Agency: Department of Environmental Protection
Purpose: The Florida Forever bonds finance acquisition and improvement of lands, water areas, and related property interests and resources for restoration, conservation, recreation, water resource development or historical preservation.
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 Everglades Restoration 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: Certain of the bonds are additionally secured by a reserve account.
- Lien Status: Florida Forever Revenue Bonds have a first lien status on the documentary stamp taxes on parity with Everglades Bonds.
- Additional Bonds Test: If debt service on the outstanding bonds has been provided for, additional parity bonds may be issued if the historical tax revenues available to pay debt service equals at least 150% of the maximum annual debt service for the outstanding bonds, Everglades Restoration 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.