§ 8D-10. Revenue bonds to refund outstanding bonds; refunding of seaport revenue bonds.  

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  • The Board, for and on behalf of the County, is authorized to provide from time to time for the issuance of revenue bonds of the County to provide funds for the purpose of refunding any or all outstanding seaport revenue bonds of the County or for the combined purpose of so refunding and paying the cost of acquisition, construction, reconstruction, improvement, extension or enlargement of a project. Any such refunding may be effected by the County using the proceeds of its revenue bonds, together with any other available moneys, to purchase obligations of the federal government, the principal of and the interest on which when due will provide sufficient moneys to pay the principal, interest and redemption premium, if any, on the outstanding bonds to be refunded as the same become due, whether at their respective maturities or upon the date or dates selected for their redemption prior to maturity, and any associated expenses. For the purposes of this section, the Board, in its discretion, may elect in the proceedings authorizing such refunding bonds to redeem all the revenue bonds to be refunded on one (1) or more selected redemption dates or so to redeem same of bonds to be refunded and to allow the balance of the bonds to be refunded to mature in accordance with their original principal payment schedule or to allow all of the bonds to be refunded to mature in accordance with their original principal payment schedule; provided, that in any case the redemption and the payments at maturity, together with interest and any redemption premium, will be provided from the proceeds of the revenue bonds authorized by this section, investment earnings thereon and any other available moneys. In connection with any such refunding, the County may enter into contractual arrangements deemed necessary or desirable by the Board with banks or other fiduciaries as to the escrowing, investment and application of refunding revenue bond proceeds, revenues of the County's seaport and any other available funds.

    The revenue bonds authorized by this section:


    May be secured by and payable from the revenues of the County's seaport and, in addition, by income derived from the investment of such revenues;


    May be sold in such manner and at such price as the Board shall determine; and


    May bear interest at a rate or rates as the Board shall determine, but in fixing the interest rate which such bonds shall bear, there shall be no interest rate limitation.

(Ch. 22960, § 10, Laws 1945; Ord. No. 78-27, §§ 1, 2, 4-4-78; Ord. No. 80-45, § 2, 6-3-80)