348.22 Bonds of the authority.
348.22 Bonds of the authority.
(1) The bonds of the authority issued pursuant to the provisions of this part, whether on original issuance or on refunding, shall be authorized by resolution of the members thereof; may be either term or serial bonds; and shall bear such date or dates, mature at such time or times (not to exceed 40 years from their respective dates), bear interest at such rate or rates (not exceeding 8 percent per year, payable semiannually), be in such denominations, be in such form (either coupon or fully registered), carry such registration or exchangeability 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 on the revenues, rates, fees, rentals, or other charges or receipts of the authority, including the constitutional gas tax or the county gas tax, or both, subject to the prior approval of the Board of County Commissioners of Brevard County, as provided herein. The bonds shall be executed either by manual or facsimile signature by such officers as the authority shall determine, provided such bonds bear at least one signature which is manually executed thereon, and the coupons attached to such bonds shall bear the facsimile signature or signatures of such officer or officers as are designated by the authority and shall have the seal of the authority affixed, imprinted, reproduced, or lithographed thereon, all as may be prescribed in such resolution or resolutions.
(2) Such bonds shall be sold at public or private sale at such price or prices as the authority determines to be in its best interest, except that the interest cost to the authority on such bonds may not exceed 8 percent per year. Pending the preparation of definitive bonds, interim certificates may be issued to the purchaser or purchasers of such bonds and may contain such terms and conditions as the authority may determine.
(3) Any such resolution or resolutions authorizing any bonds hereunder may contain provisions, which shall be part of the contract with the holders of such bonds, as to:
(a) The pledging of all or any part of the revenues, rates, fees, rentals, including all or any portion of the constitutional gas tax or the county gas tax, or both, subject to the prior approval of the Board of County Commissioners of Brevard County, as provided herein, or other charges or receipts of the authority derived from the system.
(b) The completion, improvement, operation, extension, maintenance, repair, lease, or lease-purchase agreement of such system and the duties of the authority and others, including the Department of Transportation, with reference thereto.
(c) Limitations on the purposes to which the proceeds of the bonds, then or thereafter to be issued, or of any loan or grant by the United States or the state may be applied.
(d) The fixing, charging, establishing, and collecting of rates, fees, rentals, or other charges for use of the services and facilities of the Brevard County Expressway System or any part thereof.
(e) The setting aside of reserves or sinking funds or repair and replacement funds and the regulation and disposition thereof.
(f) Limitations on the issuance of additional bonds.
(g) The terms and provisions of any lease-purchase agreement, deed of trust, or indenture securing the bonds, or under which the same may be issued.
(h) Any other or additional agreements with the holders of the bonds which the authority may deem desirable and proper.
(4) The authority may employ fiscal agents as provided by this part, or the State Board of Administration may, upon request of the authority, act as fiscal agent for the authority in the issuance of any bonds which may be issued pursuant to this part; and the State Board of Administration may, upon request of the authority, take over the management, control, administration, custody, and payment of any or all debt services of funds or assets now or hereafter available for any bonds issued pursuant to this part. The authority may enter into deeds of trust, indentures, or other agreements within or without the state as security for such bonds and may, under such agreements, sign and pledge all or any of the revenues, rates, fees, rentals, or other charges or receipts of the authority, including the constitutional gas tax or the county gas tax, or both, subject to the prior approval of the Board of County Commissioners of Brevard County, as provided herein. Any such deed of trust, indenture, or other agreement may contain such provisions as are customary in such instruments or as the authority may authorize, including, but without limitation, provisions as to:
(a) The completion, improvement, operation, extension, maintenance, repair, and lease of, or lease-purchase agreement relating to, the Brevard County Expressway System and the duties of the authority and others, including the Department of Transportation, with reference thereto.
(b) The application of funds and the safeguarding of funds on hand or on deposit.
(c) The rights and remedies of the trustee and the holders of the bonds.
(d) The terms and provisions of the bonds or the resolutions authorizing the issuance of same.
(5) Any of the bonds issued pursuant to this part are, and are hereby declared to be, negotiable instruments and shall have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code of the state.
History. s. 5, ch. 72-408; s. 47, ch. 83-3.