,

30:24, 33:19, 34:21,

35:3, 35:13, 35:14,

35:19, 36:7, 36:13,

36:19, 37:8, 37:11,

37:14, 37:16, 38:4,

38:11, 38:19, 40:20

Catastrophe [2] -

30:13, 34:11

CCR [1] - 42:11

Central [1] - 28:6

certain [2] - 12:1,

18:5

certainly [1] - 14:10

CERTIFICATE [1] -

42:1

Certified [1] - 20:9

certify [1] - 42:5

CFO [1] - 39:17

CHAIR [1] - 1:9

challenging [1] -

5:19

change [1] - 27:16

changes [1] - 23:12

changing [2] - 11:23,

26:25

characterize [2] -

40:3, 40:4

charge [2] - 35:15,

36:17

charged [1] - 36:19

Charles [1] - 30:7

chart [1] - 26:9

cheaper [1] - 38:6

CHELSI [1] - 1:12

Chicago [1] - 33:9

Chief [2] - 4:12,

34:10

Child [1] - 13:17

children [1] - 20:17

China [1] - 27:6

choose [1] - 38:16

Citizens [1] - 39:17

citizens [1] - 35:2

citizens' [1] - 34:1

civic [1] - 21:7

civilian [1] - 21:4

CLARK [5] - 15:9,

19:13, 19:17, 21:23,

22:6

Clark [1] - 15:9

clear [1] - 8:10

client [1] - 37:6

close [1] - 36:11

closely [3] - 5:1,

34:21, 35:3

coming [1] - 18:6

comment [2] - 40:16,

41:4

comments [3] -

40:18, 41:6, 41:8

commercial [2] -

16:4, 21:9

Commission [3] -

4:22, 5:5, 7:20

Commissioner [7] -

4:15, 5:20, 6:14, 8:3,

8:14, 8:16, 10:11

Commissioner's [1]

- 4:21

commitment [1] -

16:4

Committee [1] -

30:10

Communications [1]

- 10:9

companies [10] -

34:20, 34:24, 35:7,

35:17, 38:4, 38:9,

38:11, 38:16, 38:22,

39:25

company [1] - 16:23

comparables [1] -

33:25

compare [1] - 7:13

comparison [1] -

7:12

competitive [3] -

25:13, 25:20, 27:21

compiled [1] - 5:12

complete [2] - 5:21,

42:6

completed [2] - 7:16,

32:10

completely [1] -

36:10

complex [1] - 26:16

compliance [1] -

16:13

concerns [1] - 37:13

concludes [3] -

21:24, 24:2, 41:11

conditions [2] -

26:11, 26:24

confirmed [1] -

39:18

connection [1] -

29:21

consequences [1] -

36:23

conservation [3] -

15:16, 19:21, 19:23

consider [1] - 36:22

considerate [1] -

6:19

consideration [2] -

15:14, 20:3

consists [2] - 15:17,

20:4

constructed [1] -

20:23

construction [1] -

6:25

constructive [1] -

5:22

contiguous [1] -

17:25

continue [3] - 26:11,

27:17, 40:19

continuing [1] - 6:24

Contract [1] - 30:24


2

conversation [1] -

8:15

conversion [1] -

21:12

convey [2] - 16:2,

16:22

convinced [1] - 27:3

core [1] - 11:2

Corporation [4] -

29:23, 30:2, 31:13,

32:13

correction [1] -

38:23

correspondingly [1]

