Agency: Participating State Colleges and community colleges: coordinated by the Division of Florida Colleges of the Department of Education
Purpose: The bonds are issued to finance construction, equipment, renovation or remodeling of educational facilities at participating community colleges.
- Pledged Revenues: The bonds are payable from certain capital improvement fees collected by all community colleges participating in the program, on a crosscollateralized basis.
- Lien Status: The bonds have a first lien on the pledged capital improvement fees of all participating State Colleges and community colleges.
- Additional Bonds Test: Additional parity bonds may be issued if the average pledged revenues for the two preceding fiscal years are equal to or greater than 130% of maximum annual debt service on all bonds outstanding under the program and the proposed additional parity bonds.
Frequency: As the need for projects dictates.