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Cabinet
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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 April 22, 2003 This meeting is open to the
public. 1.
Approval of minutes of the meeting of April 8,
2003.
(Attachment #1) 2.
ADOPTION OF A RESOLUTION AUTHORIZING THE ISSUANCE AND COMPETITIVE
SALE OF NOT EXCEEDING $127,000,000 STATE OF FLORIDA, DEPARTMENT OF
MANAGEMENT SERVICES, FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS,
SERIES 2003A. 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) 3.
ADOPTION OF A RESOLUTION AUTHORIZING THE REDEMPTION PRIOR TO
MATURITY OF THE STATE OF FLORIDA, FULL FAITH AND CREDIT, DADE COUNTY ROAD
REFUNDING BONDS, SERIES 1993. The
resolution will authorize the redemption of the bonds from funds currently
on deposit and additional funds from the Miami-Dade County Expressway
Authority, as provided for in the documents relating to the
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 CONSOLIDATED EQUIPMENT FINANCING PROGRAM, TO THE LOW
BIDDER THEREFOR. The
Division of Bond Finance was authorized to solicit proposals and to award
a Master Equipment Financing Agreement in connection with the program, by
a resolution adopted by the Governor and Cabinet. Proposals were received at the
offices of the Division of Bond Finance at noon, March 28, 2003. Technical review was completed on
April 7, and price proposals were tabulated on that date. Bank of America
Leasing & Capital, LLC. was selected as low bidder, with an annual
true interest cost rate of 2.5495%.
The Master Equipment Financing Agreement is expected to be executed
prior to May 1, 2003. A
report of award and tabulation of bids is
attached. (Attachment #2) Division of Bond Finance April 22, 2003 Page Two 5.
REPORT OF AWARD ON THE COMPETITIVE SALE OF $415,585,000 STATE OF
FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION PUBLIC EDUCATION
CAPITAL OUTLAY REFUNDING BONDS, 2003 SERIES A, 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 12:00 noon,
April 2, 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
4.5146%. The bonds are
scheduled to be delivered on April 23, 2003. The
refunding will result in gross debt service savings of approximately $33.7
million, average annual debt service savings of approximately $1.6 million
and present value debt service savings of approximately $22.1
million. A
report of award and tabulation of bids received is
attached. (Attachment #3) | |||||||||||
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