§ 13-91. Bonds.

(a)

For purposes hereof, the term "bonds" when used in the context of financing shall be deemed to include bond anticipation notes, tax or revenue anticipation notes, general obligation bonds, revenue bonds, refunding bonds issued at or prior to maturity of the bonds to be refunded, and other similar obligations or certificates or indebtedness, whether taxable or tax-exempt. Subject to applicable law, the district is authorized to provide by resolutions adopted at a regular or special meeting of the governing body for the issuance and sale of bonds for any of the purposes for which the district has the power and authority to expend money as provided herein, including the power to refund any and all previous issues of bonds at or prior to maturity, and for any lawful purpose of the district. Such resolution or resolutions may include such terms, covenants and conditions, and establish such funds, as the governing body deems appropriate and may be adopted at the same meeting at which they are introduced. In issuing bonds of the district under the provisions hereof it shall be lawful to include more than one (1) improvement or purpose in the resolution providing for the issuance of bonds. The proceeds of any bonds of the district issued to finance the cost of a capital project may be used to pay all costs related thereto, as specified in Section 190.003(7), Florida Statutes (1993), unless limited by the resolution authorizing issuance of said bonds. Except as required hereby, no resolution or proceeding shall be necessary for the issuance of bonds of the district hereunder, nor shall publication of any resolution or proceeding relating to the issuance of bonds be required.

(b)

All bonds issued by the district that mature more than twelve (12) months after their issuance and that are secured, in whole or in part, by the ad valorem taxing power of the district (hereafter sometimes referred to as "general obligation bonds") and all revenue bonds (pledging all or any part of the gross revenue of the district) of the district shall be issued only after such bonds have been approved by the majority of the qualified, registered electors in the district voting on such issue in a bond referendum conducted in accordance with applicable law, unless, with respect to revenue bonds, a referendum is not then required by law.

(c)

Bonds issued by the district hereunder shall be in such denominations, in such form, either bearer or registered, be payable at such place or places, either within or without the United States, shall mature at such date or dates and shall contain such other provisions as the governing body designates and as is authorized by law. The bonds shall bear interest, which may be fixed or variable, from their date at a rate or rates not exceeding the maximum rate then allowed by law. The bonds shall be payable in legal tender of the United States, in a foreign currency or in any other manner designated by the district and as authorized by law. Bonds issued by the district shall have all the qualities of negotiable paper under the law. The bonds of the district shall be signed by the chief executive officer of the district (chairman of board of supervisors) and countersigned by the district secretary, or in his absence, any assistant district secretary, and the seal of the district shall be affixed thereto or imprinted or reproduced therein. The signatures of the chief executive officer of the district and the district secretary or the assistant district secretary on the bonds may be manual or facsimile signatures, provided that at least one (1) such signature or the signature of any trustee, registrar or authenticating agent for the bonds shall be manually affixed to the bonds. In case any one (1) or more of the officers who shall have signed or sealed any of the bonds shall cease to be such officer of the district before the bonds so signed and sealed shall have been actually sold and delivered, such bonds may nevertheless be sold and delivered and may be issued as if the person who signed and sealed such bonds had not ceased to hold such office. Any bonds may be signed and sealed on behalf of the district by such person as at the actual time of the execution of such bonds shall hold the proper office, although at the date of such bonds such person may not have held such office or may not have been so authorized.

(d)

The district may, by resolution of the governing body, determine to validate any bonds in accordance with the provisions of Chapter 75, Florida Statutes, if it deems same advisable.

(e)

The governing body shall determine in accordance with applicable law, by resolution, whether it is in the interests of the district to issue bonds by negotiated sale or by competitive bid. In make [making] such determination, the governing body may consider the complexity of the district's bond financing, the frequency with which the district brings bond indebtedness to market, whether the district is contractually obligated to deliver the bonds to, or pursuant to the direction of, any person or entity that has agreed to accept same as full or partial payment for property being sold to the district and such other factors as the district deems proper. If the governing body determines that it is in the best interests of the district to sell bonds by a negotiated sale, the bonds shall be sold at such price and to such purchasers as designated by the governing body. The resolution authorizing the negotiated sale of the bonds may be the same resolution authorizing the issuance of such bonds. If the governing body determines that a sale of the bonds by competitive bid is in the best interests of the district, the bonds shall be sold at such price and to such purchasers as determined by sealed bids; provided, however, the governing body may reject all bids. Notice of such sale shall be published at least one (1) time at least ten (10) calendar days prior to the date of sale in one (1) or more newspapers or financial journals published within or without the State of Florida, and shall contain such terms as the governing body shall deem advisable and proper under the circumstances. If no bids are received at the time and place called for by such notice of sale, or if all bids received are rejected, such bonds may again be offered for public sale by competitive bid upon a shorter period of reasonable notice provided for by resolution of the governing body or sold by negotiated sale. The bonds may be issued and sold at an original issue discount.

(f)

Bonds may be sold or exchanged for refunding bonds. Bonds secured by revenue of the district may be delivered by the district as payment of the purchase price of any project or part thereof.

(g)

The governing body may, in addition to the other powers conferred by this division, insert in any resolution authorizing the issuance of bonds by the district, such covenants as the governing body may deem advisable, and all such covenants shall constitute valid and legally binding and enforceable contracts between the district and the bondholders, regardless of the time of issuance thereof.

(h)

In connection with, or incidental to, the sale and issuance of bonds, the district may enter into any contracts which the governing body determines to be necessary or appropriate to enhance the marketability of the bonds or to achieve a better interest rate in connection with the bonds.

(Ord. No. 429, § 11, 4-26-94)