- 35:19

cost [5] - 25:13,

25:22, 26:20, 33:18

costs [1] - 35:23

Council [1] - 30:7

COUNTY [1] - 42:3

County [16] - 15:16,

15:20, 15:21, 15:25,

16:2, 16:7, 16:15,

16:19, 17:5, 17:10,

17:12, 17:21, 18:6,

18:13, 19:24, 20:22

couple [4] - 11:21,

11:23, 35:11, 40:21

course [1] - 34:21

courses [1] - 21:4

COURT [1] - 1:19

Court [1] - 42:11

court [1] - 3:8

coverage [2] - 35:21,

35:22

covering [1] - 20:1

create [2] - 16:5,

17:7

creating [1] - 5:17

creation [1] - 16:3

credit [1] - 23:15

criteria [2] - 5:4,

10:21

current [3] - 13:19,

37:10, 37:22

cypress [3] - 20:6,

21:10

D

DACS' [1] - 20:7

Dade [13] - 15:16,

15:20, 16:15, 16:19,

16:25, 17:2, 17:5,

17:10, 17:12, 17:13,

17:21, 18:6, 18:13

Danielle [3] - 13:6,

13:9, 14:17

data [1] - 5:11

DATE [1] - 1:15

date [2] - 18:19, 26:3

DATED [1] - 42:7

David [6] - 15:6,

15:8, 15:9, 19:15,

22:1, 22:5

day-to-day [1] - 5:11

days [1] - 35:7

de [1] - 35:2

de-populating [1] -

35:2

deadlines [1] - 5:15

deal [4] - 18:4, 34:5,

38:19, 39:3

dealers [1] - 23:21

debt [6] - 25:16,

25:21, 25:24, 26:5,

27:22, 28:3

decide [1] - 31:18

decision [2] - 35:25,

36:2

decisions [2] - 6:23,

36:22

deeper [1] - 8:19

defeasance [1] -

39:13

defeased [1] - 38:15

Delegated [6] - 2:5,

2:7, 2:9, 4:6, 10:5,

13:5

delegated [1] - 11:12

DELEGATED [3] -

4:2, 10:1, 13:1

delegation [1] -

13:23

demand [2] - 26:17,

36:12

Dennis [4] - 29:4,

29:8, 31:17, 33:14

Department [7] - 2:9,

13:6, 13:10, 15:10,

16:6, 19:13, 29:17

DEPARTMENT [1] -

13:2

Department's [2] -

13:14, 19:25

dependent [1] - 35:5

Deputy [1] - 4:12

desire [1] - 6:3

detail [2] - 4:18, 8:19

detailed [1] - 6:15

details [4] - 5:18,

31:9, 33:8

determination [3] -

9:11, 29:21, 29:25

developed [1] - 31:9

developer [5] - 16:7,

16:23, 18:4, 18:7,

18:11

developing [1] - 4:16

development [7] -

16:4, 16:21, 17:3,

17:7, 17:9, 17:22,

17:24

dialogue [3] - 4:24,

5:22, 40:20

difference [1] - 31:5

different [4] - 5:14,

5:16, 38:12

difficult [1] - 7:14

directions [1] - 32:4

DIRECTOR [3] -

25:6, 25:8, 28:18

Director [3] - 10:9,

13:9, 13:12

disappears [1] -

37:20

discuss [1] - 11:8

discussion [1] - 40:8

dispose [1] - 20:16

disrupt [1] - 40:10

distributed [1] - 5:8

dive [1] - 8:19

DIVISION [1] - 25:1

Division [4] - 2:13,

23:11, 23:19, 25:3

doctor [1] - 27:12

document [3] - 5:8,

10:19, 11:14

documents [3] -

13:13, 13:20, 14:13

dollar [1] - 26:20

dollars [3] - 17:17,

18:12, 40:21

dome [2] - 20:6

done [2] - 18:1, 33:4

DOR [1] - 8:1

down [4] - 37:12,

37:18, 37:23, 39:16

draft [2] - 11:16,

11:20

due [1] - 39:12

dynamic [1] - 26:12

dynamics [1] - 27:5

E

eager [1] - 11:6

early [2] - 7:21, 32:21

easement [5] -

19:21, 19:23, 20:1,

20:17, 21:8

easements [2] -

20:12, 20:15

economic [3] -

16:21, 17:22, 35:6

educated [1] - 6:22

effect [3] - 28:8,

36:6, 39:13

element [3] - 32:5,

32:6, 32:8

employment [2] -

27:4, 27:7

encumbered [1] -

15:19

end [3] - 5:7, 27:15,

40:25

Enforcement [1] -

13:18

enforcement [1] -

21:4

ensure [1] - 16:7

entertainment [1] -

17:4

entirety [1] - 6:17

entity [1] - 16:3

