§ 2-653. Authorization of program.

The Board of County Commissioners is hereby authorized and empowered to implement the program for the purposes of providing for the county's and the district's current and future infrastructure needs. The county shall implement the program pursuant to the issuance of the bonds. The proceeds of the bonds shall be deposited with the trustee pursuant to the indenture of trust and shall be disbursed to the county and the district to construct and acquire the capital projects. Upon disbursal of moneys as provided above (except in the case of payment of costs related to the issuance of the bonds) the trustee shall be given a project bond or bonds to evidence the obligation of the county or the district to repay the amount disbursed. Such project bond shall be authorized by supplemental resolution and shall state the source of payment for the repayments of such project bond, which shall not be ad valorem taxes. The project bond may contain such other terms as provided by the supplemental resolution. The project bond may be payable on parity with other obligations of the county or district.

(Ord. No. 86-36, § 3)