§ 262-391. Validity of bonds; validation proceedings.

(a)

Any bonds issued by the district shall be incontestable in the hands of bona fide purchasers or holders for value and shall not be invalid because of any irregularity or defects in the proceedings for the issue and sale thereof. Prior to the issuance of any bonds, the district may, but is not required to publish a notice at least once in a newspaper or newspapers published or of general circulation in the county and within the district stating the date of adoption of the resolution authorizing such obligations the amount, the maximum rate of interest and maturity of such obligations, and the purpose in general terms for which such obligations are to be issued, and further stating that any action or proceeding questioning the validity of such obligations or of the proceedings authorizing the issuance thereof, or of any of the covenants made therein, must be instituted within 20 days after the first publication of such notice, or the validity of such obligations, proceedings and covenants shall not be thereafter questioned in any court whatsoever. If no such action or proceeding is so instituted within such 20 day period then the validity of such obligations, proceedings and covenants shall be conclusive, and all persons or parties whatsoever shall be forever barred from questioning the validity of such obligations, proceedings or covenants in any court whatsoever.

(b)

The power of the district to issue bonds under the provisions of this article may be determined and any of the bonds of the district, maturing over a period more than five years, shall be validated and confirmed by court decree, under the provisions of F.S. ch. 75, and laws amendatory thereof or supplementary thereto.

(Laws of Fla. ch. 74-462, § 26)