Agency: Board of Governors of the State University System and Florida International University
Purpose: The bonds are issued to finance the construction of revenueâgenerating parking facilities at Florida International University.
Security:
- Pledged Revenues: The bonds are secured by the net revenues of the Florida International University parking 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 are not secured by a reserve account.
- Lien Status: The bonds have a first lien on the net parking 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.