Bonds to be issued by the county for the purpose of financing the percentage of the
cost of projects attributable to the assessed property may be authorized, sold and
delivered to the initial purchaser or purchasers thereof at any time and upon such
terms and conditions as shall be determined by a resolution or resolutions of the
board adopted at any time after the effective date of this division. Bonds authorized
or issued prior to the equalization and confirmation of assessments pledged to the
payment thereof may contain covenants of the county to perfect such assessments in
due course and to apply funds of the county derived from any source or sources other
than ad valorem taxation and legally available for such purpose to provide for any
deficiency by which the assessments collected shall at any time fail to equal the
principal of and interest on the bonds then due and payable. All bonds and the assessments
and non-ad valorem revenues pledged for payment thereof shall be validated in accordance
with the provisions of Chapter 75, Florida Statutes, as amended; and if upon validation
of any bonds the assessments pledged for the payment thereof shall not have been finally
equalized and confirmed, then the county shall request of the court that the court
retain jurisdiction in the proceedings for the purpose of subsequently receiving evidence
as to the proper conduct of all assessment proceedings and the validity of such assessments
and entering a judgment validating the same.
Bonds shall mature not later than two (2) years after the maturity of the last installment
of the assessment pledged to the payment thereof. No issue of bonds may be issued
in an aggregate principal amount greater than the aggregate amount of the principal
of the assessments pledged to the payment thereof, and on each bond the county shall
certify that the principal amount of the assessments pledged to the payment of such
bond is not less than the aggregate principal amount of all the bonds to the payment
of which such assessments are pledged. Bonds shall not be a general obligation of
the county, but shall be payable solely from assessments and, if necessary, from any
monies of the county derived from sources other than ad valorem taxation and legally
available for such purposes. Bonds may be issued upon public or private sale and in
such denomination or denominations, bear interest at such rate or rates not exceeding
the maximum rate permitted by law, payable annually or semi-annually at such place
or places, be in such forms, be executed in such manner and have such terms and provisions
as shall not be prohibited by law and as shall be specified by resolution or resolutions
of the board adopted at any time prior to their respective dates and issuance.
Any provision hereof inconsistent or to the contrary notwithstanding, the percentage
of the cost of any project attributable to the assessed property may be paid with
a part of the funds of any bond pool created from the proceeds of bonds issued by
the county or by any other county or other public body, and the assessments levied
and collected for such project may be pledged by the county as security for such bonds.
(Ord. No. 86-56, § 8, 10-14-86)
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