AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

(Contact person: J. Ben Watkins III - 488-4782)

The Capitol

April 10, 2001

This meeting is open to the public.

1. Approval of minutes of the meeting of March 13, 2001.

(Attachment #1)

2. ADOPTION OF (1) A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $125,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, CAPITAL OUTLAY BONDS, 2001 SERIES [TO BE DETERMINED] (REFUNDING BONDS) AND (2) A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING $125,000,000 OF THE BONDS.

The bonds will be payable primarily from motor vehicle license taxes and will be additionally secured by the full faith and credit of the State. The proceeds of the bonds will be used to refinance a portion of certain outstanding Capital Outlay Bonds to effectuate a debt service savings.

Copies of the resolutions may be obtained from the Division of Bond Finance upon request.

(Recommend)

3. REPORT OF AWARD OF $167,200,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 1999 SERIES E, TO THE LOW BIDDER FOR SUCH BONDS.

The Division of Bond Finance was authorized to receive bids for these bonds, and award them to the low bidder, by a resolution adopted by the Governor and Cabinet. Bids were received at the office of the Division of Bond Finance at 11:00 a.m. on March 21, 2001, and the bonds were awarded to the low bidder, Bear, Stearns & Co. Inc, which submitted a bid at an annual true interest cost rate of 4.9233%. The bonds will be delivered on April 11, 2001.

A report of award and tabulation of bids is attached.

(Attachment #2)