§ 17-57. Bonds authorized.

(a)

The board of county commissioners is hereby authorized to acquire, construct, furnish and equip county capital projects.

(b)

To pay the cost of projects coming under this division, the board of county commissioners is authorized to issue bonds from time to time. Such bonds may be in coupon form, in such denomination or denominations, bear interest at such rate or rates not exceeding seven and one-half (7½) percent per annum and shall mature at such time or times not exceeding thirty (30) years from their date or dates as may be determined by the board of county commissioners. The bonds may be made redeemable before maturity, at the option of the board of county commissioners, at such price or prices and under such terms and conditions as may be fixed by the board of county commissioners prior to their issuance. The board of county commissioners shall determine 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. The bonds shall be signed either by manual or facsimile signatures of the chairman and clerk of the board of county commissioners, provided that such bonds shall bear at least one (1) signature which is manually executed thereon, and the coupons attached to such bonds shall bear the facsimile signature or signatures of such officer or officers as shall be designated by the board of county commissioners. The bonds shall have the seal of the board of county commissioners affixed, imprinted, reproduced or lithographed thereon, all as may be prescribed in the resolution or resolutions authorizing the issuance thereof. The bonds shall be sold at public sale or private sale at such price or prices as the board shall determine to be in the best interest, provided that the price shall be not less than ninety-five (95) percent of the par value of the bonds sold.

(c)

The principal of and interest on the bonds issued hereunder will be payable from the race track funds and jai alai fronton funds accruing annually to the county, pursuant to F.S. chs. 550 and 551, as allocated to the board of county commissioners pursuant to law.

(d)

The bonds shall also be and they are hereby constituted negotiable instruments under the law merchant and the laws of the state.

(e)

The bonds shall be and they are hereby constituted as legal investments for any state, county, municipal or other public funds or for any bank, savings bank, trustees, executors, guardians, or any trust or fiduciary funds whatsoever. Such bonds shall also be and constitute legal securities which may be deposited by any bank or trust company for the security of state, county, municipal or other public funds.

(Code 1965, § 1-51; Ord. No. 72-5, §§ 1—5, 9-5-72)