Cabinet Affairs

April 9, 1996

1. Approval of minutes of the meeting of March 28, 1996.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF NOT EXCEEDING $40,000,000 FLORIDA HOUSING FINANCE AGENCY HOMEOWNER MORTGAGE REVENUE BONDS, 1996 SERIES 1 AND 1996 SERIES 2.

The Bonds will be issued by the Division of Bond Finance (the "Division") on behalf of and in the name of the Florida Housing Finance Agency (the "Agency"). The proceeds of the Bonds will be used to provide funds for the origination or purchase of low interest rate mortgage loans to be made to low, moderate or middle income persons or families financing existing or newly constructed single family residential housing or for the purchase of obligations secured by such mortgage loans and to refund certain outstanding bonds of the Agency previously issued for such purposes. The Bonds will not constitute a debt or obligation, either special or general, of the State of Florida or of any of its units of local government and neither the State nor any unit of local government thereof shall be liable thereon. The Agency has by official action at a public meeting determined that a negotiated sale of the Bonds is in the best interest of the Agency; accordingly, the agency resolution authorized the Division to negotiate for the sale of the bonds to an underwriter or underwriters designated by the Agency or the Executive Director of the Agency.

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

(Recommend)

3. REPORT OF AWARD OF BONDS ISSUED ON BEHALF OF THE FLORIDA HOUSING FINANCE AGENCY.

a) $13,760,000 FLORIDA HOUSING FINANCE AGENCY, MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, 1996 SERIES A AND $1,865,000 TAXABLE MULTIFAMILY HOUSING REVENUE BONDS, 1996 SERIES B (LAKE SIDE VILLAS AND GOLF VILLAS AT SABAL PALM PROJECT).

Pursuant to resolutions of the Governor and Cabinet sitting as the Governing Board of the Division of Bond Finance, the Division of Bond Finance on March 19, 1996 negotiated the sale of the bonds to Douglas James Securities, Inc., at a true interest cost rate of 7.621% for the tax-exempt bonds and a true interest cost rate of 9.436% for the taxable bonds. The bonds were delivered on March 26, 1996.

Division of Bond Finance

Page Two-April 9, 1996

b) $10,255,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1996 SERIES C1 AND $3,245,000 HOUSING REVENUE BONDS, 1996 SERIES C2 (TURTLE CREEK APARTMENTS PROJECT).

Pursuant to resolutions of the Governor and Cabinet sitting as the Governing Board of the Division of Bond Finance, the Division of Bond Finance on March 26, 1996 negotiated the sale of the bonds to an underwriting syndicate led by Alex. Brown & Sons Incorporated at an approximate true interest cost rate of 6.15%. The bonds were delivered on April 3, 1996.

A report of award for the bond issues set forth above is attached.

(Attachment #2)