Cabinet Affairs

AGENDA DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol April 29, 1997

1. Approval of minutes of the meeting of April 15, 1997. (Attachment #1)
2. ADOPTION OF A RESOLUTION SUPPLEMENTING THE FLORIDA FACILITIES POOL REVENUE BOND RESOLUTION; AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING $13,400,000 DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE BONDS, SERIES 1997A. The proceeds of the bonds will be used to provide a portion of the acquisition and construction costs of an office building at the Commonwealth Center in Tallahassee. The resolution also sets forth certain terms of the bonds; provides the bonds may be sold in one or more series; sets forth the form of the bonds; provides for the application of certain funds; authorizes a preliminary official statement and a final official statement; provides for continuing secondary market disclosure; provides certain other details and authorizations in connection with the sale and issuance of the bonds; and, provides an effective date. The bonds will be secured by the pooled pledged revenues, which consist of all revenues derived by the Division of Facilities Management from the leasing of facilities in the Florida Facilities Pool, as set forth in the resolution adopted May 20, 1986. 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)
3. REPORT OF AWARD OF $36,805,000, STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY SYSTEM IMPROVEMENT REVENUE BONDS, SERIES 1997, 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 10:30 a.m., April 10, 1997 and the bonds were awarded to the low bidder, William R. Hugh & Co., which submitted a bid at an annual true interest cost rate of 5.6685%. The bonds are scheduled to be delivered on May 1, 1997. A report of award and tabulation of bids is attached. (Attachment #2) Division of Bond Finance Page Two-April 29, 1997

4. REPORT OF AWARD OF BONDS ISSUED ON BEHALF OF THE FLORIDA HOUSING FINANCE AGENCY: $15,625,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES A (RIVERFRONT 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 April 3, 1997 negotiated the sale of the bonds to an underwriting syndicate led by Smith Barney Inc. at a true interest cost rate of 6.19231%. The bonds were delivered on April 10, 1997. A report of award for the bond issue set forth above is attached. (Attachment #3)