The Governor and Cabinet - Florida Department of State

Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

March 25, 1997

1. Approval of minutes of the meeting of March 11, 1997.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT

EXCEEDING $300,000,000 STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL

PROTECTION, PRESERVATION 2000 REVENUE BONDS (SERIES TO BE DESIGNATED).

The resolution authorizes the publication of a Notice of Bond Sale; authorizes the preparation,

execution and distribution of a preliminary and final official statement; designates a reserve

requirement with respect to the bonds; designates a bond registrar and paying agent for the bonds;

provides certain other details and authorizations in connection with the sale and issuance of the

bonds including authority to commingle the reserve accounts for any series of Preservation 2000

Bonds. Proceeds from the sale of the bonds will be deposited into the Preservation 2000 Trust Fund

to be used to finance the acquisition of land in furtherance of outdoor recreation and natural

resources conservation.

The bonds will be issued pursuant to Article XII, Section 9(a)(1), of the Florida Constitution, will be

revenue bonds payable solely from certain documentary stamp taxes, and do not pledge 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 $18,420,000 STATE OF FLORIDA, BOARD OF REGENTS,

UNIVERSITY OF CENTRAL FLORIDA HOUSING REVENUE 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 office of

the Division of Bond Finance at 11:00 a.m. on March 6, 1997, and the bonds were awarded to the

low bidder, PaineWebber Incorporated, which submitted a bid at an annual true interest cost rate of

5.5162%. The bonds are scheduled to be delivered on Thursday, March 27, 1997.

A report and tabulation of bids is attached.

(Attachment #2)

4. ADOPTION OF THE FOLLOWING RESOLUTIONS ON BEHALF OF AND AT THE

REQUEST OF THE FLORIDA HOUSING FINANCE AGENCY (THE "AGENCY"):

(a) A resolution authorizing the negotiated sale of not exceeding $10,900,000 Florida Housing

Finance Agency Housing Revenue Bonds, 1997 Series [one or more series to be designated] (Eagles

Pointe North and Cedars at Baymeadows Projects).

(b) A resolution authorizing the negotiated sale of not exceeding $15,000,000 Florida Housing

Finance Agency Housing Revenue Bonds, 1997 Series [one or more series to be designated] (Mar

Lago Village Project).

Division of Bond Finance

Page Two-March 25, 1997

Finance Agency Housing Revenue Bonds, 1997 Series [one or more series to be designated]

(Riverfront Apartments Project).

(d) A resolution authorizing (i) the issuance of not exceeding $85,000,000 Florida Housing

Finance Agency Homeowner Mortgage Revenue Refunding Bonds, 1997 Series [one or more series

to be designated], and (ii) the sale (partially competitive and partially negotiated) of not exceeding

$202,000,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Bonds, 1997 Series

[one or more series to be designated].

The Agency has requested the issuance and/or sale of these bonds for the following purposes

respectively: (a), (b) and (c) - authorizing the sale of bonds to finance multifamily residential rental

projects, and (d) - (1) authorizing the issuance of bonds to refund a portion of various outstanding

Florida Housing Finance Agency Single Family Mortgage Revenue Bonds, and (2) authorizing the

sale of bonds to purchase certain single family mortgage loans in order to finance qualified

residences intended for use by persons of low, moderate or middle income, as well as the sale of the

bonds authorized by (d)(1).

None of these bonds will 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 described in (a), (b) and (c) and a

portion of the bonds described in (d) is in the best interest of the Agency.

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

(Recommend)