Agency: Department of Transportation
Purpose: The bonds are issued to finance capital improvements to the Sunshine Skyway Bridge and transportation projects in the counties where the bridge is located. The Sunshine Skyway is a toll bridge connecting St. Petersburg in Pinellas County to Manatee County, passing over the waters of Pinellas, Hillsborough and Manatee Counties.
- Pledged Revenues: The bonds are payable from the revenues of the Sunshine Skyway, after deducting administrative expenses and the costs of operation and maintenance. 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: No debt service reserve fund has been funded.
- Lien Status: The bonds have a first lien on the net revenues of the Sunshine Skyway.
- Additional Bonds Test: Additional parity bonds may be issued if the net revenues are equal to or greater than 150% of maximum annual debt service on outstanding bonds and any proposed parity bonds.
Frequency: As the need for additional projects dictates.