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Cabinet
Affairs |
AGENDA
DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION
(Contact person: J. Ben Watkins III - 488-4782)
The Capitol
August 12, 1997
1. Approval of minutes of the meeting of June 26, 1997.
(Attachment #1)
2. ADOPTION OF A RESOLUTION AUTHORIZING REDEMPTION
PRIOR TO THE DATES OF MATURITY, OF THE STATE OF FLORIDA, FULL
FAITH AND CREDIT, POLLUTION CONTROL BONDS, SERIES W (CITY OF JACKSONVILLE
PORTION) AND SERIES Y, AND GRANTING CONSENT TO THE CITY FOR THE
DEFEASANCE OF THE CITY'S OBLIGATIONS PURSUANT TO THE LOAN AGREEMENTS
FOR THE CITY'S PORTION OF THE SERIES W BONDS AND ALL OF THE SERIES
Y BONDS.
Proceeds of the Series W and Series Y bonds
were loaned to the City of Jacksonville (the "City")
to finance or refinance various water projects. Pursuant to the
bond documents, the Division of Bond Finance is required to provide
consent to the defeasance of outstanding bonds. The City now
wishes to redeem and defease the bonds with proceeds of refunding
bonds to be issued by the City. The resolution consents to the
defeasance of the City's obligations and authorizes such redemption,
at a date to be determined by the State Board of Administration.
Copies of the resolution may be obtained
from the Division of Bond Finance upon request.
3. REPORT OF AWARD OF $2,880,000 STATE OF
FLORIDA, BOARD OF REGENTS, FLORIDA AGRICULTURAL AND MECHANICAL
UNIVERSITY PARKING 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 resolution adopted by the Governor and Cabinet. Bids for the
1997 Bonds were received at the offices of the Division on June
19, 1997, and the bonds were awarded to William R. Hough &
Co., which submitted a bid at an annual true interest cost rate
of 5.1063%. The bonds were delivered on Tuesday, July 8, 1997.
A report and tabulation of bids received
is attached.
(Attachment #2)
4. REPORT OF AWARD OF $55,230,000 STATE OF
FLORIDA, DEPARTMENT OF TRANSPORTATION ALLIGATOR ALLEY 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 resolution adopted by the Governor and Cabinet. Bids were
received at the offices of the Division on July 9, 1997 and the
bonds were awarded to the low bidder, Goldman, Sachs & Co.,
which submitted a bid at an annual true interest cost rate of
5.3111%. The above were delivered on Wednesday, July 30, 1997.
A report and tabulation of bids received
is attached.
(Attachment #3)
Division of Bond Finance
Page-Two August 12, 1997
5. REPORT OF AWARD OF $200,000,000 STATE OF
FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY
ACQUISITION AND BRIDGE CONSTRUCTION BONDS, SERIES 1997A, 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 resolution adopted by the Governor and Cabinet. Bids were
received at the office of the Division, July 17, 1997, and the
bonds were awarded to Smith Barney Inc., which submitted a bid
at an annual true interest cost rate of 5.1668%. The bonds were
delivered on Thursday August 7, 1997.
A report and tabulation of bids received
is attached.
(Attachment #4)
6. REPORT OF AWARD OF $45,685,000, STATE OF
FLORIDA, BOARD OF REGENTS, UNIVERSITY SYSTEM IMPROVEMENT REVENUE
REFUNDING BONDS, SERIES 1997A, 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, July 29, 1997 and the
bonds were awarded to the low bidder, Smith Barney Inc., which
submitted a bid at an annual true interest cost rate of 4.9695%.
The bonds are anticipated to be delivered on August 19, 1997.
The refunding resulted in total gross savings
of $5,789,296, average annual debt service savings of approximately
$295,000 per year and present value debt service savings of $3,876,471.
A report of award and tabulation of bids
is attached.
