AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

(Contact person: J. Ben Watkins III - 488-4782)
The Capitol
AGENDA
September 10, 2002

This meeting is open to the public.

1. Approval of minutes of the meeting of August 27, 2002.
(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $192,600,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2001 SERIES, AMENDING THE TWENTY-SECOND SUPPLEMENTAL AUTHORIZING RESOLUTION.

The Twenty-second Supplemental Authorizing Resolution authorized the issuance of not exceeding $695,000,000 State of Florida, Full Faith and Credit, State Board of Education Public Education Capital Outlay Bonds, 2001 Series, necessary to finance public education capital outlay projects authorized during the 2001 regular legislative session. This resolution authorizes the issuance of an additional $192,600,000 Public Education Capital Outlay Bonds required to finance additional capital outlay projects for school and community college districts and the State University System authorized during the 2001 C special legislative session. The bonds will be payable from gross receipts taxes, and will be additionally secured by the full faith and credit of the State.

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 $26,905,000 STATE OF FLORIDA, FLORIDA BOARD OF EDUCATION, FLORIDA INTERNATIONAL UNIVERSITY PARKING FACILITY REVENUE BONDS, SERIES 2002.

The bonds will be payable from revenues of the parking system at Florida International 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 the construction of two parking facilities at the main campus of the University.

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

(Recommend)

Division of Bond Finance
Page-Two September 10, 2002

4. REPORT OF AWARD ON COMPETITIVE SALE OF $264,470,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2002 SERIES B, 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 August 27, 2002, and the bonds were awarded to the low bidder, Goldman Sachs & Co., which submitted a bid at an annual true interest cost rate of 4.3964%. The bonds are anticipated to be delivered on September 25, 2002.

The refunding resulted in gross debt service savings of $23,302,213 average annual debt service savings of approximately $1,125,000 and present value debt service savings of $15,405,060.

A report of award and tabulation of bids is attached.

(Attachment #2)