Agency: Board of Governors of the State University System and the University of North Florida
Purpose: The bonds are issued to finance the construction of revenueâgenerating housing facilities at the University of North Florida.
Security:
Pledged Revenues: The bonds are secured by (1) revenues of the 2023A Project and any additional facilities added to the Housing System after deducting the Current Expenses and the Rebate Amount, if any, together with (2) the Surplus Revenues, which consist of the net operating revenues of the Housing System attributable to the existing housing facilities after the payment of prior lien obligations outstanding on those existing housing facilities. 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 are not secured by a reserve account.
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 120% of the maximum annual debt service on the outstanding bonds.
Frequency: As needed for additional projects as demand justifies.