About Florida Transportation Revenue Bond Programs
This is the official investor website for the State of Florida Department of Transportation Turnpike Revenue Bond, Florida Department of Transportation Financing Corporation Revenue Bond, Alligator Alley Revenue Bond, State Infrastructure Bank Revenue Bond, and Seaport Investment Program Revenue Bond programs. Florida Department of Transportation bonds are issued by the Florida Division of Bond Finance on behalf of the Department or the Financing Corporation. The bonds are not a general obligation or indebtedness of the State of Florida and the full faith and credit of the State of Florida is not pledged to the payment of the bonds.
Turnpike Revenue Bond Program
The Turnpike Revenue Bonds are issued for the purpose of financing the acquisition and construction of projects for Florida's turnpike system, including roadways, bridges, toll collection facilities, interchanges and related facilities approved by the Florida Legislature. The bonds are secured solely by a pledge of and first lien on the net revenues of the turnpike system, which consist of gross revenues less the cost of operation and maintenance. The Department of Transportation has covenanted to provide for the payment of costs of operation and maintenance from certain available moneys in the State Transportation Trust Fund (“STTF”), which is funded by motor fuel taxes, motor vehicle license taxes, various other transportation‐related taxes, fees and surcharges, federal aid, interest earnings and other miscellaneous revenues. In effect, the covenant makes 100% of turnpike revenues available for debt service. The turnpike system is ultimately required to reimburse the STTF for any operation and maintenance costs which were advanced, from the turnpike general reserve fund.
Florida Department of Transportation Financing Corporation Revenue Bond Program
The Florida Department of Transportation Financing Corporation Bonds finance or refinance the projects within the Department of Transportation’s Work Program. The Florida Department of Transportation Financing Corporation Bonds are secured by payments made under a Service Contract with the Department of Transportation and are made from specific revenues deposited into the State Transportation Trust Fund, consisting primarily of revenues derived from fuel taxes, federal aid, and motor vehicle fees, subject to certain required payments or transfers specified by statute. The availability of the pledged revenues will depend on annual appropriations by the Legislature to the Department for payment due under the Service Contract.
Alligator Alley Revenue Bond Program
The Alligator Alley Revenue Bonds are issued to finance capital improvements to Alligator Alley (also known as Everglades Parkway), a toll road running between Naples-Ft. Myers area and the east coast of the State. The bonds are payable from the revenues of Alligator Alley, after deducting administrative expenses and the costs of operation and maintenance.
State Infrastructure Bank Revenue Bond Program
The State Infrastructure Bank Revenue Bonds are issued to finance loans for the purpose of financing qualified transportation projects. The bonds are payable from repayments of pledged loans and certain accounts established under the authorizing resolution. The revenues pledged to repay pledged loans may include such sources as tolls, airport passenger facility charges, local option sales surtaxes, appropriated funds, and/or other available revenues of the respective borrowers.
Seaport Investment Program Revenue Bond Program
The Seaport Investment Program Revenue Bonds are issued to finance various projects at Florida's 15 seaports. The bonds are payable primarily from a portion of motor vehicle title fees transferred to the State Transportation Trust Fund.
On behalf of the State of Florida, I want to welcome you to our new investor relations website. We appreciate your interest and investment in Florida bonds, as it allows us to make critical investments in public infrastructure throughout the state. We are committed to maintaining our high bond ratings and we are also committed to being as transparent as possible. I hope you find this website useful as you seek to better understand the credit fundamentals of the State. Please do not hesitate to contact me with suggestions for how we can be doing better. Thanks again for your interest in our bond programs.