The $26 billion bond issue, which would have been necessary if the Florida Hurricane Catastrophe Fund had been forced to provide its maximum payments of $28 billion last hurricane season, would have been unprecedented.  It  likely would have required multiple bond issues over a period of time," reports the Senate General Government Appropriations Committee.

Very good background on the expansion of the Cat Fund during the January 2007 special session, the difficulty the program would have generating $28 billion and long-term assessments necessary to retire the bonds if they could be sold are available in the committee's report.

It is "Present Situation," beginning on page two of the staff analysis of CS/CS/CS/SB 2156, a bill reducing the so-called TICL coverage in the Cat Fund from $12 billion to $9 billion.

Senate: $26 Billion Cat fund Bond Issue Would be Unprecedented