Toll Facilities – Alligator Alley
Agency: Department of Transportation
Purpose: The bonds are issued to finance capital improvements to Alligator Alley (also known as Everglades Parkway), which is a toll road running between the Naples-Ft. Myers area and the east coast of the State.
Security:
Frequency: As the need for additional projects dictates.
Purpose: The bonds are issued to finance capital improvements to Alligator Alley (also known as Everglades Parkway), which is a toll road running between the Naples-Ft. Myers area and the east coast of the State.
Security:
Pledged Revenues: The bonds are payable from the revenues of Alligator Alley, after deducting administrative expenses and the costs of operation and maintenance. 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 payment of the bonds.
Debt Service Reserve Fund: The reserve account is to be funded in an amount equal to the lesser of (1) 125 percent of the average annual debt service requirement on the bonds; (2) maximum annual debt service on the bonds; (3) 10 percent of the par amount of the bonds; and (4) the maximum amount permitted by the tax code. The bonds are currently secured by a reserve account in an amount equal to the maximum annual debt service on the bonds. The reserve account is currently funded with cash.
Lien Status: The bonds have a first lien on the net revenues of Alligator Alley.
Additional Bonds Test: Additional parity bonds may be issued if the net revenues are equal to or greater than 120% of maximum annual debt service on outstanding bonds and any proposed parity bonds.
Bonds Dated 2017