Agency: Board of Governors of the State University System and Florida International University
Purpose: The bonds are issued to finance the construction of revenueâgenerating housing facilities at Florida International University.
Security:
- Pledged Revenues: The bonds are secured by the net revenues of the Florida International University housing system. These bonds do not constitute a general obligation of the State of Florida or the University, and the full faith and credit of the State of Florida is not pledged to payment of these bonds.
- Debt Service Reserve Fund: The bonds may also secured by a reserve account funded with debt service reserve account surety bonds or cash in an amount equal to the maximum annual debt service on the bonds. Some recent issues have not had reserve requirements and reserve accounts have not been funded.
- Lien Status: The bonds have a first lien on the net housing system revenues.
- Additional Bonds Test: Additional parity bonds may be issued if the average pledged revenues for the two preceding fiscal years are at least 120% of the maximum annual debt service on the outstanding bonds.
Frequency: As needed for additional projects as demand justifies.