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Cabinet
Affairs |
1. Approval of minutes of the meeting of June 13, 1996.
(Attachment #1)
2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND PUBLIC
(COMPETITIVE) SALE OF NOT EXCEEDING $275,000,000 STATE OF FLORIDA,
FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY
ACQUISITION AND BRIDGE CONSTRUCTION BONDS IN ONE OR MORE SERIES.
The bonds will be issued to finance or refinance the cost of
acquiring real property or the rights to real property for state
roads as defined by law, or to finance or refinance the cost of
state bridge construction, and purposes incidental to such property
acquisition or state bridge construction.
The bonds will be payable primarily from motor fuel and special
fuel taxes which are transferred to the Right-of-Way Acquisition and
Bridge Construction Trust Fund created by Section 206.46, F.S.,
and shall additionally be secured by the full faith and credit of
the State of Florida. The bonds will be issued on a parity with bonds
previously issued and sold pursuant to a resolution of the Division
adopted on February 28, 1989, as supplemented and amended.
The Resolution provides for a competitive sale of the bonds, the
printing of the preliminary and final official statements regarding
the bonds, designates a registrar, paying agent and transfer agent
for the bonds, and various matters in connection with the sale,
issuance and delivery of the bonds. The bonds may be issued in
one or more series and shall contain such series designation for each
series as may be determined by the Director of the Division and
communicated in the notice of bond sale for such series.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
3. ADOPTION OF (1) THE SIXTH SUPPLEMENTAL AUTHORIZING RESOLUTION
TO THE MASTER AUTHORIZING RESOLUTION ADOPTED ON FEBRUARY 4, 1992,
AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $19,100,000 STATE OF
FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, CAPITAL
OUTLAY BONDS, 1996 SERIES B (REFUNDING BONDS) AND (2) A RESOLUTION
AUTHORIZING THE COMPETITIVE SALE OF NOT TO EXCEED $19,100,000
OF THE BONDS.
The Sixth Supplemental Authorizing Resolution authorizes the issuance
of the bonds to refinance all of the outstanding Series 1980-A
and 1986-A Capital Outlay Bonds and a portion of the outstanding Series
1988-A and 1990-A Capital Outlay Bonds to effectuate a debt service
savings. The sale resolution authorizes the Division to prepare
and publish a notice of bond sale for the bonds (via a competitive
sale) and authorizes the printing and distribution of a preliminary
and final official statement.
Division of Bond Finance
Page Two-June 25, 1996
The bonds will be payable primarily from motor vehicle license
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)
4. ADOPTION OF A RESOLUTION AUTHORIZING THE PUBLIC (COMPETITIVE)
SALE AND DELIVERY OF NOT EXCEEDING $212,000,000 OF STATE OF FLORIDA,
FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION
CAPITAL OUTLAY BONDS, 1995 SERIES F.
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 proceeds of such bonds will be used to finance capital
outlay projects for school and community college districts and
the State University System. The bonds will be the second series of
bonds sold pursuant to the Seventh Supplemental Authorizing
Resolution adopted on June 27, 1995.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
5. ADOPTION OF A RESOLUTION, AT THE REQUEST OF THE DIVISION OF
FACILITIES MANAGEMENT OF THE DEPARTMENT OF MANAGEMENT SERVICES,
AUTHORIZING THE USE OF EXCESS PROCEEDS REMAINING FROM THE SERIES
1986, 1988, 1990, 1993B AND 1994A FLORIDA FACILITIES POOL REVENUE
BOND ISSUES FOR CERTAIN RENOVATIONS TO THE KNOTT BUILDING.
In August, 1995, the Division of Bond Finance issued the series
1995A
Florida Facilities Pool Revenue Bonds, for financing the renovation
of the Knott Building. The 1996 Legislature appropriated moneys
in the amount of $2,565,482 for additional renovations to the Knott
Building. The Division of Facilities Management has requested
that proceeds remaining from the 1986, 1988, 1990, 1993B and 1994A
Florida Facilities Pool Revenue Bond issues be utilized for financing
these additional renovations and that such renovations be included within
the Florida Facilities Pool.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
6. ADOPTION OF A RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF
THE FOLLOWING HOUSING REVENUE BONDS ON BEHALF OF AND AT THE REQUEST
OF THE FLORIDA HOUSING FINANCE AGENCY (THE "AGENCY"):
Not to exceed $9,700,000 Florida Housing Finance Agency Housing
Revenue Bonds, 1996 Series [to be designated] (St. Cloud Village
Apartments Project).
The Agency has requested the sale of the bonds for the purpose
of financing various multifamily residential housing projects. The
bonds will not constitute an obligation, either general or special,
of the state or of any local government.
Division of Bond Finance
Page Three-June 25, 1996
Pursuant to Section 420.509 (7)(a), Florida Statutes, the Agency
is permitted to authorize the negotiated sale of bonds if it is
determined that it is in the best interest of the Agency. The
Agency has made the determination that a negotiated sale of the bonds
is in the best interest of the Agency.
Copies of the resolution may be obtained from the Division of
Bond Finance upon request.
(Recommend)
7. REPORT OF AWARD OF THE $40,000,000 FLORIDA HOUSING FINANCE
AGENCY, HOMEOWNER MORTGAGE REVENUE BONDS, 1996 SERIES 1 $5,375,000
(REFUNDING ISSUE/NON-AMT) AND 1996 SERIES 2 $34,625,000 (NEW MONEY
AND REFUNDING ISSUE/AMT).
Pursuant to the Florida Housing Finance Agency's request and resolutions
of the Governor and Cabinet sitting as the Governing Board of
the Division of Bond Finance, the Division of Bond Finance on
June 10, 1996 negotiated the sale of the bonds to a syndicate
designated by the Florida Housing Finance Agency and lead by Lehman
Brothers, at a true interest cost rate of 6.28034 percent. The
bonds are anticipated to be delivered on July 11, 1996.
The report of award is attached.
(Attachment #2)