§ 10.8-44. Authority to issue bonds.

(a)

The board shall have the power and is hereby authorized to provide by ordinance or resolution, at one time or from time to time, for the issuance of bonds for the purpose of financing or refinancing all or a part of the cost of a project or of any one or more projects, or any combination thereof as a single project, including, without limitation, bonds to prepay obligations of the county related to, or to refund, bonds issued by the State of Florida, which state bonds were issued to finance or refinance projects within Polk County, Florida. The principal of and the interest and premium, if any, on such bonds shall be payable solely from the Constitutional Fuel Tax Revenues and/or toll revenues, as provided in this article and specified by subsequent ordinance or resolution. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding the maximum rate then allowed by general law, and may include variable rates of interest, shall mature at such time or times as may be determined by the board, and may be made redeemable before maturity, at the option of the board, at such price or prices and under such terms and conditions, as may be fixed by the board prior to the issuance of the bonds. The board shall determine the form of the bonds and interest coupons, if any, to be attached thereto, the manner of executing the bonds and coupons, the denomination or denominations of the bonds, and the place or places of payment of the principal and interest on the bonds, which may be at any bank or trust company within or without the State of Florida. The board may sell such bonds in such manner and for such price as it may determine by resolution to be for the best interest of the county. The board may issue bond anticipation notes as provided by law.

(b)

The proceeds of such bonds shall be used for the financing or refinancing of the cost of a project all as provided by the terms of this article and shall be disbursed in such manner and under such restrictions, if any, as the board may provide.

(c)

The ordinance or resolution providing for the issuance of the bonds may also contain such limitations upon the issuance of additional bonds as the board may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such ordinance or resolution. All moneys received from any bonds issued and sold under the provisions of this article shall be applied solely for the purposes for which the bonds shall be authorized or to the fund or account created for the payment of such bonds.

(Ord. No. 96-39, § 4, 11-12-96)