§ 2-31-318. Bond authorization and provisions.

The construction or acquisition or improvement of such utility system, or the refunding of any bonds or other obligations heretofore or hereafter issued for such purposes, whether issued pursuant to the provisions of this act [article] or some other law or laws, may be authorized under this act [article], and bonds may be authorized to be issued under this act [article] to provide funds for such purposes by resolution or resolutions of the Board of County Commissioners of Manatee County, which may be adopted at the same meeting at which they 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by a majority of the members thereof then in office, and shall take effect immediately upon adoption and need not be published or posted. Said bonds shall bear interest at such rate or rates not exceeding eight and one-half (8½) per centum per annum, payable semiannually, may be in one or more series, may bear 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 within or without the state, 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, either coupon or registered, as such resolution or subsequent resolution may provide. Said bonds may be sold all at one time or in blocks from time to time, at public or private sale, or if refunding bonds, may also be delivered and exchanged for the outstanding obligations to be refunded thereby, in such manner as the governing body shall determine by resolution, and at such price or prices computed according to standard tables or bond value as will yield to the purchasers or the holders of the obligations surrendered in exchange in the case of refunding bonds, income at a rate not exceeding eight and one-half (8½) per centum per annum to the maturity dates of the several bonds so sold or exchanged on the money paid or the principal amount of obligations surrendered therefor to the county. Pending the preparation of the definitive bonds in such form and with such provisions as the governing body may determine may be issued to the purchaser or purchasers of the bonds sold pursuant to this act [article]. Said bonds, and such interim certificates or receipts or temporary bonds, shall be fully negotiable within the meaning of and for all purposes of the law merchant and the Negotiable Instruments Law of the State of Florida.

Bonds issued pursuant to this act [article] may be delivered to the contractor or contractors constructing said utility system or improvements thereof, to be financed by such bonds, in payment for such construction. The board of county commissioners of said county may also, in case the facilities of said utility system are to be leased, as provided in this act [article], offer said bonds for sale and provide that the successful bidder for said bonds shall also bid for the construction of such utility system or improvements thereof, and for the leasing of such facilities of such utility system, in such manner and under such conditions as shall be determined by said board.

(Ord. No. 14-41, § 39, 10-7-14)

State law reference

Maximum interest rate, F.S. § 215.685.