(1) The district board is hereby authorized to provide by resolution from time to time for the issuance of general obligation bonds pledging the full faith and credit of the district for the payment thereof, for the purpose of paying all or part of the cost of the acquisition or construction or improvement of a water system or a sewer system or both, provided however, that the issuance of such bonds, or of any revenue bonds, assessment bonds or other obligations for which the full faith and credit of the district shall have been pledged as additional security shall have been approved at an election of the qualified electors who are freeholders residing in said district, such election to be called, noticed and conducted in the manner provided in the constitution and statutes of Florida for freeholder elections.
(2) For the payment of the principal of and the interest on any general obligation bonds of the district issued under the provisions of this law, the district board is hereby authorized and required and in such resolution authorizing the issuance of general obligation bonds shall authorize and require the levy annually of a special tax upon all taxable property within the district over and above all other taxes authorized or permitted by law sufficient to pay such principal and interest as the same shall become due and payable, and the proceeds of all such taxes, when collected, shall be paid into a special fund and used for no other purpose than the payment of such principal and interest, or reserves therefor; provided however, that there may be pledged as additional security for the payment of such principal and interest the proceeds of such rates, fees and charges made for the services and facilities of any such water system or sewer system or both, or the proceeds of special assessments levied to finance the cost of assessable improvements, or both, and in the event of such pledge or pledges the amount of the annual tax herein required may be reduced in any year subject to and in accordance with the proceedings authorizing the issuance of such general obligation bonds.
(3) In the event the full faith and credit of the district is pledged as additional security for the payment of any revenue bonds or assessment bonds issued hereunder, the district board shall in the manner set out above for general obligation bonds provide for and authorize the levy of a special tax annually on all taxable property in the district sufficient in amount to comply with the proceedings authorizing such revenue bonds or assessment bonds for which the full faith and credit of the district is pledged as additional security.
History.—s. 19, ch. 59-466.
Structure Florida Statutes
Title XI - County Organization and Intergovernmental Relations
Chapter 153 - Water and Sewer Systems
Part II - County Water and Sewer Districts (Ss. 153.50-153.88)
153.53 - Establishment of districts in unincorporated areas.
153.54 - Preliminary report by county commissioners with respect to creation of proposed district.
153.56 - Call election to determine creation of district, issuance of bonds.
153.57 - Ballots and election officials.
153.58 - Election results; resolution of commission; publication of notice of estoppel.
153.59 - Court proceedings; jurisdiction, priority.
153.60 - County commissioners ex officio governing board.
153.62 - District board; powers.
153.64 - Schedule of rates and fees.
153.65 - Trust funds; trustees.
153.66 - Covenants of district board with bondholders.
153.67 - Unpaid fees to constitute lien.
153.68 - General obligation bonds, election; issuance, tax levy.
153.69 - County property appraiser ex officio tax assessor for district.
153.70 - Provisions of s. 153.63 applicable to general obligation bonds.
153.71 - Publication of notice of issuance of bonds.
153.72 - Bonds; qualities of negotiable instruments; rights of holders.
153.73 - Assessable improvements; levy and payment of special assessments.
153.74 - Issuance of certificates of indebtedness based on assessments for assessable improvements.
153.75 - Annual reports of district board.
153.76 - Exemption from taxation.
153.77 - District bonds as securities for public bodies.
153.78 - Bonds as payment for services.
153.79 - Contracts for construction of improvements, sealed bids.
153.80 - Consolidation of systems.
153.81 - Ad valorem maintenance tax.
153.82 - Handling of taxes and special assessments, district treasurer.
153.83 - Free water and sewer services prohibited.
153.84 - Contracts enforceable by bondholders.
153.85 - Conveyance of property without consideration.
153.86 - District approval of construction of water and sewage facilities.
153.87 - Mortgage or sale by board of district property prohibited; rights of bondholders protected.