Sec. 202-311. - Authorization.

The board of county commissioners of Collier County, hereinafter referred to as the board, is authorized to construct or acquire certain improvement projects in the county.

(Laws of Fla. ch. 73-435, § 1)

Sec. 202-312. - Certificates of indebtedness.

To pay the cost of such projects the board is authorized to issue certificates of indebtedness, not to exceed in aggregate the principal sum of $5,000,000.00 from time to time, hereinafter referred to as certificates. Such certificates may be in coupon form and may be in such denomination and may bear interest at a rate not exceeding 7½ percent per annum and shall mature at a time not exceeding 30 years from their date of issue as may be determined by the board. The certificates may be made redeemable before maturity, at the option of the board, at such price and under such terms and conditions as may be fixed by the board prior to their issuance. The board shall determine the place of payment of the principal and interest which may be at any bank or trust company within or without the state. The certificates shall be signed either by manual or facsimile signatures of the chairman and clerk of the board, provided that such certificates shall bear at least one signature which is manually executed thereon, and the coupons attached to such certificates shall bear the facsimile signature of any officer designated by the board. The certificates shall have the seal of the board affixed, imprinted, reproduced, or lithographed thereon, all as may be prescribed in the resolution authorizing the issuance thereof. The certificates shall be sold at public or private sale and at such price as the board shall determine to be in its best interest, provided that the certificates shall not be sold at a price less than 95 percent of their par value.

(Laws of Fla. ch. 73-435, § 2)

State law reference— Maximum rate of interest on government bonds, F.S. §§ 215.84, 215.845.

Sec. 202-313. - Payment of principal, interest.

The principal of and interest on the certificates authorized in this act are payable solely from the portion of the racetrack funds and jai alai fronton funds accruing annually to the county, pursuant to F.S. chs. 550 and 551, as allocated to the board pursuant to law.

(Laws of Fla. ch. 73-435, § 3)

Sec. 202-314. - Negotiable instruments.

The certificates are negotiable instruments under the law merchant and the laws of the state.

(Laws of Fla. ch. 73-435, § 4)

Sec. 202-315. - Status of certificates.

The certificates are legal investments for any state, county, municipal, or other public funds or for any bank, savings bank, trustees, executors, guardians, or any trust or fiduciary funds whatsoever. The certificates are also legal securities which may be deposited by any bank or trust company for the security of state, county, municipal, or other public funds.

(Laws of Fla. ch. 73-435, § 5)

Sec. 202-316. - Necessity of elections.

No election in the county is required for the exercise of any of the provisions of this subdivision unless such election is required by the state constitution.

(Laws of Fla. ch. 73-435, § 6)

Sec. 202-317. - Elements of cost.

The cost of the projects is deemed to include also, but not be limited to, the cost of acquisition of sites; legal, engineering, fiscal, architectural fees, and fees of any other experts or consultants employed by the county; engineering or architectural studies, surveys, plans, and designs; the expense of the issuance, authorization, and sale of certificates including advertisement, notices, and other proceedings in connection therewith; and such other expenses necessary, incidental, or appurtenant to the purposes authorized hereunder.

(Laws of Fla. ch. 73-435, § 7)

Sec. 202-318. - Protection of rights of holders.

The legislature does hereby covenant with the holders of such certificates that it will not enact any law which will repeal, impair, or amend in any manner the rights of such holders or the security of the racetrack funds and jai alai fronton funds which may be pledged to the payment of the principal of and interest on the certificates issued pursuant to the provisions of this subdivision.

(Laws of Fla. ch. 73-435, § 8)

Sec. 202-319. - Provisions supplemental.

This subdivision shall not be deemed to repeal or supersede any other law or laws but shall be supplemental and additional authority to the board to carry out and perform the powers provided in this subdivision.

(Laws of Fla. ch. 73-435, §§ 1, 9)