§ 2-16-111. Authorization and provisions.

In order to finance or refinance the costs of the acquisition or construction of additions, extensions and improvements to the county solid waste system or the refunding of bonds or other obligations heretofore or hereafter issued for such purposes, including such bonds or other obligations incurred in connection with the county solid waste system prior to the enactment of this article and issued under other laws, may be authorized under this article, and bonds may be authorized to be issued under this article to provide funds for such purposes by resolution or resolutions of the board, which may be adopted at the same meeting at which such resolution or resolutions were introduced by a majority of the members thereof then in office, and shall take effect immediately upon adoption and need not be published or posted. The bonds, unless they are zero coupon, deep discount, capital appreciation obligations or the like, shall bear interest at such rate or rates not exceeding the maximum rate permitted by applicable law, payable at such times as the board shall determine, may be issued in one or more series, may be dated such date or dates, may mature at such time or times not exceeding forty (40) years from their respective dates, may be made payable in such medium of payment, at such place or places, within or without the State of Florida, may carry such registration privileges, may be subject to such terms of redemption, with or without premium, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, as such resolution or subsequent resolution may provide. The bonds may be sold all at one time or in blocks from time to time, at public or private sale, at such price or prices as shall be determined by subsequent proceedings of the board. Pending the preparation of the definitive bonds, interim certificates or receipts or temporary bonds in such form and with such provisions as the board may determine may be issued to the purchaser or purchasers of the bonds sold pursuant to this article.

Bonds authorized under this article may be subject to a lien on the revenues of the county solid waste system either on a senior or junior basis to other bonds authorized hereunder. The county may issue self-liquidating bonds payable solely from the revenues of the facilities financed from the proceeds of such bonds. The county may issue bonds under this article, the interest on which may or may not be excluded from the gross income of the holders thereof for federal income tax purposes. The bonds issued under this article may be credit enhanced or the liquidity for the purchase of such bonds may be provided, all as shall be determined by subsequent proceedings of the board.

Bonds issued pursuant to this article may also be delivered to the contractor or contractors constructing additions, extensions or improvements to the county solid waste system or the seller of facilities or subsystems, to be financed by the bonds, in payment for such construction and/or acquisition.

(Ord. No. 91-26, Art. II, § 1, 1-15-91; Ord. No. 16-45 , § 47, 11-15-16)