§ 122-1242. Issuance of bonds.

The board shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of bonds of the county for the purpose of paying all or part of the cost of the project. The principal of an interest on each series of bonds shall be payable from pledged revenues. At the option of the board, the county may covenant to budget and appropriate from non-ad valorem revenue sources identified by the county by resolution or from general non-ad valorem revenues of the county an amount necessary to make up any deficiency in the payment of the bonds.

In anticipation of the sale of bonds, the county may, by resolution, issue notes and may renew the same from time to time. Such notes may be paid from the moneys derived by the county from the proceeds of the bonds, the proceeds of the special assessments, the proceeds of the notes and such other legally available moneys as the board deems appropriate. The notes shall be issued in the same manner as the bonds. Bonds and notes shall be, and shall be deemed to be, for all purposes, negotiable instruments, subject only to the provisions of the bonds and notes for registration.

The bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times, as may be determined by resolution of 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 fixed by the board. The bonds may, at the option of the board, bear interest at a variable rate. The board shall determine by resolution the form of the bonds, the manner of executing such bonds, and shall fix the denomination or denominations of such bonds, the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the State of Florida, and such other terms and provisions of the bonds as it deems appropriate. The bonds may be sold at public or private sale for such price or prices as the board shall determine, by resolution. The bonds may be delivered to any contractor for payment of his work in constructing a project or may be sold in such manner and for such price as the board may determine by resolution to be for the best interests of the county.

Prior to the preparation of definitive bonds of any series, the board may, under like restrictions, issue interim receipts, interim certificates, or temporary bonds, exchangeable for definitive bonds when such bonds have been executed and are available for deliver. 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 proceeding, conditions or things which are specifically required by this article.

The county may, at its option, issue bonds bearing a variable rate of interest, whereupon the interest rate and installment payments applicable to special assessments shall be subject to adjustment as provided by resolution of the board. In such event, the county may impose on such annual installment payments such rate of interest as shall not exceed the maximum amount of two percent above the true interest cost at which such bonds are sold as shall be determined on the 15th day prior to the date the bill for such annual installment is mailed by the county. If amounts of interest collected by the county exceed, in the aggregate, the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on special assessments, the excess amounts hall be credited to the next installment or be returned to the property owners who paid such amounts, as provided by resolution of the board. If the amounts of interest collected by the county are less, in the aggregate, than the amount of interest that would have been collected if the interest was imposed at the maximum rate permitted to be charged on special assessments, such deficiency may be imposed as a surcharge on the next installment.

(Ord. No. 95-44, § 4, 7-18-95)