Environmental [1] -

15:10

ERICA [1] - 1:12

Erin [1] - 18:16

ERIN [1] - 1:11

escrow [2] - 18:5,

18:10

especially [1] - 35:5

essentially [2] - 5:9,

31:3

estimate [2] - 27:13,

36:8

Europe [1] - 27:5

event [5] - 30:22,

31:8, 32:6, 32:11,

40:22

examination [1] -

23:13

example [1] - 7:10

exceeding [2] -

29:16, 29:22

excuse [1] - 20:3

executed [1] - 26:4

existence [1] - 16:12

expansion [1] - 16:8

expect [4] - 7:7,

7:16, 11:22, 33:8

expectations [1] -

11:1

expects [1] - 5:20

experience [1] -

39:18

expressed [1] -

37:23

F

fact [4] - 31:11, 38:7,

38:20, 39:11

factors [1] - 39:9

Family [5] - 19:17,

19:23, 20:1, 29:23,

30:2

family [4] - 20:7,

20:12, 20:20, 20:22

far [1] - 7:6

farmer [1] - 21:6

favor [1] - 26:13

favorable [3] - 26:12,

34:4, 38:8

FAX [1] - 1:24

February [1] - 15:13

Fed [3] - 26:25, 27:3,

27:8

feedback [1] - 14:14

feet [1] - 17:4

fencing [1] - 21:1

few [2] - 5:2, 16:16

FIELD [1] - 1:13

figure [1] - 19:4

file [5] - 23:18, 30:16,

30:18, 30:23, 30:24

filing [1] - 23:15

final [7] - 5:20, 7:7,

11:18, 12:5, 23:18,

40:15, 41:4

finalizing [1] - 14:3

Finance [6] - 2:13,

25:4, 29:23, 30:1,

31:13, 32:13

FINANCE [1] - 25:1

FINANCIAL [2] -

10:2, 23:1

Financial [7] - 2:8,

2:12, 10:6, 10:9, 23:4,

23:6, 23:11

firm [2] - 33:7, 33:8

first [9] - 3:10, 3:11,

4:5, 9:7, 10:13, 23:8,

23:12, 25:12, 32:11

fiscal [5] - 26:3,

29:13, 29:15, 29:20,

29:25

five [2] - 26:19, 27:23

Florida [20] - 4:13,

4:20, 13:10, 15:25,

16:6, 17:18, 20:9,

28:6, 29:20, 29:22,

30:1, 30:13, 34:10,

34:18, 34:20, 35:4,

35:24, 36:3, 36:4,

39:6

FLORIDA [4] - 1:1,

1:17, 1:24, 42:3

Florida's [1] - 34:22

Florida-based [1] -

34:20

Floridians [1] - 13:15

flowing [1] - 26:16

focus [2] - 11:4,

26:23

follow [2] - 7:25,

31:12

follow-up [1] - 7:25

followup [1] - 14:12


3

FOR [3] - 4:3, 10:2,

13:2

force [2] - 37:14,

37:17

forced [1] - 36:5

foregoing [1] - 42:6

forest [1] - 20:7

Forest [1] - 20:9

form [1] - 11:20

format [1] - 7:19

forms [2] - 30:19,

30:25

Formula [2] - 30:14,

30:18

formula [1] - 30:15

forward [5] - 4:25,

5:23, 6:24, 27:25,

31:19

four [9] - 11:2, 14:14,

15:17, 17:4, 20:11,

20:15, 26:19, 27:10,

32:3

FPR [2] - 1:19, 42:5

frame [2] - 5:14, 5:19

frames [1] - 5:15

Friday [7] - 7:17,

11:16, 12:8, 27:7,

33:9, 33:11

front [1] - 20:16

full [1] - 29:7

Fund [22] - 2:11,

15:6, 30:13, 30:17,

30:24, 33:19, 34:11,

34:22, 35:3, 35:13,

35:14, 35:19, 36:7,

36:13, 36:19, 37:8,

37:11, 37:14, 38:4,

38:11, 38:19, 40:20

fund [1] - 26:16

FUND [1] - 15:2

Fund's [1] - 37:16

future [2] - 16:8,

16:11

FWC [1] - 21:3

G

gap [1] - 40:21

gates [1] - 21:1

gatherings [1] - 21:6

General [1] - 13:16

generate [2] - 17:14,

17:16

generating [3] -

25:16, 25:24, 26:5

Georgia [1] - 30:3

Gimenez [2] - 16:14,

16:18

GIMENEZ [6] -

16:17, 18:21, 18:24,

19:3, 19:8, 19:12

global [1] - 27:5

goal [3] - 4:21, 7:20,

12:1

goals [2] - 6:23,

11:24

governance [2] -

10:20, 11:13

Governor [3] - 3:4,

13:20, 41:13

GOVERNOR [1] - 1:1

Great [1] - 25:7

great [2] - 12:16,

41:7

gross [4] - 25:16,

25:24, 26:5, 33:18

groundbreaking [2]

