Cabinet Affairs

1. Approval of minutes of the meeting of March 12, 1996.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND PUBLIC (COMPETITIVE) SALE OF NOT EXCEEDING $50,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION REFUNDING BONDS, SERIES 1996.

The proceeds of the bonds will be issued for the purpose of refunding all or a portion of the outstanding Right-of-Way Acquisition and Bridge Construction Bonds, Series 1991, issued to finance the cost of acquiring real property or the rights to real property for state

roads as defined by law. The resolution provides for a public sale of the bonds, the printing of the preliminary and final official statements regarding the bonds, designates a registrar, paying agent and transfer agent for the bonds, authorizes an escrow deposit agreement, and various matters in connection with the sale, issuance and delivery of the bonds.

The bonds will be payable primarily from motor fuel and special fuel taxes which are transferred to the Right-of-Way Acquisition and Bridge Construction Trust Fund created by Section 206.46, F.S., and shall additionally be secured by the full faith and credit of the

State of Florida. The bonds will be issued on a parity with the unrefunded bonds

previously issued and sold pursuant to a resolution of the Division adopted on February 28, 1989, as supplemented and amended.

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

(Recommend)

3. ADOPTION OF A RESOLUTION AUTHORIZING THE PUBLIC (COMPETITIVE) SALE OF NOT EXCEEDING $12,700,000 STATE OF FLORIDA, BOARD OF REGENTS, FLORIDA AGRICULTURAL AND MECHANICAL UNIVERSITY, STUDENT APARTMENT FACILITY REVENUE BONDS, SERIES 1996.

The proceeds of the bonds will be used to pay the costs of construction of a housing facility on the campus of the Florida

Agricultural and Mechanical University 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, 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 28, 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)

4. ADOPTION OF A RESOLUTION SELECTING BOND COUNSEL FOR STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION, RIGHT-OF-WAY AND BRIDGE CONSTRUCTION BONDS.

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

(Recommend)

5. REPORT OF AWARD OF $5,070,000 STATE OF FLORIDA, DEPARTMENT OF

MANAGEMENT SERVICES, DIVISION OF FACILITIES MANAGEMENT, FLORIDA FACILITIES POOL REVENUE BONDS, SERIES 1996A, 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 on February 27, 1996. Bids were received at the offices of the Division of Bond Finance at 11:00 a.m. on March 7, 1996, and the bonds were awarded to the low bidder, William R.

Hough & Co., which submitted a bid at an annual true interest cost rate of 5.4955 percent. The bonds were delivered on March 21, 1996.

A report of award and tabulation of bids is attached. (Attachment #2)