§ 13-152. Issuance of bonds.

(a)

The district is authorized to issue its ad valorem tax bonds to pay all or any part of the cost of public works located or to be located within or without the district which benefit property within the district and issue special assessment bonds pursuant to F.S. Chapter 170. The bonds of each issue shall bear interest at such rate or rates, which may be floating, variable, or adjustable rates, not to exceed the Maximum Rate, shall mature at such time or times, not exceeding the maximum maturity set forth in (g), below and may be subject to redemption before maturity at such prices, at such times and in such manner as may be established by the district. Bonds which are subject to purchase may be subject to remarketing as established by the district. The district shall determine the form of the bonds which may be, but not be limited to, coupon bonds, coupon bonds registrable as to principal or as to principal and interest, fully registered bonds or book entry bonds, fixed interest bonds, floating, variable or adjustable rate bonds, multimodal bonds, commercial paper, capital appreciation bonds, or any other form or mode of bonds. The bonds may be made payable in legal tender of the United States, in foreign currency or Eurodollars or Petrodollars or any other medium of exchange not prohibited by law.

(b)

If the district so provides, bonds may be made subject to mandatory purchase in the event any credit facility is to expire, be terminated or be replaced by a different credit facility or upon other conditions and, if the district so provides, such bonds may be remarketed at par by a remarketing agent at interest rates determined by a remarketing agent or by an indexing agent to be the lowest rates of interest at which the bonds of various maturities can then be sold at par in such remarketing provided that the interest rates do not cause the net interest cost rate of the bonds to exceed the lower of (i) the Maximum Rate, or (ii) such lower rates as shall be established by the district as the maximum permissible rate, or (iii) in the case of bonds payable from ad valorem tax revenues, such lower rate as may have been approved by the electors as the maximum permissible rate.

(c)

The bonds may be sold at public or private sale as provided by general law. In the sale and issuance of the bonds, the district shall comply with general law.

(d)

The district may appoint a bank or trust company within or without the State of Florida as trustee for the bonds, for the proceeds thereof, and for any ad valorem tax revenues and other revenues and funds pledged to the payment thereof, including interest and profits earned upon the investment of said moneys. The district may appoint or provide for the appointment of one (1) or more paying agents, registrars, authenticating agents for the bonds.

(e)

The bonds issued by the district shall be executed by the district mayor or any member of the board and shall be attested by the clerk or any deputy clerk of the district or any member of the board. Such executions and attestations may be by manual or facsimile signature. Coupons, if any, on the bonds shall be likewise executed. If both such signatures on any bond are facsimiles, then the manual signature of the authenticating agent or duly authorized signatory of any corporate authenticating agent shall be required on such bond (but not on any coupons) before such bond and any coupons appurtenant thereto shall be valid, binding and enforceable. In case any official whose signature or facsimile signature shall appear upon any bond or coupon shall cease to be such official before delivery of such bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes.

(f)

All bonds issued under the provisions of this division shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the laws of the state.

(g)

Prior to the sale and issuance of any issue of bonds or series of bonds of such issue, the district shall enact an ordinance which shall authorize the issuance of such issue of bonds and shall:

(1)

Specify the maximum aggregate principal amount of bonds of such issue which may be issued in one (1) or more series; for purposes hereof, the "principal amount" shall mean, in the case of capital appreciation bonds or similar deep discount bonds which provide for any interest to be added to principal rather than being paid currently, the original principal amount thereof at the time of issuance rather than the accredit value thereof at maturity or other time subsequent to issuance;

(2)

Specify the maximum rate of interest which may be paid on any of the bonds of such issue which may be stated to be the Maximum Rate;

(3)

Specify the maximum maturity and bond of such issue may have; an ad valorem tax bond may have a maximum maturity not to exceed forty (40) years from the date such bond is originally issued, or more than forty-five (45) years from the date the issue of bonds is authorized by such ordinance, as hereinafter provided; the maximum maturity of any special assessment bond shall be established with reference to the requirements of F.S. Chapter 170;

(4)

Specify, if the bonds are being issued to pay the cost of any public works, the general nature of the public works, the costs of which are to be paid, in whole or in part, with proceeds of the bonds of such issue which may be stated in general terms or may refer to plans, specifications, permits, or other documents containing such descriptive information which are on file with the district, the city, the county or the state;

(5)

Specify, if the bonds are being issued to refund any bonds, the bonds to be refunded; and

(6)

Specify whether the bonds are payable from ad valorem taxes or special assessments or from both such sources.

If the bonds and debt service thereon are payable from ad valorem taxes, the ordinance shall provide for an election on the proposition for the issuance of such bonds at which all qualified electors of the district, whether or not freeholders, shall be entitled to participate in accordance with general law; however, no election shall be required if the bonds to be authorized are refunding bonds and no election thereon is required by the constitution of the state. No election shall be required if the bonds are special assessment bonds, unless ad valorem taxes are also pledged as a source of payment therefor. The costs of holding such election shall be borne by the district and, if the bonds are issued, shall constitute an issuance cost.

