§ 12-100. Authority to pledge non-ad valorem funds.

(1)

The county may pledge the proceeds of all its legally available non-ad valorem funds, or any part or combination thereof, subject, however, to any limitations on the use of such funds imposed by general law, as security for the payment of the principal of, and the interest and premium, if any, on any bonds issued hereunder, for reserves for such debt service and for administrative costs and expenses related to the bonds.

(2)

In the event of the pledge of such non-ad valorem funds, such pledge shall be and constitute a valid and legally binding contract between the county and the holders of such bonds as the case may be, and the county shall be obligated to continue to impose, receive and apply said non-ad valorem funds, in accordance with the proceedings which authorized the issuance of the bonds for which said taxes or funds are so pledged as security as long as any of said bonds are outstanding and unpaid. The county shall likewise be obligated to collect and apply all revenues, if any, derived from said project in accordance with the proceedings authorizing the issuance of said bonds. Any pledge of non-ad valorem funds for the benefit of the holders of bonds issued pursuant to this article shall be deemed perfected upon the passage of the resolution of the county authorizing the issuance thereof, and thereafter as long as such bonds remain outstanding, without the filing of a financing statement or the taking of any other action to perfect such security interest.

(Ord. No. 85-34, § 6, 12-17-84)