DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

October 13, 1998

This meeting is open to the public.

1. Approval of minutes of the meeting of September 23, 1998.

(Attachment #1)

2. REPORT OF AWARD OF $220,370,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY

REFUNDING BONDS, 1998 SERIES C, 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 a 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 16, 1998 and the bonds were

awarded to the low bidder, Goldman, Sachs & Co., which submitted a bid at an annual true

interest cost rate of 4.8012%. The bonds were delivered on October 7, 1998.

The refunding resulted in a present value savings of approximately $15,400,000 and a gross

savings of approximately $24,613,000.

A report of award and tabulation of bids is attached.

(Attachment #2)

3. REPORT OF AWARD OF $45,680,000 STATE OF FLORIDA, DEPARTMENT OF

MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE BONDS, SERIES

1998B, 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 a resolution adopted by the Governor and Cabinet. Bids were received at the

office of the Division at 11:00 a.m. on October 1, 1998, 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

4.7033%. The bonds are scheduled to be delivered on October 21, 1998.

A report of award and tabulation of bids is attached.

(Attachment #3)

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

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

COUNTY ROAD BONDS, DATED FEBRUARY 1, 1980.

The bonds were issued by the Division of Bond Finance on behalf of Madison County. Madison

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.

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

(Recommend)