Agency: Board of Governors of the State University System and the University of Florida
Purpose: The bonds are issued to finance the construction of revenue-generating housing facilities at the University of Florida.
Security:
- Pledged Revenues: The bonds are secured by net revenues of the University of Florida 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 pledged revenues.
- Additional Bonds Test: Additional parity bonds may be issued if the average pledged revenues for the two preceding fiscal years are at least 125% of the maximum annual debt service on the outstanding bonds.
Frequency: As needed for additional projects as demand justifies.