§ 2-9.5-7. Bonding provisions.

(a)

For the purpose of providing funds to finance planning developing, site acquisition, equipping, furnishing and expansion of and construction of facilities to be used in connection therewith, the board is hereby authorized to issue bonds of the county to pay such part of the cost thereof as exceeds the amounts if any from grants made by the federal or state government, or any agency thereof, and donations contributed by individuals, associations or corporations, which grants and donations the board is hereby authorized to accept. Any bonds secured by the pledge of the full faith and credit of Manatee County shall be issued only after their issuance shall have been approved by the majority of the votes cast in an election by qualified electors residing in Manatee County. The election on the question of issuing such bonds shall be held in the manner prescribed by the general law.

(b)

The bonds herein authorized to be issued may be issued and sold at one time or from time to time, and shall bear such date or dates, be in such denomination or denominations, be payable at such place, bear interest at a rate pursuant to applicable laws and shall mature at such stated time or times not exceeding forty (40) years from their respective dates, with or without the right of prior redemption by the county, all as may be determined by resolution or resolutions of the board, which resolution or resolutions may prescribe the manner and terms of redemption of any bonds which the board may determine to make redeemable. The bonds shall be issued in coupon form, but may be registerable as to principal only or as to both principal and interest, and shall be signed by the chairman and attested by the clerk of the board and shall bear the seal of the board.

(c)

The revenues pledged against the bonds by the board can include the projected revenues of the authority, the local option tourist development tax as authorized in Section 125.0104, Florida Statutes (1983), or any other source of revenue which the board may deem appropriate. Revenue bonds sold under the provisions of this chapter shall conform with general provisions for revenue bonds as defined under Chapter 159, Florida Statutes.

(d)

Notwithstanding any other provisions of this chapter, the board shall have the power to pledge the full faith and credit and ad valorem taxing power of Manatee County for the payment of the principal or of interest on such bonds as the board of county commissioners may deem appropriate. When bonds have been issued pursuant to this section, there shall be levied and assessed annually, so long as any bonds or the interest thereon are unpaid, a tax upon all taxable property in Manatee County, which tax shall be sufficient in amount to pay the interest on said bonds as it becomes due and the principal thereof at maturity. Such tax shall be levied, assessed and collected by the same officers and in the same manner as other county taxes are levied, assessed and collected. In addition to the taxes levied for the payment of said bonds and the interest thereon, the board of county commissioners may levy, assess and cause to be collected taxes upon all taxable property in the county in such amounts as may be necessary to pay the cost of maintenance, operation and repairs of said facility.

(e)

Without limiting anything contained elsewhere in this chapter, the revenues available to the authority as set forth in this part, if not previously pledged to revenue bonds issued or to be used pursuant to this chapter or otherwise committed, may be used to otherwise finance or pay for facilities and the authority or the operation thereof or otherwise in carrying out the purposes and provisions of this chapter according to the approval of the authority.

(Ord. No. 14-38, § 3(Exh. A), 8-12-14)