Cabinet Affairs |
March 12, 1996
1. Approval of minutes of the meeting of February 27, 1996.
(Attachment #1)
2. ADOPTION OF A RESOLUTION AUTHORIZING THE PUBLIC (COMPETITIVE)
SALE OF NOT EXCEEDING $2,100,000 STATE OF FLORIDA, BOARD OF REGENTS,
UNIVERSITY OF SOUTH FLORIDA, HOUSING FACILITY REVENUE BONDS, SERIES
1996B.
The proceeds of the bonds will be used to pay the costs of construction
of a housing facility at the Sarasota/New College campus of the
University of South Florida and to pay certain costs associated
with the issuance of the bonds, which will be issued by the Division
on behalf of the Board of Regents. The resolution also authorizes
the Division to prepare and publish a notice of bond sale for
the bonds, authorizes the preparation and execution of a preliminary
and a final official statement, amends the September 14, 1995
resolution authorizing the issuance of the bonds to adjust continuing
disclosure provisions to reflect current regulatory requirements,
and provides certain other details and authorizations in connection
with the sale and issuance of the bonds.
The bonds will be secured by a pledge of the net housing system
revenues as set forth in the resolution authorizing the issuance
of the bonds adopted September 14, 1995. The bonds are not secured
by the full faith and credit of the State of Florida.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
3. ADOPTION OF A RESOLUTION (THE SEVENTH SUBSEQUENT RESOLUTION)
AUTHORIZING THE PUBLIC (COMPETITIVE) SALE OF NOT EXCEEDING $245,000,000
STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION
2000 REVENUE REFUNDING BONDS (SERIES TO BE DESIGNATED).
The proceeds of the bonds will be deposited into an escrow deposit
trust fund for the advance refunding of all or a portion of the
State of Florida, Department of Natural Resources, Preservation
2000 Revenue Bonds, Series 1991A, which will result in a present
value cost savings to the State. The resolution also appoints
the State Board of Administration as escrow agent and approves
the execution of an escrow deposit agreement; authorizes the publication
of a notice of bond sale; authorizes the preparation and execution
of a preliminary and final official statement; provides certain
other details and authorizations in connection with the sale and
issuance of the bonds; amends the February 12, 1991 resolution
authorizing the issuance of Preservation 2000 Bonds; and rescinds
another resolution on this subject.
The bonds will be payable solely from certain excise taxes on
documents, and do not pledge the full faith and credit of the
State.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
Division of Bond Finance
Page Two-March 12, 1996
4. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND NEGOTIATED
SALE OF NOT EXCEEDING $14,000,000 FLORIDA HOUSING FINANCE AGENCY
MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS, 1996 [SERIES TO
BE DESIGNATED] (LAKE SIDE VILLAS AND GOLF VILLAS AT SABAL PALM
PROJECT) AND NOT EXCEEDING $3,000,000 FLORIDA HOUSING FINANCE
AGENCY TAXABLE MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS, 1996
[SERIES TO BE DESIGNATED] (LAKE SIDE VILLAS AND GOLF VILLAS AT
SABAL PALM PROJECT)(COLLECTIVELY "THE BONDS").
The Bonds will be issued by the Division of Bond Finance (the "Division") on behalf of and in the name of the Florida Housing Finance Agency (the "Agency"). The proceeds of the Bonds will be used to refund the outstanding Florida Housing Finance Agency Multi-Family Housing Revenue Bonds, 1985 Series R (Lake Side Villas Project) and the outstanding Florida Housing Finance Agency Multi-Family Housing Revenue Bonds, 1985 Series S (Golf Villas at Sabal Palm Project); to pay a portion of the costs of issuance related to the Bonds; and to partially fund the Debt Service Reserve Fund. The Bonds will not constitute a debt or obligation, either special or general, of the State of Florida or of any of its units of local government and neither the State nor any unit of local government thereof shall be liable thereon. The Agency has by official action at a public meeting determined that a negotiated sale or private placement of the Bonds is in the best interest of the Agency; accordingly, the agency resolution authorized the Division to negotiate for the sale of the bonds to, or the placement of the Bonds through, an underwriter or underwriters designated by the Agency.
Copies of the resolution may be obtained from the Division upon
request.
(Recommend)
5. REPORT OF AWARD OF $242,695,000 STATE OF FLORIDA, FULL FAITH
AND CREDIT, STATE BOARD OF EDUCATION, CAPITAL OUTLAY BONDS, 1996
SERIES A, 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 on February 4, 1992 and November
29, 1995. Bids were received at the office of the Division of
Bond Finance at 11:00 a.m., February 15, 1995, and the bonds were
awarded to the low bidder, Lehman Brothers which submitted a bid
at an annual true interest cost rate of 4.9321 percent. The bonds
are to be delivered on March 12, 1996.
A report of award and tabulation of bids is attached.
(Attachment #2)