§ 3. Revenue bonds.  

Latest version.
  • (a) JEA is authorized, by resolution, to issue revenue bonds from time to time (hereinafter referred to as "bonds") to pay all or part of the cost of any projects above described or for the purpose of refunding bonds issued for such purpose. Such bonds may be in such denomination or denominations, may bear interest at such rate or rates as are currently established by § 215.84, Florida Statutes, or according to said section as it may from time to time be amended, and shall mature at such time or times not exceeding 40 years from their date or dates, all as may be determined by JEA. The bonds may be made redeemable before maturity, at the option of JEA, at such price or prices and under such terms and conditions as may be fixed by JEA prior to their issuance. JEA shall determine the form of bonds, including any interest coupons to be attached thereto, the manner of execution of the bonds, and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the State of Florida. The resolution authorizing the issuance of the bonds shall contain such provisions relating to the use of the proceeds from the sale of the bonds and for the protection and security of holders of the bonds, including their rights and remedies, and the rights, powers, privileges, duties and obligations of JEA with respect to the same, as shall be determined by JEA. In case any officer whose signature or facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this act shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the laws of the State of Florida. The bonds may be issued in coupon or in fully registered form, or both, as JEA may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The bonds shall be sold at public or private sale at such price or prices as JEA shall determine to be in its best interest; provided, however, that the issuance of such bonds shall be subject to the limitations or conditions contained in § 215.84, Florida Statutes, and provided, further, that any price less than 100 percent of par value shall be subject to § 215.84, Florida Statutes, but in no event shall any such bonds be sold at less than 95 percent of par value.

    (b) When bonds have been authorized by resolution of JEA, bond anticipation notes may be authorized and issued from time to time, to temporarily finance the costs, or any part thereof, of the project for which the bonds are to be issued, in anticipation of the issuance of said bonds. Such bond anticipation notes (hereinafter called "notes") which shall include bond anticipation notes which may be issued as part of a tax exempt commercial paper program, or other short-term note financing program, shall be authorized by a resolution of JEA which resolution shall fix the maximum amount of notes to be issued, the maximum interest rate such notes may bear, subject to the provisions of § 215.84, Florida Statutes, the denomination or denominations thereof, the redemption provisions thereof, which may include provisions for payment on demand of the purchaser or purchasers, and such other details, including the form of such notes, provisions for the renewal thereof and the security for payment thereof as shall be determined by JEA. Such notes shall have such qualities and incidents of negotiable instruments and shall be executed in the manner provided herein for the bonds and shall be payable from the proceeds of said bonds unless sooner paid from the revenues of the project for which they are issued. Each such note, including any renewals thereof, shall mature not later than 5 years from the initial date of issuance of such note authorized by such resolution. When authorized by resolution such notes, including renewals, may be sold by officers of JEA at public or private sale and delivered by such officers to the purchaser or purchasers thereof within the limitations and restrictions contained in such resolution.

(Laws of Fla., Ch. 80-513, § 3; Laws of Fla., Ch. 82-312, § 3; Laws of Fla., Ch. 99-459, § 3)