§ 230-75. Issuance of bonds.

(a)

The district commission is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of special obligation bonds of the district payable solely from rates, rentals, fees and charges provided for herein for the purpose of paying the cost of purchasing, or otherwise acquiring, constructing, reconstruction, improving, extending, enlarging or equipping racing and recreational facilities.

(b)

The board of county commissioners is hereby directed to provide by resolution, at one time or from time to time, upon the request of the district commission and with the concurrence of the district commission in all of the provisions of any such resolution, including the provisions of any trust agreement authorized thereby, and in all determinations to be made by the county commissioners under this section, for the issuance of general obligation bonds of the district in an aggregate principal amount not exceeding $3,000,000.00 payable from rates, rentals, fees and charges provided for hereunder and, to the extent necessary, ad valorem taxes levied as hereinafter provided, for the purpose of paying the cost of purchasing, or otherwise acquiring, constructing, reconstructing, improving, extending, enlarging or equipping racing and recreational facilities; provided, however, that any such bonds shall have been approved by the majority of the votes cast in an election in which a majority of the freeholders who are qualified electors residing in the district shall have participated. Any such election shall be held and the result thereof determined and declared in the manner provided by the election code of 1951, or any amendments thereof.

(c)

The bonds of each issue authorized pursuant to this act [article] shall be dated, shall mature at such time or times not exceeding 40 years from their date or dates, and shall bear interest at such rate or rates not exceeding six percent per annum, as may be determined by the district commission or the county commissioners, as the case may be, authorizing the issuance of such bonds (hereinafter sometimes called the "authorizing body") and may be made redeemable before maturity, at the option of the authorizing body, at such price or prices and under such terms and conditions as may be fixed by the authorizing body prior to the issuance of the bonds. The principal of and the interest on such bonds may be made payable in any lawful medium. The authorizing body shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest which may be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of the act [article] or any recitals in any bonds issued under the provisions of this act [article], all such bonds shall be deemed to be negotiable instruments under the laws of this state. The bonds may be issued in coupon or in registered form, or both, as the authorizing body may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the authorizing body may sell such bonds in such manner, either at public or at private sale, and for such price, as it may determine to be for the best interests of the district, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding, however, from such computation the amount of any premium to be paid on redemption of any bonds prior to maturity. Prior to the preparation of definitive bonds, provision may be made for the issuance of interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. Provision may also be made for the replacement of any bonds which shall become mutilated or be destroyed or lost.

(d)

Bonds may be issued under the provisions of this act [article] without obtaining the consent of any other department, commission, board, bureau or agency of the state, and without any other proceeding or the happening of any other condition or thing than those proceedings, conditions or things which are specifically required by this act [article].

(e)

The proceeds of such bonds shall be used solely for the purpose for which such bonds shall have been authorized, and shall be disbursed in such manner and under such restrictions, if any, as the authorizing body may provide in the authorizing resolution or in any trust agreement securing such bonds. If the proceeds of such bonds, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued, subject to the limitations contained herein on the maximum amount of general obligation bonds which may be issued, to provide the amount of such deficit, and, unless otherwise provided in the authorizing resolution of such trust agreement, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose.

(f)

Any resolution or trust agreement providing for the issuance of or securing bonds hereunder may also contain such limitations upon the issuance of additional bonds as the authorizing body may determine to be proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such resolution or trust agreement.

(g)

The maximum amount of general obligation bonds which may be issued under this act [article] may be increased by the legislature by subsequent legislation. Special obligation bonds of the district payable solely from rates, rentals, fees and charges for the use of the racing and recreational facilities, issued under the provisions of this act [article], shall not be deemed to constitute a debt of the district or a pledge of the faith and credit of the district, and a statement to that effect shall be recited on the face of the bonds.

(Laws of Fla. ch. 31343 (1955), § 5)

Editor's note

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