Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

September 9, 1997

1. Approval of minutes of the meeting of August 28, 1997.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE PURCHASE OF A DEBT

SERVICE RESERVE SURETY BOND FOR DEPOSIT INTO THE 1984 AND

1986-A BROWARD COUNTY EXPRESSWAY AUTHORITY BONDS RESERVE

ACCOUNT AND AUTHORIZING THE WITHDRAWAL AND LIQUIDATION OF

ALL OR A PORTION OF THE CASH AND SECURITIES CURRENTLY ON

DEPOSIT THEREIN.

The resolution also authorizes all direct and indirect costs

associated with the purchase of such surety bond to be paid

from the cash and proceeds of the securities so withdrawn to

the extent permitted by law, provided that such payments

have no adverse effect on the tax-exempt status of the

bonds.

The resolution further specifies that the remaining cash and

proceeds of the securities so withdrawn may be used by the

Department of Transportation for the purpose of improving

access to and conditions on the Sawgrass Expressway, to the

extent permitted by law and the bond resolution.

A copy of the resolution may be obtained from the Division

of Bond Finance upon request.

(Recommend)

3. ADOPTION OF A RESOLUTION AUTHORIZING REDEMPTION PRIOR TO THE

DATE OF MATURITY OF THE STATE OF FLORIDA, FULL FAITH AND

CREDIT, HERNANDO COUNTY ROAD BONDS, DATED DECEMBER 1, 1979.

The bonds were issued by the Division of Bond Finance on

behalf of Hernando County. Hernando County wishes to redeem

the bonds prior to maturity. The resolution will authorize

such redemption, as provided for in the documents

authorizing the bonds, at a date to be determined by the

State Board of Administration.

A copy of the resolution may be obtained from the Division

of Bond Finance upon request.

(Recommend)

4. REPORT OF AWARD OF $250,000,000 STATE OF FLORIDA, FULL FAITH

AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC 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 on June 26,

1997. Bids were received at the offices of the Division of

Bond Finance at 11:00 a.m., August 20, 1997, and the bonds

were awarded to the low bidder, Morgan Stanley & Co., Inc.,

which submitted a bid at an annual true interest cost rate

of 5.2858%. The bonds are scheduled to be delivered on

September 10, 1997.

A report of award and tabulation of bids is attached.

(Attachment #2)