Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

June 12, 1997

1. Approval of minutes of the meeting of May 13, 1997.

(Attachment #1)

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

EXCEEDING $65,000,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION,

ALLIGATOR ALLEY REVENUE BONDS, SERIES 1997.

The proceeds of the bonds will be used to finance a portion of the cost of improvements to Alligator

Alley and to pay certain costs associated with the issuance of the bonds, which will be issued by the

Division on behalf of the Department of Transportation. The resolution also authorizes the Division

to prepare and publish a notice of bond sale for the bonds, authorizes the preparation and execution

of a preliminary and final official statement, and provides certain other details and authorizations in

connection with the sale and issuance of the bonds.

The bonds will be secured by a pledge of the revenues of Alligator Alley, as set forth in the resolution

authorizing the issuance of the bonds adopted December 10, 1996. 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. ADOPTION OF A RESOLUTION (THE SEVENTH SUPPLEMENTAL RESOLUTION)

AUTHORIZING THE ISSUANCE OF AN AMOUNT NOT EXCEEDING $350,000,000 STATE

OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE BONDS.

The proceeds of the bonds will be used to finance a portion of the costs of various legislatively

approved Turnpike projects and purposes incidental thereto. The bonds will be secured by tolls and

other revenues of the Florida Turnpike System. The bonds will not be secured by the full faith and

credit of the State of Florida. The bonds will be validated and may be sold in one series or in

multiple series.

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

(Recommend)

4. REPORT OF AWARD OF $161,645,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

JACKSONVILLE TRANSPORTATION AUTHORITY SENIOR LIEN REFUNDING BONDS,

SERIES 1997, TO THE LOW BIDDER FOR SUCH BONDS.

Division of Bond Finance

Page Two-June 12, 1997

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 11:00 a.m. on May 22, 1997, and the bonds were awarded to the low bidder,

Merrill Lynch & Co., which submitted a bid at an annual true interest cost rate of 5.3798%. The

bonds were delivered on June 5, 1997.

The refunding resulted in total gross savings of $16,122,208, average annual debt service savings of

approximately $510,000 per year and present value debt service savings of $8,777,593.

A report of award and tabulation of bids is attached.

(Attachment #2)