Sec. 2-166. - Definitions.

The following words, terms and phrases, when used in this subdivision, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Bonds means the obligations issued by the county under this subdivision to pay the cost of a project or combination of one or more projects and payable from the revenues derived from the operation of the project, the seventh cent gas tax allocated to the county and any other special funds authorized to be pledged as additional security under this subdivision.

Cost of a project means the cost of acquiring or constructing a project and the cost of improvements and includes the cost of all labor and materials; the cost of all lands, property, rights, easements and franchises acquired which are deemed necessary for such acquisition or construction; the cost of all machinery and equipment, financing charges, interest prior to and during construction and for one year after the completion of construction, engineering and legal expenses; the cost of plans, specifications, surveys, estimates of construction costs and of revenues; discounts, if any, upon the sale of the bonds; municipal bond insurance, if any; other expenses necessary or incident to determining the feasibility or practicability of such acquisition or construction; administrative expenses; and such other expenses as may be necessary or incident to the financing authorized in this subdivision and to such acquisition or construction and the placing of the project in operation.

Project includes all property, rights, easements and franchises relating thereto and deemed necessary or convenient for the construction or acquisition or the operation thereof and includes the acquisition or construction of transportation facilities and road and bridge rights-of-way; the construction, reconstruction and maintenance of roads and bridges; the construction and reconstruction of transportation-related public safety activities; and the maintenance and operation of transportation facilities which serve a county purpose.

Seventh cent gas tax means the additional tax of $0.01 per gallon on motor fuel levied by F.S. § 206.60 allocated to the county pursuant to F.S. § 206.60(2)(b).

(Code 1970, § 20-51; Ord. No. 75-23, § 1, 12-2-75)

Cross reference— Definitions generally, § 1-2.

Sec. 2-167. - Powers.

Under this subdivision, the county is authorized and empowered to:

(1)

Acquire by purchase or construct or partly acquire and partly construct and improve, repair, reconstruct, own, operate and maintain any project; provided, however, no such project may be constructed, owned, operated or maintained by the county on property located within the corporate limits of any municipality without the consent of the governing body of such municipality.

(2)

Issue bonds to pay the cost of a project payable from the revenues derived from the operation of a project, the seventh cent gas tax, any other special funds pledged therefor as provided in this subdivision, excepting only ad valorem taxes upon real property.

(3)

Fix and collect rates, fees, tolls, rentals or other charges for the services and facilities furnished by such project to the extent applicable.

(4)

Acquire in the name of the county, either by purchase, donation or the exercise of the right of eminent domain, such lands and rights and interests therein, including lands under water and riparian rights, and acquire such personal property, as it may deem necessary in connection with the construction, reconstruction, improvements, extension, enlargement, operation or maintenance of any project.

(5)

Make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this subdivision and employ such consulting engineers, attorneys, accountants, construction and financial experts, superintendents, managers and other employees and agents as may, in the judgment of the board of county commissioners, be deemed necessary to fix their compensation.

(6)

Receive and accept from any federal agency grants for or in aid of the planning, construction, reconstruction or financing of any project and receive and accept aid or contributions from any source of either money, property, labor or other things of value to be held, used and applied only for the purposes for which such grants and contributions may be made.

(Code 1970, § 20-52; Ord. No. 75-23, § 2, 12-2-75)

Sec. 2-168. - Pledging credit or taxing power.

(a)

Bonds issued under this subdivision shall not be deemed to constitute a debt of the county or a pledge of the faith and credit of the county, but such bonds shall be payable from the project revenues, the seventh cent gas tax and any other special funds pledged for the payment of such bonds as provided in this subdivision. All such bonds shall contain a statement on their face to the effect that the county is not obligated to pay the bonds or the interest thereon except from the funds provided for in this subdivision and that the faith and credit of the county are not pledged to the payment of the principal or interest of such bonds.

