AGENDA

      DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

March 25, 2003

This meeting is open to the public.

1.      Approval of minutes of the meeting of March 13, 2003.

      (Attachment #1)

2.      ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $13,550,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, UNIVERSITY OF CENTRAL FLORIDA PARKING FACILITY REVENUE BONDS, SERIES 2003.

The bonds will be payable from the revenues of the parking system at the University of Central Florida.  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 a parking garage on the Orlando campus of the University.

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

(Recommend)

3.      ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $24,045,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA ATLANTIC UNIVERSITY HOUSING REVENUE BONDS, SERIES 2003.

The bonds will be payable from the revenues of the housing system at Florida Atlantic 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 a student housing complex on the Boca Raton campus of the University.

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

(Recommend)

4.    REPORT OF AWARD ON THE COMPETITIVE SALE OF $445,980,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE REFUNDING BONDS, SERIES 2003A, 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 resolution adopted by the Governor and Cabinet.  Bids were received at the office of the Division of Bond Finance at 12:00 noon, March 4, 2003, and the bonds were awarded to the low bidder, Merrill Lynch & Co., which submitted a bid at an annual true interest cost rate of 3.8540%. The bonds are anticipated to be delivered on Thursday, April 3, 2003.

The refunding resulted in total gross savings of approximately $60.4 million, average annual debt service  savings of approximately $2.9 million per year and present value debt service savings of approximately $43.8 million.

A report of award and tabulation of bids is attached.

(Attachment #2)

Division of Bond Finance

March 25, 2003

Page Two

5.    REPORT OF AWARD ON THE COMPETITIVE SALE OF $74,575,000 STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION SAVE OUR COAST REFUNDING REVENUE BONDS, SERIES 2003A, 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, March 11, 2003, 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 2.4314%.  The bonds are anticipated to be delivered on April 8, 2003.

The refunding will result in gross debt service savings of approximately $7.5 million, average annual debt service savings of approximately $856,000 and present value debt service savings of approximately $6.6 million.

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

(Attachment #3)