Florida Statutes Title XI Chapter 132 - General Refunding Law

• 132.01 - How Chapter May Be Cited.
  This chapter may be cited as the “General Refunding Law.”History.—s. 1, ch. 15772, 1931; CGL 1936 Supp. 2383(1).
• 132.02 - Taxing Units May Refund Obligations.
  (1) Each county, municipality, school district, or other taxing district in this state, herein sometimes called a unit, may issue, pursuant to a resolution or resolutions...
• 132.03 - Interest; Maturity; Payment; Right To Redeem In Advance.
  Such resolution or resolutions shall determine the rate or rates of interest to be paid, not exceeding 7.5 percent per annum, payable annually or at...
• 132.04 - Redemption Before Maturity.
  Any such unit may obligate itself to redeem any or all of the refunding bonds before maturity on such terms and conditions as the resolution...
• 132.05 - Form; Execution; Delivery.
  The refunding bonds herein provided for may be issued in registered form, or may be coupon bonds with the privilege of registration either as to...
• 132.06 - Separate Series Of Bonds; Rates Of Interest.
  One resolution may provide for several separate series of refunding bonds. Each of such series and separate bonds of the same series may have different...
• 132.07 - Maturity Date.
  Such resolution may provide that all or any part of the bonds issued thereunder shall mature in annual installments beginning at such time after date...
• 132.08 - Exchange Of Bonds.
  Bonds issued under this chapter may be exchanged for not less than an equal principal amount and accrued interest of indebtedness to be retired thereby,...
• 132.09 - Sale Of Bonds.
  When sold, the refunding bonds (except as otherwise expressly provided) shall be sold in the manner provided in s. 218.385.History.—s. 9, ch. 15772, 1931; CGL...
• 132.11 - Amount Of Refunding Bonds To Be Sold.
  In case of refunding bonds which are not exchanged for bonds outstanding but are sold, only such amount thereof shall be delivered as is necessary...
• 132.12 - Exchange Without Notice.
  In the case of refunding bonds which are exchanged for bonds outstanding and are not sold, such exchange may be made by the unit without...
• 132.13 - Delivery Of Bonds Sold.
  In case of refunding bonds which are not exchanged for bonds outstanding but are sold, they shall not be delivered until payment in full has...
• 132.14 - Exchange In Lieu Of Sale.
  As hereinbefore provided the refunding bonds instead of being sold may be exchanged for bonds or for interest on bonds or interest on overdue interest...
• 132.15 - Provision For Conditional Increase Of Rate Of Interest.
  If the refunding bonds bear a lower rate of interest than the bonds for which they are exchanged, either the resolution authorizing the bonds or...
• 132.16 - Sinking Fund.
  The resolution authorizing the refunding bonds may contain an agreement on the part of the unit to provide a sinking fund for such bonds, and...
• 132.17 - Pledge Of Anticipated Revenues.
  The resolution authorizing refunding bonds may assign, pledge, or set aside as a trust for the payment of principal or interest of refunding bonds or...
• 132.18 - Pledge Of Fixed Portion Of Revenues.
  The resolution authorizing the refunding bonds may pledge to the payment of principal and interest of such refunding bonds or to a sinking fund for...
• 132.19 - Priority Of Payment Of Refunding Bonds.
  The resolution authorizing the bonds may provide that the unit shall first set aside out of the tax collections the amount required in any year...
• 132.20 - Proportionate Taxes For Sinking Fund.
  The resolution authorizing the refunding bonds may provide that in addition to all other amounts to be paid into a sinking fund for such bonds,...
• 132.21 - Pledge Of Special Assessments.
  In the discretion of the governing board there may be pledged to the payment of any or all such bonds the collections or proceeds of...
• 132.22 - Levy Of Ad Valorem Tax For Payment Of Bonds.
  (1) In each year while any of the bonds shall be outstanding there shall be levied by or under the authority of the governing board upon...
• 132.23 - Tax By Municipalities; Bonds To Constitute General Obligations; Debt Limit Inapplicable.
  (1) In case of refunding bonds issued by municipalities it shall be the duty of the governing board of the municipality charged by law with determining...
• 132.24 - Elections, Notice, Etc.
  Any election which may be held to determine whether any such refunding bonds shall be issued, if required by the Constitution of the state, shall...
• 132.25 - Creation And Maintenance Of Sinking Fund.
