§ 17-220. Bonds.

(a)

The board of county commissioners shall have the power and it is hereby authorized to provide by resolution, at one (1) time or from time to time, for the issuance of bonds for the purpose of paying all or a part of the cost as hereinabove defined of any one (1) or more projects, or any combination thereof as a single project. The principal of and interest on such bonds shall be payable solely from the proceeds of the project revenues, the "seventh cent" gas tax and/or any other special funds authorized to be pledged as additional security therefor under this division. The bonds of each issue shall be dated; shall bear interest at such rate or rates not exceeding the maximum rate allowable by law; shall mature at such time or times not exceeding forty (40) years from their date or dates, as may be determined by the board of county commissioners; and may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions as may be fixed by the board of county commissioners prior to the issuance of the bonds. The board of county commissioners shall determine the form of the bonds and the interest coupons to be attached thereto, the manner of executing the bonds and coupons, and shall fix the denomination or denominations of the 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. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons 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 had remained in office until such delivery. All bonds issued under the provisions of this division shall have and are hereby declared to be and to have all the qualities and incidents of negotiable instruments under the laws of the state. Provisions may be made for the registration of any of the bonds in the name of the owner as to principal alone and also as to both principal and interest, and for the reconversion of any of the bonds registered as to both principal and interest into coupon bonds. Such bonds may be issued without regard to any limitation on indebtedness prescribed by any law, and shall not be included in the amount of bonds which the county may be authorized to issue under any statute. 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, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than the maximum rate allowable by law, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding, however, from such computation the amount of any premium to be paid on the redemption of any bonds prior to maturity.

Prior to the preparation of definitive bonds, the board of county commissioners may, under like restrictions, issue interim receipts, interim certificates or temporary bonds, with or without coupons, 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, stolen or lost. Such 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.

(b)

The proceeds from the sale of such bonds shall be used solely for the payment of the cost of the project, and shall be disbursed in such manner and under such restrictions, if any, as the board of county commissioners may provide. If the proceeds of such bonds, by error in estimates or otherwise, shall be less than the cost of the project, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the resolution, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued from the same project. If the proceeds from the sale of bonds issued for any project shall exceed the cost thereof, the surplus may be paid into the fund provided for the payment of principal of and the interest on such bonds, or for any lawful purpose.

(c)

In the event that the county heretofore acquired or constructed a project as hereinabove defined and, to pay the cost of such acquisition or construction thereof, shall have issued bonds payable from the funds provided for herein, and in the further event that the county shall desire to construct additions, extensions, improvements or betterments to such project or to acquire by purchase or to construct an additional project and to combine such additional project with the project theretofore purchased or constructed, and to refund such outstanding bonds, the county may provide for the issuance of a single issue of bonds under the provisions of this division for the combined purposes:

(1)

Of refunding such bonds then outstanding if they have matured or shall then be subject to redemption or will be subject to redemption within ten (10) years thereafter, or can be acquired for retirement; and

(2)

Of constructing such additions, extensions, improvements or betterments or of acquiring by purchase or of constructing such additional project, and the principal of and interest on such bonds shall be payable from the funds pledged therefor as provided herein.

(d)

The resolution providing for the issuance of the bonds 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 resolution. All money received from any bonds issued and sold under the provisions of this division shall be applied solely for the purposes for which the bonds shall be authorized or to the sinking fund created for the payment of such bonds.

(Code 1965, § 26-55; Ord. No. 77-2, § 5, 3-8-77)

State law reference

Limitations on interest rates, F.S. § 215.84.