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AGENDA DIVISION OF BOND FINANCE OF THE STATE BOARD OF
ADMINISTRATION
(Contact person: J.
Ben Watkins III - 488-4782)
The Capitol
June 26, 2003
This meeting is open to the
public. 1. Approval of
minutes of the meeting of May 28,
2003. (Attachment #1) 2. ADOPTION OF
A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING
$363,400,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF
EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2002 SERIES
D. The bonds will be payable from gross receipts taxes and will
be additionally secured by the full faith and credit of the State. The proceeds of the bonds will be
used to finance capital outlay projects for school and community college
districts and the State University
System. The bonds will be the third series of bonds sold pursuant to
the Twenty-second Supplemental Authorizing
Resolution. Copies of the resolution may be obtained from the Division of
Bond Finance upon request. (Recommend) 3. ADOPTION OF
RESOLUTIONS AUTHORIZING THE ISSUANCE AND COMPETITIVE SALE OF NOT EXCEEDING
$210,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF
EDUCATION PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2003 SERIES [TO
BE DETERMINED]. The Thirty-first Supplemental Authorizing Resolution contains
the authorization for bonds necessary to refinance a portion of certain
outstanding Public Education Capital Outlay Bonds. The bonds will be payable
primarily from gross receipts taxes, and will be additionally secured by
the full faith and credit of the
State. Copies of the resolutions may be obtained from the Division
of Bond Finance upon request. (Recommend) Division of Bond Finance June 26, 2003 Page Two 4. ADOPTION OF
(1) A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING
$24,045,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA ATLANTIC
UNIVERSITY HOUSING FACILITY REVENUE BONDS, SERIES 2003; (2) RESOLUTIONS
AUTHORIZING THE ISSUANCE AND COMPETITIVE SALE OF NOT EXCEEDING $14,850,000
STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA ATLANTIC UNIVERSITY
HOUSING FACILITY REVENUE REFUNDING BONDS, SERIES [TO BE
DETERMINED]. The new money bonds and the refunding bonds will be payable
from revenues of the housing system at Florida Atlantic University. Neither the new money bonds nor
the refunding bonds will be secured by the full faith and credit of the
State. The proceeds of the new money bonds will be used to finance
the construction of a student housing complex and support facilities on
the main campus of the University. The proceeds of the refunding bonds will be used to refund
certain outstanding bonds of the
University. Copies of the resolutions may be obtained from the Division
of Bond Finance upon request. (Recommend) 5. ADOPTION OF
A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING
$350,000,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE
REVENUE REFUNDING BONDS, SERIES 2003B. The bonds will be payable primarily from tolls and other
revenues of the Florida Turnpike System. The bonds will not be secured by
the full faith and credit of the State. The proceeds of the bonds will be
used to refund certain outstanding bonds of the Turnpike
System. Copies of the resolution may be obtained from the Division of
Bond Finance upon request. (Recommend) 6. ADOPTION OF
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $1,000,000,000
STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION
RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION
BONDS. The bonds will be payable from certain motor fuel and special
fuel taxes, and will additionally be secured by the full faith and credit
of the State. The bonds may
be sold in one series or in multiple series. The proceeds of the bonds
will be used 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. Copies of the resolution may be obtained from the Division of
Bond Finance upon request. (Recommend) Division of Bond Finance June 26, 2003 Page Three 7. ADOPTION OF
A RESOLUTION AUTHORIZING THE REDEMPTION PRIOR TO MATURITY OF THE STATE OF
FLORIDA, FULL FAITH AND CREDIT, JACKSONVILLE TRANSPORTATION AUTHORITY
SENIOR LIEN REFUNDING BONDS, SERIES
1992A. The resolution authorizes the redemption of the bonds from
the proceeds of bonds to be issued by the City of Jacksonville, as
provided for in the documents relating to the
bonds. Copies of the resolution may be obtained from the Division of
Bond Finance upon request. (Recommend) 8.
REPORT OF AWARD ON THE COMPETITIVE SALE OF $157,140,000, STATE OF
FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA FOREVER REVENUE
REFUNDING BONDS, SERIES 2003B, TO THE LOW BIDDER FOR SUCH
BONDS. The Division of Bond Finance was authorized to received 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, June 10, 2003, and the bonds were awarded to the low bidder,
Citigroup Global Markets Inc., which submitted a bid at an annual true
interest cost rate of 2.5280%.
The bonds are scheduled to be delivered on July 8,
2003. Assuming the refunding proceeds are invested at the bond
yield, the refunding will result in gross debt service savings of
approximately $18.2 million, annual debt service savings of approximately
$1.8 million and present value debt service savings of approximately $15.9
million. A report of award and tabulation of bids is
attached. (Attachment #2) 9.
REPORT OF AWARD ON THE COMPETITIVE SALE OF $315,525,000 STATE OF
FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION PUBLIC EDUCATION
CAPITAL OUTLAY BONDS, 2001 SERIES I, 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 resolutions adopted
by the Governor and Cabinet.
Bids were received at the office of the Division of Bond Finance at
1:00 p.m., June 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 4.0259%. The
bonds are scheduled to be delivered on July 2,
2003. Of the $315,525,000 bonds sold, $112,600,000 (36%) will be
used to finance capital outlay projects for the state system of public
education, while $202,925,000 (64%) will be used to refund certain
outstanding bonds. Assuming
the refunding proceeds are invested at the bond yield, the refunding will
result in gross debt service savings of approximately $41.2 million,
annual debt service savings of approximately $1.8 million and present
value debt service savings of approximately $28.3
million. A report of award and tabulation of bids received is
attached. (Attachment #3)
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