AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

February 23, 1999

This meeting is open to the public.

1. Approval of minutes of the meeting of January 26, 1999.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE DISTRIBUTION OF A

SOLICITATION DOCUMENT AND THE AWARD OF A MASTER EQUIPMENT

FINANCING AGREEMENT IN CONNECTION WITH THE STATE OF FLORIDA, OFFICE

OF THE COMPTROLLER, CONSOLIDATED EQUIPMENT FINANCING PROGRAM.

The Division of Bond Finance will competitively offer and award, and the Comptroller will

execute, a master equipment financing agreement to finance the equipment needs of State

agencies occurring over a maximum period of three years. Payments under the master equipment

financing agreement will be made solely from amounts appropriated for such purposes annually.

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

(Recommend)

3. ADOPTION OF (1) THE SEVENTEENTH SUPPLEMENTAL AUTHORIZING

RESOLUTION TO THE MASTER AUTHORIZING RESOLUTION ADOPTED ON JULY 21,

1992, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $650,000,000 STATE OF

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

EDUCATION CAPITAL OUTLAY REFUNDING BONDS (VARIOUS SERIES) (THE

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

EXCEEDING $650,000,000 OF THE 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. The Seventeenth 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 a portion of certain outstanding Public Education Capital Outlay Bonds.

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

(Recommend)

Division of Bond Finance

Page-Two February 23, 1999

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

EXCEEDING $74,085,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE

BOARD OF EDUCATION, CAPITAL OUTLAY BONDS, 1999 SERIES A.

The proceeds of the bonds will be used to finance capital outlay projects for certain school and

community college districts. The resolution also authorizes the Division to publish a notice of

bond sale for the bonds, authorizes the preparation and execution of a preliminary and final

official statement, and provides certain other details and authorizations in connection with the

sale and issuance of the bonds.

The bonds will be payable primarily from motor vehicle license taxes and will additionally be

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)

5. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND COMPETITIVE

SALE OF NOT EXCEEDING $140,000,000 STATE OF FLORIDA, DEPARTMENT OF

TRANSPORTATION, RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION

REFUNDING BONDS (SERIES TO BE DETERMINED).

The bonds will be payable primarily from motor fuel and diesel fuel (formerly special fuel) taxes,

and will be additionally secured by the full faith and credit of the State. The proceeds of the

bonds will be used to refund certain outstanding Right-of-Way Acquisition and Bridge

Construction Bonds.

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

(Recommend)

6. ADOPTION OF A RESOLUTION AUTHORIZING THE DIVISION OF BOND FINANCE TO

ISSUE A "REQUEST FOR PROPOSALS" IN ORDER TO SOLICIT PROPOSALS FROM

FIRMS INTERESTED IN BEING SELECTED AS BOND COUNSEL FOR FLORIDA LAND

ACQUISITION AND IMPROVEMENT BONDS AND DIRECTING THE DIVISION TO

RANK RESPONDENT FIRMS AND MAKE A RECOMMENDATION OF SUCH FIRMS TO

THE GOVERNING BOARD OF THE DIVISION.

The selected firm would act as bond counsel for Preservation 2000 bonds and any similar current

or future land acquisition and improvement bond programs.

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

7. REPORT OF AWARD OF $250,000,000 STATE OF FLORIDA, STATE BOARD OF

EDUCATION LOTTERY REVENUE BONDS, SERIES 1998C, 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 12:00 p.m., February 3, 1999, and the bonds were

awarded to the low bidder, Salomon Smith Barney, which submitted a bid at an annual true

interest cost rate of 4.5368%. The bonds are scheduled to be delivered on February 24, 1999.

A report of award and tabulation of bids is attached.

(Attachment #2)

Division of Bond Finance

Page-Three February 23, 1999

8. REPORT OF AWARD OF $139,525,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY

REFUNDING BONDS, 1999 SERIES B, 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., January 27, 1999 and the bonds were

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

cost rate of 4.7589%. The bonds were delivered on February 11, 1999.

The refunding resulted in total gross savings of $14,937,416, average annual debt service savings

of approximately $572,000 per year and present value debt service savings of $8,931,591.

A report of award and tabulation of bids is attached.

(Attachment #3)

9. REPORT OF AWARD OF $220,485,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY

REFUNDING BONDS, 1999 SERIES A, 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., January 13, 1999 and the bonds were

awarded to the low bidder, Salomon Smith Barney, which submitted a bid at an annual true

interest cost rate of 4.7994%. The bonds were delivered on February 4, 1999.

The refunding resulted in total gross savings of $19,713,343, average annual debt service savings

of approximately $790,000 per year and present value debt service savings of $11,915,008.

A report of award and tabulation of bids is attached.

(Attachment #4)

10. REPORT OF AWARD OF $8,435,000 STATE OF FLORIDA, BOARD OF REGENTS,

UNIVERSITY OF CENTRAL FLORIDA PARKING FACILITY REVENUE BONDS, SERIES

1999, 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., February 11, 1999, and the bonds were

awarded to the low bidder, NationsBanc Montgomery Securities LLC, which submitted a bid at

an annual true interest cost rate of 4.5331%. The bonds are scheduled to be delivered on

February 25, 1999.

A report of award and tabulation of bids is attached.

(Attachment #5)