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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
December 16, 1997
1. Approval of minutes of the meeting of December 4, 1997.
(Attachment #1)
2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $500,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS.
The bonds will be payable from certain motor fuel and special fuel taxes, and will additionally be secured by the full faith and credit of the State. The bonds will be validated, and may be sold in one series or in multiple series. The proceeds of the bonds will used to finance or refinance the cost of acquiring real property or the rights to real property for State roads or to finance or refinance the cost of State bridge construction.
Copies of the resolution may be obtained from the Division of Bond Finance upon request.
(Recommend)
The bonds will be payable from lottery revenues deposited in the Educational Enhancement Trust Fund. The bonds will not be secured by the full faith and credit of the State. The bonds will be validated, and may be sold in one series or in multiple series. The proceeds of the bonds will be used to finance or refinance capital outlay projects for school districts .
Copies of the resolution may be obtained from the Division of Bond Finance upon request.
(Recommend)
4. REPORT OF AWARD OF $199,690,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE 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 resolution adopted by the Governor and Cabinet. Bids were received at the office of the Division of Bond Finance at 11:00 a.m., December 3, 1997, and the bonds were awarded to the low bidder, Lehman Brothers, which submitted a bid at an annual true interest cost rate of 5.0339%. The bonds are anticipated to be delivered on Tuesday, December 23, 1997.
The refunding resulted in total gross savings of $25,490,731, average annual debt service savings of approximately $1,073,000 per year and present value debt service savings of $15,060,790.
A report of award and tabulation of bids is attached.
(Attachment #2)