§ 24-40.8. Financing of special improvements.

For the purpose of financing any of the special improvements made or to be made under the provisions of this division, the county may:

(a)

Sell any or all of the special assessment liens assessed against the property benefited. Said liens shall be evidenced by special improvement lien certificates signed by the chairman of the board and attested by its clerk or deputy clerk. Said liens, as evidenced by the special improvement lien certificates, may be sold either with or without recourse against the county in the event of failure of payment. Said liens may be enforced by the person, firm or corporation to whom sold or anyone holding under them in the same manner as the county as provided by this division, and the holder of such special improvement lien certificates may sue in his own name to enforce such liens.

(b)

Borrow money from any person, firm or corporation in such amounts as are necessary to defray all or a portion of the cost of making the improvements authorized in this division; provided, however, the only security of the special assessment liens, specifically including such liens for improvements which have heretofore been completed, as evidenced by special improvement lien certificates to be signed by the chairman of the board and attested by its clerk or deputy clerk. The rate of interest and terms for payment of any loan made pursuant to this paragraph shall be deemed appropriate by the board.

(c)

Issue bonds or other forms of indebtedness (herein referred to as "bonds") by resolution in such amounts as are necessary to defray all or a portion of the cost of improvements authorized or which may be authorized hereunder. The bonds shall be secured in whole or in part by the special assessment liens levied for the improvements. The bonds shall be payable from a special and separate fund or funds for each series of bonds and the fund or funds shall be used for the payment of the principal, interest and premium, if any, of the bonds and for no other purpose. All the proceeds collected by the county from the principal of, and interest and penalties on, special assessment liens shall be deposited and held in the fund or funds. The bonds shall not be a charge on, or payable out of, the general revenues of the county, but shall be payable solely out of special assessments, installments, interest and penalties or such other legally available revenues as the county may be resolution designate. The bonds shall not constitute an indebtedness of the county within the meaning of any constitutional, statutory or charter provision or limitation, and the registered holder shall never have the right to require or compel the exercise of the ad valorem taxing power of the county for the payment of the principal of and interest on the bonds, or the making of any sinking fund, reserve or other payments which may be provided for by resolution of the county. Any surplus remaining after payment of all bonds and interest thereon shall revert to the county and may be used for any lawful public purpose.

The bonds shall bear interest at a rate per annum, which may be fixed or variable, in accordance with the provisions of section 215.84, Florida Statutes, payable annually or semiannually until maturity, and both principal and interest shall be payable at such place or places as the county may determine. The form of such bonds shall be signed by or contain the facsimile signature of the chairman or other authorized member of the board and of the clerk. The delivery of any bond so executed at any time thereafter shall be valid, even if before the date of delivery the person signing such bond shall cease to hold office. Such bonds may be sold in the manner provided by general law. Bonds issued hereunder shall have all the qualities of negotiable paper under the law merchant, and shall not be invalid for any irregularity or defect in the proceedings for the issue and sale thereof, and shall be incontestable in the hands of bona fide purchasers or holders for value.

The county may further secure any bonds issued hereunder by pledging other legally available revenues or by incorporating in the manner provided by general law collection procedures used for the collection of ad valorem taxes.

(Ord. No. 90-1, § 8, 1-16-90)