S.B. 689

VETOES

AUTHORITY AND SHALL BE DISCONTINUED WHEN ALL OF THE BONDS HAVE BEEN
PAID IN FULL. SPECIAL TAXES OR FEES SHALL BE LEVIED PURSUANT TO
SUBSECTION (N) OF THIS SECTION.

(3) THE RESOLUTION CREATING A SPECIAL FUND UNDER PARAGRAPH
(1)(II) OF THIS SUBSECTION SHALL:

(I)      PLEDGE TO THE SPECIAL FUND THE PROCEEDS OF THE AD
VALOREM OR SPECIAL TAX OR FEE TO BE LEVIED AS PROVIDED IN PARAGRAPH
(1)(III) OF THIS SUBSECTION; AND

(II)     REQUIRE THAT THE PROCEEDS FROM THE TAX OR FEE BE
PAID INTO THE SPECIAL FUND.

(F)      WHEN NO BONDS AUTHORIZED BY THIS SECTION ARE OUTSTANDING
WITH RESPECT TO A COMMUNITY DEVELOPMENT AUTHORITY:

(1)      THE COMMUNITY DEVELOPMENT AUTHORITY SHALL BE
TERMINATED; AND

(2)      ANY MONEY REMAINING IN THE SPECIAL FUND ON THE DATE OF
TERMINATION SHALL BE PAID TO THE GENERAL FUND OF THE COUNTY OR APPLIED
TO ANOTHER USE APPROVED BY THE COUNTY COMMISSIONERS.

(G)     (1) IN ORDER TO IMPLEMENT THE AUTHORITY UNDER THIS SECTION
TO ISSUE BONDS, THE COUNTY COMMISSIONERS SHALL ADOPT AN ORDINANCE OR
RESOLUTION THAT:

(I)       SPECIFIES AND DESCRIBES THE PROPOSED UNDERTAKING
AND STATES THAT IT HAS COMPLIED WITH SUBSECTION (E) OF THIS SECTION;

(II)     SPECIFIES THE MAXIMUM PRINCIPAL AMOUNT OF THE BONDS
TO BE ISSUED;

(III)    SPECIFIES THE MAXIMUM RATE OR RATES OF INTEREST FOR
THE BONDS; AND

(IV)   AGREES TO A COVENANT TO LEVY UPON ALL REAL OR
PERSONAL PROPERTY WITHIN THE COMMUNITY DEVELOPMENT AUTHORITY AD
VALOREM TAXES OR SPECIAL TAXES OR FEES IN RATE AND AMOUNT AT LEAST
SUFFICIENT IN EACH YEAR IN WHICH ANY OF THE BONDS ARE OUTSTANDING TO
PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON THE
BONDS.

(2) THE ORDINANCE OR RESOLUTION MAY REQUIRE OR MAY
AUTHORIZE THE COUNTY MANAGER TO SPECIFY AS THE COUNTY MANAGER DEEMS
APPROPRIATE TO EFFECT THE FINANCING OF THE PROPOSED UNDERTAKING:

(I)      THE ACTUAL PRINCIPAL AMOUNT OF THE BONDS TO BE
ISSUED;

(II)     THE ACTUAL RATE OR RATES OF INTEREST FOR THE BONDS;

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