Fla. Stat. 331.338
Trust agreements

In the discretion of the board, any issue of bonds may be secured by a trust agreement by and between Space Florida and a corporate trustee which may be any trust company or bank having the powers of a trust company within or without the state. The resolution authorizing the issuance of the bonds or such trust agreement may pledge the revenues to be received from any projects of Space Florida and any other authorized moneys to be used for the repayment of bonds, and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as the board may approve, including without limitation covenants setting forth the duties of Space Florida in relation to the acquisition, planning, development, construction, reconstruction, improvement, maintenance, repair, operation, and insurance of any projects, the fixing and revision of the rates, fees, rentals, tolls, fares, and charges, and the custody, safeguarding, and application of all moneys, and for the employment of consulting engineers in connection with such acquisition, planning, development, construction, reconstruction, improvement, maintenance, repair, or operation. It shall be lawful for any bank or trust company incorporated under the laws of the state or the United States which may act as a depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by Space Florida. Such resolution or trust agreement may set forth the rights and remedies of the bondholders and of the trustee, if any, and may restrict the individual right of action by bondholders. The board may provide for the payment of the proceeds of the sale of the bonds and the revenues of any project to such officer, board, or depository as it may designate for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of such resolution or trust agreement may be treated as part of the cost of the project to which such trust agreement pertains.

Source: Section 331.338 — Trust agreements, https://www.­flsenate.­gov/Laws/Statutes/2024/0331.­338 (accessed Aug. 7, 2025).

331.301
Short title 331.302
Space Florida 331.303
Definitions 331.304
Spaceport territory 331.305
Powers of Space Florida 331.306
Federal airspace notification 331.307
Development of Cape San Blas facility 331.309
Treasurer 331.310
Powers and duties of the board of directors 331.311
Exercise by Space Florida of its powers within municipalities and other political subdivisions 331.312
Furnishing facilities and services within the spaceport territory 331.313
Power of Space Florida with respect to roads 331.316
Rates, fees, rentals, tolls, fares, and charges 331.317
Recovery of delinquent charges 331.318
Discontinuance of service 331.319
Comprehensive planning 331.320
Additional powers of board 331.321
Federal and other funds and aid 331.322
Agreements with municipalities within any spaceport territory 331.323
Cooperative agreements with the state, counties, and municipalities 331.324
Contracts, grants, and contributions 331.325
Environmental permits 331.327
Foreign trade zone 331.328
Sovereign immunity 331.329
Changing boundary lines 331.330
Enforcement and penalties 331.331
Revenue bonds 331.332
Issuance of additional bonds 331.333
Refunding bonds 331.335
Lien of pledges 331.338
Trust agreements 331.339
Sale of bonds 331.340
Authorization and form of bonds 331.341
Interim certificates 331.342
Negotiability of bonds 331.343
Defeasance 331.344
Bonds as legal investment or security 331.345
Covenants 331.346
Validity of bonds 331.347
Act furnishes full authority for issuance of bonds 331.348
Investment of funds 331.349
Fiscal year of Space Florida 331.350
Insurance coverage of Space Florida 331.351
Participation by women, minorities, and socially and economically disadvantaged business enterprises encouraged 331.353
Rulemaking authority 331.354
Tax exemption 331.355
Use of name 331.360
Joint participation agreement or assistance 331.369
Space Industry Workforce Initiative 331.370
Space and aerospace infrastructure 331.371
Strategic space infrastructure investment 331.3011
Legislative findings and intent 331.3051
Duties of Space Florida 331.3081
Board of directors 331.3101
Space Florida

Current through Fall 2025

§ 331.338. Trust agreements's source at flsenate​.gov