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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
September 26, 1996

1. Approval of minutes of the meeting of September 10, 1996. (Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE OF STATE OF FLORIDA, TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY AUTHORITY REVENUE BONDS (VARIOUS SERIES) IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $300,000,000, PURSUANT TO ARTICLE VII, SECTION 11(D) OF THE FLORIDA CONSTITUTION, THE STATE BOND ACT AND THE TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY AUTHORITY LAW.

Proceeds of the bonds will used to finance the costs of expressway projects for the Tampa-Hillsborough County Expressway Authority or for refunding the costs of financing expressway projects.

The bonds will be revenue bonds secured from tolls and other revenues of the Tampa-Hillsborough County Expressway Authority. The full faith and credit of the State of Florida is not pledged to secure the bonds.

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

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

A) $4,360,000 FLORIDA HOUSING FINANCE AGENCY, HOUSING REVENUE BONDS, 1996 SERIES J (MYSTIC WOODS II 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 September 10, 1996 negotiated the sale of the bonds to an underwriting syndicate lead by Smith Barney Inc., at a true interest cost rate of 6.215%. The bonds were delivered on September 12, 1996.

B) FLORIDA HOUSING FINANCE AGENCY, $19,475,000 HOUSING REVENUE BONDS, 1996 SERIES K-1 AND $3,375,000 TAXABLE HOUSING REVENUE BONDS, 1996 SERIES K-2 (MARINER CLUB 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 September 12, 1996 negotiated the sale of the bonds to Rauscher Pierce Refsnes, Inc., at a true interest cost rate of 6.333% for the tax-exempt bonds and a true interest cost rate of 8.133% for the taxable bonds. The bonds were delivered on September 19, 1996.

A report of award is attached.

(Attachment #2)

4. REPORT OF AWARD OF THE $61,575,000 FLORIDA HOUSING FINANCE AGENCY, HOMEOWNER MORTGAGE REVENUE BONDS, 1996 SERIES 3.

The Division of Bond Finance was authorized to receive bids for these bonds and award them to the low bidder, by resolutions adopted by the Governor and Cabinet. Bids were received at the offices of the Division of Bond Finance on September 11, 1996, and the bonds were awarded to the low bidder, Merrill Lynch & Co., which submitted a bid at a true interest cost rate of 6.0787 percent. The bonds were delivered on September 25, 1996.

The report and tabulation of bids is attached.