CopyCited 58 times | Published | Supreme Court of Florida
...ipal functions and render municipal services, and may exercise any power for municipal purposes except as otherwise provided by law. Each municipal legislative body shall be elective. Authority to issue bonds is extended to municipalities by Chapter
166.111, Florida Statutes, which provides: The governing body of every municipality may borrow money, contract loans, and issue bonds as defined in
166.101, Florida Statutes, from time to time to finance the undertaking of any capital or other projec...
...City of Miami,
155 Fla. 6,
19 So.2d 410 (1944). In our original opinion in this case, we held that in order to be validated, the proposed bonds must meet the "lower net average interest cost" requirement found in Article VII, Section 12(b), Florida Constitution. [2] Section
166.111, Florida Statutes, authorizes municipalities to borrow money, but only for "purposes permitted by the state constitution." Since Article VII, Section 12(b) is the only place in the Constitution where refunding bonds are specifically a...
CopyCited 8 times | Published | Supreme Court of Florida | 1991 WL 33015
...The state contends that the proposed bond issue is illegal because it does not identify any specific projects to be financed, the local agencies who will receive the financing, and the revenue sources that the local agencies would use for repayment to the city. The city responds that, pursuant to the authority of section 166.111, Florida Statutes (1989), the city is authorized to issue these bonds either for the purpose of investing the proceeds at a profit or for the purpose of establishing a pool of funds to make loans to cities and counties and to invest in their debt obligations....
...Further, our opinion should not be construed to place limitations upon either the ability of municipalities to invest for a profit any funds it may have on hand or the right to issue bonds to repay previously borrowed funds used for valid municipal projects. §§
166.101(8),
166.111, 166.261, Fla....
CopyCited 6 times | Published | Supreme Court of Florida | 10 Fla. L. Weekly 222
...If, however, the project is abandoned for any reason, the County proposed to redeem these revenue bonds, and any deficiency would be paid by the issuance of special obligation bonds. It is important to note at this point that we review only the issuance of revenue bonds by the County under section 166.111, Florida Statutes (1983), despite any future intention of the County to convert these bonds to industrial development revenue bonds authorized and secured under chapter 159, part II....
...shed by the 1984 Act. 4. All of the terms and provisions of the Resolution are in accordance with law and are fully authorized by the Constitution and laws of the State of Florida, and are in all respects validated. 5. The County is authorized under Section 166.111, Florida Statutes, to issue the Bonds secured as to the payment of principal and interest by a pledge of the principal and interest coming due on Government Obligations (as defined in the Resolution) to be purchased from a portion of the proceeds of the Bonds....
..., the State has presented no evidence that its ability to respond during either the validation proceeding or on appeal was prejudiced. 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....
...Accordingly, the charter county could impose those taxes which a municipality could levy under general law. The broad powers of charter counties set forth in article VIII, section 1, are not merely limited to the taxing power but also include those powers granted municipalities under section 166.111....
...ties under the Florida Constitution. [4] Moreover, its charter provides that the powers granted shall be "liberally construed in favor of the county government." Accordingly, we find that Broward County had the authority to issue revenue bonds under section 166.111. The State argues that permitting the County to proceed under the authority of section 166.111 in the present case circumvents the purpose of article VII, section 10(c), Florida Constitution, and chapter 159, part II....
...ng scheme. Any such sale or lease which requires compliance with chapter 159 will be addressed at that time. As the trial court found: Despite that it is the future intention of the County to convert the bonds from bonds authorized and secured under Section 166.111, Florida Statutes, to revenue bonds authorized and secured under Chapter 159, Part II, Florida Statutes, the bonds may not by virtue of the rendition of this Judgment be represented as having been validated as revenue bonds within the meaning of said Chapter 159....
...The county saw that it could not secure a contractor to build and operate the complex proposed project under the time deadlines imposed by the federal tax law changes. The county then decided that, as a charter county, it could issue the bonds as municipal revenue bonds under section 166.111, Florida Statutes (1983), and avoid the timeconsuming requirements of chapter 159 until such time as the county selected a project operator. The trial court validated the bonds as section 166.111 municipal revenue bonds for issuance now, with projected conversion to chapter 159 industrial revenue bonds in a separate bond validation proceeding later....