- 18:20, 19:5

groups [1] - 21:7

growth [1] - 27:6

guaranteed [1] -

19:1

guess [1] - 33:9

guidelines [2] - 8:7,

10:20

guys [3] - 7:21, 26:8,

33:12

H

half [1] - 25:25

hand [1] - 35:22

handouts [1] - 14:2

happy [3] - 6:3,

11:14, 18:14

hard [4] - 4:16,

32:17, 35:2, 41:5

harvesting [1] -

21:10

Hastings [1] - 20:20

hear [1] - 9:7

heard [1] - 38:21

hearing [2] - 30:21,

31:2

help [1] - 20:16

helpful [1] - 34:12

HENRY [1] - 1:12

hi [1] - 25:5

Hi [1] - 15:8

high [1] - 5:10

highway [1] - 16:8

historically [2] -

37:16, 38:18

history [1] - 17:12

hit [1] - 41:1

hold [1] - 32:23

home [1] - 20:23

homeowners [1] -

34:20

hook [1] - 41:3

hope [2] - 12:7,

17:19

hopefully [4] - 5:23,

7:17, 7:18, 7:21

horizon [1] - 11:9

Housing [2] - 29:22,

30:1

hunter [1] - 21:3

Hurricane [2] -

30:13, 34:10

hurricane [1] - 32:10

hurricanes [1] -

27:12

I

IAL [1] - 16:22

ideas [2] - 11:7,

11:10

identified [2] - 11:3,

12:2

illustrates [1] - 40:19

impact [6] - 33:19,

33:21, 33:22, 36:9,

39:9, 39:14

important [4] - 5:6,

8:21, 17:13, 35:10

importantly [1] -

37:19

improved [2] - 20:5,

21:13

IMPROVEMENT [1] -

15:2

improvement [2] -

11:5, 12:2

Improvement [2] -

2:11, 15:6

improvements [1] -

20:25

IN [1] - 1:4

include [1] - 20:25

included [1] - 13:13

incorporate [1] - 5:3

incorporated [3] -

14:14, 30:19, 30:25

incorporating [2] -

8:5, 13:21

increase [4] - 35:24,

36:4, 39:2, 39:8

INDEX [1] - 2:1

INDICATIONS) [1] -

9:3

individually [3] - 5:7,

6:2, 8:2

industry [1] - 4:20

information [11] -

4:23, 5:3, 5:6, 6:5,

6:21, 7:10, 7:14, 7:17,

33:12, 33:18, 33:24

infrastructure [1] -

16:8

initial [1] - 20:13

initiatives [1] - 11:9

inside [2] - 17:8,

17:25

instance [1] - 37:25

Institutions [1] -

23:12

instructions [1] - 7:5

INSURANCE [1] -

4:3

Insurance [3] - 2:6,

4:7, 4:13

insurance [8] - 4:20,

5:16, 34:20, 35:16,

35:17, 36:3, 36:8,

36:14

insurers [2] - 35:20,

36:15

intends [2] - 10:11,

16:2

intent [2] - 6:1, 17:3

intention [1] - 16:20

intently [1] - 5:2

interact [1] - 7:12

interest [8] - 25:13,

25:15, 25:22, 25:23,

26:18, 26:21, 27:1,

27:2

interested [3] - 8:17,

26:8, 33:20

interim [1] - 27:17

Internal [2] - 2:11,

15:6

INTERNAL [1] - 15:2

introduction [1] -

27:19

invested [1] - 26:17

investment [1] -

23:20

Investment [1] - 30:6

ish [1] - 19:2

issuance [2] - 27:21,

29:21

issue [2] - 26:21

issue-by-issue [1] -

26:21

issuer [1] - 28:9

issuers [1] - 23:21

issues [1] - 27:23

Item [18] - 15:12,

15:14, 25:9, 25:11,

27:19, 28:1, 29:10,

29:12, 29:19, 29:25,

30:5, 30:8, 30:12,

30:16, 30:22, 31:3,

31:11, 31:19

item [9] - 3:10, 4:5,

12:14, 19:18, 23:8,

23:10, 23:17, 29:15,

41:5

items [3] - 11:21,

15:11, 23:6

itself [1] - 17:9

J

Jack [10] - 31:24,

33:2, 34:6, 34:9,

34:12, 34:21, 39:1,

40:17, 40:23

Jamie [7] - 10:6,

10:8, 11:19, 12:11,

23:4, 24:1

JAMIE [1] - 10:10

January [1] - 23:9

Jay [1] - 30:6

Jennifer [1] - 39:17

JESSICA [1] - 1:13

jobs [4] - 16:5, 17:6,

17:8, 17:9

John [2] - 19:19,

21:23

Johns [1] - 20:21

JOHNSON [12] -

1:10, 6:9, 31:16,

31:24, 32:20, 33:1,

34:12, 37:3, 37:5,

38:25, 40:15, 40:25

Jones [1] - 30:6

June [3] - 20:11,

27:3, 27:4

justification [1] -

33:25

K

K-E-E [1] - 29:9

keep [4] - 27:11,

27:15, 32:2, 35:1

keep-outs [1] - 35:1

keeping [1] - 37:21

KENT [1] - 1:9

kind [4] - 7:3, 31:17,

32:21, 40:12

knowing [1] - 32:16

KRISTIN [1] - 1:10

L

laid [1] - 5:5

Land [1] - 20:1

land [2] - 15:16,

16:20

landowner [1] -

16:11

lands [1] - 20:8

Lands [2] - 19:17,

19:23

large [2] - 11:22,


4

21:1

largest [1] - 17:11

last [9] - 4:11, 8:4,

9:6, 27:4, 27:7, 31:4,

32:24, 34:1, 37:25

lastly [1] - 28:4

late [2] - 33:9, 33:10

law [1] - 21:4

laws [1] - 16:13

lay [1] - 33:24

leader [1] - 8:12

lease [3] - 15:19,

15:23, 18:10

least [1] - 36:23

left [1] - 28:7

Legislative [1] - 13:9

legislature [1] - 37:7

LEON [1] - 42:3

less [1] - 36:15

LEVEL [1] - 1:17

level [1] - 5:10

levels [2] - 38:12,

38:17

leverage [1] - 36:17

