§ 2-2-57.5. Issuance of bonds authorized.

(a)

In addition to those financing methods set forth in section 2-2-57 hereof, for the purpose of financing any improvements made or to be made hereunder, the county may issue bonds or other forms of indebtedness (herein referred to as "bonds") by resolution in such amounts as are necessary to defray all or a portion of the cost of improvements authorized or which may be authorized hereunder. The bonds shall be secured in whole or in part by the special assessment liens levied for the improvements. The bonds shall be payable from a special and separate fund or funds for each series of bonds and the fund or funds shall be used for the payment of the principal, interest and premium, if any, of the bonds, and for no other purpose. All the proceeds collected by the county from the principal of, and interest and penalties on, special assessment liens shall be deposited and held in the fund or funds. The bonds shall not be a charge on, or payable out of, the general revenues of the county, but shall be payable solely out of special assessments, installments, interest and penalties or investment earnings. The bonds shall not constitute an indebtedness of the county within the meaning of any constitutional, statutory or charter provision or limitation, and the registered holder shall never have the right to require or compel the exercise of the ad valorem taxing power of the county for the payment of the principal of and interest on the bonds, or the making of any sinking fund, reserve or other payments which may be provided for by resolution of the county. Any surplus remaining after payment of all bonds and interest thereon shall revert to the county and may be used for any lawful public purpose. The bonds shall bear interest at a rate per annum, which may be fixed or variable, in accordance with the provisions of F.S. § 215.84, payable in installments until maturity and both principal and interest shall be payable at such place or places as the county may determine. The form of such bonds shall be fixed by resolution of the county, and the bonds shall be signed by or contain the facsimile signature of the chairman or other authorized member of the board and of the clerk, under the seal of the county; the coupons, if any, shall be executed by the facsimile signatures of the chairman or other authorized member of the board and of the clerk. The delivery of any bond so executed at any time thereafter shall be valid, even if before the date of delivery the person signing such bond shall cease to hold office. Such bonds may be sold in the manner provided by general law. Bonds issued hereunder shall have all the qualities of negotiable paper under the law merchant, and shall not be invalid for any irregularity of defect in the proceedings for the issue and sale thereof, and shall be incontestable in the hands of bona fide purchasers or holders of value.

(b)

The county may further secure any bonds issued hereunder by incorporating in the manner provided by general law collection procedures used for the collection of ad valorem taxes.

(Ord. No. 84-27, § 8A, 10-11-84)

Editor's note

Ord. No. 84-27, § 8A, adopted Oct. 11, 1984, added a new § 10 to Ch. 63-1582, which the editor has codified as § 2-2-27.5. Section 8B of Ord. No. 84-27 renumbered Ch. 63-1582 § 9 as § 11.