The Division currently issues three types of bonds: general obligation bonds, revenue bonds and appropriation-based bonds. General obligation bonds are backed by the full faith and credit of the State in conjunction with the pledge of a specific revenue source such as gross receipts taxes. Revenue bonds are secured solely by a pledged revenue stream, e.g., specific tax revenues such as documentary stamp taxes or specific non-tax revenues such as tolls on the Florida Turnpike. Appropriation based bonds are not secured by the pledge of any particular revenue stream but are secured by the commitment of the State to pay the debt service on the bonds, subject to annual appropriation by the Legislature. The issuing of bonds is similar regardless of the type of bonds issued.
Bond Program Ratings