How the County Authorizes Bonds for Community Improvements

Whenever the Council deems it necessary or appropriate that community facilities district bonds or other debt be issued to finance the cost of special improvements or to reimburse the cost thereof previously paid, the Council may authorize the issuance of bonds or debt as defined in Section 26-1.1. The issuance of bonds or debt shall be authorized by a bond ordinance approved with or after the approval of the ordinance levying the special tax to finance the special improvements; provided, however, the issuance of debt shall not be authorized at the same meeting as the adoption of the ordinance of formation. For purposes of this Chapter, any form of debt shall be referred to herein as bonds. The bond ordinance shall provide for the following:The issuance of the bonds in one (1) or more series or the bonds or debt;The date the bonds shall bear;The maturity date or dates of the bonds, which shall not be more than thirty (30) years after the issuance date of the bonds;The rate or maximum rate of interest on the bonds, which shall not exceed the maximum rate permitted by law and which may be fixed or variable and simple or compound;The time or times at which interest shall be payable;The denominations of the bonds;The form of the bonds;The conversion or registration privileges carried by the bonds;The rank or priority of the bonds;The manner of execution of the bonds;The medium of payment of the bonds;The place or places of payment;The terms of redemption and the redemption price or prices to which the bonds are subject;The pledge or assignment of all or part of the special taxes collected from the district or improvement area thereof, the liens securing such special taxes, or any other funds which are intended by the Council to secure payment of the bonds. The pledge shall be superior to all other claims on the special taxes (except to the extent otherwise provided in the bond ordinance);The establishment and handling of a separate special fund or funds to pay or secure the bonds or to pay for the special improvements or incidental expenses;The obligations in which may be invested the proceeds of the bonds and any other funds (including special taxes) pledged to secure payment of the bonds; andAny other provisions for the issuance, payment, security, credit enhancement, handling of funds, default, remedy, or other matter related to the bonds which the Council deems appropriate.The bond ordinance may provide that any or all of the terms listed in this Section or elsewhere in this Article may be fixed by or set out in a certificate signed by the Director of Finance at or prior to the delivery of the bonds or in an indenture, trust agreement, or fiscal agent agreement between the County and a corporate trustee or fiscal agent located within or without the State.