§ 246-60. Bond issue.

On or after the confirmation of the resolution, the board may by resolution authorize and issue bonds of the county for the payment of the entire cost or any portion thereof that is assessed to the abutting property, and for the reimbursement of any fund of the county from which any part of such cost shall heretofore have been made. If such bonds shall be sold or advertised for sale prior to the making of a contract for the work, they may be issued up to the amount of said estimate of cost, but otherwise shall not exceed the amount of the contract. A finding by the board of the amount of the contract shall be conclusive for the purposes of this article. An issue of bonds need not be limited to one improvement and the bonds may be issued in one or more series at one time or from time to time for all or a part of the cost of any one or more improvements. Each issue of bonds shall mature in such annual series beginning not more than five years from their date as the board may determine to be a reasonable maturity in view of the time of payments of special assessments made or anticipated to be made. No option of prior redemption of any such bonds shall be reserved and they shall bear interest at not more than six percent per annum payable semiannually, and the principal and interest shall be payable in such medium and at such place as the board may determine. They shall be issued only in denominations of $500.00 or $1,000.00, with interest coupons annexed. They shall be sold by the board after publishing, at least 15 days before the receipt of bids therefor, a notice calling for such bids in a newspaper of general circulation in the county and elsewhere as the board may order and shall not be sold at less than par and accrued interest; provided, however, that by vote of all members of the board present at the meeting at which the vote is taken, they may be sold at private sale without advertisement and may be sold at a price not less than $0.95 on the dollar and accrued interest. They may be made registrable as to principal alone or as to both principal and interest under such conditions as the board may determine and shall, with the coupons thereto attached, be executed as may be provided by the board.

(Laws of Fla. ch. 59-1108, § 5)

State law reference

Limitations on interest rate, F.S. §§ 215.84, 215.845.