§ 226-38. Covenants in resolutions authorizing issuance of bonds.

(a)

That any resolution or resolutions authorizing the issuance of bonds, including refunding bonds, under this act [article], may contain covenants as to:

(1)

The purpose or purposes to which the proceeds of sale of said bonds may be applied and the securing, use and disposition thereof, including, if deemed desirable, the appointment of a trustee or depositary for said funds.

(2)

The use and disposition of the revenues derived from such waste collection and disposal system including the part thereof heretofore or hereafter constructed or acquired, and the creation and maintenance of reserve funds.

(3)

The pledging of all or any part of the gross revenues derived from the ownership, operation or control of such waste collection and disposal system, including any part thereof heretofore or hereafter constructed or acquired, or derived from any other sources, to the payment of the principal of and interest on bonds issued pursuant to this act [article], and for such reserve and other funds as may be deemed necessary or desirable.

(4)

The fixing, establishing and collection of such fees, rentals or other fees for the use of the services and facilities of such waste collection and disposal system, including any part thereof, heretofore or hereafter constructed or acquired, and the revision of same from time to time, as will always provide revenues at least sufficient to provide, together with any other pledged funds, for all expenses of operation, maintenance and repair of such waste collection and disposal system, the payment of the principal of and interest on all bonds payable from the revenues of such waste collection and disposal system, and all reserve and other funds required by the terms of the resolution or resolutions authorizing the issuance of such bonds, including reasonable margins of safety for any of said purposes.

(5)

The transfer from the general funds of the county to the account or accounts of the waste collection and disposal system of an amount equal to the cost of furnishing the county, or any of its departments, boards or agencies, with the services and facilities of such waste collection and disposal system.

(6)

Limitations or restrictions upon the issuance of additional bonds payable from the revenues of such waste collection and disposal system and other pledged funds provided for in this act [article], and the rights and remedies of the holders of such additional bonds, or refunding bonds, issued therefor.

(7)

The procedure, if any, by which the terms of any covenant with the holder or holders of bonds issued pursuant to this act [article] may be amended, abrogated or altered.

(8)

The rank of priority, as to lien and source of security for payment from the revenues of such waste collection and disposal system, including the parts theretofore or thereafter acquired or constructed, and other pledged funds, between bonds issued pursuant to this act [article] or thereafter issued.

(9)

The methods and remedies to be used and enforced by the board of county commissioners upon the failure of any user to pay for the services and facilities of such waste collection and disposal system.

(10)

The appointment of a trustee or trustees to hold and apply any revenues derived from such waste collection and disposal system, or other pledged funds.

(11)

The appointment of a trustee or trustees to act for and in behalf of bondholders and the manner and terms of such appointment and the powers of such trustee or trustees.

(12)

The manner and terms upon which all bonds issued pursuant to this act [article] may be declared immediately due and payable upon the happening of a default in the payment of the principal of or interest thereon, or in the performance of any covenant or agreement with bondholders, and the manner and terms upon which such defaults may be declared cured and the acceleration of the maturity of such bonds rescinded and repealed.

(13)

Budgets for the annual operation, maintenance and repair of such waste collection and disposal system, and restrictions and limitations upon expenditure for such purposes, and the manner of adoption, modification, repeal or amendment thereof. The county shall further have power to covenant that it will include in the budget of the county in each year the amount of the debt service, and reserves therefor, becoming due in such year, to be payable only from said revenues, and funds other than moneys derived from ad valorem taxation.

(14)

The amounts of insurance to be maintained upon such waste collection and disposal system, or any part thereof, and the use and disposition of the proceeds of any insurance.

(15)

The keeping of books of account relating to such waste collection and disposal system and any other pledged funds, and the audit and inspection thereof.

(16)

Limitations upon the number of [or] percentage of bondholders which may be required, and the manner of [or] filing evidence of such number of percentage for the appointment of a trustee or receiver for such waste collection and disposal system as provided in this act [article].

(17)

Limitations or restrictions in the right of the county to sell, mortgage, dispose of, or otherwise encumber such waste collection and disposal system or any part thereof.

(18)

The methods and means for the enforcement and collection of fees, rentals or other charges for the services and facilities of such waste collection and disposal system, and rules and regulations, including reasonable penalties, for such enforcement and collection.

(19)

Such other and additional covenants as shall be deemed necessary or desirable for the security of the holders of bonds issued pursuant to this act [article].

(b)

All such covenants and agreements shall constitute valid and binding contracts between the county and the holders of any bonds issued pursuant to such resolution, regardless of the time of issuance thereof, and, subject to any limitations contained in such resolution, shall be enforceable by any holder or holders of such bonds, acting either for himself or themselves alone, or acting in behalf of all other holders of such bonds, by appropriate proceedings in any court of competent jurisdiction.

(Laws of Fla. ch. 65-2357, § 8)