§ 2-263.3. Revenue bonds generally.

(a)

Applicability of Uniform Commercial Code. All bonds issued under the provisions of this article shall have, and are hereby declared to have, all the qualities and incidents, including negotiability, of investment securities under the Uniform Commercial Code, but on provision of such code respecting the filing of a financing statement to perfect a security interest shall be deemed necessary for, or applicable to, any security interest created in connection with the issuance of any such bonds.

(b)

Nonliability of County, State. All revenue bonds issued under the provisions of this article shall not be deemed to constitute a debt, liability or obligation of Miami-Dade County or the State or any political subdivision thereof, or a pledge of the faith and credit of Miami-Dade County or the State or any political subdivision thereof, but shall be payable solely from the revenues provided therefor. All such revenue bonds shall contain on the face thereof a statement to the effect that the Authority shall not be obligated to pay the same or the interest thereon except from the revenues of the project or the portion thereof for which they are issued and that neither the faith and credit nor the taxing power of Miami-Dade County or of the State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds under the provisions of this article shall not directly, indirectly, or contingently obligate Miami-Dade County or the State or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment.

(c)

Investment in, use as security by public officers, fiduciaries, etc. Bonds issued by the Authority under the provisions of this article are hereby made securities in which all public officers and public bodies of the State and its political subdivisions and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any State or municipal officer or any agency or political subdivision of the State for any purpose for which the deposit of bonds or obligations of the State is now or may hereinafter be authorized by law.

(d)

Validation. Bonds issued under the provisions of this article shall be validated in the manner prescribed by Chapter 75, Florida Statutes.

(Ord. No. 79-92, § 5(A), (B), (D), (E), 10-16-79)