§ 30-595. Issuance of certificates of indebtedness based on assessments for assessable improvements; assessment bonds.

(1)

The board of supervisors may, after any assessments for assessable improvements are made, determined and confirmed, issue certificates of indebtedness for the amount so assessed against the abutting property or property otherwise benefited, as the case may be, and separate certificates shall be issued against each part or parcel of land assessed, which certificates shall state the general nature of the improvement for which the said assessment is made. Said certificates shall be payable in installments in accordance with the installments of the special assessments for which they are issued. The board of supervisors may determine the interest to be borne by such certificates at a rate not to exceed the statutory limitation as set forth in Chapter 215, F.S., and as may be amended from time to time, and may sell such certificates at either private or public sale and determine the form, manner of execution and other details of such certificates. Such certificates shall recite that they are payable only from the special assessments levied and collected from the part or parcel of land against which they are issued. The proceeds of such certificates may be pledged for the payment of principal of and interest on any revenue bonds or assessment bonds issued to finance in whole or in part such assessable improvements.

(2)

The board of supervisors may also issue assessment bonds or other obligations payable from a special fund into which such certificates of indebtedness referred to in paragraph (1) may be deposited; or, if such certificate of indebtedness have not been issued, the board of supervisors may assign to such special fund for the benefit of the holders of such assessment bonds or other obligations, or to a trustee for such bondholders, the assessment liens provided for herein, unless such certificates of indebtedness of assessment liens have been theretofore pledged for any bonds or other obligations authorized hereunder. In the event of the creation of such special fund and the issuance of such assessment bonds or other obligations, the proceeds of such certificates of indebtedness or assessment liens deposited therein shall be used only for the payment of the assessment bonds or other obligations issued. The board of supervisors is hereby authorized to covenant with the holders of such assessment bonds or other obligations that it will diligently and faithfully enforce and collect all the special assessments and interest and penalties thereon for which such certificates of indebtedness or assessment liens have been deposited in or assigned to such fund, and to foreclose such assessment liens so assigned to such special fund or represented by the certificates of indebtedness deposited in said special fund, after such assessment liens have become delinquent and deposit the proceeds derived from such foreclosure, including interest and penalties, in such special fund, and to further make any other necessary covenants deemed necessary or advisable in order to properly secure the holders of such assessment bonds or other obligations.

(3)

All assessment bonds or other obligations issued under the provisions of this article, except certificates of indebtedness issued against separate parcels of land as provided in this section, shall be and constitute and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code.

(4)

All revenue bonds and assessments issued pursuant to this article shall be and constitute legal investments for state, county, municipal and all other public funds and for banks, savings banks, insurance companies, executors, administrators, trustees and all other fiduciaries, and shall also be and constitute securities eligible as collateral security for all state, county, municipal or other public funds.

(5)

The board of supervisors is authorized to enter into agreements for the delivery of any revenue bonds or assessment bonds at one (1) time or from time to time as full or partial payment for the services of any engineer or work done by any contractor who may have been retained or hired or been awarded a contract for the construction of all or any part of a water system; provided, however, that any such bonds so delivered for payment of such services or work performed shall have been authorized and issued in the manner provided in this article and shall otherwise conform to the provisions hereof.

(6)

Any contract entered into by the district shall be deemed to have been made for the benefit of any holders of bonds issued pursuant to this article to the extent necessary, and the terms of any such contract shall be enforceable by such bondholders in any appropriate legal proceeding. Any such contract if made with another public body or municipality shall be enforceable without the requirement of formal consideration.

(Sp. Acts, Ch. 85-391, § 8)