lift [1] - 26:25

light [1] - 40:10

likely [2] - 32:15,

36:16

limited [1] - 26:14

line [2] - 35:15, 35:20

list [2] - 19:24, 20:13

listening [1] - 5:1

lives [1] - 20:23

loblolly [1] - 20:5

local [1] - 21:4

located [1] - 16:10

LOCATION [1] - 1:16

locked [1] - 38:14

look [6] - 11:4,

13:20, 31:18, 31:20,

34:3, 39:4

looking [5] - 13:18,

33:14, 33:15, 33:16

loosening [1] - 38:21

low [1] - 26:18

LOWER [1] - 1:17

lowers [1] - 35:19

LRPP [1] - 8:18

M

M-O-N-G-I-O-V-I [1] -

10:10

MAC [1] - 29:8

MACKEE [5] - 32:2,

32:23, 33:2, 34:6,

34:13

MacKee [1] - 29:8

MACKEEE [1] - 29:8

Manor [1] - 29:24

manuals [1] - 23:13

March [4] - 2:4,

10:20, 25:10, 29:11

Mark [1] - 30:9

market [11] - 26:11,

26:24, 34:25, 36:6,

36:7, 36:10, 36:12,

36:20, 38:8, 38:20

marketplace [2] -

37:17, 39:19

markets [3] - 34:4,

35:8, 40:10

master [1] - 18:25

matter [1] - 40:7

maturities [1] - 28:7

maturity [2] - 28:5,

28:11

Mayor [2] - 16:14,

16:18

MAYOR [6] - 16:17,

18:21, 18:24, 19:3,

19:8, 19:12

McCarty [2] - 4:15,

8:14

MCKEE [1] - 29:5

MCKNIGHT [4] -

7:24, 9:5, 9:10, 9:14

McKNIGHT [1] - 1:13

mean [1] - 26:14

measure [3] - 4:24,

5:18, 8:21

measurement [1] -

11:7

measures [3] - 5:21,

13:19

Measures [6] - 2:5,

2:7, 2:9, 4:6, 10:4,

13:5

MEASURES [3] - 4:2,

10:1, 13:1

meet [1] - 32:14

MEETING [3] - 1:4,

1:16, 41:16

meeting [24] - 3:4,

3:5, 3:12, 4:17, 5:24,

7:3, 7:23, 8:4, 9:2,

9:6, 12:6, 15:13,

21:15, 25:10, 29:11,

31:4, 31:5, 31:12,

31:22, 32:12, 39:16,

41:12, 41:13

meetings [2] - 5:2,

21:6

meets [1] - 5:4

member [2] - 30:20,

31:1

members [9] - 4:22,

5:7, 6:11, 6:15, 8:17,

13:25, 35:4, 35:16

met [2] - 8:3, 16:9

METZKE [3] - 1:19,

42:5, 42:11

Miami [13] - 15:16,

15:20, 16:15, 16:19,

16:25, 17:2, 17:5,

17:10, 17:12, 17:13,

17:21, 18:6, 18:13

Miami-Dade [13] -

15:16, 15:20, 16:15,

16:19, 16:25, 17:2,

17:5, 17:10, 17:12,

17:13, 17:21, 18:6,

18:13

midday [1] - 14:8

might [2] - 6:4, 36:18

million [18] - 15:17,

17:4, 17:14, 17:15,

18:12, 25:12, 25:17,

25:18, 25:22, 25:25,

26:1, 26:6, 27:21,

28:2, 29:12, 29:16,

30:1

millions [1] - 17:17

mind [1] - 32:2

mindful [1] - 35:12

minimums [1] - 17:6

minor [2] - 39:10,

40:7

minutes [6] - 2:4,

3:11, 15:13, 23:8,

25:9, 29:11

mission [4] - 10:18,

10:23, 10:25, 13:14

mistake [1] - 36:2

mitigation [1] - 21:11

model [1] - 35:6

models [1] - 35:10

Monday [9] - 5:24,

7:8, 7:21, 12:8, 14:4,

14:6, 14:7, 14:8, 14:9

money [7] - 18:5,

18:7, 18:8, 27:18,

27:24, 40:22

MONGIOVI [7] -

10:8, 10:17, 11:20,

12:7, 12:16, 23:5,

24:2

Mongiovi [1] - 10:8

MONICA [1] - 1:9

Monica [4] - 7:24,

31:16, 37:2, 37:5

monies [1] - 26:15

Monte [4] - 4:7, 4:10,

8:24, 9:16

MONTE [1] - 4:11

Montero [1] - 39:17

months [2] - 19:6,

40:2

morning [12] - 3:3,

4:9, 4:10, 4:14, 13:8,

15:9, 16:17, 19:20,

25:6, 25:8, 29:5,

29:10

Mortgage [2] - 29:23,

30:2

most [1] - 7:16

mostly [2] - 5:11,

20:4

move [4] - 27:4,

27:24, 31:18, 32:9

movie [1] - 27:10

moving [6] - 4:25,

5:22, 6:23, 27:9,

27:11, 27:18

MR [36] - 4:9, 6:9,

6:12, 6:14, 7:9, 8:13,

9:21, 15:9, 19:13,

19:17, 19:20, 21:22,

21:23, 22:6, 29:5,

29:8, 31:16, 32:2,

32:20, 32:23, 33:1,

33:2, 33:3, 34:6, 34:9,

34:12, 34:13, 34:16,

37:3, 37:5, 37:9,

38:25, 39:5, 40:15,

40:24, 40:25

MS [75] - 3:3, 4:5,

6:6, 6:10, 6:13, 7:7,

7:24, 8:24, 9:1, 9:4,

9:5, 9:8, 9:10, 9:13,

9:14, 9:15, 9:18, 9:20,

10:4, 10:8, 10:17,

11:18, 11:20, 12:4,

12:7, 12:10, 12:13,

12:16, 13:4, 13:8,

14:5, 14:7, 14:9,

14:10, 14:16, 14:19,

14:21, 14:22, 15:4,

18:16, 18:17, 18:23,

19:2, 19:7, 19:9,

19:11, 19:15, 21:20,

21:25, 22:3, 22:5,

23:3, 23:5, 23:24,

24:1, 24:2, 25:3, 25:7,

28:14, 28:17, 28:19,

29:3, 29:6, 31:15,

31:23, 34:8, 34:14,

37:1, 37:2, 37:4, 39:1,

40:13, 40:14, 41:7,

41:10

Multi [2] - 29:23,

30:2

Multi-Family [2] -

29:23, 30:2

municipal [1] - 26:15

mutual [1] - 26:16

N

name [10] - 3:7, 4:10,

4:11, 13:8, 16:18,

29:7, 34:7, 34:9,

34:15, 34:16

NANCY [3] - 1:19,

42:5, 42:11

nancy@metzke.

