Agency: Department of Transportation
Purpose: The bonds are issued to finance capital improvements to Alligator Alley (also known as Everglades Parkway), which is a toll road running between the Naples-Ft. Myers area and the east coast of the State.
Security:
- Pledged Revenues: The bonds are payable from the revenues of Alligator Alley, after deducting administrative expenses and the costs of operation and maintenance. 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.
- Debt Service Reserve Fund: The reserve account is to be funded in an amount equal to the lesser of (1) 125 percent of the average annual debt service requirement on the bonds; (2) maximum annual debt service on the bonds; (3) 10 percent of the par amount of the bonds; and (4) the maximum amount permitted by the tax code. The bonds are currently secured by a reserve account in an amount equal to the maximum annual debt service on the bonds. The reserve account is currently funded with cash.
- Lien Status: The bonds have a first lien on the net revenues of Alligator Alley.
- Additional Bonds Test: Additional parity bonds may be issued if the net revenues are equal to or greater than 120% of maximum annual debt service on outstanding bonds and any proposed parity bonds.
Frequency: As the need for additional projects dictates.