§ 262-696. Bonds.

(a)

Issuance of revenue bonds, assessment bonds, and bond anticipation notes.

(1)

In addition to the other powers provided the district, and not in limitation thereof, the district shall have the power, pursuant to this Act, F.S. Ch. 298, and applicable general laws, as amended from time to time, at any time, and from time to time, after the issuance of any bonds of the district shall have been authorized, to borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and to issue bond anticipation notes in a principal sum not in excess of the authorized maximum amount of such bond issue.

(2)

Pursuant to F.S. Ch. 298, and applicable general laws, as amended from time to time, the district shall have the power to issue assessment bonds and revenue bonds from time to time, without limitation as to amount, for the purpose of financing those systems and facilities provided for in section 262-688. Such revenue bonds may be secured by, or payable from, the gross or net pledge of the revenues to be derived from any project or combination of projects; from the rates, fees, or other charges to be collected from the users of any project or projects; from any revenue-producing undertaking or activity of the district; from non-ad valorem assessments; or from any other source or pledged security. Such bonds shall not constitute an indebtedness of the district, and the approval of the qualified electors shall not be required unless such bonds are additionally secured by the full faith and credit and taxing power of the district.

(3)

Any issue of bonds may be secured by a trust agreement by and between the district and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the state. The resolution authorizing the issuance of the bonds or such trust agreement may pledge the revenues to be received from any projects of the district and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as the board may approve, including, without limitation, covenants setting forth the duties of the district in relation to the acquisition, construction, reconstruction, stewardship, maintenance, repair, operation, and insurance of any projects; the fixing and revising of the rates, fees, and charges; and the custody, safeguarding, and application of all moneys and for the employment of consulting engineers in connection with such acquisition, construction, reconstruction, stewardship, maintenance, repair, or operation.

(4)

Bonds of each issue shall be dated; shall bear interest at such rate or rates, including variable rates, which interest may be tax exempt or taxable for federal income tax purposes; shall mature at such time or times from their date or dates; and may be made redeemable before maturity at such price or prices and under such terms and conditions as may be determined by the board.

(5)

The district shall have the power to issue bonds for the purpose of refunding any outstanding bonds of the district.

(b)

General obligation bonds.

(1)

Pursuant to this Act, the district shall have the power from time to time, to issue general obligation bonds to finance or refinance capital projects or to refund outstanding bonds in an aggregate principal amount of bonds outstanding at any one time not in excess of 35 percent of the assessed value of the taxable property within the district, as shown on the pertinent tax records at the time of the authorization of the general obligation bonds for which the full faith and credit of the district is pledged. Except for refunding bonds, no general obligation bonds shall be issued unless the bonds are issued to finance or refinance a capital project and the issuance has been approved at an election held in accordance with the requirements for such election as prescribed by the Florida Constitution. Such elections shall be called to be held in the district by the board of supervisors.

(2)

The district may pledge its full faith and credit for the payment of the principal and interest on such general obligation bonds and for any reserve funds provided therefore and met unconditionally and irrevocably pledge itself to ad valorem taxes on all taxable property within the district, to the extent necessary for the payment thereof, without limitations as to greater amount.

(3)

If the board determines to issue general obligation bonds for more than one capital project, the approval of the issuance of the bonds for each and all such projects may be submitted to the elector on one and the same ballot. The failure of the electors to approve the issuance of bonds for any one or more of the capital projects shall not defeat the approval of bonds for any capital project that has been approved by the electors.

(4)

In arriving at the amount of general obligation bonds permitted to be outstanding at any one time pursuant to section (b)(1), there shall not be included any general obligation bonds which are additionally secured by the pledge of:

a.

Special assessments levied in the amount sufficient to pay the principal and interest on a general obligation bond so additionally secured, which assessments have been equalized and confirmed by resolution or ordinance of the board pursuant to F.S. § 170.08.

b.

Water revenues, sewer revenues, or water and sewer revenues of the district to be derived from user fees in an amount sufficient to pay the principal and interest on the general obligation bond so additionally secured.

c.

Any combination of assessments and revenues described in subsections (b)(4)a. and b.

(Laws of Fla. ch. 2004-423, § 11)