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DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION (Contact
person: J. Ben Watkins III - 488-4782) This meeting is open to the public. 1.
Approval of minutes of the meeting of October 30, 2001. 2. ADOPTION OF A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING $50,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS. The bonds will be payable primarily from motor fuel and special fuel taxes, and will additionally be secured by the full faith and credit of the State of Florida. The Bonds will be issued to finance or refinance the cost of acquiring real property or the rights to real property for state roads, or to finance or refinance the cost of state bridge construction, and purposes incidental thereto. The resolution also ratifies a resolution adopted on September 26, 2000 which authorized the competitive sale of $100,000,000 in bonds, resulting in a total authorization of up to $150,000,000 in bonds. Copies of the resolution may be obtained from the Division of Bond Finance upon request. (Recommend) 3. ADOPTION OF A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING $35,000,000 STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, UNIVERSITY SYSTEM IMPROVEMENT REVENUE BONDS, SERIES 2001. The bonds will be payable from the capital improvement fees and the net student building fees collected by the Florida Board of Education. The bonds will not be secured by the full faith and credit of the State. The proceeds of the bonds will be used to finance legislatively authorized projects of the Florida Board of Education. Copies of the resolution may be obtained from the Division of Bond Finance upon request. (Recommend)
Division
of Bond Finance
The bonds will be payable from the revenues of the housing system at the University. The bonds will not be secured by the full faith and credit of the State. The proceeds of the bonds will be used to finance student housing facilities at the University. Copies of the resolution may be obtained from the Division of Bond Finance upon request. (Recommend) 5. REPORT OF AWARD ON THE COMPETITIVE SALE OF $22,590,000 STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, THE FLORIDA STATE UNIVERSITY RESEARCH FOUNDATION, INCORPORATED 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 12:00 noon on November 14, 2001, and the bonds were awarded to the low bidder, William R. Hough & Co., which submitted a bid at a true interest cost rate of 4.8391%. The bonds are scheduled to be delivered December 5, 2001. A report of award and tabulation of bids is attached. (Attachment #2) 6. REPORT ON THE NEGOTIATED SALE OF $269,315,000, STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2001 SERIES D Pursuant to a resolution of the Governor and Cabinet, on behalf of the State Board of Education, the Division of Bond Finance negotiated the sale of the above referenced bonds with a syndicate led by Salomon Smith Barney Inc. on October 25, 2001. The bonds were priced to yield an annual true interest cost rate of 4.422% and are scheduled for a delayed delivery on March 5, 2002. The refunding will result in estimated gross debt service savings of $48,348,934, debt service savings of approximately $2.6 million per year, and present value debt service savings of $34,513,955. The report of sale is attached. (Attachment #3) 7. PRESENTATION OF THE ANNUAL UPDATE OF THE DEBT AFFORDABILITY STUDY. Copies of the report may be obtained from the Division of Bond Finance upon request. (Recommend) |
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