§ 17-104. Financing of projects.

(a)

Authorization to lease or lease-purchase projects. Subject to the provisions of general and special law, the board of county commissioners may execute leases and lease-purchase arrangements for the acquisition, construction, renovation, furnishing, equipping and financing of projects. The board of county commissioners is further authorized to enter such transactions with one (1) or more nonprofit corporations which will raise capital for the projects by the issuance of bonds, the payment of which will be secured by the corporation's rental revenue received under such leases or lease-purchase arrangement or, when the property is not used by the county, leases to others. Such bonds shall not be secured by a mortgage on all or any part of the project.

(b)

Authorization to lease county property. Subject to the provisions of general and special law, the board of county commissioners may lease its real and personal property to nonprofit corporations in connection with the transactions authorized by subsection (a).

(c)

Authorization to pay rentals. Subject to general and special law, the board of county commissioners is authorized to pay rent to such nonprofit corporations or their assignees in amounts equal to the debt service requirements of any bonds issued, plus all incidental expenses of the corporation as issuer of the bonds and as developer and lessor of the project.

(d)

Security for bonds; remedies upon default. Subject to general and special law, the board of county commissioners may pledge or promise to use all or part of its unrestricted non-ad valorem revenues for payment of rent under such lease and lease-purchase arrangements. Also, the board of county commissioners may grant the nonprofit corporation or its assignee the right, upon default by the county in its obligations under the lease or lease-purchase arrangement, to reenter the project, evict the county, let the project, and apply all rentals (after payment of incidental costs) to the payment of the bonds. However, any such arrangement shall provide that:

(1)

Upon full payment of the bonds, the lease or lease-purchase arrangement, plus any lease of county property connected therewith, shall cease and expire; and

(2)

Upon such expiration all rights of the corporation or its assignees in the project shall cease and the county shall have title to such projects whether or not such bonds shall have been paid with funds derived from county payments.

(e)

Acquisition and construction of project. The lease or lease-purchase arrangement may provide that the corporation will acquire, construct, renovate, furnish and equip the project and that the county will act as the corporation's agent in connection therewith.

(f)

Bonds issued by the county. To pay the cost of such projects and refundings as above described, the board of county commissioners is authorized to issue, from time to time, bonds, bond anticipation notes or other forms of indebtedness (the "bonds").

(g)

Authorization to pledge non-ad valorem taxes. The board of county commissioners is authorized hereby to make the principal of and the interest and premium, if any, on the bonds issued by the county payable both from any non-ad valorem fund revenues which are legally available to the county and from interest received from investments made with the proceeds of such moneys. Also, the board of county commissioners is authorized hereby to make the bonds payable from any additional source of revenue legally available for such purposes plus any interest earnings thereon.

(Code 1965, § 1-53.2; Ord. No. 82-1, § 3, 2-25-82; Ord. No. 88-7, § 3, 7-5-88)