§ 17-351. Special assessment bonds.

(a)

Authority to issue. To pay the cost of the capital project, the board of county commissioners is hereby authorized to issue, without referendum approval, special assessment bonds of which the principal of and interest on the bonds is payable both from the proceeds from assessments and related annual installments imposed under this article and from interest on investments made with such proceeds. The special assessment bonds may be in coupon or registered form, with such right of conversion, in such denomination or denominations, bearing interest at such rate or rates not exceeding the maximum rate permitted by F.S. § 215.84, or other applicable general law, and maturing at such time or times not exceeding thirty-five (35) years from their date or dates, as may be determined by resolution of the board of county commissioners. The special assessment bonds may be 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 resolution of the board of county commissioners prior to their issuance. The board of county commissioners shall determine the places of payment of the principal and interest, which may be at any banks or trust companies within or without the state. The special assessment bonds shall bear the signatures, either manual or facsimile, of such officers as the board of county commissioners may, by resolution, designate, provided that at least one (1) signature shall be manual, and the coupons attached to the special assessment bonds shall bear the facsimile signature or signatures of such officers as likewise designated by resolution of the board of county commissioners. The bonds shall have the seal of the board of county commissioners or a facsimile thereof affixed, imprinted, reproduced or lithographed thereon, all as may be prescribed in the resolution or resolutions authorizing the issuance of the bonds. The special assessment bonds shall be sold at public or private sale, as may be provided by general law, and at such price or prices as the board of county commissioners shall determine to be in the best interests of the county, provided that the price shall not be less than ninety (90) percent of the par value of the special assessment bonds sold.

(b)

Nature of bonds; additional security. Special assessment bonds shall be special obligations of the county payable from special assessment proceeds and otherwise as provided in this article. Special assessment bonds may be further secured by pledge of:

(1)

Other revenues of any one (1) or more utility systems of the county; or

(2)

Any other sources of revenue other than ad valorem taxes.

(c)

Covenant to bond holders. The county hereby covenants with the holders of all special assessment bonds issued under this article that it will not enact any ordinance or resolution which will repeal, impair or amend either the rights of such holders or the security of the special assessments and annual installments which may be pledged to the payment of the principal of and interest on the special assessment bonds. Also, the board of county commissioners may make additional covenants with the holders of special assessment bonds as it deems appropriate, including covenants to cause the county's revenue from special assessments, annual installments, and special assessment bonds to be placed directly in a lawful county depository under the provisions of an indenture of trust.

(Code 1965, § 33-65; Ord. No. 82-7, § 2, 5-18-82)