| 1 | A bill to be entitled |
| 2 | An act relating to water management districts; amending s. |
| 3 | 373.584, F.S.; prohibiting water management districts from |
| 4 | issuing certificates of participation unless approved by |
| 5 | the electors of the district in a referendum; providing an |
| 6 | effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Section 373.584, Florida Statutes, is amended |
| 11 | to read: |
| 12 | 373.584 Revenue bonds.-- |
| 13 | (1) In addition to issuing general obligation bonds as |
| 14 | provided in s. 373.563, districts may also, from time to time, |
| 15 | issue revenue bonds to finance the undertaking of any capital or |
| 16 | other project for the purposes permitted by the State |
| 17 | Constitution, to pay the costs and expenses incurred in carrying |
| 18 | out the purposes of this chapter, or to refund revenue bonds of |
| 19 | the district issued pursuant to this section. In anticipation of |
| 20 | the sale of such revenue bonds, the district may issue |
| 21 | negotiable bond anticipation notes and may renew the same from |
| 22 | time to time; but the maximum maturity of any such note, |
| 23 | including renewals thereof, shall not exceed 5 years from the |
| 24 | date of issue of the original note. Such notes shall be paid |
| 25 | from the revenues hereinafter provided or from the proceeds of |
| 26 | sale of the revenue bonds of such district in anticipation of |
| 27 | which they were issued. The notes shall be issued in the same |
| 28 | manner as the revenue bonds. |
| 29 | (2) Revenues derived by the district from the Water |
| 30 | Management Lands Trust Fund as provided in s. 373.59 or any |
| 31 | other revenues of the district may be pledged to the payment of |
| 32 | such revenue bonds; however, the ad valorem taxing powers of the |
| 33 | district may not be pledged to the payment of such revenue bonds |
| 34 | without prior compliance with the requirements of the State |
| 35 | Constitution as to the affirmative vote of the electors of the |
| 36 | district and with the requirements of s. 373.563, and bonds |
| 37 | payable from the Water Management Lands Trust Fund shall be |
| 38 | issued solely for the purposes set forth in s. 373.59. Revenue |
| 39 | bonds and notes shall be, and shall be deemed to be, for all |
| 40 | purposes, negotiable instruments, subject only to the provisions |
| 41 | of the revenue bonds and notes for registration. The powers and |
| 42 | authority of districts to issue revenue bonds, including, but |
| 43 | not limited to, bonds to finance a stormwater management system |
| 44 | as defined by s. 373.403, and to enter into contracts incidental |
| 45 | thereto, and to do all things necessary and desirable in |
| 46 | connection with the issuance of revenue bonds, shall be |
| 47 | coextensive with the powers and authority of municipalities to |
| 48 | issue bonds under state law. The provisions of this section |
| 49 | constitute full and complete authority for the issuance of |
| 50 | revenue bonds and shall be liberally construed to effectuate its |
| 51 | purpose. |
| 52 | (3) The revenue bonds may be issued as serial bonds or as |
| 53 | term bonds; or the district, in its discretion, may issue bonds |
| 54 | of both types. The revenue bonds shall be authorized by |
| 55 | resolution of the governing board and shall bear such date or |
| 56 | dates; mature at such time or times, not exceeding 40 years from |
| 57 | their respective dates; bear interest at such rate or rates; be |
| 58 | payable at such time or times; be in such denominations; be in |
| 59 | such form; carry such registration privileges; be executed in |
| 60 | such manner; be payable in lawful money of the United States at |
| 61 | such place or places; and be subject to such terms of |
| 62 | redemption, including redemption prior to maturity, as such |
| 63 | resolution or resolutions may provide. If any officer whose |
| 64 | signature, or a facsimile of whose signature, appears on any |
| 65 | bonds or coupons ceases to be such officer before the delivery |
| 66 | of such bonds, such signature or facsimile shall nevertheless be |
| 67 | valid and sufficient for all purposes as if he or she had |
| 68 | remained in office until the delivery. The revenue bonds or |
| 69 | notes may be sold at public or private sale for such price or |
| 70 | prices as the governing board shall determine. Pending |
| 71 | preparation of the definitive bonds, the district may issue |
| 72 | interim receipts or certificates which shall be exchanged for |
| 73 | such definitive bonds. |
| 74 | (4) A district may not issue certificates of participation |
| 75 | unless the electors of the district approve the issuance of the |
| 76 | certificates of participation in a referendum. |
| 77 | (5)(4) As used in this section: |
| 78 | (a) "Bonds" means bonds, debentures, notes, certificates |
| 79 | of indebtedness, certificates of participation, mortgage |
| 80 | certificates, or other obligations or evidences of indebtedness |
| 81 | of any type or character. |
| 82 | (b) "Project" means a governmental undertaking approved by |
| 83 | the governing body of a water management district and includes |
| 84 | all property rights, easements, and franchises relating thereto |
| 85 | and deemed necessary or convenient for the construction, |
| 86 | acquisition, or operation thereof, and embraces any capital |
| 87 | expenditure which the governing body of a water management |
| 88 | district shall deem to be made for a public purpose, including |
| 89 | the refunding of any bonded indebtedness which may be |
| 90 | outstanding on any existing project. |
| 91 | (c) "Revenue bonds" means bonds of a water management |
| 92 | district to the payment of which the full faith and credit and |
| 93 | power to levy ad valorem taxes are not pledged. |
| 94 | Section 2. This act shall take effect July 1, 2009. |