(A) In general. 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 city is authorized to issue, or cause to be issued on behalf of the city, as the case may be, bonds, notes, certificates, 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 (2) years after the last special assessment installment payment date for obligations secured solely by special assessments); all as shall be determined by the Council 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 city or the holders thereof, at such price or prices and under such terms and conditions as shall be fixed by the Council prior to their issuance. The Council 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 City 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 Mayor, and attested by the manual or facsimile signature of the City Clerk, and may further be authenticated on behalf of the city by the City 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 city 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 Council shall determine.
(B) Special assessment bonds.
(1) Project Sinking Fund. Before or after the adoption of the resolutions described in Subsection (C), Paragraphs (5) and (6) above, the city may authorize the issuance of obligations in an aggregate principal amount not in excess of the aggregate amount of the assessments to be levied against the property specially benefitted by the projects. A special fund, known as "Special Assessment Bonds, Series , Sinking Fund," shall be used for the payment of the principal, redemption and/or mandatory purchase premium and interest on such obligations. All the proceeds collected by the city with respect to the assessment liens for the project shall be deposited and held in such Fund. Any surplus remaining after payment of all such obligations may be used (a) to reimburse the city for any moneys expended or advanced to pay the cost of the project for which the assessments were levied or to make payments of debt service on the obligations, (b) to rebate to the owners of properties assessed a pro rata portion of the amounts originally assessed, (c) to pay the cost of other improvements benefitting the properties assessed, (d) to pay for other capital improvements in the city, or (e) for other lawful municipal purposes.
(2) Financing of multiple projects. The city is hereby authorized to finance multiple projects with a single issuance of obligations, and to issue obligations prior to the equalization, approval and confirmation of the assessment roll for a project. The city shall not be required to let contracts for any projects before adoption of any resolution authorizing the issuance of obligations. It shall not be necessary for specially benefitted property to connect to any utility projects before assessments may be collected therefore, as long as connections are or will, within a reasonable time after completion of the project, be available from the city. The City Clerk shall not be required to certify in regard to any obligations that the amount of assessment liens levied as security for any obligations are equal to the amount of the obligations.
(Ord. 2002-68, passed 11-7-02)