§ 258-146. Bonds.

The bonds of the district shall be authorized by resolution of the board of the district and may be issued in one or more series, may bear such date or dates, mature at such time or times, bear interest at such rate or rates (not exceeding six percent per annum, payable semiannually), be in such denominations, be in such form, either coupon or registered, or both, be executed in such manner, be payable in such medium of payment, at such place or places, either within or without the state of Florida, be nonredeemable or subject to such terms of redemption, with or without premium, be subject to being declared or becoming due before the maturity date thereof, as such resolution or resolutions may provide. Said bonds may be issued for money, property, labor or services, either at public or private sale, for such price or prices, as the board shall determine, provided that the interest cost to maturity of the money or property, labor or services (at the value thereof as determined by such board, the determination of which shall be conclusive) received for any issue of said bonds shall not exceed six percent per annum, payable semiannually. Such authorizing resolution shall provide for the execution and delivery of bonds of the district by its officers therein designated. Coupons may be executed with the facsimile signature of any officer designated by the board. Any bonds issued by the district may thereafter at any time (whether before, at or after the maturity thereof) and from time to time be refunded by the issuance of refunding bonds, which may be sold by the district at public or private sale, at such price or prices as may be determined by its board, or which may be exchanged for the bonds to be refunded. The district may pay all expenses, premium and commissions which its board may deem necessary or desirable in connection with any financing done by it. All bonds issued by the district shall be construed to be negotiable instruments although payable solely from a specified source, and bona fide holders of such bonds for value shall be entitled to all benefits provided by the negotiable instruments law of the state of Florida. Pending the preparation or execution of definitive bonds, interim receipts or certificate or temporary bonds may be delivered to the purchaser or purchasers of said bonds. Any bonds issued by it may be purchased by the district out of any funds available for such purchase but such right of purchase may be limited in the authorizing resolution. All bonds so purchased shall be cancelled. Bonds of the district and all matters connected therewith may be validated pursuant to the provisions of F.S. ch. 75, as in the case of districts located in more than one county.

(Laws of Fla. ch. 57-1174, § 11)

State law reference

Limitation on interest rates, F.S. §§ 215.84, 215.845.