| 1 | A bill to be entitled |
| 2 | An act relating to Lake County; amending chapter 78-547, |
| 3 | Laws of Florida; increasing the amount of certificates of |
| 4 | indebtedness the School Board of Lake County is authorized |
| 5 | to issue; authorizing such certificates to be in |
| 6 | registered form and to be sold at private sale; removing a |
| 7 | sale price limitation; providing an effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Section 2 of chapter 78-547, Laws of Florida, |
| 12 | is amended to read: |
| 13 | Section 2. To pay the cost of such projects, as described |
| 14 | in Section 1 hereof, the Board is authorized to issue, from time |
| 15 | to time, in addition to obligations of the Board outstanding |
| 16 | under or authorized by any other law, certificates of |
| 17 | indebtedness in the aggregate principal sum of $1,500,000 |
| 18 | (hereinafter referred to as called "certificates") in an |
| 19 | aggregate principal amount not to exceed $3,500,000. The |
| 20 | certificates may be in coupon or registered form, in such |
| 21 | denomination or denominations, bear interest at such rate or |
| 22 | rates not exceeding the legal rate per annum and mature at such |
| 23 | time or times not exceeding 40 years from their date or dates as |
| 24 | may be determined by the Board. The certificates may be made |
| 25 | redeemable before maturity, at the option of the Board, at such |
| 26 | price or prices and under such terms and conditions as may be |
| 27 | fixed by the Board prior to their issuance. The Board shall |
| 28 | determine the place or places of payment of the principal of any |
| 29 | interest on the certificates, which may be at any bank or trust |
| 30 | company within or without the state. The certificates shall be |
| 31 | signed by the manual or facsimile signatures of the chairman and |
| 32 | the secretary of the Board, provided that the certificates shall |
| 33 | bear the signature of one of such officers which shall be |
| 34 | manually executed thereon. Any The coupons attached to the |
| 35 | certificates shall bear the facsimile signature or signatures of |
| 36 | such officer or officers as shall be designated by the Board. |
| 37 | The certificates shall have the seal of the Board affixed, |
| 38 | imprinted, reproduced or lithographed thereon, and the coupons |
| 39 | may have printed thereon "(Seal)," all as may be prescribed in |
| 40 | the resolution or resolutions authorizing the issuance thereof. |
| 41 | The certificates may be sold at public or private sale at such |
| 42 | price or prices, but not less than ninety-five (95%) percent of |
| 43 | the principal amount thereof, as the Board shall determine to be |
| 44 | in its best interest. |
| 45 | Section 2. This act shall take effect upon becoming a law. |