§ 2-8-157. Bonds.

(a)

The board shall develop a detailed plan for the expenditure and repayment of the proceeds of each bond issue. The repayment portion of each plan shall specify the annual amount of bond repayment due from each owner within the UPRD. The plan must be the subject of a referendum prior to the issuance of a proposed bond. Provided however, no referendum shall be required for refunding bonds. The referendum required by this section may be held on the same day as any other referendum related to the UPRD; provided that such bonds shall bear interest at a rate pursuant to Section 215.84, Florida Statutes, and be sold at public sale. In the event an offer of an issue of bonds at public sale produces no bid, or in the event all bids received are rejected, the UPRD is authorized to negotiate for the sale of such bonds under such rates and terms as are acceptable; provided that no such bonds shall be sold or delivered on terms less favorable than the terms contained in any bids rejected at the public sale thereof or the terms contained in the notice of public sale if no bids were received at such public sale.

(b)

Bonds shall be authorized by resolution or resolutions of the board which shall be adopted by a majority of all the supervisors thereof then in office. Such resolution authorizing the issuance of bonds may be adopted prior to filing a complaint for validation of the Bonds, but the validation hearing shall not occur until after the referendum required by Section 418.22, Florida Statutes. Such resolution or resolutions may be adopted at the same meeting at which they are introduced and need not be published or posted. Any resolution authorizing the issuance of bonds may contain such covenants as the board may deem advisable, and all such covenants shall constitute valid and legally binding and enforceable contracts between the UPRD and the bondholders, regardless of the time of issuance thereof. Such covenants may include, without limitation, covenants concerning the disposition of the bond proceeds; the use and disposition of project revenues; the pledging of revenues, taxes, and assessments; the obligations of the UPRD with respect to the operation of the project and the maintenance of adequate project revenues; the issuance of additional bonds; the appointment, powers, and duties of trustees and receivers; the acquisition of outstanding bonds and obligations; restrictions on the establishing of competing projects or facilities; restrictions on the sale or disposal of the assets and property of the UPRD; the priority of assessment liens; the priority of claims by bondholders on the taxing power of the UPRD; the maintenance of deposits to assure the payment of revenues by users of UPRD facilities and services; the discontinuance of UPRD services by reason of delinquent payments; acceleration upon default; the execution of necessary instruments; the procedure for amending or abrogating covenants with the bondholders; and such other covenants as may be deemed necessary or desirable for the security of the bondholders.

(c)

Any bond issued by the UPRD, in the absence of an express recital on the face thereof that it is nonnegotiable, shall be fully negotiable and shall be and constitute a negotiable instrument.

(d)

The UPRD shall have the power to issue bonds to provide for the retirement or refunding of any bonds or obligations of the UPRD at any time when in the judgment of the board such issuance will be advantageous to the UPRD.

(e)

Any two (2) or more projects may be combined and consolidated into a single project and may be operated and maintained as a single project. The bonds authorized herein may be issued to finance any one or more of such projects, regardless of whether or not such projects have been combined and consolidated into a single project. If the board deems it advisable, the proceedings authorizing such bonds may provide that the UPRD may thereafter combine the projects then being financed or theretofore financed with other projects to be subsequently financed by the UPRD, and that bonds to be thereafter issued by the UPRD shall be on parity with the bonds then being issued, all on such terms, conditions, and limitations as shall have been provided in the proceeding which authorized the original bonds.

(f)

If the board determines to issue bonds for more than one project, the approval of the issuance of the bonds for all such projects may be submitted during one referendum process. The failure of the referendum to approve the issuance of bonds for any one or more projects shall not defeat the approval of bonds for any project which has been approved in such referendum process.

(g)

All bond issues, except for refunding bonds, shall be validated by appropriate court proceedings. No bonds, short-term loans or lines of credit or other debt of the UPRD shall constitute debt of Manatee County or the State of Florida, and Manatee County does not make any legal representations with regard to any such indebtedness. UPRD shall be entitled to issue bonds without the consent of the county. In furtherance thereof, the county shall not be requested to authorize any bonds or other obligations secured by non-ad valorem assessments or taxes imposed by the UPRD pursuant to the Act or this article. The UPRD acting pursuant to the Act or this article shall not be empowered or authorized in any manner to create a debt as against the county and shall not be entitled to pledge the full faith and credit of the county in any manner whatsoever. No revenue bonds or debt obligations of the UPRD acting pursuant to the Act shall ever pledge or imply any pledge that the county shall be obligated to pay the same or the interest thereon, nor state or imply that such obligations are payable from the full faith and credit or the taxing power of the state or the county. The issuance of bonds by the UPRD under the Act or this article shall not be deemed in any manner, directly or indirectly or contingently, to obligate the county to levy or to pledge any form of ad valorem taxation or other county revenues or to make any appropriation for their payment whatsoever.

(Ord. No. 18-29 , § 2(a), 8-2-18)