Cabinet Affairs

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

October 9, 1997

1. Approval of minutes of the meeting of September 9, 1997.

(Attachment #1)

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

EXCEEDING $200,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE

BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 1996 SERIES

B.

The bonds will be payable primarily from gross receipts taxes, and will be additionally secured by

the full faith and credit of the State. The proceeds of such bonds will be used to finance capital

outlay projects for school and community college districts and the State university system. The

bonds will be the second series of bonds sold pursuant to the Eleventh Supplemental Authorizing

Resolution adopted on July 23, 1996.

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

(Recommend)

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

EXCEEDING $160,000,000 STATE OF FLORIDA, TAMPA-HILLSBOROUGH COUNTY

EXPRESSWAY AUTHORITY REVENUE BONDS, SERIES 1997.

The bonds will be payable primarily from the tolls derived from the operation of the Tampa-Hillsborough County Expressway System. The bonds will not be secured by the full faith and credit

of the State. The proceeds of the bonds will be used to provide for the refunding of certain

outstanding bonds of the Tampa-Hillsborough County Expressway Authority and to finance all or a

portion of the cost of certain expressway projects of the Tampa-Hillsborough County Expressway

Authority.

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

(Recommend)

4. REPORT OF AWARD OF $95,690,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

JACKSONVILLE TRANSPORTATION AUTHORITY SENIOR LIEN 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 of Bond Finance at 11:00 a.m., September 4, 1997, and the bonds were awarded to the

low bidder, Lehman Brothers, which submitted a bid at an annual true interest cost rate of 5.3000%.

The bonds were delivered on September 18, 1997.

A report of award and tabulation of bids is attached.

(Attachment #2)

Division of Bond Finance

Page-Two October 9, 1997

5. REPORT OF AWARD OF $202,595,000, STATE OF FLORIDA DEPARTMENT OF

ENVIRONMENTAL PROTECTION PRESERVATION 2000 REVENUE REFUNDING BONDS,

SERIES 1997B, TO THE LOW BIDDER FOR SUCH BONDS.

The Division of Bond Finance was authorized to received 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 of Bond Finance at 11:00 a.m., Thursday, September 11, 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 4.8734%. The bonds were delivered on October 2, 1997.

The refunding resulted in total gross savings of $23,854,594, average annual debt service savings of

approximately $1,490,000 per year and present value debt service savings of $15,255,230.

A report of award and tabulation of bids is attached.

(Attachment #3)