DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION

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

The Capitol

September 9, 1998

This meeting is open to the public.

1. Approval of minutes of the meeting of July 28, 1998.

(Attachment #1)

2. ADOPTION OF (1) THE FIFTEENTH SUPPLEMENTAL AUTHORIZING RESOLUTION TO

THE MASTER AUTHORIZING RESOLUTION ADOPTED ON JULY 21, 1992,

AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $230,000,000 STATE OF

FLORIDA, FULL FAITH AND CREDIT, STATE BOARD OF EDUCATION, PUBLIC

EDUCATION CAPITAL OUTLAY REFUNDING BONDS, 1998 SERIES C (THE "BONDS")

AND (2) A RESOLUTION AUTHORIZING THE COMPETITIVE SALE OF NOT

EXCEEDING $230,000,000 OF THE BONDS.

The Fifteenth Supplemental Authorizing Resolution supplements the Public Education Capital

Outlay Bond Master Resolution adopted by the Division of Bond Finance on July 21, 1992, and

contains the authorization for bonds necessary to refinance all or a portion of certain outstanding

Public Education Capital Outlay Bonds. The bonds will be payable primarily from gross receipts

taxes, and will be additionally secured by the full faith and credit of the State.

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

(Recommend)

3. REPORT OF AWARD OF $250,000,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY BONDS,

1998 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 11:00 a.m., July 22, 1998 and the bonds were awarded

to the low bidder, Morgan Stanley & Co., Inc., which submitted a bid at an annual true interest

cost rate of 5.0675%. The bonds were delivered on August 12, 1998.

A report of award and tabulation of bids is attached.

(Attachment #2)

4. REPORT OF AWARD OF $224,595,000 STATE OF FLORIDA, FULL FAITH AND CREDIT,

STATE BOARD OF EDUCATION, PUBLIC EDUCATION CAPITAL OUTLAY

REFUNDING BONDS, 1998 SERIES B, 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., August 5, 1998 and the bonds were

awarded to the low bidder, Merrill Lynch & Co., which submitted a bid at an annual true interest

cost rate of 4.3622%. The bonds were delivered on September 3, 1998.

The refunding resulted in present value savings of $17,361,000 and gross savings of

$22,394,000.

A report of award and tabulation of bids is attached.

(Attachment #3)

Division of Bond Finance

Page-Two September 9, 1998

5. REPORT OF AWARD OF $75,385,000 STATE OF FLORIDA DEPARTMENT OF

ENVIRONMENTAL PROTECTION SAVE OUR COAST REFUNDING REVENUE BONDS,

SERIES 1998A, 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., August 18, 1998 and the bonds were

awarded to the low bidder, Salomon Smith Barney, which submitted a bid at an annual true

interest cost rate of 4.3886%. The bonds were delivered on September 8, 1998.

The refunding resulted in present value savings of $5,566,000 and gross savings of $7,176,000.

A report of award and tabulation of bids is attached.

(Attachment #4)