§ 26. Validation of Certain Bonds.

During the year 1954, pursuant to an ordinance adopted on the 23rd day of June, 1954, the City of Orlando issued three million ($3,000,000.00) dollars of revenue bonds, secured by a pledge of cigarette tax income and other revenues, and, during the year 1954 said City of Orlando issued certain parking revenue bonds in the amount of one million two hundred thousand ($1,200,000.00) dollars, pursuant to an ordinance adopted September 8, 1954, as amended, and whereas, all of said bonds have been sold and delivered and it has been determined by court proceedings that all pledges of the various revenues described in said bond ordinances were valid and legal pledges and it has also been determined that the procedure for the issuance of said bonds and the validation thereof are valid and legal, it is now hereby declared that said bonds hereinabove described are valid and legal obligations of the City of Orlando, Florida and that all sources of revenue pledged for the payment thereof are validly and legally pledged therefor and further that the ad valorem taxing power of said City can never be exercised directly or indirectly for the payment of said bonds.

The purchase of real estate or personal property out of the proceeds of said parking revenue bonds or other purchases, exchanges or conveyances of real estate or personal property directly or indirectly related to or necessary for the establishment of off-street parking facilities as described in said bond ordinance of September 8, 1954, as amended, and regardless of value or purchase price or sales price, be and the same are hereby validated and confirmed and it is hereby declared that the City of Orlando, Florida had the authority to make said purchases, exchanges and sales in connection with the establishment of such off-street parking facilities.

(Laws of Fla. ch. 31093(1955), § 1)