(h)

No bonds of any issue shall be issued hereunder unless either:

(1)

The issue of bonds has been approved by a majority of the votes cast in the election by the qualified electors of the district who participated in such election by voting on the proposition for the issuance of bonds of such issue; or

(2)

The bonds are refunding bonds or special assessment bonds for which no vote of the electors is required by the constitution of the state.

(i)

An issue of bonds which has been authorized by ordinance and, if required hereby, approved by the electors, may thereafter be issued and sold in one (1) or more series from time to time by resolution, but no series of such bonds shall be initially issued more than six (6) years after the date the ordinance authorizing the same became effective, provided that this six-year limit shall not apply to rollovers of bonds of any series which are issued in the form of commercial paper (as permitted by subsection (o) below) if the initial issue of the bonds of such series was within the six-year period. If bond anticipation notes are issued during such six-year period which mature after the expiration of such six-year period, bonds to retire those notes may be issued at or prior to the maturity of such notes. Within such six-year period, the issuance of bonds in an amount less than the full amount authorized shall not be deemed to terminate the authority to issue bonds up to the full amount authorized, unless the district, by resolution, expressly terminates the authorization for the unissued amount. The terms and details of the bonds of each series shall, within the limitations set forth herein and in the authorizing ordinance, be established by resolution supplemental to the authorizing ordinance, and bonds of each series shall be sold pursuant to a resolution supplemental to such ordinance which may be, but need not be, the same resolution as that establishing the terms and details of the bonds.

(j)

When any issue of bonds has been authorized as herein provided, the district, in anticipation of the issuance of any series of such bonds, may, by resolution supplemental to the authorizing ordinance for the bonds, issue bond anticipation notes in accordance with general law. Such bond anticipation notes shall bear interest at a rate no higher than the rate authorized for the bonds. Bond anticipation notes may have any terms the bonds may have, subject to the provisions of general law, and shall be executed in the same manner as bonds.

(k)

The debt service and other bond service charges on ad valorem tax bonds issued by the district hereunder shall be payable from and secured by ad valorem tax revenues derived from the levy of ad valorem taxes by the district for such purpose without limitation as to rate and amount. The debt service and other bond service charges on any special assessment bonds shall be payable from special assessments as provided in Chapter 170, Florida Statutes. Debt service and other bond service charges on bonds may also be payable from and secured by (i) any proceeds of the bonds of such issue or of the series of bonds of which such bond was a part (and interest income earned thereon); (ii) any interest income earned on amounts on deposit in any debt service fund, sinking fund, reserve fund, or other fund established by the district as security for the bonds of such issue or for the bonds of such series; (iii) advances made under any Credit Facility for the bonds of such issue or for the bonds of such series; and (iv) any other source of payment, including, but not limited to, special assessments, expressly pledged for the payment of the bonds of such issue or the bonds of such series. All ad valorem tax bonds issued under this division shall be secured equally and ratably by the ad valorem taxes of the district levied for the payment of all bonds issued by the district. The district may provide, by resolution, for all ad valorem tax bonds of an issue (and bond anticipation notes issued in anticipation of the issuance of such bonds) to be secured on a parity basis by one (1) or more of the sources described in clauses (i) through (iv) above or may cause each series of ad valorem tax bonds of an issue (and bond anticipation notes issued in anticipation of the issuance of such bonds) to be secured separately by one (1) or more of the sources described in clauses (i) through (iv) above.

(l)

So long as any ad valorem tax bonds or bond anticipation notes issued in anticipation of the issuance of ad valorem tax bonds have been issued and have not been paid (or defeasance has not occurred pursuant to the provisions of the resolution providing for their terms), the district shall levy ad valorem taxes on all taxable property located within the territorial limits of the district, without limitation as to rate and amount, in an aggregate amount which shall be sufficient (taking into account the tax collection delinquency experience of the tax collector, any early payment discounts available to taxpayers and amounts, other than current ad valorem taxes, which will be available for the payment of debt service and which have been appropriated for the payment of debt service) to pay debt service and other bond service charges on ad valorem tax bonds and shall appropriate all such ad valorem taxes for the payment of such bond service charges. The obligation to levy and appropriate such taxes shall be unconditional and irrevocable. As provided by F.S. § 200.066, such taxes may be imposed no earlier than January 1, 1989.

(m)

Bonds issued as provided herein, shall identify in the text thereof the sources pledged for the payment thereof.

(n)

Bonds issued by the district shall be payable solely from the sources identified as the source of payment. The district may pledge the sources herein specified but may not pledge any of the city's separate revenues on taxes. Nothing herein shall prohibit the city, by city ordinance, from expressly pledging its faith and credit, taxing power or specific revenues or property as a source of payment or security for bonds of the district, subject to any limitations contained in the constitution of the state, general or special law, or the city's charter.

