Agency: Board of Governors of the State University System and Florida State University Research Foundation
Purpose: The bonds are issued to finance the construction of research facilities at Florida State University.
Security:
- Pledged Revenues: The bonds are secured by Florida State University Research Foundation facility revenues from subletting research facilities to various tenants. 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 110% of the maximum annual debt service on the outstanding bonds.
Frequency: As needed for additional projects as demand justifies.