Agency: Department of Environmental Protection
Background: Everglades Restoration Bonds may be issued in amounts up to $100 million per fiscal year through Fiscal Year 2019-20, and in greater annual amounts upon request by the Department of Environmental Protection in order to achieve cost savings or accelerate land purchases. In addition, up to $50 million per fiscal year may be issued specifically for the purpose of funding the Florida Keys Area of Critical State Concern protection program.
Purpose: The Bonds finance or refinance the cost of acquisition and improvement of land, water areas, and related property interests and resources to implement the Comprehensive Everglades Restoration Plan and the Florida Keys Area of Critical State Concern protection plan.
Security:
- Pledged Revenues: The bonds are payable from documentary stamp taxes levied on the conveyance of real property, stocks, bonds, mortgages and other security agreements. Florida law provides that 100% of the documentary stamp taxes are available to pay debt service on the bonds and Florida Forever Bonds. The bonds are not 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 Everglades Restoration Bonds are not secured by a reserve account.
- Lien Status: Everglades Bonds have a first lien status on the documentary stamp taxes on parity with Florida Forever Revenue Bonds.
- Additional Bonds Test: If debt service on the outstanding bonds has been provided for, additional bonds may be issued if historical taxes available to pay debt service equal at least 150% of the maximum annual debt service for the outstanding bonds, Florida Forever bonds and the proposed additional bonds. Florida law currently provides that not more than 58.25% of total documentary stamp tax revenues may be used to satisfy the Additional Bonds Test.
Frequency: As the need for additional projects dictates, subject to statutory maximum.