The Florida Senate

131.03  Refunding bonds; form; registrar; maturity; interest; execution; sale.--Said refunding bonds may be in coupon or registered form, or may be coupon bonds with privilege of registration as to principal only or as to both principal and interest, under such terms and conditions as the governing authority may prescribe. The governing authority may designate a bank or trust company within the state to act as registrar for said bonds. All bonds issued hereunder shall mature in annual installments of not less than 3 percent of the total amount thereof, beginning not more than 3 years after date and running not longer than 25 years after date. They shall bear interest at a rate not exceeding 7.5 percent per annum, payable annually or semiannually, and shall be executed in such a manner as the governing authority shall determine. Said bonds may be sold at public or private sale, and said bonds shall not be sold for less than 95 percent of their par value and accrued interest to date of delivery.

History.--s. 3, ch. 11855, 1927; CGL 2380; s. 1, ch. 73-302.