§ 17-31. Revenue bonds.

(a)

The board of commissioners shall issue revenue bonds only after service charges have been levied and assessed, in sufficient amount to pay for the operating costs of the services to be furnished and to pay the interest on the bonds and retire the same at maturity, and said bonds shall be payable solely from the revenues received by said district in payment of such charges, fees or rates as may be imposed by the board of commissioners, after paying from such revenues reasonable costs of maintaining and operating said facilities, and from such further revenues as may be available and not pledged for any other service. Said bonds shall constitute negotiable instruments within the meaning of the Negotiable Instrument Law, but the service district shall have no power to levy taxes for the payment of said bonds, nor shall said bonds constitute a lien upon any property in said district, or any property of said district.

(b)

Said revenue bonds shall bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, be in such denomination or denominations and form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable at such place or places, and be subject to such terms of redemption with or without premium, as such resolution or resolutions may prescribe. If revenue bonds are to be subject to redemption prior to maturity, the terms and conditions upon which they may be redeemed shall be set forth in each bond that shall be so redeemable. Pending the execution and delivery of definitive bonds, temporary or interim bonds or certificates may be issued in such forms or with such provisions as the board of commissioners may, by resolution, provide. If more than one (1) officer of the district is required by the resolution to execute the bonds, it shall be necessary that only one (1) officer sign manually, the use of facsimile signature of all others being herein authorized. The bonds may be sold at public or private sale for such price or prices as the board of commissioners shall determine, provided the interest costs to maturity of the money received for any issuance of said bonds shall not exceed five (5) percent per annum.

(Laws of Fla. 1953, Ch. 29095, § 18)

State law reference

Uniform Commercial Code, F.S. Ch. 671 et seq.