§ 4. Requirements as to Certificates of Indebtedness Generally.

The certificates of indebtedness to be issued hereunder may be issued in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty years from date, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be subject to such terms of redemption with or without premium and may bear such rate of interest not exceeding six per cent per annum as may be provided by resolution of the city council. Such certificates of indebtedness may be sold in such manner and at such price or prices as may be considered by the city council to be to the best interests of the city, but the interest cost to maturity for any issue of said certificates of indebtedness shall not exceed six per cent per annum computed on the basis of average maturities, according to standard tables of bond values. Such certificates shall have all the qualities and incidents of negotiable paper and shall not be subject to taxation by the State of Florida or by any county or municipality therein. In case any of the officers whose signatures appear on such certificates shall cease to be such officers before the delivery of any of the certificates, such signatures shall nevertheless be valid and sufficient for all purposes with like effect as though such officers had remained in office until the delivery of the certificates.

(Laws of Fla. ch. 26086(1949), § 4)