§ 11. Provisions Governing Issuance of Certificates.

Issuance of revenue certificates by the Board shall be governed by the following general provisions:

(1)

Revenue certificates for purposes hereof are limited to obligations that are secured solely by pledge of revenues produced by the facility or facilities for the benefit of which the certificates are issued and the sale proceeds used, that do not constitute a lien or encumbrance, legal or equitable, on any real property of the Board or on any of its personal property other than the revenues pledged to secure payment of the certificates.

(2)

The faith and credit of the City shall not be pledged and the City shall not be obligated directly or indirectly to make any payments on or appropriate any funds for certificates issued by the Board.

(3)

The rate or rates of interest and the sale price of the certificates by the Board shall be that the true interest cost to it on the proceeds received from the sale shall not exceed the rate authorized by law for the City.

(4)

Before issuing any revenue certificates the Board shall as to each issue:

(a)

Prepare or procure from a reputable source detailed estimates of the total cost of the undertaking for which the certificates are contemplated and of the annual revenues to be obtained therefrom and pledged as security for payment of the certificates;

(b)

Determine that the anticipated net proceeds from the sale, together with any other funds available and intended for the purposes of the issue, will be sufficient to cover all costs of the undertaking and of preparing and marketing the issues or connected therewith;

(c)

Determine that the annual revenues anticipated from the undertaking will be sufficient to pay the estimated annual cost of maintaining, repairing, operating, and replacing, to any necessary extent, not only the undertaking but also the punctual payment of the principal of, and interest on, the contemplated certificates;

(d)

Shall specify these determinations in and include the supporting estimates as parts of the resolution providing for the issue.

(5)

The Board may, as to any issue of revenue certificates, engage the services of a corporate trustee for the issue and may treat any or all of the costs of carrying out the trust agreement as part of the operating costs of the undertaking for which the certificates are issued.

(6)

The Board shall from time to time establish such rentals, rates, and charges, or shall by agreement maintain such control thereof, as to meet punctually all payments on the undertaking and its maintenance and repair, including reserves therefor and for depreciation and replacement.

(7)

Revenue certificates may be issued for the purposes of funding, refunding, or both.

(8)

All revenue certificates issued pursuant hereto shall be negotiable instruments for all purposes.

(Laws of Fla. ch. 71-810, § 11)