§ 10. Revenue Bonds.

The Authority is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of revenue bonds of the City of Orlando for the purpose of paying all or a part of the cost, as hereinabove defined, of acquiring, constructing, extending or enlarging any project or projects of the Authority, or for the purpose of refunding aviation revenue bonds heretofore or hereafter issued by the City or by the Authority. The bonds of each issue shall be dated and shall mature at such time or times not exceeding 40 years from their date or dates as may be determined by the Authority, and may be made redeemable before maturity, at the option of the City, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. Bonds shall bear interest from their date until paid at such rate or rates as may be determined by the Authority not exceeding the rate permitted by general law. The principal of and the interest on such bonds may be made payable in any lawful medium. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be any bank or trust company within or without the state. Such bonds may be in certificated or uncertificated form, and may be issued with compound interest, capital appreciation, serial appreciation, original issue discounts or zero or low interest rates, or with any combination of such features, or with such other features, as the Authority shall determine.

Such bonds shall be signed by the mayor of the City and countersigned by the chairman of the Authority. Either or both signatures required may be by facsimile. The seal of the City may be impressed on the bonds or a facsimile may be printed or lithographed thereon. In case any officer whose signature or a facsimile of whose signature shall appear on the bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Neither the members of the Authority nor any person executing the bonds shall be personally liable on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.

All revenue bonds issued under the provisions of this act shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interests, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The Authority may sell such bonds in such manner either at public or at private sale, and for such price, as it may determine to be in the best interest of the City.

The proceeds of such bonds shall be used solely for the payment of the cost of acquiring, constructing, extending or enlarging the project or projects for which such bonds shall be issued, and shall be disbursed in such manner and under such restrictions, if any, as the Authority may provide. If the proceeds of such bonds, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued upon the prior approval of the City Council to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement hereinafter mentioned, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which such bonds were issued, the surplus may be paid into the fund provided for the payment of the principal of and the interest on such bonds, or for any other lawful purpose of the Authority. Prior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds which shall become mutilated or be destroyed or lost. Revenue bonds may be issued under the provisions of this act without obtaining the consent of any commission, board, bureau or agency of the state, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this act.

The resolution providing for the issuance of the revenue bonds and any trust agreement executed in connection therewith may also contain such limitations upon the issuance of additional revenue bonds as the Authority may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such resolution or such trust agreement.

The Authority is hereby authorized to provide by resolution for the issuance of revenue refunding bonds of the City for the purpose of refunding any revenue bonds then outstanding and issued under the provisions of this act, as well as any revenue bonds theretofore issued by the City to which the payment of revenues of any project of the Authority shall have been pledged. The Authority is further authorized to provide by resolution for the issuance of a single issue of revenue bonds of the City for the combined purpose of:

(1)

Paying all or a part of the cost of acquiring, constructing, extending or enlarging a project or projects, and

(2)

Refunding any revenue bonds or revenue certificates which shall then be outstanding and shall be payable from the revenue of any existing project or projects of the Authority.

The issuance of such revenue bonds, the form, maturities, features, and other details thereof, the rights of the holders thereof, and the duties of the Authority and of the City in respect of the same, shall be governed by the foregoing provisions of this act insofar as the same may be applicable.

Revenue bonds may be issued under the provisions of this act beyond the general limits of indebtedness prescribed by law, and shall not be included in the amount of bonds which the City may be authorized to issue under any other law. Revenue bonds issued under the provisions of this act and the income therefrom shall be exempt from all taxation within the State. It shall be lawful for all state agencies, banks, executors, administrators, guardians and fiduciaries generally, and all sinking fund commissioners, to invest any moneys in their hands in such bonds, and such bonds may be deposited as security for the deposit of public funds of the state or of any county, city or town. No resolution for the issuance of any bond authorized herein shall be effective until the City Council of the City of Orlando shall authorize such individual issue by proper resolution.

(Laws of Fla. ch. 57-1658, § 10; Laws of Fla. ch. 69-1389, § 1; Laws of Fla. ch. 75-464, § 17; Laws of Fla. ch. 80-554, § 1)