AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

May 15, 2001

This meeting is open to the public.

1. Approval of minutes of the meeting of April 24, 2001.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE DIVISION OF BOND FINANCE TO ISSUE A "REQUEST FOR PROPOSALS" IN ORDER TO SOLICIT PROPOSALS FROM FIRMS INTERESTED IN BEING SELECTED AS AN UNDERWRITER FOR PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS AND DIRECTING THE DIVISION TO RANK RESPONDENT FIRMS AND MAKE A RECOMMENDATION OF SUCH FIRMS TO THE GOVERNING BOARD OF THE DIVISION.

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

(Recommend)

3. REPORT OF AWARD OF $10,310,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA STATE UNIVERSITY PARKING FACILITY REVENUE BONDS, SERIES 2001 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 April 25, 2001, and the bonds were awarded to the low bidder, Salomon Smith Barney Inc., which submitted a bid at an annual true interest cost rate of 4.9617%. The bonds are schedule to be delivered May 15, 2001.

A report of award and tabulation of bids is attached.

(Attachment #2)

4. REPORT OF AWARD OF $31,585,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, CAPITAL OUTLAY BONDS, 2001 SERIES A, 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 12:00 noon, Thursday, May 3, 2001, and the bonds were awarded to the low bidder, Salomon Smith Barney Inc., which submitted a bid at an annual true interest cost rate of 4.5307%. The bonds are scheduled to be delivered on May 22, 2001.

Of the $31,585,000 bonds sold, $14,580,000 (46%) will be used to finance various capital outlay projects, while $17,005,000 (54%) will be used to refund certain outstanding bonds. The refunding resulted in gross debt service savings of $1,265,573, average annual debt service savings of approximately $197,000 through 2007 and present value debt service savings of $1,129,299.

A report of award and tabulation of bids received is attached.

(Attachment #3)