com [1] - 1:25

natural [2] - 21:11,

21:12

need [3] - 6:22,

38:14, 40:19

needs [2] - 16:9,

26:16

NEGATIVE [1] - 9:3

negative [1] - 39:14

net [1] - 33:18

new [2] - 11:9, 34:25

New [1] - 33:6

Newman [1] - 30:7

next [12] - 4:17, 9:9,

10:4, 13:4, 15:4, 16:5,

19:17, 23:3, 25:3,

29:3, 40:22, 41:14

Nicholson [2] - 33:2,

34:9

NICHOLSON [4] -

33:3, 34:9, 39:5,

40:24

night [1] - 5:25

NO [18] - 2:2, 8:25,

9:17, 9:19, 10:16,

12:12, 14:18, 14:20,

19:10, 19:16, 21:19,

21:21, 22:2, 22:4,

23:23, 23:25, 28:16,

41:9

non [1] - 15:16

non-conservation

[1] - 15:16

noncontiguous [1] -

15:18

noon [2] - 14:4, 14:7

northwest [1] - 17:1

notes [1] - 42:6

notice [4] - 5:13,

23:10, 30:16, 30:23

noticed [1] - 15:24

November [1] -

27:13

number [2] - 39:18,

39:25

Number [2] - 27:20,

28:1

numbers [2] - 11:23


5

O

objective [1] - 5:17

objectives [2] - 8:9,

13:22

obtain [1] - 35:23

obtaining [1] - 16:24

obviously [1] - 31:24

occasion [1] - 8:15

OF [15] - 1:1, 1:1,

4:2, 4:3, 10:1, 10:2,

13:1, 13:2, 15:1, 23:1,

25:1, 29:1, 42:3, 42:3

office [1] - 6:23

OFFICE [5] - 1:1,

1:23, 4:3, 10:2, 23:1

Office [10] - 2:5, 2:7,

2:12, 4:7, 4:13, 4:19,

10:5, 10:9, 23:4, 23:5

Office's [1] - 4:25

Officer [1] - 34:10

offices [1] - 9:1

OFR [2] - 8:1, 10:25

OIR [1] - 7:25

OLSON [1] - 1:10

on-line [2] - 35:15,

35:20

once [2] - 18:17,

20:17

one [10] - 7:24, 8:15,

9:9, 12:15, 21:2,

21:18, 27:14, 32:7,

32:23, 40:15

One [1] - 37:3

one-room [1] - 21:2

ones [3] - 28:10,

34:24, 34:25

Operating [1] - 34:10

opportunity [1] -

4:24

oppose [1] - 37:10

optional [1] - 38:2

options [1] - 33:15

order [1] - 6:22

ordinance [2] -

16:22, 17:22

original [1] - 20:23

otherwise [1] - 36:19

Outlay [1] - 29:13

outline [2] - 10:17,

10:24

outs [1] - 35:1

outstanding [1] -

25:15

overall [1] - 33:21

Oversight [1] - 13:17

overview [6] - 5:9,

5:10, 10:13, 10:18,

10:23

owned [1] - 15:15

P

package [1] - 10:14

packet [2] - 5:13,

13:13

PAGE [1] - 2:2

pages [1] - 6:2

parcels [3] - 15:18,

16:1, 17:25

part [4] - 10:18, 20:7,

20:22, 35:10

partially [1] - 15:19

participating [1] -

35:1

particular [3] - 5:18,

8:21, 35:4

pass [1] - 36:5

passed [2] - 13:21,

15:25

past [2] - 5:2, 37:9

pasture [1] - 20:6

Patsy [2] - 19:22,

21:14

pay [2] - 18:9, 38:14

paying [1] - 18:2

PECO [5] - 25:11,

25:15, 25:20, 27:22,

29:13

people [5] - 4:20,

17:13, 35:24, 36:4,

40:4

PEREZ [1] - 1:9

performance [3] -

4:25, 11:3, 13:19

perhaps [2] - 38:22,

40:3

permanent [1] - 16:5

permitting [1] -

18:19

pertaining [1] -

16:14

piece [1] - 23:14

pieces [2] - 6:18,

23:11

pine [1] - 20:4

place [1] - 38:24

placed [1] - 18:10

plan [3] - 9:2, 9:8,

18:25

planning [2] - 6:10,

12:4

plantations [1] - 20:5

podium [1] - 3:7

point [5] - 5:4, 27:14,

27:16, 38:7, 38:9

points [2] - 33:16,

35:11

pole [1] - 21:1

policies [1] - 34:25

policy [3] - 27:1,

35:25, 36:21

policyholder [1] -

35:19

policyholders [3] -

34:23, 36:5, 41:2

populating [1] - 35:2

population [1] - 21:5

portion [2] - 17:2,

17:5

position [1] - 37:7

possibility [1] - 39:2

possible [5] - 4:18,

32:3, 32:4, 34:5,

37:13

POST [1] - 1:23

potentially [2] -

35:18, 36:16

pre [4] - 31:8, 32:6,

32:11, 40:22

pre-event [4] - 31:8,

32:6, 32:11, 40:22

predicting [1] -

27:12

preference [1] - 6:6

Premium [2] - 30:14,

30:18

premiums [2] -

33:22, 39:8

prepay [1] - 28:8

present [8] - 4:8,

9:12, 9:13, 10:7, 15:7,

25:17, 25:25, 26:6

presentation [16] -

4:17, 4:21, 6:7, 6:11,

6:15, 6:17, 7:8, 7:19,

8:5, 8:23, 10:13,

10:22, 11:15, 11:18,

12:5, 14:1

presented [2] -

19:18, 31:4

pretty [3] - 32:17,

32:18, 39:4

prevent [1] - 40:6

preview [2] - 6:16,

7:4

previous [1] - 3:12

price [3] - 18:3,

33:16, 35:14

prices [1] - 37:18

pricing [2] - 33:7,

34:1

primarily [1] - 34:24

principal [2] - 25:18,

26:1

principals [1] - 14:15

priorities [4] - 8:6,

8:8, 8:12

private [8] - 16:3,

36:7, 36:14, 36:15,

37:15, 38:5, 38:20,

39:15

proceedings [1] -

42:6

process [1] - 6:24

product [1] - 5:21

products [1] - 5:16

program [1] - 20:8

Program [5] - 13:16,

13:17, 13:18, 19:18,

20:10

programs [2] -

13:15, 18:12

project [4] - 12:1,

16:20, 17:9, 17:11

property [14] - 15:22,

15:24, 16:3, 16:11,

16:22, 16:24, 16:25,

17:21, 17:23, 18:3,

20:16, 21:9, 21:10,

35:17

Property [3] - 13:17,

34:18, 35:4

proposal [1] - 9:2

proposals [1] - 9:9

proposed [3] -

23:10, 30:17, 30:23

Protection [2] -

15:10, 19:18

provide [3] - 4:18,

4:22, 12:8

provided [2] - 6:5,

11:16

provides [2] - 4:19,

5:9

providing [2] - 14:4,

34:22

public [3] - 30:20,

31:1, 31:21

publicly [1] - 37:6

purchase [5] - 15:21,

35:21, 36:16, 38:5,

38:11

purchases [1] -

36:13

purchasing [1] -

16:24

pure [1] - 36:12

purpose [1] - 37:16

pursuant [1] - 15:24

put [3] - 7:18, 18:4,

33:11

Putnam [4] - 8:16,

19:24, 20:21

putting [2] - 6:18,

18:7

Q

questions [21] - 6:4,

8:24, 9:15, 11:17,

12:10, 13:24, 14:3,

14:12, 14:16, 18:14,

19:9, 19:15, 21:16,

21:17, 21:20, 21:25,

23:22, 28:14, 34:14,

40:14, 41:8

quickly [2] - 32:9,

33:13

quite [1] - 38:8

R

raise [1] - 36:3

rancher [1] - 21:6

range [2] - 21:2, 21:3

ranked [1] - 19:24

rate [8] - 25:15,

25:23, 27:1, 35:15,

35:20, 35:24, 39:2,

39:7

ratemaking [1] -

30:14

rates [10] - 26:18,

26:22, 27:2, 33:19,

36:3, 36:11, 38:3,

39:7, 39:12, 39:15

rather [1] - 8:18

Ray [1] - 27:12

RE [1] - 1:4

ready [1] - 7:8

realistically [1] -

38:4

really [2] - 8:19,

39:20

reason [1] - 20:14

reasonable [1] -

36:21

reasons [1] - 17:19

recently [1] - 38:13

recession [1] - 27:5

recommend [1] -

36:1

recommendation [2]

