Okaloosa County BOCC — April 27, 2013 — Pages from SB1132 — reading text

governing board of the municipality or county, at _the date of its resolution pledging said funds, to be sufficient to cover the principal and interest of such obligations during the period when the pledge of funds is in effect. 1. An authority shall reimburse a municipality or county for sums expended from municipal or county funds used for the payment of the bond obligations. 2. If an authority determines to fund or refund any bonds issued by the authority before the maturity of the bonds, the proceeds of the funding or refunding bonds shall, pending the prior redemption of the bonds to be funded or refunded, be invested in direct obligations of the United States, and_the outstanding bonds may be funded or refunded by the issuance of bonds pursuant to this chapter. (h) To make contracts of every name and nature, including, but not limited to, partnerships providing for participation in ownership and revenues, and to execute each instrument necessary or convenient for the conduct of its business. (i) Without limitation of the foregoing, to cooperate with, to borrow money and accept grants from, and to enter into contracts or other transactions with any federal agency, the Page 69 of 87 CODING: Words steieken are deletions; words underlined are additions. 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Florida Senate - 2013 SB 1132 22-00495B-13 20131132 state, or any agency or any other public body of the state. (j) To employ an executive director, attorney, staff, and consultants. Upon the request of an authority, the department shall furnish the services of a department employee to act as the executive director of the authority. (k) To enter into joint development agreements. (1) To accept funds or other property from private donations. (m) To do all acts and things necessary or convenient for the conduct of its business and the general welfare of the authority, in order to carry out the powers granted to it by this act or any other law. (3) An authority does not have the power at_any time or in any manner to pledge the credit or taxing power of the state or any political subdivision or agency thereof. Obligations of the authority may not be deemed to be obligations of the state or of any other political subdivision or agency thereof. The state or any political subdivision or agency thereof, except the authority, is not liable for the payment of the principal of or interest on such obligations. (4) An authority has no power, other than by consent of the affected county or an affected municipality, to enter into an agreement that would legally prohibit the construction of a road by the county or the municipality. (5) An authority formed pursuant to this chapter shall comply with the statutory requirements of general application which relate to the filing of a report or documentation required by law, including the requirements of ss, 189.4085, 189.415, 189.417, and 189.418. Page 70 of 87 CODING: Words st*t+ekern are deletions; words underlined are additions. 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 Florida Senate - 2013 SB 1132 22-00495B-13 20131132 345.0005 Bonds.— (1) (a) Bonds may be issued on behalf of an authority pursuant to the State Bond Act. (b) An authority may also issue bonds in such principal amount as is necessary, in the opinion of the authority, to provide sufficient moneys for achieving its corporate purposes, including construction, reconstruction, improvement, extension, repair, maintenance and operation of the system, the cost of acquisition of all real property, interest on bonds during construction and for a reasonable period thereafter, establishment of reserves to secure bonds, and other expenditures of the authority incident, and necessary or convenient, to carry out its corporate purposes and powers. (2) (a) Bonds issued by an authority pursuant to paragraph (1) (a) or paragraph (1) (b) must be authorized by resolution of the members of the authority and must bear such date or dates; mature at such time or times, not exceeding 30 years after their respective dates; bear interest at_such rate or rates, not exceeding the maximum rate fixed by general law for authorities; be in such denominations; be in such form, either coupon or fully registered; 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; and be entitled to such priorities of lien on the revenues and other available moneys as such resolution or any resolution subsequent to the bonds’ issuance may provide. The bonds must be executed by manual or facsimile signature by such officers as the authority shall determine, provided that such bonds bear at least one signature that is manually executed on Page 71 of 87 CODING: Words s¢eieken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2060| the bond. The coupons attached to the bonds must bear the 2061| facsimile signature or signatures of the officer or officers as 2062| shall be designated by the authority. The bonds must have the 2063] seal of the authority affixed, imprinted, reproduced, or 2064| Jlithographed thereon. 2065 (b) Bonds issued pursuant to paragraph (1) (a) or paragraph 2066 (1) (6) must be sold at public sale in the same_manner provided 2067| in the State Bond Act. Pending the preparation of definitive 2068| bonds, temporary bonds or interim certificates may be issued to 2069| the purchaser or purchasers of such bonds and may contain such 2070| terms and conditions as the authority may determine. 2071 (3) A resolution that authorizes any bonds may contain 2072| provisions that must be part of the contract with the holders of 2073 the bonds, as to: 2074 (a) The pledging of all or any part of the revenues, 2075| available municipal or county funds, or other charges or 2076| receipts of the authority derived from the regional system. 