§ 2-238. Special refunding bonds.

(a)

It is hereby ascertained, determined and declared that:

(1)

The county is authorized under various laws of the state, general and special, to issue bonds for various capital projects, and further has the authority to refund any or all of such bonds, to provide for the payment of such refunding bonds, to invest the proceeds of the refunding bonds pending their application for redemption or payment of the refunded bonds, and to apply the income from such investments for the payment of either the refunding bonds or the refunded bonds or for other lawful purposes.

(2)

In order to more fully secure the refunding bonds, and to effect the greatest savings and net interest cost in a refunding program, it is necessary and desirable and in the best interest of the county, from time to time, to provide for the refunding of an outstanding issue of bonds by the simultaneous issuance of two separate issues of refunding bonds, the proceeds of both issues to be deposited in irrevocable escrow and invested for the purposes of the refunding program, one of such bond issues to be payable solely from and secured by the moneys on hand, and income from investment thereof, in the escrow fund (such bond issue being referred to as "special refunding bonds" in this section).

(3)

It is the intent of the county to authorize hereby the issuance of such special refunding bonds and the pledge of the monies on hand and income from investment thereof, deposited in irrevocable escrow, for the payment of any such bonds in any refunding program of the type described in this section in which the county may otherwise lack the authority under general or special law to issue such special refunding bonds payable from such source.

(b)

Whenever the county shall otherwise lack the authority granted in this section, unless specifically prohibited by general or special law, the county shall have the authority, as an integral part of the refunding of any outstanding bonds of the county under general or special law, to:

(1)

Provide for such refunding by the simultaneous issuance of two separate issues of refunding bonds;

(2)

Deposit all or a portion of the proceeds of both issues of refunding bonds in irrevocable escrow and invest such proceed as authorized by law for the purposes of the refunding program; and

(3)

Provide in the county's resolution authorizing issuance of the refunding bonds that one of such issues of the special refunding bonds shall be payable solely from and secured by a lien on and pledge of the moneys on hand in the escrow fund and income from the investment thereof, after first providing for the redemption or payment at maturity of the refunded bonds.

Except as provided in this section, the special refunding bonds shall be authorized, validated, sold and delivered subject to the same provisions of law as apply to the authorization, validation, sale and delivery of the other issue of refunding bonds issued simultaneously with the special refunding bonds.

(c)

No referendum or election shall be required for the exercise of any of the provisions of this section unless such referendum or election is required by the Constitution of Florida.

(d)

The county does hereby covenant with the holders of any and all bonds issued under the authority of this section that it will not enact any ordinance which will repeal, impair or amend in any manner the rights of such holders or the security of the funds which may be pledged to the payment of the principal of and interest on the bonds issued pursuant to the provisions of this section.

(e)

This section shall not be deemed to repeal or supersede any other law, but shall be considered as supplemental and additional authority to the board of county commissioners to carry out and perform the powers provided in this section.

(Ord. No. 78-1, §§ 1—5, 3-23-78)