  The governing authority of any unit in contracting for the sale of any bonds may provide for the creation and maintenance of the necessary sinking...
• 132.26 - Chapter Supplemental And Additional.
  This chapter is intended as a supplemental and additional grant of power to each and all the various units of the state as hereinabove defined...
• 132.27 - Chapter Complete Within Itself.
  This chapter constitutes full authority for the things herein authorized, and no proceedings, publications, notices, consents or approval shall be required for the doing of...
• 132.28 - Chapter Applicable To School Districts.
  In the event that any school district shall be authorized by the Constitution and laws of this state to legally issue refunding bonds the provisions...
• 132.29 - Validation.
  Refunding bonds provided to be issued under this chapter shall be subject to validation and judicial proceedings in like manner and with like force and...
• 132.30 - Chapter Applicable To All Taxing Districts.
  This chapter shall apply to taxing districts of every character and description provided for under the general or special laws of this state, whether consisting...
• 132.31 - No Other Proceedings Required.
  No proceedings shall be required to be taken as to the issuance of any refunding bonds under this chapter except those prescribed by this chapter,...
• 132.32 - Replacement Of Bonds.
  In case any coupon bonds and the coupons thereunto appertaining, or any registered bonds, shall become mutilated or be destroyed, a new bond shall be...
• 132.33 - Short Title.
  Sections 132.33-132.47 may be cited as the “Advance Refunding Law.”History.—s. 1, ch. 86-181.
• 132.34 - Definitions.
  Unless the context clearly indicates a different meaning, as used in ss. 132.33-132.47, the term:(1) “Average remaining term” means, with respect to any general obligation bonds...
• 132.35 - Authorization To Issue General Obligation Refunding Bonds.
  (1) In the manner and subject to the limitations and conditions set forth in this section, a unit may issue serial bonds, term bonds, or both,...
• 132.36 - Refunding Bond Resolution; Form And Contents.
  (1) The issuance of general obligation refunding bonds shall be authorized by a refunding bond resolution. Each such resolution shall contain, in substance, at least the...
• 132.37 - Levy Of Ad Valorem Tax For Payment Of General Obligation Refunding Bonds.
  In each fiscal year while any general obligation refunding bonds shall be outstanding there shall be levied, by or under the authority of the governing...
• 132.38 - Sale Of General Obligation Refunding Bonds.
  General obligation refunding bonds shall be sold in the manner provided in s. 218.385 and at an interest rate not to exceed the maximum interest...
• 132.39 - Certification Of Debt Service Savings.
  No general obligation refunding bonds shall be issued pursuant to s. 132.35 unless the chief financial officer of the unit, or such other official as...
• 132.40 - Notice To Holders Of General Obligation Bonds To Be Redeemed; Covenant With Holders Of General Obligation Refunding Bonds.
  (1) Prior to the issuance of general obligation refunding bonds, the governing body of the unit shall adopt a resolution electing to call and redeem such...
• 132.41 - Duties And Obligations Of Escrow Agent.
  The chief financial officer of the unit, or such other official as the governing body shall designate, prior to the issuance of general obligation refunding...
• 132.42 - Investment Of Escrow Funds.
  Funds held in escrow by the escrow agent under an escrow agreement entered into pursuant to s. 132.41 may be held uninvested or may be...
• 132.43 - Pledge And Use Of Proceeds Of General Obligation Refunding Bonds.
  That portion of such proceeds from the sale of general obligation refunding bonds, together with any other moneys placed in escrow by the unit and...
• 132.44 - Powers In Addition To Other Powers Granted.
  The powers granted by ss. 132.33-132.47 to issue general obligation refunding bonds shall be deemed to be in addition to the provisions of ss. 132.01-132.32,...
• 132.45 - Recital In General Obligation Refunding Bonds.
  All general obligation refunding bonds issued pursuant to ss. 132.33-132.47 shall contain a recital that they are issued pursuant to ss. 132.33-132.47.History.—s. 1, ch. 86-181.
• 132.46 - Effect Of Invalidity Or Irregularity In Prior Proceedings.
  The authority herein granted to authorize the issuance of general obligation refunding bonds shall in no way be affected by the invalidity of or any...
• 132.47 - Sections 132.33-132.47 Applicable To School Districts.
  In the event that any school district is or shall be authorized by the constitution and laws of this state to issue general obligation refunding...

Last modified: September 23, 2016