DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

July 9, 1996

1. Approval of minutes of the meeting of June 25, 1996.

(Attachment #1)

2. ADOPTION OF A RESOLUTION, AT THE REQUEST OF THE DIVISION OF FACILITIES MANAGEMENT OF THE DEPARTMENT OF MANAGEMENT SERVICES, AUTHORIZING THE USE OF EXCESS PROCEEDS REMAINING FROM THE SERIES 1986, 1988, 1990, 1993B AND 1994A FLORIDA FACILITIES POOL REVENUE BOND ISSUES FOR CERTAIN RENOVATIONS TO THE KNOTT BUILDING.

In August, 1995, the Division of Bond Finance issued the series 1995A Florida Facilities Pool Revenue Bonds, for financing the renovation of the Knott Building. The 1996 Legislature appropriated moneys in the amount of $2,565,482 for additional renovations to the Knott Building.

The Division of Facilities Management has requested that proceeds remaining from the 1986, 1988, 1990, 1993B and 1994A Florida Facilities Pool Revenue Bond issues be utilized for financing these additional renovations and that such renovations be included within the Florida Facilities Pool.

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

(Recommend)

3. ADOPTION OF A RESOLUTION SELECTING FINANCIAL ADVISORS FOR THE DIVISION OF BOND FINANCE.

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

(Recommend)

4. ADOPTION OF A RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF THE FOLLOWING HOUSING REVENUE BONDS ON BEHALF OF AND AT THE REQUEST OF THE FLORIDA HOUSING FINANCE AGENCY (THE "AGENCY"):

Not exceeding $9,800,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 Series [to be designated] (Villas of Capri Project).

The Agency has requested the sale of the bonds for the purpose of financing a multifamily residential housing project. The bonds will not constitute an obligation, either general or special, of the state or of any local government.

Pursuant to Section 420.509 (7)(a), Florida Statutes, the Agency is permitted to authorize the negotiated sale of bonds if it is determined that it is in the best interest of the Agency. The Agency has made the determination that a negotiated sale of the bonds is in the best interest of the Agency.

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

(Recommend)

5. REPORT OF AWARD OF BONDS ISSUED ON BEHALF OF THE FLORIDA HOUSING FINANCE AGENCY

a) FLORIDA HOUSING FINANCE AGENCY, $14,450,000 HOUSING REVENUE BONDS, 1996 SERIES D-1 AND $600,000 TAXABLE HOUSING REVENUE BONDS, 1996 SERIES D-2 (STERLING PALMS APARTMENTS PROJECT).

Pursuant to resolutions of the Governor and Cabinet sitting as the Governing Board of the Division of Bond Finance, the Division of Bond Finance on June 20, 1996 negotiated the sale of the bonds to Bear, Stearns & Co. Inc., at a true interest cost rate of 6.44600% for the tax-exempt bonds and a true interest cost rate of 7.74798% for the taxable bonds. The bonds were delivered on June 26, 1996.

B) $5,925,000 FLORIDA HOUSING FINANCE AGENCY, MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, 1996 SERIES E (ANDOVER PLACE APARTMENTS PROJECT).

Pursuant to resolutions of the Governor and Cabinet sitting as the Governing Board of the Division of Bond Finance, the Division of Bond Finance on June 25, 1996 negotiated the sale of the bonds to Rauscher Pierce Refsnes, Inc. at a true interest cost rate of 6.35134%.

The bonds were delivered on July 3, 1996.

A report of award is attached.

(Attachment #2)