The Florida Senate

343.75  Issuance of revenue bonds.--

(1)  The authority is authorized to borrow money as provided by the State Bond Act for the purpose of paying all or any part of the cost of any one or more Tampa Bay rail or ferry projects. The principal of, and the interest on, such bonds shall be payable solely from revenues pledged for their payment.

(2)  The proceeds of the bonds of each issue shall be used solely for the payment of the cost of Tampa Bay rail or ferry projects for which such bonds shall have been issued, except as provided in the State Bond Act. Such proceeds shall be disbursed and used as provided in this part and in such manner and under such restrictions, if any, as the Division of Bond Finance may provide in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same.

(3)  The Division of Bond Finance is authorized to issue revenue bonds on behalf of the authority to finance or refinance the cost of Tampa Bay rail or ferry projects.

History.--s. 86, ch. 90-136.