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AGENDA DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION (Contact
person: J. Ben Watkins III - 488-4782) This meeting is open to the public. 1.
Approval of minutes of the meeting of September 24, 2002. 2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND COMPETITIVE SALE OF NOT EXCEEDING $195,000,000 STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION, FLORIDA FOREVER REVENUE REFUNDING BONDS, (SERIES TO BE DETERMINED). The bonds will be payable from certain excise taxes on documents on a parity with previously issued Preservation 2000 and Florida Forever bonds. The bonds will not be secured by the full faith and credit of the State. The proceeds of the bonds will be used to refund certain outstanding Preservation 2000 bonds. Copies of the resolution may be obtained from the Division of Bond Finance upon request. (Recommend) 3. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND COMPETITIVE SALE OF NOT EXCEEDING $80,000,000 STATE OF FLORIDA, DEPARTMENT OF MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS, SERIES 2002A. The bonds will be payable from revenues received by the Department of Management Services from the leasing of buildings to State agencies. The bonds will not be secured by the full faith and credit of the State. The proceeds of the bonds will be used to refund all or a portion of certain Facilities Pool Revenue Bonds. Copies of the resolution may be obtained from the Division of Bond Finance upon request. (Recommend) Division
of Bond Finance
The bonds will be payable from revenues of the Florida Lottery. 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 capital outlay projects for school districts. Copies of the resolution may be obtained from the Division of Bond Finance. (Recommend) 5. REPORT OF AWARD ON THE COMPETITIVE SALE OF $250,955,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY ACQUISITION AND BRIDGE CONSTRUCTION BONDS, SERIES 2002A, 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 were received at the office of the Division of Bond Finance at 11:00 a.m., September 12, 2002, 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 4.5315%. The bonds were delivered on Wednesday, September 25, 2002. Of the $250,955,000 bonds sold, $200,000,000 (80%) will be used to provide funds for the Right-of-Way program, while $50,955,000 (20%) will be used to refund certain outstanding bonds. The refunding resulted in gross debt service savings of $6,255,356, average annual debt service savings of approximately $300,000 and present value debt service savings of $4,246,948. A report of award and tabulation of bids received is attached. (Attachment #2) 6. REPORT OF AWARD ON THE COMPETITIVE SALE OF $326,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 2002 SERIES C, 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 11:00 a.m., September 25, 2002, 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 4.0575%. The bonds are anticipated to be delivered on October 30, 2002. The refunding will result in gross debt service savings of $38,159,784, average annual debt service savings of approximately $1,850,000 and present value debt service savings of $26,231,143. A report of award and tabulation of bids received is attached. (Attachment #3) |
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