Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

March 11, 1997

1. Approval of minutes of the meeting of February 25, 1997.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING

$400,000,000 STATE OF FLORIDA, TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY

AUTHORITY REVENUE BONDS (VARIOUS SERIES), TO FINANCE THE CONSTRUCTION

OF PROJECTS OF THE TAMPA-HILLSBOROUGH EXPRESSWAY AUTHORITY (THE

"AUTHORITY") AND TO REFUND BONDS OF THE AUTHORITY.

The bonds will be secured by a pledge of the revenues of the expressway system and other permitted

revenues of the Authority pursuant to the resolution. The bonds will not be 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. REPORT OF AWARD OF $189,840,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, CAPITAL OUTLAY BONDS, 1997 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. Bids were received at the office of

the Division of Bond Finance at 11:00 a.m., February 19, 1997, and the bonds were awarded to the

low bidder, Lehman Brothers, which submitted a bid at an annual true interest cost rate of 5.0777

percent. The bonds are scheduled to be delivered on March 12, 1997.

A report of award and tabulation of bids is attached.

(Attachment #2)

4. REPORT OF AWARD OF $45,045,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE

CONSTRUCTION REFUNDING BONDS, SERIES 1996, 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. Bids were received at the offices

of the Division at 1:00 p.m. on February 24, 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

5.3400%. The bonds are scheduled to be delivered on March 13, 1997.

The refunding resulted in total gross savings of $4,525,941, average annual debt service savings of

approximately $185,000 and a present value debt service savings of $2,573,622.

A report of award and tabulation of bids is attached.

(Attachment #3)