DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

      The Capitol

      May 13, 2003

      This meeting is open to the public.

1.      Approval of minutes of the meeting of April 22, 2003.

(Attachment #1)

2.      ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $16,800,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA STATE UNIVERSITY PARKING FACILITY REVENUE BONDS, SERIES 2003B

The bonds will be payable from revenues of the parking system at Florida State 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 parking facility at the Tallahassee campus of the University.

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

(Recommend)

3.    REPORT OF AWARD ON THE COMPETITIVE SALE OF $5,585,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA STATE UNIVERSITY PARKING FACILITY 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 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 April 15, 2003, and the bonds were awarded to the low bidder, William R. Hough & Co., which submitted a bid at a true interest cost rate of 3.1853%.  The bonds were delivered May 6, 2003.

The refunding will result in gross debt service savings of approximately $950,000, average annual debt service savings of approximately $80,000 and present value debt service savings of approximately $800,000.

A report of award and tabulation of bids is attached.

(Attachment #2)

4.    REPORT OF AWARD ON THE COMPETITIVE SALE OF $109,770,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES FLORIDA FACILITIES POOL 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 a resolution adopted by the Governor and Cabinet.  Bids were received at the office of the Division of Bond Finance at 12:00 noon, April 29, 2003, and the bonds were awarded to the low bidder, J.P. Morgan, Inc., which submitted a bid at an annual true interest cost rate of 3.4775%.  The bonds are scheduled to be delivered on June 4, 2003.

The refunding will result in gross debt service savings of approximately $17 million, average annual debt service savings of approximately $1.1 million and present value debt service savings of approximately $13.5 million.

A report of award and tabulation of bids is attached.

(Attachment #3)