About Florida General Obligation Bond Programs
This is the official investor website for the State of Florida General Obligation debt financing programs issued by the Florida Division of Bond Finance on behalf of the State of Florida. The State's capital needs are managed by the Florida Division of Bond Finance. General Obligation Bonds may only be sold through bonding programs authorized by constitutional amendment. Currently, there are three outstanding General Obligation Bond programs, State Board of Education Public Education Capital Outlay (PECO) Bonds, State Board of Education Capital Outlay Bonds, and Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds. As of July 1, 2016 there was $10.4 billion in combined State of Florida General Obligation Bonds outstanding.
PECO Bond Program
The PECO Bonds are issued for the purpose of financing capital outlay projects for the state system of public education (kindergarten to universities and vocational-technical centers) which are approved by the Florida Legislature. Such projects generally include classroom buildings, laboratories, heating and cooling equipment, and major remodeling and roof replacement. The PECO Bonds are payable primarily from gross receipts taxes on telecommunications and utilities and are also secured by the full faith and credit of the State of Florida.
Capital Outlay Bond Program
The Capital Outlay Bonds are issued for the purpose of financing capital outlay projects for school districts and Florida College System Institutions. Such projects generally include classrooms, laboratories, maintenance facilities and parking lots. The Capital Outlay Bonds are payable primarily from the first revenues derived from the motor vehicle license tax in Florida and are also secured by the full faith and credit of the State of Florida.
Right-of-Way Acquisition & Bridge Construction Bond Program
The Right-of-Way Acquisition and Bridge Construction Bonds are issued to finance the acquisition of right-of-way for state roads and to finance state bridge construction. The bonds are payable primarily from certain motor fuel and diesel fuel taxes transferred to the State Transportation Trust Fund subject to the deduction of certain legislatively imposed fees and charges and are also secured by the full faith and credit of the State of Florida.
About the State of Florida
The state of Florida has experienced marked revenue growth in recent years and has implemented rigorous debt management policies to ensure prudent fiscal responsibility. Florida is a desirable location for living and travel. Florida is the 26th largest state with land area of 54,252 square miles and a water area of 4,308 square miles, with tidal shoreline in excess of 2,200 miles. Florida has 67 counties and approximately 405 municipalities. Florida’s Gross Domestic Product (“GDP”) represents the value of goods and services produced by the State, and serves as a broad measure of the State’s economy. The State's GDP for 2015 is estimated at $790 billion.
Florida’s governmental powers are divided among the executive, legislative and judicial branches. The State provides a wide range of services to its residents and to its local government units. The education system is the most extensive service provided by the State. The Florida Division of Bond Finance handles the State of Florida's debt financing programs through a single, centralized office.
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.