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Cabinet
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AGENDA
DIVISION OF BOND FINANCE OF THE STATE BOARD OF
ADMINISTRATION (Contact person:
J. Ben Watkins III -
488-4782) The Capitol March 25, 2003 This meeting is open to the
public. 1. Approval of
minutes of the meeting of March 13, 2003. (Attachment
#1) 2. ADOPTION OF
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $13,550,000 STATE
OF FLORIDA, FLORIDA EDUCATION SYSTEM, UNIVERSITY OF CENTRAL FLORIDA
PARKING FACILITY REVENUE BONDS, SERIES 2003. The bonds
will be payable from the revenues of the parking system at the University
of Central Florida. 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 the construction of a parking garage on the Orlando campus
of the University. Copies of
the resolutions may be obtained from the Division of Bond Finance upon
request. (Recommend) 3. ADOPTION OF
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $24,045,000 STATE
OF FLORIDA, FLORIDA EDUCATION SYSTEM, FLORIDA ATLANTIC UNIVERSITY HOUSING
REVENUE BONDS, SERIES 2003. The bonds
will be payable from the revenues of the housing system at Florida
Atlantic University. 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 the construction of a
student housing complex on the Boca Raton campus of the
University. Copies of
the resolution may be obtained from the Division of Bond Finance upon
request. (Recommend) 4. REPORT OF AWARD ON THE
COMPETITIVE SALE OF $445,980,000 STATE OF FLORIDA, DEPARTMENT OF
TRANSPORTATION TURNPIKE REVENUE REFUNDING BONDS, SERIES 2003A, 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 12:00 noon,
March 4, 2003, and the bonds were awarded to the low bidder, Merrill Lynch
& Co., which submitted a bid at an annual true interest cost rate of
3.8540%. The bonds are anticipated to be delivered on Thursday, April 3,
2003. The
refunding resulted in total gross savings of approximately $60.4 million,
average annual debt service
savings of approximately $2.9 million per year and present value
debt service savings of approximately $43.8
million. A report
of award and tabulation of bids is attached. (Attachment #2) Division
of Bond Finance March 25,
2003 Page
Two 5. REPORT OF AWARD ON THE
COMPETITIVE SALE OF $74,575,000 STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION SAVE OUR COAST REFUNDING REVENUE BONDS, SERIES
2003A, 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 noon,
March 11, 2003, and the bonds were awarded to the low bidder, Salomon
Smith Barney, Inc., which submitted a bid at an annual true interest cost
rate of 2.4314%. The bonds
are anticipated to be delivered on April 8,
2003. The
refunding will result in gross debt service savings of approximately $7.5
million, average annual debt service savings of approximately $856,000 and
present value debt service savings of approximately $6.6
million. A report
of award and tabulation of bids received is
attached. (Attachment #3) | |||||||||||
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