- 33:12, 39:24

recommended [2] -

5:21, 31:7

recommending [1] -

39:22

recommends [1] -

19:13

record [4] - 3:8, 3:9,

34:6, 42:6

redemption [1] -

28:5

reduce [3] - 25:14,

25:23, 26:21


6

reducing [1] - 38:22

reduction [1] - 37:10

reference [1] - 23:13

refinancing [2] -

26:10, 28:1

refunded [2] - 25:19,

26:2

Refunding [2] -

29:13, 29:18

refunding [2] -

25:21, 27:22

refundings [1] -

25:12

regardless [1] -

39:14

regards [4] - 31:7,

36:11, 37:7, 37:20

Regulation [9] - 2:6,

2:8, 2:12, 4:7, 4:13,

10:6, 10:10, 23:4,

23:6

regulation [1] -

23:20

REGULATION [3] -

4:3, 10:2, 23:1

regurgitation [1] -

8:18

Reimbursement [3] -

30:13, 30:18, 30:24

reimbursement [1] -

32:8

reinsurance [13] -

35:6, 35:8, 35:9,

35:14, 36:10, 37:15,

37:18, 37:19, 38:3,

38:5, 38:20, 39:15

reinsurers [2] -

36:17, 37:12

reiterating [1] - 8:1

related [1] - 31:9

relating [1] - 23:19

relative [1] - 32:17

relatively [3] - 20:19,

21:3, 32:9

releasing [1] - 18:10

remember [1] - 32:23

reminder [1] - 3:6

repeal [1] - 23:14

repeat [1] - 31:3

replacing [2] - 30:7,

30:10

report [3] - 27:4,

27:7, 42:5

REPORTED [1] -

1:19

Reporter [1] - 42:11

REPORTER [1] -

1:19

reporter [1] - 3:8

REPORTERS [1] -

1:23

reporting [1] - 23:15

reports [1] - 25:11

represent [1] - 35:18

representing [1] -

34:18

request [11] - 14:11,

19:21, 23:17, 29:10,

29:12, 29:15, 30:5,

30:8, 30:12, 30:16,

30:22

requested [2] -

15:21, 15:23

requests [2] - 30:20,

31:1

require [1] - 32:11

required [1] - 38:11

requirement [1] -

23:15

resided [1] - 20:20

residential [2] -

33:21, 39:8

resolution [4] -

15:25, 27:20, 28:4,

29:19

respond [1] - 39:2

RESPONSE) [17] -

8:25, 9:17, 9:19,

10:16, 12:12, 14:18,

14:20, 19:10, 19:16,

21:19, 21:21, 22:2,

22:4, 23:23, 23:25,

28:16, 41:9

responsible [2] -

39:21, 40:11

result [1] - 35:23

retail [2] - 16:4, 17:5

REVENUE [1] - 13:2

Revenue [8] - 2:10,

13:6, 13:11, 28:2,

28:6, 29:17, 29:23,

30:2

review [4] - 5:25, 7:3,

7:22, 11:11

Review [6] - 2:5, 2:7,

2:9, 4:6, 10:5, 13:5

REVIEW [3] - 4:2,

10:1, 13:1

revising [1] - 27:15

rezoning [1] - 18:25

right-sizing [1] -

40:20

risk [4] - 31:8, 32:5,

32:8, 35:8

road [1] - 32:1

ROB [1] - 1:10

rob [1] - 31:15

ROBERT [1] - 1:11

Robert [1] - 30:6

ROL [1] - 38:3

rolling [2] - 39:12,

40:22

room [2] - 21:2, 21:5

ROOM [1] - 1:16

RPR [3] - 1:19, 42:5,

42:11

Rudolpho [1] - 30:11

rule [8] - 23:10,

23:16, 30:17, 30:18,

30:20, 30:23, 30:25,

31:1

rules [2] - 10:14,

23:19

Rural [3] - 19:17,

19:23, 20:1

RUSSELL [54] - 1:9,

3:3, 4:5, 6:6, 6:10,

6:13, 7:7, 8:24, 9:1,

9:4, 9:8, 9:13, 9:15,

9:18, 9:20, 10:4,

11:18, 12:4, 12:10,

12:13, 13:4, 14:5,

14:9, 14:16, 14:19,

14:21, 15:4, 18:16,

19:9, 19:11, 19:15,

21:20, 21:25, 22:3,

22:5, 23:3, 23:24,

24:1, 25:3, 25:7,

28:14, 28:17, 28:19,

29:3, 29:6, 31:15,

31:23, 34:8, 34:14,

37:1, 37:4, 40:14,

41:7, 41:10

S

S-T-E-V-E-N-S [1] -

4:12

safety [1] - 21:4

sale [5] - 15:14,

17:20, 25:13, 25:20,

27:21

sales [1] - 17:17

satisfied [1] - 8:22

save [1] - 27:18

savings [9] - 25:16,

25:17, 25:21, 25:24,

25:25, 26:5, 27:23,

28:3, 35:18

School [5] - 15:20,

15:22, 17:16, 18:9,

18:13

SCOGGINS [4] -

13:8, 14:7, 14:10,

14:22

Scoggins [1] - 13:9

season [1] - 32:10

second [5] - 12:15,

23:10, 23:14, 32:23,

37:3

securities [1] - 23:20

Securities' [1] -

23:19

see [5] - 4:14, 31:24,

32:20, 39:23, 41:14

seed [1] - 35:7

selected [1] - 8:11

self [1] - 38:23

send [1] - 26:8

separate [2] - 17:25,

27:23

September [1] - 27:8

series [1] - 5:14

served [1] - 27:6

Service [1] - 20:9

service [6] - 25:16,

25:21, 25:24, 26:5,

27:22, 28:3

Services [1] - 13:10

services [1] - 4:19

several [4] - 10:21,

23:6, 37:20, 40:2

share [2] - 11:6,

38:22

shed [1] - 21:1

shooting [2] - 21:2

show [2] - 32:1,

33:23

shows [1] - 33:17

shrink [1] - 37:14

similar [1] - 10:12

simply [4] - 8:1,

11:22, 36:5, 37:19

sit [2] - 37:12, 37:23

sites [3] - 16:10,

16:12, 16:14

size [1] - 37:7

sizing [1] - 40:20

slash [1] - 20:4

slide [2] - 11:15

slowing [1] - 27:6

small [2] - 20:19,

21:3

smart [1] - 6:22

Smith [5] - 19:22,

20:7, 20:12, 20:20,

21:14

Smiths [1] - 20:18

sold [2] - 25:12,

25:22

solutions [3] - 34:22,

37:13, 37:24

sometimes [1] - 5:17

sorry [1] - 30:4

sort [4] - 6:16, 6:25,

27:11, 32:20

space [1] - 26:15

speaker [1] - 34:15

speaking [1] - 32:25

special [2] - 21:11,

21:12

specifically [4] -

5:18, 7:25, 8:7, 11:13

specificity [1] - 31:7

speculation [2] -

27:2, 27:8

spelled [1] - 4:11

spelling [1] - 3:8

split [1] - 32:19

spoken [1] - 8:2

spot [1] - 27:12

spot-on [1] - 27:12

spreadsheet [1] -

33:17

Spring [1] - 29:24

square [1] - 17:4

St [1] - 20:21

stabilizing [1] -

37:17

Staff [1] - 4:12

staff [1] - 4:16

standards [1] - 23:13

STANDER [3] -

34:16, 34:17, 37:9

Stander [1] - 34:17

start [4] - 18:19,

27:1, 27:8, 27:13

State [8] - 2:14,

17:17, 29:3, 29:19,

30:9, 31:12, 32:12,

34:11

STATE [3] - 1:1,

29:1, 42:3

state [9] - 3:7, 15:15,

18:2, 18:3, 18:8,

27:18, 29:6, 34:7,

34:15

state-owned [1] -

15:15

states [3] - 7:11,

7:12, 7:13

statute [1] - 5:15

Statute [1] - 15:25

statutory [1] - 37:21

stenographic [1] -

42:6

stenographically [1]

