§ 12-99. Authority to issue bonds.

(1)

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 paying 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. The principal of and the interest and premium, if any, on such bonds shall be payable solely from the revenues derived from the operation of the project, if any, or any non-ad valorem funds, or any one or combination thereof, 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 the 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. In case any officer of the county whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to hold such office before the delivery of such bonds, such officer's signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All bonds issued under the provisions of this article 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 of Florida. Provision may be made for the registration of any of the bonds in the name of the owner thereof 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 to the extent and in the manner authorized or required by law. 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 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. Prior to the preparation of definitive bonds, the board 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 may issue bond anticipation notes as provided by law. The board may also provide for the replacement of any bonds which shall become mutilated, or be destroyed or lost. Bonds may be secured by a trust agreement by and between the county and a corporate trustee, which may be any banking institution which has the power of a trust company and is approved under the laws of Florida as a depository for county funds and is subsequently designated by the county. Such bonds may be issued without any other proceedings, or the happening of any other conditions or things other than those proceedings, conditions or things which are specifically required by this article.

(2)

The proceeds of such bonds shall be used solely for the payment of the cost of a project, and shall be disbursed in such manner and under such restrictions, if any, as the board may provide. If the proceeds of such bonds, by error of estimates or otherwise, shall be less than the cost of a project, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the bonds first issued, 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 for the same project. If the proceeds 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, as shall be provided by resolution.

(3)

The resolution providing for the issuance of the bonds may also contain such limitations upon the issuance of additional bonds as the governing body may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such 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 sinking fund created for the payment of such bonds.

(Ord. No. 85-34, § 5, 12-17-84)