(o)

The bonds authorized by an authorizing ordinance of the district, or any series of such bonds, may, by supplemental resolution, be issued in the form of commercial paper pursuant to a commercial paper program under which the bonds (which may be designated "notes") shall have maturities of not to exceed three hundred sixty-five (365) days (or three hundred sixty-six (366) days if during the term of any bond there is a February 29) and which are to be retired and cancelled at maturity with, in some instances, the immediate issuance and sale of a new bond or bonds in the same aggregate principal amount (commonly called a "rollover" of such commercial paper). Such a rollover shall not be deemed to be the issuance of new bonds for purposes of authorized limitation on the aggregate principal amount of bonds which may be issued under the authorizing ordinance, but shall, for purposes of that limitation, be deemed to be the continuance of the same debt as was represented by the bonds which were retired and rolled over by the sale and issuance of new bond instruments. In the case of bonds issued in a commercial paper program: (i) the maximum maturity limitation on bonds hereunder and under the authorizing ordinance under which the same are issued shall constitute a limitation on the final maturity of bonds issued in such rollovers; (ii) the bonds may be issued in rollovers after the expiration of the six-year period described in subsection (i) above if commercial paper program bonds of such series were initially issued within the six-year period; and (iii) the interest rate limitation contained in the authorizing ordinance shall apply to the bonds when initially issued and to any rollovers thereof, and the applicable maximum rate of interest allowed by law shall be determined as of the date of sale of each particular bond, whether sold upon the initial issuance of bonds under the commercial paper program or upon sale of a bond in a rollover.

(p)

In the case of any bond which is issued as a variable rate demand bond or as a multimodal bond and which is subject to purchase and remarketing, whether at a specified time or under specified circumstances or at the option of the district or at the option of the holder of such bond, the purchase of the bond by the district or by any other person pursuant to any Credit Facility, shall not constitute a retirement of the debt evidenced by such bond and the remarketing or resale of such bond shall not constitute the issuance of a new debt for the purpose of the limitation on the aggregate principal amount of bonds which may be issued under the authorizing ordinance. If any bonds are issued as variable rate or multimodal bonds, changes in the interest rate or interest mode made pursuant to the terms of the bonds or applicable resolution shall not be deemed to constitute the cancellation of debt and the issuance of new debt for purposes of the limitation on the aggregate principal amount of bonds which may be issued under any authorizing ordinance. In the case of any series of variable rate or multimodal bonds, the maximum interest rate limitation shall apply to the bonds of such series when initially issued and to the bonds of such series at the time of each change the interest rate or interest mode and the maximum rate of interest allowed by law shall be determined as of the date of each interest rate or interest mode change, except as otherwise provided by state statutes or rules of the state department of administration promulgated pursuant to state statutes.

(q)

The district is hereby authorized to secure any issue or any series of its bonds or bond anticipation notes with one (1) or more credit facilities. Any credit facility charges which relate to the acquisition of such credit facility and which are payable upon the issuance of the bonds or bond anticipation notes shall constitute an issuance expense and may be paid from the proceeds of such bonds or bond anticipation notes. Any credit facility charges which relate to maintaining the credit facilities for a specified period may be prepaid as an issuance expense with proceeds of such bonds or bond anticipation notes or the district may establish a reserve therefor which may be funded with proceeds of such bonds or bond anticipation notes or funded with revenues which are pledged to pay bond service charges. Other credit facility charges shall be payable from the special assessments, ad valorem taxes, or both, which are pledged to the payment of bond service charges relating to such bonds or bond anticipation notes. If provided by the district, if any credit facility provider advances funds under a credit facility which are used to pay debt service on bonds or bond anticipation notes of the district, then such credit facility provider shall be subrogated to the bondholder's or noteholder's right to receive such debt service and the district shall be obligated to pay such debt service, which shall then be in "default" to such credit facility provider, plus interest thereon at a default rate which shall be the lower of (i) the Maximum Rate, (ii) the rate established by the district in the credit agreement under which such credit facility was issued, or (iii), in the case of bonds or bond anticipation notes which are payable from ad valorem taxes, the rate approved by the electors as the maximum permitted interest rate. If provided by the district, if any credit facility provider advances funds for the purchase of the district's bonds or bond anticipation notes, and if such bonds or notes are held by such credit facility provider, or by a transferee thereof, the bonds or bond anticipation notes while held by such credit facility provider or transferee shall bear interest at such rate or rates as shall be established by the district by ordinance, resolution or by a trust indenture or credit agreement approved by ordinance or resolution of the district provided that such rate of interest shall be the lower of (i) the maximum rate allowed by law, (ii) the rate established by the district, as aforesaid, or (iii) in the case of bonds or bond anticipation notes which are payable from ad valorem taxes, the rate approved by the electors as the maximum permitted interest rate.

(Ord. No. 373, § 7, 6-7-88; Ord. No. 373-A, § 7, 7-30-91)