Bonds may be issued by the authority for the purposes herein provided in an amount,
including any bonds then outstanding, not exceeding $40 million provided the issuance
of such bonds shall have been approved by the council of the city and thereafter by
a majority of the votes cast in an election in which a majority of the qualified electors
residing in the county participate. For the prompt payment of the principal and interest
of [
sic
] and interest on such bonds, the authority is hereby authorized and required to certify
to the council, as provided in section 16, an amount to be derived form [from] an
annual ad valorem tax, levied as provided in section 16(a), sufficient to pay such
principal and interest as the same respectively become due and payable, and the proceeds
of the taxes shall be deposited as received to the credit of a sinking fund and used
for no other purposes than for the payment of such principal and interest; provided,
however, that the revenues derived from the operation of any facility or any combination
of the facilities of the authority shall, if so authorized by the resolution providing
for the issuance of such bonds, be deposited to the credit of the sinking fund for
such bonds and in that event the amount of the annual certification herein required
may be reduced in any year by the amount of such revenues actually received in the
preceding year (excluding any depreciation fund) and then remaining on deposit to
the credit of the sinking fund for the payment of such principal and interest.
(Laws of Fla., Ch. 65-1499; Laws of Fla., Ch. 79-449, § 1)
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