The bonds to be issued by the authority of this article shall be in denominations
of $1,000.00. Said bonds shall bear interest at the rate to be fixed by said board
not exceeding six percent per annum, which shall be payable semiannually in lawful
money of the United States of America at such place or places as said board may deem
expedient and shall so specify in their records, the place of payment being specified
in said bonds, and in any coupons attached thereto. The principal of said bonds shall
be made payable to bear at such periods of time or dates not exceeding 30 years from
the date of issuing the same, as said board shall determine. It may in the discretion
of said board, be provided that at any time after such date as shall be fixed by said
board, the said bonds may be redeemed, at the option of said board, such redemption
to be made in the manner specified in this article. If the right shall be reserved
to redeem such bonds before maturity, it shall be provided in each bond so issued
that if it shall be called for redemption before maturity, notice in writing thereof
shall be given by said board to each bank or trust company at which the same shall
be made payable at least 90 days before the date fixed for redemption, and in addition
thereto, notice thereof shall be published in a newspaper published in Collier County,
Florida, and if the board shall deem it advisable, in some periodical published in
New York City, New York, once a week for at least four consecutive weeks beginning
not less than 90 days prior to the date set for redemption; and any bonds so called
for redemption, shall cease to bear interest from and after date so fixed for redemption.
If the name and address of the holder or holders of any such bonds is known to said
board, such persons shall be given written notice of such redemption, said notice
shall be sent through the mails, and the certificate of the secretary of said board
that such notices were mailed shall be conclusive evidence of that fact. Said board
is hereby authorized to sell such bonds, or any of them, in such manner and for such
price as it may determine to be for the best interests of the district, but no such
sale shall be made for less than $0.95 on the dollar.
(Laws of Fla. ch. 14766 (1931), § 13; Laws of Fla. ch. 18036 (1937), § 9)
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