Agency: Florida Water Pollution Control Financing Corporation (the Corporation is a nonprofit public benefit corporation created for the purpose of financing the costs of water pollution control projects and activities).
Purpose: The bonds are issued to finance loans made by the Department of Environmental Protection to local governments for the purpose of financing the cost of water pollution control projects and activities.
- Pledged Revenues: The bonds are payable from moneys paid to the Corporation by the Department from the repayment of the loans made to local governments. 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.
- Lien Status: The bonds have a first lien on the pledged revenues on a parity with the outstanding bonds of the Corporation.
- Additional Bonds Test: Additional parity bonds may be issued if the projected pledged revenues equal at least 115% of the amount necessary to pay principal and interest on the bonds on each payment date.
Frequency: As the need for additional projects dictates.