Agency: Department of Transportation
Purpose: The bonds are issued to finance various projects at Florida's 15 seaports.
Security:
- Pledged Revenues: The bonds are payable primarily from a portion of motor vehicle title fees transferred to the State Transportation Trust Fund.
- Debt Service Reserve Fund: No debt service reserve fund has been funded for Seaport Investment Program bonds.
- Lien Status: The bonds have a first lien on the pledged revenues deposited annually into the State Transportation Trust Fund.
- Additional Bonds Test: Additional bonds may be issued so long as the total amounts of fees collected pursuant to Section 319.32 (5), Florida Statutes, equals or exceeds 150 percent of the maximum annual debt service for all outstanding bonds and the proposed additional bonds.
Frequency: As capital needs dictate.