Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

February 25, 1997

1. Approval of minutes of the meeting of January 28, 1997.

(Attachment #1)

2. REPORT OF AWARD OF $10,245,000 STATE OF FLORIDA, BOARD OF REGENTS,

UNIVERSITY OF SOUTH FLORIDA HOUSING FACILITY 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 resolutions adopted by the Governor and Cabinet. Bids were received at the office of

the Division at 11:00 a.m., February 11, 1997, and the bonds were awarded to the low bidder, First

of America Securities, Inc., which submitted a bid at an annual true interest cost rate of 5.4780%.

The bonds are scheduled to be delivered on February 25, 1997.

A report of award and tabulation of bids is attached.

(Attachment #2)

3. PRESENTATION OF THE "1997 BOND FINANCING STRATEGY REPORT" BY THE

FLORIDA HOUSING FINANCE AGENCY.

Copies of the report may be obtained from the Florida Housing Finance Agency.

(Recommend)

4. REPORT OF AWARD OF BONDS ISSUED ON BEHALF OF THE FLORIDA HOUSING

FINANCE AGENCY:

a) $11,800,000 FLORIDA HOUSING FINANCE AGENCY, MULTI-FAMILY HOUSING

REVENUE REFUNDING BONDS, 1996 SERIES Q-1 AND $435,000 FLORIDA

HOUSING FINANCE AGENCY, TAXABLE MULTI-FAMILY HOUSING REVENUE

REFUNDING BONDS, 1996 SERIES Q-2 (SANDSTONE/HARBOUR WALK

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 November 20, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by William R. Hough & Co., at a true

interest cost rate of 5.8001%. The bonds were delivered on November 26, 1996.

b) $4,300,000 FLORIDA HOUSING FINANCE AGENCY, MULTI-FAMILY HOUSING

REVENUE REFUNDING BONDS, 1996 SERIES R-1 AND $25,000 FLORIDA

HOUSING FINANCE AGENCY, TAXABLE MULTI-FAMILY HOUSING REVENUE

REFUNDING BONDS, 1996 SERIES R-2 (WINDWOOD OAKS 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 November 20, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by William R. Hough & Co., at a true

interest cost rate of 5.7880%. The bonds were delivered on November 26, 1996.

Division of Bond Finance

Page Two-February 25, 1997

c) $6,000,000 FLORIDA HOUSING FINANCE AGENCY, MULTI-FAMILY HOUSING

REVENUE REFUNDING BONDS, 1996 SERIES S-1 AND $200,000 FLORIDA

HOUSING FINANCE AGENCY, TAXABLE MULTI-FAMILY HOUSING REVENUE

REFUNDING BONDS, 1996 SERIES S-2 (WINDWOOD OAKS II 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 November 20, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by William R. Hough & Co., at a

true interest cost rate of 5.7962%. The bonds were delivered on November 26, 1996.

d) $7,595,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE

BONDS, 1996 SERIES T (THE LANDINGS AT SEA FOREST 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 December 3, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by Lehman Brothers, Inc., at a true

interest cost rate of 6.015%. The bonds were delivered on December 12, 1996.

e) $13,175,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE

BONDS, 1996 SERIES V (THE CROSSINGS AT INDIAN RUN 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 December 16, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by Rauscher Pierce Refsnes, Inc., at

a true interest cost rate of 6.1316%. The bonds were delivered on December 20, 1996.

f) $11,290,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE

BONDS, 1996 SERIES U (HERON PARK 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 December 17, 1996 negotiated

the sale of the bonds to an underwriting syndicate lead by Merrill Lynch & Co., at an initial

true interest cost rate of 3.90%. The bonds were delivered on December 19, 1996.

A report of award for the bond issues set forth above is attached.

(Attachment #3)