§ 262-369. Succession.

It is the intent of the legislature that at such time as:

(1)

The utility improvement or development facilities works or systems authorized by the article have been constructed and established as being functional and productive; and

(2)

The county or any countywide district and the guarantor of any bonded indebtedness incurred pursuant to the provisions of this article, effect a mutual agreement; and

(3)

In any and all events, the legal and equitable rights, powers, and interests of each and every bondholder and any and all bond financing procedures authorized specifically by this article have been maintained inviolate and shall remain inviolate so long as they exist in law or equity and pursuant to terms and provisions of those certain bond sale agreements applicable thereto; and

(4)

The county commission of Collier County, in its sole discretion, and pursuant to applicable legal authority decides to either:

a.

Declare that the district to be merged into a regional or countywide district, upon the affirmative consent of the majority of the electors of the said regional or countywide district, or in the alternative, or

b.

To declare itself as the county commission to succeed to the powers, rights, duties, functions, and obligations of the district, the board of supervisors shall abide with such declaration by the county.

(Laws of Fla. ch. 74-462, § 4)