Agency: Department of Management Services, as Lessee. (Master Lease Agreement with Florida Correctional Finance Corporation, Lessor)
Purpose: The certificates are issued for the purpose of financing correctional facilities to be leased to the Department of Management Services (the "Department").
- Pledged Revenues: The certificates evidence a fractional undivided interest in certain Basic Rent Payments to be made by the Department pursuant to a Master Lease Agreement with Option to Purchase with the Florida Correctional Finance Corporation (the "Corporation"), as Lessor. The certificates are secured by and payable from legally available revenues of the Department annually appropriated by the Florida Legislature for such purpose. The availability of basic rent payments is dependent on annual legislative appropriations to the Department. The certificates are not a general obligation or a pledge of the faith and credit of the Department, the Corporation or the State of Florida, or any political subdivision, agency or instrumentality thereof.
- Debt Service Reserve Fund: Certain, but not all, series of certificates is also secured by a reserve account in an amount equal to the lesser of (i) 10% of the issue price of such series; (ii) maximum annual debt service; or (iii) 125% of average annual debt service.
- Lien Status: Each series of certificates has a first lien on the basic rent payments under the lease schedule applicable to such series.
- Additional Certificates: Additional series of certificates (except for certain completion certificates) are secured independently by the payments under the lease schedule applicable to the respective series, and the amount of such certificates which may be issued is not limited.
Frequency: As the need for additional projects dictates.