§ 5. Certificates Payable Solely from Revenues Derived From Building; Powers of City as to Certificates.

Unless authorized at an election as hereinafter provided, the certificates issued pursuant to this Act shall be payable solely from the revenues to be derived from the operation of said building and the city shall never be authorized or required to levy taxes on property to pay the principal of or interest on said certificates, nor shall said certificates constitute a lien upon any property of or in the city except said building, but shall be a lien only on the revenues derived from said building. In order to secure the payment of principal of and interest on said certificates, and to secure the proper application of the revenues pledged thereto, the city council is authorized:

(a)

To pledge to the payment of certificates all or any part of the revenues hereinabove designated;

(b)

To provide for the terms, form, registration, exchange, execution and authentication of such certificates;

(c)

To provide for the replacement of lost, destroyed or mutilated certificates;

(d)

To covenant as to the use and disposition of the proceeds of the sale of such certificates;

(e)

To covenant as to the rents, rates and charges of the building;

(f)

To redeem such certificates and to covenant for their redemption and to provide the terms and conditions thereof;

(g)

To covenant and prescribe as to what events or occurrences shall constitute events of default, and the terms and conditions upon which any or all of such certificates shall become or may be declared due prior to maturity, and as to the terms and conditions upon which said declaration and consequences may be waived;

(h)

To covenant as to the rights, liabilities, powers and duties arising upon the breach by the city of any covenant, condition or obligation;

(i)

To vest in a trustee or trustees the right to receive all or any part of the income and revenue pledged and assigned to or for the benefit of the holder or holders of certificates issued hereunder, and to hold, apply and dispose of the same and the right to enforce any covenant made to secure the certificates, to execute and deliver a trust agreement or agreements which may set forth the powers and duties and the remedies available to such trustee or trustees, and may limit the liabilities thereof and prescribe the terms and conditions upon which such trustee or trustees or the holder or holders in any specified amount or percentage may exercise such rights and enforce any and all of such covenants and resort to such remedies as may be appropriate.

(j)

To provide for a mortgage on said building, which mortgage may be foreclosed under the circumstances to be therein specified, such foreclosure to be in accordance with the procedure prescribed by the Laws of Florida for the foreclosure of other mortgages;

(k)

To make covenants other than and in addition to the covenants herein authorized of such character as may be considered necessary or advisable to effect the purposes of this Act;

(l)

To execute all instruments necessary or convenient to the exercise of the powers herein granted or in the performance of its covenants and duties.

(Laws of Fla. ch. 26086(1949), § 5)