§ 2-2-44. Bonds.

(a)

The board shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds for the purpose of paying all or part of the cost of a project. The board shall determine the form of the bonds, the manner of their execution, their determination or denominations, and the place or places of payment of principal and interest which may be at a bank or trust company within or without the State of Florida. The bonds are not subject to any limitation on indebtedness prescribed by law and shall not be included in the amount of bonds which the county may be authorized to issue under any statute. The board may sell the bonds in such manner and for such price as it may determine to be in its best interests and at such rate or rates of interest not exceeding the maximum amount prescribed by law. Prior to the preparation of definitive bonds, the board may, under like restrictions, issue its temporary bonds, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The board may also provide for the replacement of any bonds which shall become mutilated, destroyed, stolen or lost. Such bonds may be issued without any other proceedings or conditions other than those proceedings or conditions which are specifically required by this article.

(b)

The net proceeds of such bonds shall be used solely for the payment of the cost of a project, and the payment of the principal and interest on bond anticipation notes issued by the county pursuant to section 2-2-49 hereof. The net proceeds of the bonds shall be expended in such manner and under such terms and conditions as the board may provide. If the proceeds of the bonds shall be less than the cost of the project, additional bonds may in like manner be issued to provide the amount of the deficit, and, unless otherwise provided in the proceedings authorizing the bonds, shall be deemed to be of the same issue and shall be entitled to payment from the pledged non-ad valorem revenues on a parity with the bonds originally issued. If the proceeds of the bonds issued for a project shall exceed the cost thereof, the surplus may be used for the payment of the principal of and the interest on the bonds or may be used by the county for any lawful purpose.

(c)

If the county has heretofore acquired or constructed a project and shall have issued bonds payable from certain non-ad valorem revenues, as determined at subsequent proceedings of the county, to pay the cost thereof and if the county desires to construct additions, extensions, improvements or betterments to such project or to acquire by purchase or to construct an additional project and to refund such outstanding bonds, the county may provide for the issuance of a single issue of bonds under the provisions of this article for the combined purposes:

(1)

Of refunding such bonds then outstanding upon their redemption or maturity date; and

(2)

Of constructing such additions, extensions, improvements or betterments or of acquiring by purchase or of constructing such additional project.

(d)

The proceedings providing for the issuance of the bonds may also contain such limitation upon the issuance of additional bonds as the board may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such proceedings. All moneys received from the sale of the bonds issued under the provisions of this article shall be applied solely for the purposes for which the bonds shall be authorized.

(Ord. No. 85-14, § 5, 5-28-85)