Agency: Board of Governors of the State University System and Florida State University Athletics Association
Purpose: The bonds are issued to finance the construction of athletics facilities at Florida State University.
Security:
- Pledged Revenues: The bonds are secured by certain annual revenues generated by the University’s Athletics Department, less a limited amount of revenues pledged to prior lien obligations, plus gross revenues generated by Seminole Boosters consisting of annual membership fees and capital gifts and donations that are received within five years of issuance. 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, excluding capital gifts and donations, for the two preceding fiscal years are at least 150% of the annual debt service requirement in the current fiscal year and each fiscal year thereafter through the final maturity of the outstanding bonds and the proposed additional bonds.
Frequency: As needed for additional projects as demand justifies.