§ 30-5. Financing of improvements.

(a)

As soon as practicable after any special obligation bonds shall have been validated, the board may provide by resolution for the issuance of such bonds, which for convenience may be designated "Special Obligation ___________ Bonds" (inserting in the blank a word or words indicative of the purpose, such as water, sanitary sewer, street improvement, street lighting, fire protection, etc.) and are herein sometimes called "bonds." Such bonds shall not be deemed to constitute a pledge of the faith and credit of the district or of Broward County, but such bonds shall be payable solely from the funds provided therefor under the provisions of this article. All such bonds shall contain a statement on their face substantially to the effect that neither the district nor Broward County is obligated to pay such bonds or the interest thereon except from such funds and that neither the faith and credit of the district nor of Broward County are pledged to the payment of the principal of or the interest on such bonds.

(b)

The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding six per centum (6%) per annum, shall mature at such time or times not exceeding twenty (20) years from their date or dates, as may be determined by the board, and may be made redeemable before maturity, at the option of the board, at such price or prices and under such terms and conditions as may be fixed by the board prior to the issuance of the bonds. The board shall determine the form of the 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. In case any officer whose signature or a 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 article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the board may sell such bonds at one time or from time to time at public sale in such manner and for such price, as it may determine to be for the best interests of the district, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six per centum (6%) per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding, however, from such computation the amount of any premium to be paid on redemption of any bonds prior to maturity.

(c)

Bonds may be issued under the provisions of this article without obtaining the consent of any commission, board, bureau or agency of the state or of any municipality, and without any other proceeding or the happening of any other condition or thing than those proceedings, conditions or things which are specifically required by this article.

(d)

The proceeds of such bonds shall be used solely for the payment of the cost of the improvement or improvements for which such bonds shall have been authorized, and shall be disbursed in such manner and under such restrictions, if any, as the board may provide in the resolution authorizing the issuance of such bonds. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which such bonds shall have been issued, the surplus shall be set aside and used only for paying the principal of and the interest on such bonds.

(Sp. Acts 1955, Ch. 30631, § 5)