Sec. 2-631. - Definitions.

The following words, terms and phrases, when used in this division, 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 the provisions of this division 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, if any, the seventh cent gas tax allocated to the county and the ninth cent gas tax imposed by the county and any other special funds authorized to be pledged as additional security therefor under this division.

Cost of a project means the cost of acquiring or constructing such 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; bond discount, if any; engineering and legal expenses, cost of plans, specifications, surveys, estimates of construction costs and of revenues, 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 herein authorized and to such acquisition or construction and the placing of the project in operation.

Gas taxes means, collectively, the seventh cent gas tax and the ninth cent gas tax.

Ninth cent gas tax means the tax of $0.01 per gallon on motor fuel and special fuel imposed by the county pursuant to F.S. § 336.021, approved at a county-wide referendum on March 11, 1980, and taxed and collected under F.S. ch. 206, as provided in section 126-26.

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 shall include the acquisition or construction of transportation facilities, the construction, reconstruction and maintenance of roads and 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 tax of $0.01 per gallon on motor fuel levied by F.S. § 206.60, and special fuel levied by F.S. § 206.87, and allocated to the county pursuant to the provisions of F.S. §§ 206.60(2)(b) and 206.875(2).

(Ord. No. 80-51, § 1)

Cross reference— Definitions generally, § 1-2.

Sec. 2-632. - General powers.

The county is hereby authorized and empowered to:

(1)

Acquire by purchase or to construct, or partly acquire and partly construct, and to improve, repair, reconstruct, own, operate and maintain any project; provided, however, that 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, if any, and the gas taxes, or either or any portion thereof; any other special funds pledged therefor as provided herein, 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 or the exercise of the right of eminent domain, such lands and rights and interest therein, including lands under water and riparian rights, and to acquire such personal property, as it may deem necessary in connection with the construction, reconstruction, improvement, 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 division, and to 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, be deemed necessary, to fix their compensation.

(6)

Receive and accept from any federal or state agency grants for or in aid of the planning, construction, reconstruction or financing of any project, and to 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.

(Ord. No. 80-51, § 2)

Sec. 2-633. - Neither credit nor taxing power pledged.

(a)

Bonds issued under the provisions of this division 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, if any, and the gas taxes, or either or any portion thereof, and any other special funds pledged for the payment of such bonds as provided herein. All such bonds shall contain a statement on their face to the effect that the county is not obligated to pay the same or the interest thereon except from the funds provided for in this division, 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 the provisions of this division 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 or to enforce payment of 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.

(Ord. No. 80-51, § 3)

Sec. 2-634. - Purchase of projects.

The board is hereby authorized to acquire by purchase, whenever it shall deem such purchase expedient, any project, 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 and the owner thereof, title to be taken in the name of the county. The board may issue bonds, as hereinafter provided, to pay the cost of the acquisition of such project.

(Ord. No. 80-51, § 4)

Sec. 2-635. - Bonds.

(a)

The board shall have the power and it is hereby 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. The principal and interest of such bonds may be payable solely from the proceeds of the project revenues, if any, the gas taxes or either or a portion of such gas taxes and any other special funds authorized to be pledged as additional security therefor under this division for such payment, or a combination of any or all of such sources, in the board's discretion. The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding 30 years from June 1, 1980, as may be determined by the board, and may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions as may be fixed by the board prior to the issuance of the bonds. The board 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 or denominations of the bonds and the place or places of payments of the 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. All bonds issued under the provisions of this division shall have and are hereby 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 may sell such bonds in such manner and for such price as it may determine to be for the best interest of the county. Prior to the preparation of definitive bonds, the board 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 may also provide for the replacement of any bonds which shall become mutilated, or be destroyed or lost. Such bonds may be issued without any other proceedings, or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this division.

(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 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)

In the event that the county heretofore 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 herein, and in the further event that 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 the provisions of this division for the combined purposes of:

(1)

Refunding such bonds then outstanding; and

(2)

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

(d)

The resolution providing for the issuance of the bonds may also contain such limitations upon the issuance of additional bonds as the board 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 the provisions of this division 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.

(Ord. No. 80-51, § 5)

Sec. 2-636. - Pledge of gas taxes.

(a)

The county may pledge the proceeds of the seventh cent gas tax and/or the ninth cent gas tax, as defined herein, or portions thereof, as security for the payment of the principal of and interest on any bonds issued hereunder, or for reserves for such debt service.

(b)

In the event of the pledge of such seventh cent gas tax and/or ninth cent gas tax, as provided herein, 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 said gas taxes, or either or a portion thereof, in accordance with the proceedings which authorized the issuance of the bonds for which said gas taxes are so pledged as security as long as any of said bonds are outstanding and unpaid. The county shall likewise be obligated to collect and apply all revenues, if any, derived from said project in accordance with proceedings authorizing the issuance of said bonds.

(Ord. No. 80-51, § 6)

Sec. 2-637. - Trust funds.

All moneys received pursuant to the authority of this division, whether as proceeds from the sale of bonds or as revenues, shall be held by the county or its agent in trust for the benefit of the holders from time to time of any bonds issued pursuant to this division.

(Ord. No. 80-51, § 7)

Sec. 2-638. - Remedies of bondholders.

Any holder of bonds issued under the provisions of this division or any of the coupons attached thereto, except to the extent the rights herein given 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 hereunder or under such resolution and may enforce and compel the performance of all duties required by this division, or by such resolution, to be performed by the county or the board, or by any officer thereof.

(Ord. No. 80-51, § 8)

Sec. 2-639. - Additional security.

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

(Ord. No. 80-51, § 9)

Secs. 2-640—2-650. - Reserved.