Employee Housing Project
Agency: Florida Gulf Coast University Financing Corporation (Direct Support Organization) and Florida Gulf Coast University
Purpose: The bonds are issued to finance the acquisition and construction of revenueâgenerating employee housing facilities at Florida Gulf Coast University.
Security:
Pledged Revenues: The bonds are secured by the net revenues of the Florida Gulf Coast University employee housing system and support payments from the Florida Gulf Coast University Foundation to the University. 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.
Lien Status: The bonds have a first lien on the net revenues of the employee housing system.
Additional Bonds Test: Additional parity bonds may be issued if the projected average annual amount of net revenues of the employee housing system is at least 120% of the maximum annual debt service on the outstanding bonds and proposed additional bonds. If the proposed additional parity bonds will also be payable from support payments on parity with the outstanding bonds, the projected average annual amount of net revenues of the housing system must be equal to at least 100% of the maximum annual debt service on the outstanding bonds and proposed additional bonds.