§ 2-150. Obligations.

To pay the cost of the projects and other costs necessary or incidental thereto, including but not limited to the costs of issuance of such obligations, the county is authorized to issue, or cause to be issued on behalf of the county, as the case may be, bonds, notes, certificates, lease-purchase obligations (including certificates of participation) and other forms of indebtedness (collectively, the "obligations") from time to time. Such obligations may be issued in bearer form or fully registered form; may be delivered by means of physical certificates or a book-entry system, or any combination thereof; may be in such denomination or denominations; may bear interest at such rate or rates not exceeding the maximum rate allowed by law, payable on a current basis or at maturity; and may mature at such time or times (not exceeding two years after the last special assessment installment payment date, for obligations secured solely by special assessments); all as shall be determined by the board at or prior to the time of sale of the obligations. The obligations may be made redeemable or subject to mandatory tender for purchase before maturity, at the option of the county or the holders thereof, at such price or prices and under such terms and conditions as shall be fixed by the board prior to their issuance. The board shall determine the place or places of payment of the principal, redemption premium, if any, and interest on the obligations, which may be at the office of the clerk of the circuit court for the county, ex official clerk of the board (the "county clerk"), or any bank or trust company within or without the State of Florida. The obligations shall be signed by the manual or facsimile signature of the chairman of the board, and attested by the manual or facsimile signature of the county clerk, and may further be authenticated on behalf of the county by the county clerk or a bank or trust company which may be acting as registrar of the obligations, whichever is applicable; provided, that such obligations shall bear at least one signature which is manually executed thereon; and shall have the seal of the board affixed, imprinted, reproduced or lithographed thereon; all as shall be prescribed in the resolution or resolutions authorizing the issuance of the obligations. The obligations may be delivered to any contractor for payment of his work in constructing projects, or may be sold at public or private sale at such price or prices as the board shall determine. In connection with or as a result of the issuance of the obligations or any other outstanding indebtedness of the county, the county may issue or cause to be issued and/or delivered, derivative products including, but not limited to, detachable call options and interest rate swaps.

(Ord. No. 93-21, § 5, 11-16-93)

State law reference

Maximum interest rate, F.S. § 215.84.