$158,255,000
Capital Projects Finance Authority
Student Housing Revenue Bonds
(Capital Projects Loan Program -
Florida Universities)
$150,740,000 Tax Exempt Senior Series 2000F-1
$ 1,470,000 Taxable Senior Series 2000F-2
$ 6,045,000 Tax Exempt Subordinate Series 2000G


On February 15, 2001, the Authority issued its Series 2000F -1, 2000F-2, and 2000G bonds to finance the acquisition of three student housing facilities located across from the main campus of the University of Central Florida.

The facilities, known as Knights’ Krossing and Knights’ Court, consist of 42 buildings of three and four bedroom apartments, totaling 3,756 beds. The facilities consist of all modern conveniences, including swimming pools, computer hook-ups, recreational facilities. The facilities are located on approximately 80 acres of property across from the main entrance of the university.

The University is treating these facilities as “affiliated” housing, and accordingly, is incorporating all aspects of campus living onto the facilities. University resident assistants, police, and maintenance personnel provide services to residents of the facilities. The University has entered into a non-exclusive referral agreement with the Owner. The University is listing these facilities on its web site of available University affiliated housing, as well as on its marketing brochures and mailings to prospective students.

On the date of closing on the bonds, the Owner (an instrumentality of the Authority) deeded the underlying real estate to the University of Central Florida Foundation, Incorporated, a direct support organization of the University. All excess cash flow generated by the facilities will be paid to the Foundation as ground rent under a ground lease between the Owner and the Foundation.

The bonds are secured solely by the revenues generated by the facilities. The Series 2000F bonds are insured by MBIA, and accordingly, have been rated AAA by Moody’s Investors Service and Standard & Poors rating agencies. The 2000G bonds are subordinate to the 2000F bonds and are unrated.