The rating on Florida State Board of Regents' bonds reflects: * A total enrollment of over 207,000 and pledged revenues derived from all these students; * The breadth of the system, which currently encompasses nine campuses and programs ranging from undergraduate to doctoral; * Strong state support; and * Low debt. The bonds are secured on parity with series 1991 and 1993 (AMBAC-insured) by two fees that students must pay on enrollment. As such, the bonds are evaluated as unlimited student fee bonds and receive the system's highest rating. In fiscal 1996, pledged revenues generated $22.6 million, or 1.47 times (x) pro forma coverage of maximum annual debt service. Proceeds will be used towards various building projects. The state university
