§ 17-263. Issuance.

(a)

The board of county commissioners shall have the power and it is hereby authorized to provide pursuant to the bonds resolution, at one (1) time or from time to time in series, for the issuance of bonds of the county, or notes in anticipation thereof, for one (1) or more of the following purposes:

(1)

Paying all or a part of the cost of one (1) or more projects;

(2)

Refunding any bonds or other indebtedness of the county;

(3)

Funding a debt service reserve account;

(4)

Capitalizing interest on the bonds; and

(5)

Paying cost of issuance relating to the bonds.

The principal of and interest on each series of bonds shall be payable from the pledged funds, all as determined pursuant to the bond resolution. The county may grant a lien upon and pledge the pledged funds in favor of the holders of each series of bonds in the manner and to the extent provided in the bond resolution. Such funds shall immediately be subject to such lien without any physical delivery thereof, and such lien shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the county.

(b)

The bonds of each series shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding forty (40) years from their date or dates, may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions, all as shall be determined by the board of county commissioners pursuant to the bond resolution. The board of county commissioners shall determine the form of the bonds, the manner of executing such bonds, and shall fix the denomination or denominations of such bonds and 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. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he or she had remained in office until such delivery. The board of county commissioners may sell such bonds in such manner and for such price as it may determine to be in the best interest of the county in accordance with the terms of the bond resolution. In addition to the pledged funds, the bonds may be secured by such credit enhancement as the board of county commissioners determines to be appropriate pursuant to the bond resolution. The bonds may be issued as capital appreciation bonds, current interest bonds, term bonds, serial bonds, variable rate bonds or any combination thereof, all as shall be determined pursuant to the bond resolution.

(c)

Prior to the preparation of definitive bonds of any series, the board of county commissioners may, under like restrictions, 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 of county commissioners 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 this division.

(d)

The proceeds of any series of bonds shall be used for such purposes, and shall be disbursed in such manner and under such restrictions, if any, as the board of county commissioners may provide pursuant to the bond resolution.

(e)

The bond resolution may also contain such limitations upon the issuance of additional bonds as the board of county commissioners may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such bond resolution. The bond resolution may contain such provisions and terms relating to the bonds and the pledged funds as shall not be inconsistent herewith.

(Ord. No. 92-35, § 3, 11-10-92)