§ 226-37. Bond issues generally.

(a)

That the construction or acquisition or improvement of such waste collection and disposal system, or the refunding of any bonds heretofore or hereafter issued for such purposes whether issued pursuant to the provisions of this act [article] or some other law or laws, may be authorized under this act [article], and bonds may be authorized to be issued under this act [article] to provide funds for such purposes by resolution or resolutions of the board of county commissioners of Volusia County, which may be adopted at the same meeting at which they are introduced by a majority of the members thereof then in office, and shall take effect immediately upon adoption and need not be published or posted. Said bonds shall bear interest at such rate or rates not exceeding five per centum per annum, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, may be made payable in such medium of payment, at such place, within or without the state, may carry such registration privileges, may be subject to such terms of redemption prior to maturity, with or without premium, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as such resolution or subsequent resolution may provide. Said bonds may be sold, all at one time or in blocks from time to time, at public or private sale, or if refunding bonds or if delivered in payment for the acquisition of existing facilities or for the construction of facilities of said waste collection and disposal system, may be delivered and exchanged for the outstanding obligations to be refunded or delivered in exchange for said existing facilities or facilities constructed, in such manner as the governing body shall determine by resolution, and at such price or prices computed according to standard tables of bond values as will yield to the purchasers, or to the holders of the obligations surrendered in exchange in the case of refunding bonds or to the owners of facilities acquired or to the contractor constructing facilities, income at a rate not exceeding five percent per annum to the maturity dates of the several bonds so sold or exchanged on the money paid or the principal amount of obligations surrendered therefor to the county, or the value of the facilities acquired or constructed. Pending the preparation of the definitive bonds, interim certificates or receipts or temporary bonds in such form and with such provisions as the governing body may determine may be issued to the purchaser or purchasers of the bonds sold pursuant to this act [article]. Said bonds, and such interim certificates or receipts or temporary bonds, shall be fully negotiable within the meaning of and for all purposes of the law merchant and the negotiable instruments law of the State of Florida.

(b)

Bonds issued pursuant to this act [article] may also be delivered to the contractor or contractors constructing said waste collection and disposal system or any part thereof, or improvements thereto, or to the owners of any incinerator other facilities acquired by the county, in exchange for such facilities constructed or acquired at a price not in excess of the fair value of such facilities constructed or acquired, as determined by the board of county commissioners of said county.

(Laws of Fla. ch. 65-2357, § 7)

Editor's note

The interest rate limitation in the above paragraph has been repealed by F.S. § 215.845.