The Florida Senate

348.944  Bonds.--

(1)  Bonds may be issued on behalf of the authority as provided by the State Bond Act.

(2)  As an alternative to subsection (1), the authority may issue its own bonds pursuant to subsection (3) in such principal amounts as, in the opinion of the authority, are necessary to provide sufficient moneys for achieving its corporate purposes, so long as such bonds do not pledge the full faith and credit of the state, St. Lucie County, or any municipality in St. Lucie County.

(3)  The bonds of the authority issued pursuant to this subsection, whether on original issuance or on refunding, shall be authorized by resolution of the members thereof and may be either term or serial bonds, shall bear such date or dates, mature at such time or times, not exceeding 40 years from their respective dates, bear interest at such rate or rates (not exceeding the maximum lawful rate), fixed or variable, be in such denominations, be in such form, carry such registration, exchangeability, and interchangeability privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption, with or without premium, and have such rank and be entitled to such priorities on the revenues, tolls, fees, rentals, or other charges, receipts, or moneys of the authority, including any moneys received pursuant to the terms of any lease-purchase agreement between the authority and the department, as such resolution or any resolution subsequent thereto may provide. The bonds shall be executed either by manual or facsimile signature by such officers as the authority shall determine. The term "bonds" shall include all forms of indebtedness, including notes. The proceeds of any bonds shall be used for such purposes and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide pursuant to resolution. The bonds may also be issued pursuant to an indenture of trust or other agreement with such trustee or fiscal agent as may be selected by the authority. The resolution, indenture of trust, or other agreement may contain such provisions securing the bonds as the authority deems appropriate. The principal of and the interest on the bonds shall be payable from such revenues, tolls, fees, rentals, or other charges, receipts, or moneys as determined by the authority pursuant to resolution. The authority may grant a lien upon and pledge such revenues, tolls, fees, rentals, or other charges, receipts, or moneys in favor of the holders of each series of bonds in the manner and to the extent provided by the authority by resolution. Such revenues, tolls, fees, rentals, or other charges, receipts, or moneys shall immediately be subject to such lien without any physical delivery thereof, and such lien shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority.

(4)  Bonds issued by or on behalf of the authority shall be sold at public sale in the manner provided by the State Bond Act. However, if the authority shall determine by resolution that a negotiated sale of the bonds is in the best interest of the authority, the authority may negotiate for sale of the bonds with the underwriter or underwriters designated by the division in the case of bonds issued pursuant to subsection (1) or the authority in the case of bonds issued pursuant to subsection (3). The authority shall provide a specific finding by resolution as to the reason requiring the negotiated sale. Pending the preparation of definitive bonds, interim certificates may be issued to the purchaser or purchasers of such bonds and may contain such terms and conditions as the authority may determine.

History.--s. 1, ch. 83-128; s. 52, ch. 99-385.