- 42:5

STEVENS [6] - 4:9,

6:12, 6:14, 7:9, 8:13,

9:21

Stevens [2] - 4:10,

4:11

stewardship [1] -

20:8

Stewardship [1] -

20:9

still [9] - 6:17, 6:25,

11:20, 18:21, 18:24,


7

20:19, 20:22, 26:12,

26:15

storms [1] - 41:1

Stranburg [1] - 13:12

strategy [1] - 26:20

strong [1] - 39:4

subdivision [1] -

21:9

subdivisions [1] -

20:15

subject [5] - 15:22,

15:23, 16:2, 16:11,

16:13

submittal [1] - 15:12

sufficiency [2] -

29:13, 29:16

suggested [1] - 38:1

summer [1] - 32:15

SUMPTER [5] - 1:11,

18:17, 18:23, 19:2,

19:7

supply [2] - 26:14,

36:12

supply-and-

demand [1] - 36:12

supply/demand [1] -

26:12

Support [1] - 13:18

support [1] - 37:21

surplus [1] - 19:14

swamp [1] - 20:7

T

takeouts [1] - 35:1

TALLAHASSEE [2] -

1:17, 1:24

Tax [2] - 13:16, 13:17

tax [1] - 17:17

taxes [1] - 17:15

taxpayer [1] - 11:1

taxpayers [1] - 41:2

technical [1] - 23:12

term [1] - 26:24

termination [1] -

15:23

terms [6] - 26:10,

26:23, 27:18, 33:3,

33:25, 39:6

THE [7] - 1:1, 1:17,

4:3, 10:2, 13:2, 15:1,

41:16

therefore [1] - 38:2

they've [2] - 28:7,

38:18

third [1] - 23:17

Thompson [1] - 30:9

thoughtful [1] - 6:19

three [4] - 13:15,

15:11, 38:12, 38:17

Tier [1] - 19:24

tightening [1] - 27:2

timely [2] - 30:20,

31:1

timetable [2] - 32:18,

33:3

timing [2] - 31:19,

31:25

today's [1] - 7:3

together [3] - 6:18,

7:18, 33:11

top [1] - 38:1

TORNILLO [1] - 1:11

totaled [1] - 20:13

totaling [1] - 26:4

track [1] - 26:9

tract [2] - 20:4, 20:25

trade [1] - 34:19

transaction [1] -

34:2

transactions [1] -

26:4

transcript [1] - 42:6

transfer [4] - 17:23,

31:8, 32:5, 32:8

Transportation [2] -

16:6, 29:17

true [3] - 25:13,

25:22, 42:6

TRUST [1] - 15:2

Trust [2] - 2:11, 15:6

Trustee [1] - 31:4

TRUSTEES [1] - 15:1

Trustees [5] - 2:11,

15:5, 20:11, 20:17,

31:18

Trustees' [3] - 15:12,

21:14, 21:24

try [1] - 33:24

trying [2] - 7:10, 40:4

Tuesday [3] - 7:23,

35:13, 41:14

Turnpike [2] - 28:2,

29:17

turns [1] - 38:19

two [8] - 16:10, 19:2,

19:6, 23:11, 25:11,

28:7, 32:2, 38:1

two-year-ish [1] -

19:2

type [1] - 7:13

types [1] - 5:16

typical [1] - 21:8

U

under [1] - 6:25

union [1] - 23:15

University [1] - 28:5

unlocked [1] - 38:16

unquantifiable [1] -

36:8

unregulated [1] -

36:10

up [12] - 7:25, 10:4,

12:14, 13:4, 15:4,

17:6, 20:15, 25:3,

27:21, 29:3, 37:18,

40:7

update [1] - 32:21

upwards [1] - 36:13

V

vacant [1] - 15:18

value [7] - 11:1,

13:15, 16:1, 18:2,

25:17, 25:25, 26:6

values [2] - 13:14,

32:17

vantage [1] - 5:4

variety [1] - 5:15

vision [2] - 10:24,

13:14

W

waiting [1] - 7:9

walk [4] - 6:1, 11:14,

13:12, 31:17

WAS [1] - 41:16

watching [1] - 5:1

water [1] - 21:9

Watkins [1] - 25:4

WATKINS [3] - 25:6,

25:8, 28:18

Wayne [2] - 19:22,

21:14

weak [1] - 27:7

WEDNESDAY [1] -

1:15

week [1] - 27:4

weekend [2] - 7:18,

33:10

welcome [2] - 3:3,

19:8

wells [1] - 21:10

WHEREUPON [1] -

41:16

whole [1] - 5:5

William [5] - 34:17,

37:6, 39:24, 40:17,

41:6

willing [1] - 37:12

willingness [1] -

37:23

wondering [1] - 39:1

words [1] - 16:16

works [1] - 35:7

write [1] - 35:17


8

writing [1] - 34:25

Y

year [8] - 5:12, 11:25,

17:15, 19:2, 26:3,

37:25, 39:8, 40:23

year's [1] - 34:1

years [5] - 16:5, 19:6,

26:19, 27:10, 38:1

yesterday [2] - 5:8,

39:16

York [1] - 33:6

Z

zero [1] - 27:1

ERRATA SHEET Meeting of the Governor and Cabinet Aides

Meeting Date: April 8, 2015

Page Line Error or Change Reason for Change 30 6 Jay Robert Jones to J.

Robert Jones Error in Name

30 11 Rudolpho Angmen to Rodolfo Engmann

Correct Spelling of Name

Documents

1 STATE OF FLORIDA OFFICE OF THE GOVERNOR AND CABINET … · 2016. 2. 19. · presentation for the next Cabinet meeting that we think will provide as much detail as possible about