The Florida Senate

1010.612  Powers to secure revenue certificates.--The State Board of Education, in connection with the issuance of revenue certificates to acquire any projects for an institution or in order to secure the payment of such revenue certificates and interest thereon, shall have power by resolution:

(1)  To fix and maintain fees, rentals, and other charges from students and others using or being served by, or having the right to use, or having the right to be served by, such projects.

(2)  To provide that such revenue certificates shall be secured by a first, exclusive, and closed lien on the income and revenue (but not the real property of such institution) derived from, and shall be payable from, fees, rentals, and other charges from students and others using or being served by, or having the right to use, or having the right to be served by, such project.

(3)  To pledge and assign to, or in trust for the benefit of, the holder or holders of such revenue certificates an amount of the income and revenue derived from fees, rentals, and other charges from students and others using or being served by, or having the right to use, or having the right to be served by, such project.

(4)  To covenant with or for the benefit of the holder or holders of such revenue certificates that so long as any of such revenue certificates shall remain outstanding and unpaid, such institution will fix, maintain, and collect in such installments as may be agreed upon an amount of the fees, rentals, and other charges from students and others using or being served by, or having the right to use, or having the right to be served by, such project, which shall be sufficient to pay when due such revenue certificates and interest thereon, and to create and maintain reasonable reserves therefor, and to pay the cost of operation and maintenance of such project, which costs of operation and maintenance shall be determined by the board in its absolute discretion.

(5)  To make and enforce and agree to make and enforce parietal rules that shall ensure the use of such project by all students in attendance at such institutions to the maximum extent to which such project is capable of serving such students.

(6)  To covenant that so long as any of such revenue certificates shall remain outstanding and unpaid, it will not, except upon such terms and conditions as may be determined:

(a)  Voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to the lien of such revenue certificates upon any of the income and revenues derived from fees, rentals, and other charges from students and others using or being served by, or having the right to use, or having the right to be served by, such project, or

(b)  Convey or otherwise alienate such project or the real estate upon which such project shall be located, except at a price sufficient to pay all such revenue certificates then outstanding and interest accrued thereon, and then only in accordance with any agreements with the holder or holders of such revenue certificates.

(7)  To covenant as to the procedure by which the terms of any contract with a holder or holders of such revenue certificates may be amended or abrogated, the amount of percentage of revenue certificates the holder or holders of which must consent thereto, and the manner in which such consent may be given.

(8)  To vest in a trustee or trustees the right to receive all or any part of the income and revenue pledged and assigned to, or for the benefit of, the holder or holders of such revenue certificates and to hold, apply, and dispose of the same and the right to enforce any covenant made to secure or pay or in relation to such revenue certificates; to execute and deliver a trust agreement or trust agreements which may set forth the powers and duties and the remedies available to such trustee or trustees and limiting the liabilities thereof and describing what occurrences shall constitute events of default and prescribing the terms and conditions upon which such trustee or trustees or the holder or holders of revenue certificates of any specified amount or percentage of such revenue certificate may exercise such rights and enforce any and all such covenants and resort to such remedies as may be appropriate.

(9)  To vest in a trustee or trustees or the holder or holders of any specified amount or percentage of revenue certificates the right to apply to any court of competent jurisdiction for and have granted the appointment of a receiver or receivers of the income and revenue pledged and assigned to or for the benefit of the holder or holders of such revenue certificates, which receiver or receivers may have and be granted such powers and duties as such court may order or decree for the protection of the revenue certificate holders.

(10)  To make covenants with the holders of any bonds and to perform any other duties and responsibilities which are deemed necessary or advisable to enhance the security of such bonds, and the marketability thereof, and which are customary in accordance with the market requirements for the sale of such bonds.

History.--s. 572, ch. 2002-387.