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Clear Dot Image Cabinet Affairs
Meeting of the
(Contact Person: Dorothy Westwood-488-4406)

The Capitol
May 14, 1996

  • 1. Approval of minutes of meeting held on April 23, 1996. (Att. #1)
  • The Lake Bernadette Community Development District (the "District") has submitted a request for approval of an interest rate exception on an issue of Not to Exceed $4,800,000 Lake Bernadette Community Development District Special Assessment Revenue Bonds, Series 1996A (the "Bonds.")

    The District proposes to issue the Bonds to finance various infrastructure improvements within the District, which is located in Pasco County, Florida; to fund a debt service reserve fund; to capitalize a portion of the interest accruing on the Bonds and to pay costs of issuing the Bonds. The Bonds shall be limited obligations of the District payable solely from the Assessment Proceeds and Pledged Funds under the terms and provisions of the Indenture and the District shall not be obligated to pay the Bonds except from such funds. The issuance of the Bonds shall not directly, indirectly, or contingently obligate the District to levy or to pledge any other funds whatever therefor or to make any appropriation for its payment except from Assessment Proceeds and the Pledged Funds. The Bonds will not be obligations or indebtedness of the State of Florida or any agency, authority, district or political subdivision of the State of Florida, including Pasco County, other than the District.

    The Bonds are expected to be sold via negotiated sale to Prager, McCarthy & Sealy (the "Underwriter") and resold through a limited public offering solely to accredited investors. The interest rate on the Bonds shall not exceed 8.50 percent per annum. The maximum interest rate for the month of May 1996 is 7.41 percent. The Bonds shall not be sold to the general public.

    RECOMMENDATION: The Executive Director recommends that the Board approve an interest rate exception on the Bonds described hereinabove and authorize an interest rate Not to Exceed 8.50 percent per annum. This authorization is to in no way be construed as an approval or recommendation of the issue by the State Board of Administration. In granting this interest rate exception, the State Board of Administration has relied upon certain information provided by the Lake Bernadette Community Development District. The State Board of Administration has not independently verified and does not intend to independently verify any of this furnished information. The State Board of Administration does not assume any responsibility for, and makes no warranty (expressed or implied) with respect to, the accuracy or completeness of said information. (Att. # 2)