The Governor and Cabinet - Florida Department of State

AGENDA

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

February 25, 2003

This meeting is open to the public.

1. Approval of minutes of the meeting of January 28, 2003.

(Attachment #1)

2. ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND COMPETITIVE SALE OF NOT EXCEEDING $510,000,000 STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE REFUNDING BONDS, SERIES 2003A.

The bonds will be payable from tolls and other revenues of the Florida Turnpike System. 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 bonds of the Turnpike System.

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 $85,000,000 STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION SAVE OUR COAST REFUNDING REVENUE BONDS, SERIES 2003A.

The bonds will be payable from certain excise taxes on documents. 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 Save Our Coast bonds.

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

(Recommend)

4. ADOPTION OF (1) A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $58,000,000 STATE OF FLORIDA, FLORIDA EDUCATION SYSTEM, UNIVERSITY SYSTEM IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2003 AND (2) A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT EXCEEDING $58,000,000 OF THE BONDS.

The bonds will be payable from the capital improvement fees and the net student building fees which are collected from students enrolled at public universities in Florida. The bonds will not be secured by the full faith and credit of the State of Florida. The proceeds of the bonds will be used to refund certain outstanding bonds of the State University System.

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

(Recommend)

5. ADOPTION OF A RESOLUTION SELECTING UNDERWRITERS FOR THE ISSUANCE OF EVERGLADES RESTORATION BONDS.

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

6. ADOPTION OF A RESOLUTION SELECTING BOND COUNSEL FOR THE ISSUANCE OF EVERGLADES RESTORATION BONDS.

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

7. ADOPTION OF A RESOLUTION AMENDING A RESOLUTION ADOPTED ON JANUARY 23, 2001, RELATING TO THE ISSUANCE OF STATE OF FLORIDA, DEPARTMENT OF ENVIRONMENTAL PROTECTION, PRESERVATION 2000 REVENUE BONDS AND FLORIDA FOREVER REVENUE BONDS.

The amendatory resolution requires that excess reserve fund moneys arising from the use of a surety bond to satisfy the debt service reserve requirement for Preservation 2000 or Florida Forever bonds be used only for purposes consistent with the Florida Constitution authorizing the Preservation 2000 and Florida Forever bond programs.

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

8. REPORT OF AWARD ON THE COMPETITIVE SALE OF $282,095,000 STATE OF FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS, 2001 SERIES H, 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 11:30 a.m., January 30, 2003, and the bonds were awarded to the low bidder, Merrill Lynch & Co., which submitted a bid at an annual true interest cost rate of 4.3056%. The bonds are anticipated to be delivered on March 5, 2003.

The refunding will result in gross debt service savings of more than $17.6 million, average annual debt service savings of approximately $1,137,000 and present value debt service savings in excess of $13.9 million.