§ 27. Issuance of Bond Anticipation Notes; Authority; Time, Terms and Conditions; Renewal; Maturity, Sale, etc.

The City of Orlando shall have powers, at any time and from time to time after the issuance of bonds thereof shall have been authorized, whether such bonds be general, special, revenue or other obligations of the City of Orlando, and, if the approval of such bonds at an election is required after the holding of such election, to borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue. Any such loan shall be paid within five (5) years after the date on which the issuance of such bonds shall have been authorized, or, if such bonds shall have been approved at an election, within five (5) years after the date on which such election shall have been held. Bond anticipation notes shall be issued for all money borrowed under the provisions of this law, including money subsequently borrowed from the same or different financial institutions to retire prior borrowings, and all such notes may be renewed from time to time, but all such notes shall mature within the time above limited for the payment of the original loan. Such notes shall be authorized by resolution of the City of Orlando and shall be in such denomination or denominations, shall bear interest at such rate or rates not exceeding the maximum rate permitted by law or by the resolution or ordinance authorizing the issuance of the bonds, whichever shall be the lesser, shall be in such form and shall be executed in such manner, all as the City of Orlando shall prescribe. Such notes may be sold at either public or private sale, or, if such notes shall be renewal notes, they may be exchanged for notes then outstanding on such terms as the City of Orlando shall determine. The City of Orlando, in its discretion, may retire any or all such notes, in lieu of retiring them by means of bonds, by any lawful means, including, but not limited to, current revenues and the proceeds of subsequently issued bond anticipation notes issued to the same or different financial institutions; provided, however, that before the retirement of such notes by any means other than the issuance of bonds or the proceeds of subsequently issued bond anticipation notes issued to the same or different financial institutions, the City of Orlando shall amend or repeal the resolution or ordinance authorizing the issuance of the bonds in anticipation of the proceeds of the sale of which such notes shall have been issued so as to reduce the authorized amount of the bond issue by the amount of the notes so retired. Such amendatory or repealing resolution or ordinance shall take effect upon its passage and need not be published. Without limiting anything contained elsewhere herein and without hereby, in and of itself, expanding or limiting prior contractual commitments of the City of Orlando, the provisions of this act, including, but not limited to, the times stated elsewhere herein within which original loans must be paid and the power and right to issue said renewal notes and said subsequently issued bond anticipation notes and the maturity dates thereof shall apply to existing as well as future bond issue authorizations and approvals and specifically shall apply to State of Florida, City of Orlando, Bond Anticipation Note No. 1 in the amount of $3,000,000.00 dated October 17, 1968, maturing October 17, 1970, and issued in anticipation of the issuance of definitive bonds of said City authorized by Ordinance 8318, duly adopted August 19, 1968, and to State of Florida, City of Orlando, Bond Anticipation Note No. 2 in the amount of $2,400,000.00 dated April 15, 1969, maturing October 31, 1970, and issued in anticipation of the issuance of definitive bonds of said City authorized by Ordinance 8318, duly adopted August 19, 1968. The powers and rights conferred by this law shall supersede if in conflict with, and, if not in conflict with, shall be in addition and supplemental to, those conferred by any other general or special law, including but not limited to Florida Statutes § 215.431, and shall be liberally construed to effectuate the purposes hereof.

(Laws of Fla. ch. 70-841, § 1)

Editor's note

Laws of Fla. ch. 70-841, § 1, filed in the office of the secretary of state June 14, 1970, is included herein as ch. 3, § 27, at the discretion of the editors. Sections 2 and 3 of the act, severability and effective date provisions, have been omitted.