AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

February 24, 1998

1. Approval of minutes of the meeting of February 10, 1998.

(Attachment #1)

2. ADOPTION OF A RESOLUTION SELECTING UNDERWRITERS FOR NOT EXCEEDING

$275,000,000 ORLANDO-ORANGE COUNTY EXPRESSWAY AUTHORITY JUNIOR LIEN

REVENUE BONDS BEING ISSUED TO FINANCE THE AUTHORITY'S "WESTERN

BELTWAY PART A" PROJECT AND TO REFINANCE CERTAIN OUTSTANDING BONDS

OF THE AUTHORITY.

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

(Recommend)

3. REPORT OF AWARD OF $200,020,000, STATE OF FLORIDA DEPARTMENT OF

ENVIRONMENTAL PROTECTION PRESERVATION 2000 REVENUE REFUNDING

BONDS, SERIES 1998A, 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 of Bond Finance at 10:00 a.m., Thursday, February 5, 1998, and the bonds

were awarded to the low bidder, Merrill Lynch & Co., which submitted a bid at an annual true

interest cost rate of 4.4612%. The bonds are scheduled to be delivered on February 26, 1998.

The refunding resulted in total gross savings of $20,075,812, average annual debt service savings

of approximately $1,340,000 per year and present value debt service savings of $14,306,332.

A report of award and tabulation of bids is attached.

(Attachment #2)