§ 18-75. Bonds—Generally.

(a)

The board of county commissioners shall have the power and it is hereby authorized to provide by resolution from time to time for the issuance of bonds for the purpose of paying all or a part of the cost of any one (1) or more improvements authorized by this article or any combination of improvements as a single improvement. The principal and interest of the bonds shall be payable from the assessments levied against the property and any other funds legally available for payment that are pledged or made available for such payment pursuant to the authorization resolution. The bonds of each issue shall be dated, shall bear interest at such rate or rates not to exceed the provisions of F.S. § 215.84(3), shall mature at such time or times not exceeding thirty (30) years from their date or dates as may be determined by the board 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 determined by the board prior to the issuance of the bonds. The board shall determine the form of the bonds, 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 the state. In case any officer whose signature or a facsimile signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of the bonds, this signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if the officer had remained in office until delivery. All bonds issued under the provisions of this article shall have and are hereby declared to be and to have all of the qualities and incidents of negotiable instruments under the laws of the state. Provision may be made for the registration of any of the bonds in the name of the owner as to the principal alone and also as to both principal and interest. The 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 shall sell the bonds by competitive sale unless it first determines that a negotiated sale best serves the interest of the county. The board may sell the bonds at such interest rate or rates limited only by applicable law, and for such price as it may determine to be for the best interests of the county. The board may also provide for the replacement of any bonds which shall become mutilated or be destroyed or lost. 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 article.

(b)

The proceeds of bonds shall be used solely for the payment of the cost of the improvement, costs of issuing the bond, capitalizing interest, funding reserves or any other lawful purpose, and shall be disbursed in such manner and under such restrictions, if any, as the board may provide. If the proceeds of the bonds by error of estimates or otherwise shall be less than the cost of the improvement, the board of county commissioners may pay the deficit from any other county revenues or funds legally available for the purpose. If the proceeds of bonds issued for any improvement shall exceed the cost of the improvement, the surplus may be paid into the fund provided for the payment of principal and interest on the bonds or for any lawful purpose.

(c)

In the event that the county has constructed an improvement under the terms of this article, and to pay the cost of that improvement has issued bonds payable from the funds provided for herein, and in the event the county desires to construct additions, extensions or betterments to the initial improvement or to construct an additional improvement and to combine the additional improvement with the initial improvement and to refund the outstanding bonds, the county may provide for the issuance of a single issue of bonds under the provisions of this article or for the combined purposes:

(1)

Of refunding bonds then outstanding.

(2)

Of constructing additions, extensions or betterments or constructing additional improvements and the principal of and the interest on the bonds shall be payable from the funds pledged therefore 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 additional bonds shall be issued under such restrictions and limitations as may be prescribed by resolution. All monies received from any bonds issued and sold under the provisions of this article shall be applied in accordance with the provisions hereof and of the resolution authorizing the issuance of the bonds.

(Ord. No. 2015-52, § 2, 12-15-15; Ord. No. 2017-47, § 3, 10-10-17)

Editor's note

Ord. No. 2017-47, § 3, adopted October 10, 2017, renumbered § 18-73 as § 18-75 and amended it to read as set out herein.