(Attachment #5)
7. REPORT OF AWARD OF THE $28,725,000 FLORIDA
HOUSING FINANCE AGENCY, HOMEOWNER MORTGAGE REVENUE BONDS, 1997
SERIES 4, 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 resolution adopted by the Governor and Cabinet. Bids were
received at the offices of the Division on June 26, 1997, and
the bonds were awarded to the low bidder, Prager, McCarthy &
Sealy, which submitted a bid at a true interest cost rate of 4.0756
percent. The bonds were delivered on June 30, 1997.
A report of award and tabulation of bids
is attached.
(Attachment #6)
Division of Bond Finance
Page-Three August 12, 1997
8. REPORT OF AWARD OF $14,380,000 FLORIDA
HOUSING FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES G (KANAPAHA
APARTMENTS PROJECT), 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 on July 22, 1997, and
the bonds were awarded to the low bidder, Smith Barney Inc., which
submitted a bid at an annual true interest cost rate of 5.6473%.
The bonds were delivered on July 31, 1997.
A report of award and tabulation of bids
is attached.
(Attachment #7)
9. REPORT OF AWARD OF $9,350,000 FLORIDA HOUSING
FINANCE AGENCY HOUSING REVENUE BONDS, 1997 SERIES H (NORTHSHORE
APARTMENTS PROJECT), 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 on July 22, 1997, and
the bonds were awarded to the low bidder, Smith Barney Inc., which
submitted a bid at an annual true interest cost rate of 5.6414%.
The bonds were delivered on July 31, 1997.
A report of award and tabulation of bids
is attached.
(Attachment #8)
10. REPORT OF SALE OF BONDS ISSUED ON BEHALF
OF THE FLORIDA HOUSING FINANCE AGENCY:
a) $9,000,000 FLORIDA HOUSING FINANCE
AGENCY, HOUSING REVENUE BONDS, 1997 SERIES B (GLEN OAKS APARTMENTS
PROJECT).
Pursuant to resolutions of the Governor
and Cabinet sitting as the Governing Board of the Division of
Bond Finance, the Division on June 24, 1997 negotiated the sale
of the bonds to an underwriting syndicate led by Bear Stearns
& Co., Inc. at a true interest cost rate of 5.8472%. The bonds
were delivered on June 26,1997.
b) $7,650,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES D AND $1,395,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1997 SERIES E (ST. CLOUD VILLAGE APARTMENTS PROJECT).
Pursuant to resolutions of the Governor
and Cabinet sitting as the Governing Board of the Division of
Bond Finance, the Division on June 27, 1997 negotiated the sale
of the Series D bonds to an underwriting syndicate lead
by Artemis Capital Group, Inc., at a true interest cost rate of
6.0147%. The Series E bonds were privately placeed by Artemis
Capital Group, Inc. at an interest rate of 8.0%. The bonds were
delivered on June 30, 1997.
Division of Bond Finance
Page-Four August 12, 1997
c) $14,440,000 FLORIDA HOUSING FINANCE
AGENCY, HOUSING REVENUE BONDS, 1997 SERIES F (MAR LAGO VILLAGE
APARTMENTS PROJECT).
Pursuant to resolutions of the Governor
and Cabinet sitting as the Governing Board of the Division of
Bond Finance, the Division on June 26, 1997 negotiated the sale
of the bonds to an underwriting syndicate lead by Lehman Brothers,
at a true interest cost rate of 5.9433%. The bonds were delivered
on June 30, 1997.
d) $100,000,000 FLORIDA HOUSING FINANCE
AGENCY, HOMEOWNER MORTGAGE REVENUE BONDS, $7,235,000 1997 SERIES
1 (NON-AMT), $67,765,000 1997 SERIES 2 (AMT) AND $25,000,000 1997
SERIES 3 (TAXABLE).
Pursuant to resolutions of the Governor and Cabinet sitting as the Governing Board of the Division of Bond Finance, the Division on June 26, 1997 negotiated the sale of the bonds to an underwriting syndicate lead by Bear, Stearns & Co. Inc., at a true interest cost rate of 6.1392%. The bonds were delivered on June 30, 1997.
A report of award for the bond issues
set forth above is attached.
(Attachment #9)