616.257 Issuance of revenue bonds by authority.—
(1) Revenue bonds may be issued on behalf of and at the request of the authority, as provided in the State Bond Act. The proceeds of each issue of bonds shall be used solely for the payment of the cost of the state fair project or projects for which the bonds were issued, as provided in the proceedings authorizing the issuance of the bonds.
(2) No revenue bonds shall be issued under the provisions of this part unless the authority shall have found and determined:
(a) The estimated cost of the project for which the bonds are proposed to be issued.
(b) The estimated annual revenues of the project, and of any other special funds provided for in this part, which may be pledged as security for the bonds.
(c) The estimated annual cost of maintaining, repairing, and operating the project.
(3) Revenue bonds issued under the provisions of this part shall not be deemed to be a debt of the state or to pledge the faith and credit or taxing power of the state, but such bonds shall be payable exclusively from the funds pledged for their payment as authorized in this part.
(4) All projects of the authority shall be deemed to be state fixed capital projects within the meaning of s. 11, Art. VII of the State Constitution.
History.—ss. 8, 9, ch. 74-322; s. 2, ch. 81-318; ss. 25, 26, ch. 83-239; ss. 32, 44, ch. 93-168; s. 30, ch. 96-231.Section: Previous 616.251 616.252 616.253 616.254 616.255 616.256 616.257 616.258 616.259 616.260 616.261 616.262 616.263 616.265 Next
Last modified: September 23, 2016