(b)

The issuance of bonds under this subdivision shall not directly or indirectly or contingently obligate the county to levy or to pledge any form of ad valorem taxation upon real property therefor. No holder of any such bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the county to pay any such bonds or the interest thereon against any property of the county nor shall such bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of such county, except such funds pledged for the payment of such bonds.

(Code 1970, § 20-53; Ord. No. 75-23, § 3, 12-2-75)

Sec. 2-169. - Purchase of projects.

The board of county commissioners is authorized to acquire by purchase, whenever it shall deem such purchase expedient, any project as defined in this subdivision or any such project wholly or partly constructed and any franchise, easements, permits and contracts for the construction of any such project upon such terms and at such prices as may be reasonable and can be agreed upon between the board of county commissioners and the owner thereof, title to be taken in the name of the county. The board of county commissioners may issue bonds, as provided in this subdivision, to pay the cost of the acquisition of such project.

(Code 1970, § 20-54; Ord. No. 75-23, § 4, 12-2-75)

Sec. 2-170. - Issuance of bonds.

(a)

The board of county commissioners shall have the power and it is authorized to provide by resolution, at one time or from time to time, for the issuance of bonds for the purpose of paying all or a part of the cost of any one or more projects or any combination thereof as a single project under this subdivision. The principal and interest of such bonds shall be payable solely from the proceeds of the project revenues, the seventh cent gas tax and any other special funds authorized to be pledged as additional security therefor under this subdivision for such payment. The bonds of each issue shall be dated, shall bear interest at such rate, shall mature at such time not exceeding 40 years from their date, as may be determined by the board of county commissioners, and may be made redeemable before maturity, at the option of the county, at such price and under such terms and conditions as may be fixed by the board of county commissioners prior to the issuance of the bonds. The board of county commissioners shall determine the form of the bonds and the interest coupons to be attached thereto, the manner of executing the bonds and coupons and shall fix the denomination of the bonds and the place of payment of the principal and interest which may be at any bank or trust company within or without the state. If 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. All bonds issued under this subdivision shall have and are declared to be and to have all the qualities and incidents of negotiable instruments under the laws of the state. Provision may be made for the registration of any of the bonds in the name of the owner as to principal alone and also as to both principal and interest and for the reconversion of any of the bonds registered as to both principal and interest into coupon bonds. Such bonds may be issued without regard to any limitation on indebtedness prescribed by any law and shall not be included in the amount of bonds which the county may be authorized to issue under any statute. The board of county commissioners may sell such bonds in such manner, at such interest rate, without limitation, and for such price as it may determine to be for the best interests of the county. Prior to the preparation of definitive bonds, the board of county commissioners may, under like restrictions, issue interim receipts, interim certificates or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The board of county commissioners may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost. Such bonds may be issued without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this subdivision.

(b)

The proceeds of such bonds shall be used solely for the payment of the cost of the project and shall be disbursed in such manner and under such restrictions, if any, as the board of county commissioners may provide. If the proceeds of such bonds, by error of estimates or otherwise, shall be less than the cost of the project, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the resolution, 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 project. If the proceeds of bonds issued for any project shall exceed the cost thereof, the surplus may be paid into the fund provided for the payment of principal of and the interest on such bonds or for any lawful purpose.

(c)

If the county shall have acquired or constructed a project and, to pay the cost of such acquisition or construction thereof, shall have issued bonds payable from the funds provided for in this subdivision, and further if the county shall desire to construct additions, extensions, improvements or betterments to such project or to acquire by purchase or to construct an additional project and to combine such additional project with the project theretofore purchased or constructed and to refund such outstanding bonds, the county may provide for the issuance of a single issue of bonds under this subdivision for the combined purposes of:

(1)

Refunding such bonds then outstanding if they have matured or shall then be subject to redemption or will be subject to redemption within ten years thereafter or can be acquired for retirement; and

(2)

Constructing such additions, extensions, improvements or betterments or acquiring by purchase or constructing such additional project, and the principal of and interest on such bonds shall be payable from the funds pledged therefor as provided in this subdivision.

