Issuance of bonds.

Cape Coral Code of Ordinances § 19-109

in effect

§ 19-109 - Issuance of bonds. (a) The Council shall have the power and it is hereby authorized to provide by ordinance, at one time or from time to time in series, for the issuance of bonds of the city for the purpose of paying all or part of the cost of the projects. The principal of and interest on each series of bonds shall be payable from the pledged revenues. At the option of the Council, the city may covenant to budget and appropriate from non-ad valorem revenue sources identified by the city by ordinance or resolution or from general non-ad valorem revenues of the city an amount necessary to make up any deficiency in the payment of the bonds. (b) In anticipation of the sale of bonds, the city may authorize the issuance of bond anticipation notes and may renew the same from time to time. The notes may be paid from the moneys derived by the city from the proceeds of sale of the bonds in anticipation of which they were issued or from pledged revenues. The notes shall be issued in the same manner as the bonds. Bonds and notes shall be, and shall be deemed to be, for all purposes, negotiable instruments, subject only to the provisions of the bonds and notes for registration. (c) The bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times as may be determined by ordinance or resolution of the Council, and may be made redeemable before maturity, at the option of the city, at such price or prices and under such terms and conditions as may be fixed by the Council. The bonds may, at the option of the Council bear interest at a variable rate. The Council shall determine by ordinance or resolution the form of the bonds, the manner of executing the bonds and shall fix the denomination or denominations of the bonds, the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the State of Florida, and such other terms and provisions of the bonds as it deems appropriate. The bonds may be sold at public or private sale for such price or prices as the Council shall determine by ordinance or resolution. The bonds may be delivered to any contractor for payment for his work in constructing a project or may be sold in a manner and for a price as the Council may determine by resolution to be in the best interests of the city. (d) Prior to the preparation of definitive bonds of any series, the Council may, under like restrictions, issue interim receipts, interim certificates or temporary bonds, exchangeable for definitive bonds when the bonds have been executed and are available for delivery. The Council may also provide for the replacement of any bonds which shall become mutilated, or be destroyed or lost. Bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this article. (e) The city may issue bonds for projects in different areas pursuant to a single ordinance or resolution, provided the ordinance or resolution identifies each project to be financed. (f) The city may, at its option, issue bonds bearing a variable rate of interest, whereupon the interest rate and installment payments applicable to special assessments shall be subject to adjustment as provided by ordinance or resolution of the Council. In such event, the city may impose on the annual installment payments such rate of interest as shall not exceed the maximum amount permitted by § 19-107(k)(1) as shall be determined on the fifteenth day prior to the date the bill for the annual installment is mailed by the city. If amounts of interest collected by the city exceed, in the aggregate, the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on special assessments as provided in § 19-107(k)(1), the excess amounts shall be credited to the next installment or be returned to the property owners who paid such amounts, as provided by ordinance or resolution of the Council. If the amounts of interest collected by the city are less, in the aggregate, than the amount of interest that would have been collected if interest was imposed at the maximum rate permitted to be charged on special assessments as provided in § 19-107(k)(1), the deficiency may be imposed as a surcharge on the next installment. (Ord. 85-87, § 1, 11-23-1987)

Source: City of Cape Coral, Florida, Code of Ordinances, City Charter and Land Development Code (Municode Library, library.municode.com)URL: https://library.municode.com/fl/cape_coral/codes/code_of_ordinances?nodeId=CH19WASEUT_ARTIXWASESPAS_S19-109ISBOFetched: 11/4/2026