§ 2-161. Power to issue; limitation; ratification; advertisement; execution; refunding bonds excepted.

(a)

The City shall have the power to issue and sell general obligation bonds for municipal improvements of every nature and kind, and to carry out any of the authorized powers or purposes of the City, not to exceed in amount 12½ percent of the assessed value of all property subject to taxation within the corporate limits of the City; provided, however, no general obligation bonds shall be issued and sold until approved by vote of the electors of the City, such election to be held in the manner provided for the holding of special elections under this division.

(b)

Such bonds shall be negotiable bonds in such denominations as prescribed by resolution. After opportunity for competitive bidding, such bonds shall be sold at such a price and to bear interest at such a rate as to provide the lowest interest cost, such interest cost to be determined by computing the total interest charge over the life of the bonds, less the premium or plus the discount, at which the bonds are sold. This interest may be "true" or "net" or otherwise as recommended by the POD or financial advisor. The maximum interest charge to be accepted shall be established by the City Council prior to the offering for sale, based upon market conditions and other applicable factors at the time.

(c)

All bonds shall be signed by the Mayor and sealed with the seal of the City. Either of such signatures may be in facsimile, only one manual signature being required. Any of such bonds may, by resolution of the City Council, be registered as to number under such terms and conditions and at such place or places, within or without the City, as the City Council, in such resolution, determine.

(d)

The term "bonds," as used in this section and in this division, means only general obligation bonds, i.e., those debt instruments for which ad valorem tax revenues are pledged and shall not mean revenue bonds, as the terms general obligation bonds and revenue bonds have been construed by the State supreme court in the constitutional sense.

(e)

The foregoing subsections of this section shall not refer to refunding bonds which are issued exclusively for the purpose of refunding bonds or interest already existing against the City.

(Code 1992, § 2-151; Laws of Fla. (1931) ch. 15505, § 20(a); Laws of Fla. ch. 61-2773, § 6; Laws of Fla. ch. 69-1557, § 2; Ord. No. 510-F, § 1, 7-2-1981; Ord. No. 333-G, § 8, 6-4-1998)