§ 98-41. Authority to borrow funds.

(a)

General authority. The county is authorized to borrow from any legally available funding mechanism such sums of money as are necessary to defray the entire cost of such improvements; provided, however, the only security for such a loan shall be the assignment of the special assessment lien to the benefitted properties included in the benefit unit.

(b)

Issuance of bonds. Upon adoption of the final assessment resolution or at any time thereafter, the board shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of bonds of the county for the purpose of paying all or part of the cost of the projects. The principal of the interest on each series of bonds shall be payable from pledged revenues. At the option of the board, the county may covenant to budget and appropriate from non-ad valorem revenue sources identified by the county by resolution or from general non-ad valorem revenues of the county an amount necessary to make up any deficiency in the payment of the bonds. The county may issue a single series of bonds to finance projects in different benefit units, provided such resolution identifies each project to be financed and the benefit unit in which it is located.

(c)

Terms of the bonds. The bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times, as may be determined by resolution of the board, and may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions as may be fixed by the board. Said bonds shall mature not later than two years after the last installment in which said assessments may be paid, as provided in section 98-39(g) hereof, and shall bear interest at a rate not exceeding the maximum rate provided by law. The bonds may, at the option of the board, bear interest at a variable rate. The board shall determine by resolution the form of the bonds, the manner of executing such bonds, and shall fix the denomination or denominations of such bonds, the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the State of Florida, and such other terms and provisions of the bonds as it deems appropriate. The bonds may be sold at public or private sale for such price or prices as the board shall determine by resolution. The bonds may be delivered to any contractor for payment for his work in constructing a project or may be sold in such manner and for such price as the board may determine by resolution to be for the best interests of the county.

(d)

Variable rate bonds. The county may, at its option, issue bonds bearing a variable rate of interest, whereupon the interest rate and installment payments applicable to assessments shall be subject to adjustment as provided by resolution of the board. In such event, the county may impose on such annual installment payment such rate of interest as shall not exceed the maximum amount permitted by section 98-39(g) hereof as shall be determined on the fifteenth day prior to the date the assessment roll is certified for collection to the clerk or the tax collector, as appropriate. If amounts of interest collected by the county exceed, in the aggregate, the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on assessments as provided in section 98-39(g) hereof, the excess amounts shall be credited to the next installment of the assessment or be returned to the property owners who paid such amounts, as provided by resolution of the board. If the amounts of interest collected by the county are less, in the aggregate, than the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on assessments as provided herein, such deficiency may be imposed as a surcharge on the next installment.

(e)

Temporary bonds. Prior to the preparation of definitive bonds of any series, the board may, under like restriction, issue interim receipts, interim certificates, or temporary bonds, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The board may also provide for the replacement of any bonds which shall become mutilated or be destroyed or lost. Bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by the ordinance.

(f)

Bond anticipation notes. In anticipation of the sale of bonds, the county may, by resolution, issue notes and may renew the same from time to time. Such notes may be paid from the proceeds of the bonds, the proceeds of the assessments, the proceeds of the notes and such other legally available monies as the board deems appropriate. Said notes shall mature within five years of their issuance and shall bear interest at a rate not exceeding the maximum rate provided by law. The board may issue bonds or renewal notes to repay the notes. The proceeds of the bonds and notes, unless otherwise used to refund bonds or notes, shall be used to pay the costs of the projects. The notes shall be issued in the same manner as the bonds.

(g)

Negotiable instruments. Bonds and notes shall be, and shall be deemed to be, for all purposes, negotiable instruments, subject only to the provisions of the bonds and notes for registration.

(h)

Taxing power not pledged. Bonds issued under the provisions of this division shall not be deemed to constitute a pledge of the faith and credit of the county or any benefit unit, but such bonds shall be payable only from pledged revenues in the manner provided herein and by the resolution authorizing the bonds. The issuance of bonds under the provisions of this division shall not directly or indirectly obligate the county or any benefit unit to levy or to pledge any form of ad valorem taxation whatever therefore. No holder of any such bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the county or any benefit unit to pay any such bonds or the interest thereon or to enforce payment of such bonds or the interest thereon against any property of the county or any benefit unit, nor shall such bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of the county or any benefit unit, except the pledged revenues.

(i)

Security for bonds. During any period in which bonds are outstanding, the pledged revenues shall be deemed to be funds held for the benefit of bondholders, to be held and applied solely as provided in this division and in the resolution authorizing the bonds.

(j)

Remedies of bondholders. Any holder of bonds, except to the extent of rights herein given, may be restricted by the resolution authorizing issuance of the bonds, may, whether at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the state or granted hereunder or under such resolution, and may enforce and compel the performance of all duties required by this part, or by such resolution, to be performed by the county.

(k)

No referendum required. No referendum or election in the county or any benefit unit shall be required for the exercise of any of the provisions of this division, unless such referendum or election is required by the Constitution of the State of Florida.

(l)

Refunding bonds. The county may, by resolution of the board, issue bonds to refund any bonds issued pursuant to this division and provide for the rights of the holders hereof. Such refunding bonds may be issued in an amount sufficient to provide for the payment of the principal of, redemption premium, if any, and interest on the outstanding bonds to be refunded. In the event the principal amount of the refunding bonds shall be greater than the outstanding principal amount of the bonds to be refunded, the board may increase the non-ad valorem assessments which secure such refunding bonds up to an amount not to exceed the difference between the respective principal amounts of the refunding bonds and the outstanding refunded bonds, provided notice to the affected property owners is given in accordance with the notice provisions of section 98-39 hereof and a public hearing is held by the board.

(Code 1979, § 21-45; Ord. No. 97-07, § 1, 3-11-97)