Florida/Georgia Personal Injury & Workers Compensation

...1973, is hereby nullified and repealed. While chapter 169, Florida Statutes, formerly set out in considerable detail the powers of municipalities in regards to borrowing money, municipal borrowing currently rates only a scant page in the statutes. §§ 166.101-166.141, Fla. Stat. (1985). Now, municipalities may "issue bonds as defined in s. 166.101 ......

...Revenue bonds issued under chapter 166 are defined as "obligations of the municipality which are payable from revenues derived from sources other than ad valorem taxes on real or tangible personal property and which do not pledge the property, credit, or general tax revenue of the municipality." § 166.101(4)....

...In view of the broad grant of constitutional authority, we approve the proposed bond issue by Panama City Beach. These bonds qualify as revenue bonds because *256 they are not payable from the ad valorem taxes and do not pledge "the property, credit or general tax revenue of the municipality." § 166.101(4)....

...The State also asserts that Broward County has no authority to act as a municipality and issue revenue bonds under section 166.111, which provides: The governing body of every municipality may borrow money, contract loans, and issue bonds as defined in s. 166.101 from time to time to finance the undertaking of any capital or other project for the purposes permitted by the State Constitution and may pledge the funds, credit, property, and taxing power of the municipality for the payment of such debts and bonds....

...I agree with the county's contention that a charter county may exercise all municipal powers consistent with general and special law. State ex rel. Volusia County v. Dickinson, 269 So.2d 9 (Fla. 1972). As a charter county, the county has the power to issue municipal revenue bonds as defined in section 166.101, Florida Statutes, under the proper circumstances....

...ndustrial revenue bonds, but did not change the reality of the transaction. I would not exalt form over substance, as the majority must do to classify these bonds as municipal revenue bonds. Simply stated, these bonds are outside those authorized by section 166.101....

...the guaranteed entitlement portion of the City's income from state revenue sharing under chapter 218, part II, Florida Statutes (1981) and Florida Statutes (Supp. 1982). Thus the bonds proposed to be issued are "revenue bonds" within the meaning of section 166.101(4), Florida Statutes (1981)....

Robert A. Butterworth Attorney General (ls) 1 Section 166.101(1), F.S., defines "bond" to include "bonds

...to issue bonds as provided in this charter. (Emphasis supplied.) Section 166.111 , F. S., of the Municipal Home Rule Powers Act, provides that: The governing body of every municipality may borrow money, contract loans, and issue bonds as defined in s. 166.101 from time to time to finance the undertaking of any capital or other project for the purposes permitted by the State Constitution and may pledge the funds, credit, property, and taxing power of the municipality for the payment of such debts and bonds. (Emphasis supplied.) Section 166.101 (8), F....

...Thus, it is only necessary to ascertain if such a pledge of the public service tax revenue is otherwise authorized by law, and if that pledge satisfies the public purpose requirement of the State Constitution. See , s 10, Art. VII, State Const., and Nohrr v. Brevard County Educational Fac. Auth., 247 So.2d 304 (Fla. 1971). Section 166.101 (1), F.S., defines the term `bond' to include `bonds, debentures, notes, certificates of indebtedness, . . . or other obligations or evidences of indebtedness of any type or character.' Section 166.101 (4) defines `revenue bonds' as `obligations of the municipality which are payable from revenues derived from sources other than ad valorem taxes on real or tangible personal property and which do not pledge the property, credit, or general tax revenue of the municipality.' Subsection (8) of s 166.101 defines `project' essentially as a governmental undertaking approved by the governing body which embraces any capital expenditure which the governing body shall deem to be made for a public purpose. Section 166.111 , F.S., specifically authorizes the governing body of a municipality to borrow money, contract loans, and issue bonds as defined in s 166.101 to finance the undertaking of any capital or other project for the purposes permitted by the State Constitution, and further provides, inter alia , that the funds of the municipality may be pledged for payment of such debts and bonds. Section 166.141 , F.S., provides that Part III of Ch. 166 (ss 166.101 - 166.141 , F.S.) `shall be full authority for the issuance of bonds authorized herein.' The requirement set forth in s 12, Art....

constitute a “project” within the meaning of Section 166.101(8), Florida Statutes (1977); and that the special

...in excess of $500,000.00 without referendum. (Emphasis supplied.) Section 166.111 , F. S., of the Municipal Home Rule Powers Act, provides that: The governing body of every municipality may borrow money, contract loans, and issue bonds as defined in s. 166.101 from time to time to finance the undertaking of any capital or other project for the purposes permitted by the State Constitution and may pledge the funds, credit, property, and taxing power of the municipality for the payment of such debts and bonds. (Emphasis supplied.) Section 166.101 , F....