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

The Capitol

April 13, 1999

This meeting is open to the public.

1. Approval of minutes of the meeting of March 9, 1999.

(Attachment #1)

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

EXCEEDING $300,000,000 STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL

PROTECTION PRESERVATION 2000 REVENUE BONDS, SERIES 1999A.

The bonds will be secured primarily from revenues of certain excise taxes on documents required

to be transferred to the Land Acquisition Trust Fund and certain earnings and investment income

derived from the investment thereof. The bonds will not be secured by the full faith and credit of

the State. The proceeds of the bonds will be deposited into the Preservation 2000 Trust Fund to

be used to finance the acquisition of land in furtherance of outdoor recreation and natural

resources conservation.

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

(Recommend)

3. ADOPTION OF A RESOLUTION SELECTING BOND COUNSEL FOR STATE OF

FLORIDA, LAND ACQUISITION AND IMPROVEMENT BONDS.

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

(Recommend)

4. REPORT OF AWARD OF A MASTER EQUIPMENT FINANCING AGREEMENT FOR THE

STATE OF FLORIDA, OFFICE OF THE COMPTROLLER, CONSOLIDATED EQUIPMENT

FINANCING PROGRAM, TO THE LOW BIDDER.

On February 23, 1999, the Governing Board of the Division authorized the distribution of a

solicitation document and the award of a master equipment financing agreement to implement a

program for such purchases over a period not to exceed three years. The amount to be financed

is not expected to exceed $30,000,000. Proposals were received at the office of the Division of

Bond Finance at 4:00 p.m., March 9, 1999. Technical review was completed on March 15, and

price proposals were tabulated on March 16, 1999. The bid of Banc One Leasing Corporation

was selected, at an annual true interest cost rate of 4.3175%. The Master Equipment Financing

Agreement is expected to be executed prior to May 1, 1999.

A report of award and tabulation of bids is attached.

(Attachment #2)

Division of Bond Finance

Page-Two April 13, 1999

5. REPORT OF AWARD OF $279,315,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE

CONSTRUCTION BONDS, SERIES 1999A, 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 resolutions adopted by the Governor and Cabinet. Bids for the bonds were

received at the office of the Division of Bond Finance at 11:00 a.m., Thursday, March 18, 1999,

and the bonds were awarded to Merrill Lynch & Co., which submitted a bid at an annual true

interest cost rate of 4.8977%. The bonds were delivered on Wednesday, April 7, 1999.

Of the $279,315,000 of bonds sold, $150,000,000 (54%) is allocable to finance costs of projects,

while $129,315,000 (46%) is allocable to the refunding of certain outstanding obligations. The

refunding accomplished by a portion of the proceeds of the bonds resulted in total gross savings

of $9,891,144, average annual debt service savings of approximately $388,000 and present value

debt service savings of $5,755,324.

A report and tabulation of bids received is attached.

(Attachment #3)