Agency: Department of Management Services
Purpose: The bonds are issued to finance office buildings and similar facilities, to be leased to State agencies. All facilities built with bond proceeds become part of the Florida Facilities Pool along with certain other State-owned facilities.
- Pledged Revenues: The bonds are payable primarily from the pool pledged revenues, which consist of rental revenues derived from facilities in the Florida Facilities Pool. The availability of pool pledged revenues is dependent on annual legislative appropriations to agencies of the State for payment of such rentals. The bonds are not a general obligation or indebtedness of the State of Florida, and the full faith and credit of the State of Florida is not pledged to payment of the bonds.
- Debt Service Reserve Fund: The bonds are not secured by a funded reserve account.
- Lien Status: The bonds have a first lien on the pool pledged revenues.
- Additional Bonds Test: Additional parity bonds may be issued if the aggregate pool pledged revenues are equal to or greater than 110% of the aggregate debt service on the bonds and any proposed additional parity bonds and 100% of required deposits to the capital depreciation reserve fund and operating maintenance and management expenses for all facilities in the Pool.
Frequency: As the need for additional projects dictates.