flynnibus
Premium Member
well lookie here... a pledge by the state to back old bonds...
4504 Section 57. Pledge by State of Florida to bondholders of
4505 district and to Federal Government.—
4506 (1) For all bonds and other obligations issued before the
4507 effective date of this act, the State of Florida pledges to the
4508 holders of any bonds issued under this act that it will not
4509 limit or alter the rights of the district to own, acquire,
4510 construct, reconstruct, improve, maintain, operate, or furnish
4511 the projects or to levy and collect the taxes, assessments,
4512 rentals, rates, fees, fares, and other charges provided for
4513 herein and to fulfill the terms of any agreement made with the
4514 holders of such bonds or other obligations, that it will not in
4515 any way impair the rights or remedies of the holders, and that
4516 it will not modify in any way the exemption from taxation
4517 provided in this act, until all such bonds, together with
4518 interest thereon, and all costs and expenses in connection with
4519 any action or proceeding by or on behalf of such holders, are
4520 fully met and discharged. The State of Florida pledges to and
4521 agrees with the Federal Government that in the event the Federal
4522 Government or any agency or authority thereof shall construct or
4523 contribute any funds, materials, or property for the
4524 construction, acquisition, extension, improvement, enlargement,
[...]
I read this as a pledge that they won't screw with the powers granted to the new district that would impair their ability to do the refunding bonds.
4504 Section 57. Pledge by State of Florida to bondholders of
4505 district and to Federal Government.—
4506 (1) For all bonds and other obligations issued before the
4507 effective date of this act, the State of Florida pledges to the
4508 holders of any bonds issued under this act that it will not
4509 limit or alter the rights of the district to own, acquire,
4510 construct, reconstruct, improve, maintain, operate, or furnish
4511 the projects or to levy and collect the taxes, assessments,
4512 rentals, rates, fees, fares, and other charges provided for
4513 herein and to fulfill the terms of any agreement made with the
4514 holders of such bonds or other obligations, that it will not in
4515 any way impair the rights or remedies of the holders, and that
4516 it will not modify in any way the exemption from taxation
4517 provided in this act, until all such bonds, together with
4518 interest thereon, and all costs and expenses in connection with
4519 any action or proceeding by or on behalf of such holders, are
4520 fully met and discharged. The State of Florida pledges to and
4521 agrees with the Federal Government that in the event the Federal
4522 Government or any agency or authority thereof shall construct or
4523 contribute any funds, materials, or property for the
4524 construction, acquisition, extension, improvement, enlargement,
[...]
I read this as a pledge that they won't screw with the powers granted to the new district that would impair their ability to do the refunding bonds.
) into a more modern district. In a model that probably already exists all over Florida as a supercharged Home Owners' Association. The language, I would guess, is a copy-paste from existing Special Districts. It's duties are basically the same as any district's board/council. The language is almost exclusively about the infrastructure.
