The UPRD at any time may obtain short-term loans or lines of credit with a maturity
of two (2) years or less, in such amount and on such terms and conditions as the board
may approve, for the purpose of paying any of the expenses of the UPRD or any costs
incurred or that may be incurred in connection with any of the projects, which loans
of lines of credit shall bear such interest as the board may determine in compliance
with Section 215.84, Florida Statutes, and may be payable from and secured by a pledge
of such funds, revenues, taxes, and assessments as the board may determine, subject,
however, to the provisions contained in any proceeding under which bonds were theretofore
issued and are then outstanding. For the purpose of defraying such costs and expenses,
the UPRD may issue negotiable notes, warrants, or other evidences of debt to be payable
at such times, to bear such interest as the board may determine in compliance with
Section 215.84, Florida Statutes, and to be sold or discounted at such price or prices
not less than ninety-five (95) per cent of par value and on such terms as the board
may deem advisable. The board shall have the right to provide for the payment thereof
by pledging the whole or any part of the funds, revenues, taxes, and assessments of
the UPRD. The approval by referendum of short-term loans or lines of credit shall
not be necessary except when required by the Act or state constitution. Short-term
borrowing authorized pursuant to this section shall also be subject to the provisions
of section 2-8-157(g).
(Ord. No.
18-29
, § 2(a), 8-2-18)
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