Florida Administrative Code › 19 - STATE BOARD OF ADMINISTRATION › 19A - Division of Bond Finance › Chapter 19A-5 - MASTER EQUIPMENT FINANCING AGREEMENTS › Section 19A-5.0035 - Award of Master Equipment Financing Agreement

Current through Reg. 50, No. 138; July 16, 2024
(1) Master Equipment Financing Agreements
				shall be awarded at public offering in such manner and at such place or places
				within the State as the Governing Board shall determine. Notice of such
				offering shall be published as the Governing Board shall deem advisable and
				proper.
(2) All proposals for any
				Master Equipment Financing Agreement shall be opened in public. Such Master
				Equipment Financing Agreement shall be awarded to the lowest bidder. The basis
				of award shall be as set forth in a resolution of the Division. An Assistant
				Secretary of the Governing Board is authorized to present the Master Equipment
				Financing Agreement to the Comptroller for award and execution and such award
				and execution by the Comptroller shall be final without any further action by
				the Governing Board. An Assistant Secretary of the Governing Board is
				authorized to reject all bids received; such rejection shall be final without
				further action by the Governing Board. The results of the award of the Master
				Equipment Financing Agreement or the rejection of all bids shall be reported at
				a subsequent meeting of the Governing Board.
(3)
(a)
				Notwithstanding the provisions of subsections (1) and (2), in the event the
				Governing Board determines by resolution that a negotiated award of a Master
				Equipment Financing Agreement is in the best interest of the state, and the
				Governing Board has approved the form and substance of a purchase contract or
				similar document except for any details unique to the particular Master
				Equipment Financing Agreement, an Assistant Secretary of the Governing Board is
				authorized to negotiate the award of the Master Equipment Financing Agreement,
				and present the Master Equipment Financing Agreement to the Comptroller for
				award and execution, without further action by the Governing Board, subject to
				any restrictions set forth in the resolution authorizing the negotiated award.
				In making a determination that the negotiated award is in the best interest of
				the state, the Governing Board shall provide in a resolution specific findings
				of the reasons requiring the negotiated award and the basis for the specific
				findings. In making such specific findings, the Governing Board shall consider
				the following factors:
1. Unstable market
				conditions which require the flexible pricing or the precise timing of the
				award of the Master Equipment Financing Agreement to a degree which would not
				be expected through a competitive award;
2. Concerns regarding the credit quality of
				the state or any source of revenue pledged to the Master Equipment Financing
				Agreement;
3. A Master Equipment
				Financing Agreement for an unusually large sum which, if awarded competitively,
				would result in the expectation of fewer bids than would be necessary for
				sufficient price competition;
4. A
				Master Equipment Financing Agreement which would require extensive or
				aggressive marketing of any certificates of participation;
5. Use of an innovative or unusual structure
				or security which would require the underwriting of the certificates of
				participation in a manner not likely to be available in a competitive offering;
				and
6. Changes or anticipated
				changes in laws or regulations which would make the prompt award of the Master
				Equipment Financing Agreement desirable.