Agency: Board of Governors of the State University System and Florida Polytechnic University
Purpose: The bonds are issued to finance the acquisition and construction of revenueâgenerating student housing facilities at Florida Polytechnic University.
Security:
Pledged Revenues: The bonds are secured by the net revenues of the Florida Polytechnic 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 are also secured by a reserve account with a reserve requirement equal to maximum annual debt service on the bonds. In lieu of funding the reserve requirement from bond proceeds, all or a portion of the reserve requirement can be funded from cash contributions over a five year period.
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 130% of the maximum annual debt service on the outstanding bonds and proposed additional bonds.
Frequency: As needed for additional projects as demand justifies.