DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

July 28, 1998

This meeting is open to the public

1. Approval of minutes of the meeting of July 14, 1998.

(Attachment #1)

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

EXCEEDING $200,000,000 STATE OF FLORIDA, STATE BOARD OF EDUCATION

LOTTERY REVENUE BONDS, SERIES 1998B.

The bonds will be payable primarily from revenues of the Florida Lottery. The bonds are not

secured by the full faith and credit of the State. The proceeds of the bonds will be used to

finance capital outlay projects for school districts.

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

(Recommend)

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

EXCEEDING $55,675,000 STATE OF FLORIDA, BOARD OF REGENTS, UNIVERSITY

SYSTEM IMPROVEMENT REVENUE BONDS, SERIES 1998.

The bonds will be payable from the capital improvement fees and the net student building fees

collected by the Board of Regents. The bonds will not be secured by the full faith and credit of

the State. The proceeds of the bonds will be used to finance legislatively authorized projects of

the Board of Regents.

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

(Recommend)

4. ADOPTION OF (1) THE FOURTEENTH SUPPLEMENTAL AUTHORIZING RESOLUTION

TO THE MASTER AUTHORIZING RESOLUTION ADOPTED ON JULY 21, 1992,

AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $260,000,000 STATE OF

FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC

EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 1998 SERIES B (THE "BONDS")

AND (2) A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT

EXCEEDING $260,000,000 OF THE BONDS.

The Fourteenth Supplemental Authorizing Resolution supplements the Public Education Capital

Outlay Bond Master Resolution adopted by the Division of Bond Finance on July 21, 1992, and

contains the authorization for bonds necessary to refinance all or a portion of certain outstanding

Public Education Bonds and Public Education Capital Outlay Bonds. The bonds will be payable

primarily from gross receipts taxes, and will be additionally secured by the full faith and credit of

the State.

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

(Recommend)

Division of Bond Finance

July 28, 1998

Page 2

5. ADOPTION OF A RESOLUTION AUTHORIZING REDEMPTION PRIOR TO THE DATE

OF MATURITY OF THE STATE OF FLORIDA, FULL FAITH AND CREDIT, POLLUTION

CONTROL BONDS, SERIES U, DATED JULY 1, 1987.

The bonds were issued by the Division of Bond Finance and the proceeds were loaned to the City

of Palatka. Palatka 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.

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

(Recommend)

6. ADOPTION OF A RESOLUTION (THE ELEVENTH SUPPLEMENTAL

RESOLUTION) AUTHORIZING THE ISSUANCE OF AN AMOUNT NOT

EXCEEDING $750,000,000 STATE OF FLORIDA, DEPARTMENT OF

TRANSPORTATION TURNPIKE REVENUE BONDS.

Principal of and interest on the bonds will be payable from tolls and other revenues of the

Florida Turnpike System. The full faith and credit of the State is not pledged to secure

the bonds. The bonds will be validated and sold in one series or in multiple series. The

proceeds of the bonds will be used to finance a portion of the costs of various

legislatively approved Turnpike projects and purposes incidental thereto.

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

request.

(Recommend)

7. REPORT OF AWARD OF $26,155,000, STATE OF FLORIDA, BOARD OF REGENTS,

UNIVERSITY OF FLORIDA HOUSING REVENUE BONDS, SERIES 1998 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. Bids were received at the

office of the Division of Bond Finance at 12:00 noon on, July 8, 1998, and the bonds were

awarded to the low bidder, William R. Hough & Co., which submitted a bid at a true interest cost

rate of 4.9083 percent. The bonds are anticipated to be delivered on July 29, 1998.

A report and tabulation of bids received is attached.

(Attachment #2)