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TALLAHASSEE ? Florida Department of Environmental Protection (DEP) announced
today that local governments eager to begin building wastewater treatment, reuse
and stormwater projects will benefit from $250 million in bonds issued through
DEP?s Clean Water State Revolving Fund (SRF). The SRF awards low-interest loans
for water pollution control projects. In addition to saving local governments
millions of dollars in interest payments, the loans stimulate local economies,
create jobs, and protect the environment by restoring and protecting aquatic
wildlife, fishing and swimming, and drinking water sources.
?Through Governor Crist?s Accelerate Florida initiative the state can bolster
its commitment to protecting our lakes, rivers, streams, aquifers and coastal
waters by promoting the best water quality infrastructure possible,? said DEP
Secretary Michael W. Sole. ?DEP?s State Revolving Fund is helping upgrade local
government facilities, doing our part to help ensure the highest environmental
standards are met. This bond initiative has secured our agency?s ability to
continue this important program.?
The bonds were authorized by the Florida Water Pollution Control Financing
Corporation, governed by Florida?s Chief Financial Officer, the DEP Secretary
and the Governor?s Budget Director, and created by state law in 2000 as a
nonprofit, public-benefit corporation. Its purpose is to issue bonds that
increase the capacity of the SRF to provide low-interest loans to local
governments. This is the largest bond issue to date, exceeding the $50 million
issued in June 2001 and the $90 million in June 2003. The bonds will be repaid
exclusively from repayments on the DEP loans, which in turn are generally funded
through local water, sewer and stormwater system revenues. The state of Florida
does not incur any debt and no state general revenues are pledged or will be
used to repay the bonds.
In August, Governor Charlie Crist announced an economic stimulus plan,
?Accelerate Florida: Extending Florida?s Economic Horizons.? Accelerate Florida
is speeding up billions of dollars in construction and other capital and
infrastructure projects, creating thousands of new jobs and improving the
state?s schools, roads and waterways.
The current bonds were given top ?Triple-A? rating by Moody?s, Fitch, and
Standard & Poor?s. Their ratings reflect the strength of DEP?s loan program,
including the credit quality of its outstanding loans and the diversity of its
loan portfolio.
The Clean Water State Revolving Fund has provided more than $2.2 billion in
loans during the past 20 years, including more than $150 million last year to
plan, design, and build wastewater and stormwater facilities across the state.
For more information on the State Revolving Fund and other financial
assistance for water infrastructure, visit
http://www.dep.state.fl.us/water/wff/index.htm | 
2012 State of Florida