2077 (b) The construction, reconstruction, improvement, 2078] extension, repair, maintenance, and_operation of the system, or 2079} any part or parts of the system, and the duties and obligations 2080} of the authority with reference thereto. 2081 (c) Limitations on the purposes to which the proceeds of 2082 the bonds, then or thereafter issued, or of any loan or grant by 2083| any federal agency or the state or any political subdivision of 2084| the state may be applied. 2085 (d) The fixing, charging, establishing, revising, 2086 increasing, reducing, and collecting of tolls, rates, fees, 2087 rentals, or other charges for use of the services and facilities 2088] of the system or any part of the system. Page 72 of 87 CODING: Words st¥vieken are deletions; words underlined are additions. 2089 2090 2091 2092 2093 2094 2095 2096 2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107 2108 2109 2110 2111 2112 2113 2114 2115 2116 2117 Florida Senate - 2013 SB 1132 22-00495B-13 20131132 (e) The setting aside of reserves or of sinking funds and the regulation and disposition of the reserves or sinking funds. (£) Limitations on the issuance of additional bonds. (g) The terms and provisions of any deed of trust or indenture securing the bonds, or under which the bonds may be issued. (h) Any other or additional matters, of like or different character, which in any way affect the security or protection of the bonds. (4) The authority may enter into any deeds of trust, indentures, or other agreements with any bank or trust company within or without the state, as security for such bonds, and may, under such agreements, assign and pledge any of the revenues and other available moneys, including any available municipal or county funds, pursuant to the terms of this chapter. The deed of trust, indenture, or other agreement may contain provisions that are customary in such instruments or that the authority may authorize, including, but without limitation, provisions that: (a) Pledge any part of the revenues or other moneys lawfully available therefor. (b) Apply funds and safeguard funds _on hand or on deposit. (c) Provide for the rights and remedies of the trustee and the holders of the bonds. (d) Provide for the terms and provisions of the bonds or for resolutions authorizing the issuance of the bonds. (e) Provide for any other or additional matters, of like or different character, which affect the security or protection of the bonds. Page 73 of 87 CODING: Words steieken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2118 (5) Any bonds issued pursuant to this act are negotiable 2119] instruments and have all the qualities and_incidents of 2120| negotiable instruments under the law merchant and the negotiable 2121 instruments law of the state. 2122 (6) A resolution that authorizes the issuance of authority 2123| bonds and pledges the revenues of the system must require that 2124] revenues of the system be periodically deposited into 2125| appropriate accounts in such_sums as are sufficient to pay the 2126| costs of operation and maintenance of the system for the current 2127| fiscal year as set forth in the annual budget of the authority 2128] and to reimburse the department for any unreimbursed costs of 2129! operation and maintenance of the system from prior fiscal years 2130| before revenues of the system are deposited into accounts for 2131| the payment of interest or principal owing or that may become 2132] owing on such bonds. 2133 (7) State funds may not be used or pledged to pay the 2134| principal or interest of any authority bonds, and_all such bonds 2135! must contain a statement on their face to this effect. 2136 345.0006 Remedies of bondholders.— 2137 (1) The rights and the remedies granted to authority 2138] bondholders under this chapter are in addition to_and not in 2139| limitation of any rights and remedies lawfully granted to such 2140| bondholders by the resolution or indenture providing for the 2141] issuance of bonds, or by any deed of trust, indenture, or other 2142| agreement under which the bonds may be issued or secured. If an 2143] authority defaults in the payment of the principal of or 2144] interest on any of the bonds issued pursuant to this chapter 2145| after such principal of or interest on the bonds becomes due, 2146| whether at maturity or upon call for redemption, as provided in Page 74 of 87 CODING: Words st*ieken are deletions; words underlined are additions. Florida Senate - 2013 SB 1132 22-00495B-13 20131132 2147 the resolution or indenture, and such default continues for 30 2148| days, or in the event that the authority fails or refuses to 2149] comply with the provisions of this chapter or any agreement made 2150 with, or for the benefit of, the holders of the bonds, the 2151| holders of 25 percent in aggregate principal amount of the bonds 2152] then outstanding shall be entitled as of right to the 2153} appointment of a trustee to represent such bondholders for the 2154| purposes of the default provided that the holders of 25 percent 2155| in aggregate principal amount of the bonds then outstanding 2156 first gave written notice of their intention to appoint a 2157] trustee, to the authority and to the department. 2158 (2) The trustee, and any trustee under any deed of trust, 2159 indenture, or other agreement, may, and upon written request of 2160 the holders of 25 percent, or such other percentages specified 2161 in any deed of trust, indenture, or other agreement, in 2162| principal amount of the bonds then outstanding, shall, in any 2163 court of competent