§ 4. Issuance of bonds.

(1)

The authority is authorized to issue general obligation bonds or revenue bonds of the authority for the purpose of paying all or a part of the cost of any one or more projects as herein defined, including the cost of enlargement, expansion, or development of such project whether the property used therefor has previously been acquired or not, and the cost of removing therefrom or relocating or reconstructing at another location any buildings, structures, or facilities, and for the purpose of paying off and retiring any bonds issued or assumed under the provisions of this act.

(2)

The bonds of each issue shall be authorized by resolution of the authority and shall be dated, shall mature at such time or times not exceeding 40 years from their date or dates, as may be determined by the authority, and may be made redeemable before maturity, at the option of the authority, at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds and shall fix the denomination or denominations 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. 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 the authority with respect to the same, as shall be determined by the authority. 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 to the same extent as if such officer had remained in office until such delivery. The bonds may be issued in coupon, registered, or book entry form, as the authority 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.

(3)

Prior to any public sale of bonds, the authority may, in addition to any other publication and notice to the financial community, cause notice to be given by publication in a daily newspaper published and having a general circulation in the city that the authority will receive bids for the purchase of the bonds at the office of the authority in the city. Said notice may be published once not less than 15 days prior to the date set for receiving the bids. Said notice may specify the amount of the bonds offered for sale, state that the bids shall be sealed bids, and give the schedule of the maturities of the proposed bonds and such other pertinent information as may be prescribed in the resolution authorizing the issuance of such bonds or any resolution subsequent thereto. Bidders may be invited to name the rate or rates of interest which the bonds are to bear or the authority may name rates of interest and invite bids thereon. In addition to publication of notice of the proposed sale, a copy of such advertisement may be given to the Florida Division of Bond Finance and to at least three recognized bond dealers in the state in the time established by applicable law.

(4)

Except as otherwise provided in this subsection, bonds and refunding bonds issued pursuant to this act may be sold at public sale and shall be awarded to the bidder whose bid produces the lowest true interest cost to the authority. The authority shall reserve the right to reject any or all bids. Notwithstanding the foregoing, bonds and refunding bonds issued pursuant to this act may be sold at private sale at such price or prices as the authority shall determine to be in its best interest. However, any price less than 100 percent of par value shall be subject to section 215.84, Florida Statutes, as it may be amended from time to time. In no event shall said bonds be sold at a net interest cost to the authority in excess of the legal limit, as established by section 215.84, Florida Statutes, or according to said section as it may be amended from time to time. The net interest cost of bonds shall be determined by taking the aggregate amount of interest at the rate or rates specified in the bonds, computed from the date of the bonds to the date of the various stated maturities thereof, and deducting therefrom the amount of any premium offered in excess of the par value of the bonds or adding thereto the amount of any discount offered below the par value of the bonds with interest computed on a 360-day basis. Pending the preparation of definitive bonds, interim bonds may be issued to the purchaser or purchasers of such bonds and may contain such terms and conditions as the authority may determine.

(5)

The authority shall require all bidders for said bonds to enclose a certified or bank cashier's check, in the amount of 2 percent of the total par value of the bonds offered for sale, drawn on an incorporated bank or trust company payable unconditionally to the order of the authority, as a guarantee of good faith in the performance of each bid. The checks of the unsuccessful bidders shall be returned immediately upon the award of the bonds and the check of the successful bidder shall be retained by the authority and credited against the full purchase price of the bonds at the time of delivery or retained as and for liquidated damages in case of the failure of such bidder to fulfill the terms of his or her bid.

(6)

No general obligation bonds shall be issued by the authority hereunder unless the issuance of such bonds shall have been approved by a majority of the votes cast by qualified voters in an election held for such purpose. Whenever the authority, by resolution, requests the council of the City of Jacksonville to hold such an election, said council shall, on behalf of the authority, hold, conduct, canvass, and announce the results of such election in accordance with the procedure prescribed by law for the issuance of county bonds. The expenses of such election shall be paid by the authority. In no event shall such general obligation bonds be construed or considered to be bonds of the City of Jacksonville or any other municipality but shall be solely bonds of the authority that issues the bonds.

(7)

The authority is authorized to borrow money and to issue notes for any purpose or purposes for which bonds may be issued under the provisions of this act and to refund the same and to issue notes in anticipation of the receipt of the proceeds of the sale of any such bonds.

(8)

Subject to the restrictions contained in subsections (2), (3), and (4) of this section, the authority shall have the power to provide for the issuance of refunding bonds of the authority for the purpose of refunding any revenue bonds or general obligation bonds, or any combination of general obligation or revenue bonds then outstanding which have been assumed by the authority or issued for the purpose of financing the cost of making enlargements, extensions, and improvements to any project acquired, constructed, or operated under the provisions of this act. The authority is further authorized to provide for the issuance of revenue bonds or general obligation bonds, or any combination thereof, of the authority for the combined purpose of:

(a)

Paying the cost of enlargement, extension, reconstruction, or improvement of any project or combination of projects.

(b)

Refunding revenue bonds or general obligation bonds, or any combination thereof, which have been assumed by the authority under the provisions of this act (or its predecessor act) which shall then be outstanding and which shall then have matured or be subject to redemption or can be acquired for retirement. The issuance of such bonds, the maturities or other details thereof, the rights or remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the authority with respect to the same shall be set forth in the resolution of the authority authorizing the issuance of such bonds.

(Laws of Fla., Ch. 2004-464, § 1)