§ 2-655. Issuance of revenue bonds.

(a)

The Board of County Commissioners 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 a part of the cost of the program. The principal of and interest on each series of bonds shall be payable solely from the pledged revenues.

(b)

The bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times not exceeding 40 years from their date or dates, as may be determined by resolution of the Board of County Commissioners, 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 of County Commissioners. The Board of County Commissioners 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, and such other terms and provisions of the bonds as it deems appropriate. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Board of County Commissioners may sell such bonds in such manner and for such price as it may determine by resolution to be for the best interests of the county.

(c)

Prior to the preparation of definitive bonds of any series, the Board of County Commissioners 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 delivery. The Board of County Commissioners 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 division.

(d)

The proceeds of bonds shall be disbursed for the payment of the cost of one or more capital projects in such manner and under such restrictions, if any, as may be provided in the indenture of trust.

(e)

The bonds shall be further secured by an indenture of trust which may include, but without limitation, provisions as to the rights and remedies of the trustee and bondholders, the application of funds and such other matters as are customarily in such a document. The county is hereby authorized to hold bonds pursuant to the indenture of trust which it has issued until such time as the bonds may be remarketed; such bonds shall not be considered extinguished during the time they remain in the possession of the county.

(Ord. No. 86-36, § 5)