§ 258-32. Financing.

(a)

The board, for and on behalf of the county, is authorized to provide from time to time for the issuance of revenue bonds of the county to pay all or any part of the cost of a water system or sewer system or combined water and sewer system, or any additions, extensions or improvements thereto. The principal of and interest on any such bonds shall be payable from the rates, fees, charges or other revenues derived from the operation of any such system or systems in the manner provided in this article and the resolution authorizing such revenue bonds and pledging such revenues. Such revenue bonds may also be additionally secured by the pledge of special assessments levied pursuant to this article.

(b)

The provisions of this section shall apply to any revenue bonds or assessment bonds issued pursuant to this act. Said bonds may be authorized by resolution or resolutions of the board, 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at the same meeting at which they are introduced by a majority of all the members thereof then in office and need not be published or posted.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 such rates without limitation as the board shall determine to be necessary to sell said bonds and may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, except that assessment bonds shall not mature later than two years after the maturity of the last annual installment of the special assessments pledged for the payment of such assessment bonds, 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 or 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 works or improvements financed by such bonds, or delivered in exchange for any properties, either real, personal or mixed, including franchises, to be acquired for such works or improvements, all at one time or in blocks from time to time, in such manner as the board, in its discretion shall determine, and at such price or prices, computed according to standard tables of bond values, as will yield to the purchasers, or the holders of outstanding obligations surrendered in exchange for refunding bonds, or the contractors paid with such bonds, or the owners of any properties exchanged for such bonds, income at such rate without limitation as the board shall determine to be necessary for said exchange or payment on the money paid or the principal amount of outstanding obligations exchanged for refunding bonds, or the amount of any indebtedness to contractors paid with such bonds, or the value of any properties exchanged for said bonds.

(c)

Pending the preparation of the definitive bonds, interim certificates or receipts or temporary bonds in such form and with such provisions as the board 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-investment securities law of the state of Florida.

(d)

The proceeds of the sale of any such bonds shall be used solely for the payment of the costs of the construction or acquisition of any water system or sewer system or combined water and sewer 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 board may provide in the authorizing resolution. The board may also provide for the replacement of any bonds which shall have become mutilated and be destroyed or lost upon proper indemnification. Revenue bonds and assessment bonds may be issued under the provisions of this article without obtaining the consent of any commission, board, bureau or agency of the state, and without any other proceeding or happening of any other condition or thing than those proceedings, conditions or things which are specifically required by this article.

(e)

A resolution providing for the issuance of revenue bonds may also contain such limitations upon the issuance of additional revenue bonds secured on a parity with the bonds theretofore issued, as the board may deem proper, and such additional bonds shall be issued under authorizing resolution.

(Laws of Fla. ch. 67-1145, § 6; Laws of Fla. ch. 69-871, § 1; Laws of Fla. ch. 75-334, § 1; Laws of Fla. ch. 75-342, § 1)

State law reference

Interest rate limitation, F.S. § 215.84.