(d)

The resolution providing for the issuance of the bonds may also contain such limitations upon the issuance of additional bonds as the board of county commissioners may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such resolution. All moneys received from any bonds issued and sold under this subdivision shall be applied solely for the purposes for which the bonds shall be authorized or to the sinking fund created for the payment of such bonds.

(Code 1970, § 20-55; Ord. No. 75-23, § 5, 12-2-75)

Sec. 2-171. - Pledge of seventh cent gas tax.

(a)

The county may pledge the proceeds of the seventh cent gas tax, as defined in section 2-166, as security for the payment of the principal of and interest on any bonds issued under this subdivision or for reserves for such debt service.

(b)

If such seventh cent gas tax is pledged as provided in this section, such pledge shall be and constitute a valid and legally binding contract between the county and the holders of such bonds, as the case may be, and the county shall be obligated to continue to receive and apply the seventh cent gas tax in accordance with the proceedings which authorized the issuance of the bonds for which the seventh cent gas tax are so pledged as security as long as any of the bonds are outstanding and unpaid. The county shall likewise be obligated to collect and apply all revenues derived from the project in accordance with proceedings authorizing the issuance of the bonds.

(Code 1970, § 20-56; Ord. No. 75-23, § 6, 12-2-75)

Sec. 2-172. - Trust funds.

All moneys received pursuant to the authority of this subdivision, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this subdivision. The board of county commissioners shall, in the resolution authorizing the issuance of such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to any officer who or to any agency, bank or trust company which shall act as trustee of such funds and hold and apply the funds to the purposes of this subdivision subject to such regulations as this subdivision and such resolution may provide.

(Code 1970, § 20-57; Ord. No. 75-23, § 7, 12-2-75)

Sec. 2-173. - Remedies of bondholders.

Any holder of bonds issued under this subdivision or any of the coupons attached thereto, except to the extent of the rights given in this subdivision, may be restricted by resolution passed before the issuance of the bonds, may by suit, action, mandamus or other proceedings protect and enforce any and all rights under the laws of the state or granted under this subdivision or under such resolution and may enforce and compel the performance of all duties required by this subdivision or by such resolution to be performed by the county or the board of county commissioners or by any officer thereof.

(Code 1970, § 20-58; Ord. No. 75-23, § 8, 12-2-75)

Sec. 2-174. - Refunding bonds.

(a)

Under this subdivision, the county is authorized to provide by resolution for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding and which shall then have matured or are then redeemable or subject to redemption within ten years thereafter or can be acquired for retirement and issued under this subdivision or any other law for the purpose of paying all or a part of the cost of a project as defined in this subdivision. The county is further authorized to provide by resolution for the issuance of bonds for the combined purposes of:

(1)

Paying the cost of acquiring by purchase or of constructing an additional project; and

(2)

Refunding bonds of the county which shall have been issued for such project and shall then be outstanding and which shall then have matured or are then redeemable or subject to redemption within ten years thereafter or can be acquired for retirement.

(b)

The issuance of such refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the board of county commissioners and of the county in respect to such shall be governed by this subdivision insofar as such may be applicable.

(c)

If such outstanding bonds to be refunded are not immediately redeemable, the board of county commissioners shall have power to invest the proceeds of such refunding bonds in direct obligations of the United States or in time deposits of banks or trust companies represented by certificates of deposit secured by direct obligations of the United States until the first date upon which such outstanding bonds are redeemable prior to maturity, not in any event later than ten years from the date of issuance of such refunding bonds.

(Code 1970, § 20-59; Ord. No. 75-23, § 9, 12-2-75)

Sec. 2-175. - Additional security.

The county may additionally pledge, for the payment of the principal of and interest on any bonds issued under this subdivision, any funds of the county legally available for such purpose but derived from sources other than ad valorem taxation upon real property.

(Code 1970, § 20-60; Ord. No. 75-23, § 10, 12-2-75)

Secs. 2-176—2-185. - Reserved.