The district is authorized to provide from time to time for the issuance of revenue
bonds and general obligation bonds of the district to pay all or any part of the cost
of a surface water management system, improvements thereto, and any structures necessary
to support said system. The principal of and interest on any such bonds shall be payable
from revenue sufficient to pay the bond in the manner provided in the bond by the
district, and may be secured by the full faith and credit and taxing power of the
district and payable from ad valorem taxes levied and collected on all taxable property
within the boundaries of the district in the manner provided in this Act and the resolution
authorizing such revenue bonds and all general obligation bonds. Revenue bonds may
also be issued and secured by the pledge of special assessments and/or stormwater
management user fees levied pursuant to this Act. Any bonds which pledge the full
faith and credit and ad valorem taxing power of the district shall be submitted to
the qualified voters within the boundaries of the District as required by the state
constitution. Said bonds may be authorized by resolution or resolutions of the district,
which may be adopted at the same meeting at which they are introduced by a majority
of all the members thereof then in office and need not be published or posted. Said
bonds shall bear interest at a rate or rates without limitation, except as provided
by law, as determined by resolution of the board, may be in one or more series, may
bear such date or dates and may mature at any time or times not exceeding 40 years
from their respective dates, may be payable in such medium of payment, at such place
or places within or without the state, may carry such registration privileges, may
be subject to such terms of prior redemption, with or without premium, may be executed
in such manner, may contain such terms, covenants, and conditions, and may be in such
form otherwise as such resolution or subsequent resolutions shall provide. Said bonds
may be sold or exchanged for refunding bonds, or delivered to contractors in payment
for any part of the work or improvements financed by such bonds, or delivered in exchange
for any properties, either real, personal, or mixed, to be acquired for such works
or improvements, all at a time or in blocks from time to time, in such manner as the
district in its discretion shall determine. Pending the preparation of the definitive
bonds, interim certificates or receipts or temporary bonds in such form and with such
provisions as the district may determine may be issued to the purchaser or purchasers
of the bonds issued hereunder. Said bonds and such interim certificates or receipts
or temporary bonds shall be fully negotiable and shall be and constitute negotiable
instruments within the meaning of and for all purposes of the law merchant and the
uniform commercial code of the state or transferability may be subject to registration.
The proceeds of the sale of any such bonds shall be used solely for the payment of
the costs of the construction of a surface water management system, any structures
necessary to support said system, or the reconstruction or construction or acquisition
of extensions, improvements, and additions thereto, and shall be disbursed in such
manner and under such restrictions as the district may provide in the authorizing
resolution. The district may also provide for the replacement of any bonds which become
mutilated or are destroyed or lost, upon proper indemnification. A resolution providing
for the issuance of revenue bonds or general obligation bonds may also contain such
limitations upon the issuance of additional bonds secured on a parity with the bonds
theretofore issued, as the district may deem proper, and such additional bonds shall
be issued under such authorizing resolution.
