§ 1-419. Bonding provisions  


Latest version.
  • (1) For the purpose of providing funds to finance equipping, furnishing and constructing facilities, the Performing Arts Center Authority may issue revenue bonds.

    (2) Any bonds authorized by this act [article] may be issued and sold at one (1) time or from time to time, and shall bear such date or dates, be in such denomination or denominations, be payable at such place, bear interest at a rate allowed by general law, and mature at such stated time or times not exceeding forty (40) years from their date of issuance, with or without the right of prior redemption by the authority, all as may be determined by resolution or resolutions of the authority, which resolution or resolutions may prescribe the manner and terms of redemption of any bonds which the authority makes redeemable. The bonds shall be issued in registered form, as to both principal and interest, and shall be signed by the proper officials of the authority or such other designee authorized by the authority, in its behalf, and impressed with the corporate seal of the authority or a printed facsimile. The bonds may be sold at public or private sale or as determined by the authority at such price and terms as are deemed to be in the best interest of the authority.

    (3) The revenues pledged against such bonds by the authority may include the ticket surcharge, other projected revenues of the authority, the local option tourist development tax as authorized in § 125.0104, F.S. or any other source of revenue which the Board of Commissioners of Broward County or the Commission of the City of Fort Lauderdale deems appropriate. Revenue bonds sold under the provisions of this act [article] shall conform with the general provisions for revenue bonds as defined under Chapter 159, F.S.

    (4) The Board of County Commissioners of Broward County or the Commission of the City of Fort Lauderdale shall not have the power to pledge the full faith and credit and ad valorem taxing power of Broward County or the City of Fort Lauderdale for the payment of the principal or interest on such bonds.

    (5) Without limiting any other provisions of this act [article], the revenues available to the authority as set forth in this act [article], if not previously pledged to revenue bonds issued or to be used pursuant to this act [article] or otherwise committed, may be used to otherwise finance or pay for the construction of facilities or the administrative expenses of the authority or otherwise in carrying out the purposes and provisions of this act [article].

(Sp. Acts, Ch. 84-396, § 7; Sp. Acts, Ch. 85-389, § 1)