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Florida Statute 159.35 - Full Text and Legal Analysis Florida Statute 159.35 | Lawyer Caselaw & Research
Fla. Stat. § 159.35 (2026) Copy Cite Official Site Syfertize CourtListener Amendments
159.35 Trust agreement.—In the discretion of the local agency, any bonds issued under the provisions of this part may be secured by a trust agreement by and between the local agency and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. Such trust agreement or resolution providing for the issuance of such bonds may pledge or assign the fees, rents, charges, proceeds from the sale of any project or part thereof, insurance proceeds, condemnation awards, and other funds and revenues to be received therefor, and may provide for the mortgaging of any project or any part thereof as security for repayment of the bonds. Such trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the local agency in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation, and insurance of the project or projects in connection with which such bonds shall have been authorized, the fees, rents, and other charges to be fixed and collected, the sale of any project, or part thereof, or other property, the terms and conditions for the issuance of additional bonds, and the custody, safeguarding, and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds, revenues, or other money hereunder to furnish such indemnifying bonds or to pledge such securities as may be required by the local agency. Any such trust agreement or resolution may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the local agency may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the project or projects in connection with which bonds are issued or as an expense of administration of such project or projects, as the case may be.
History.—s. 11, ch. 69-104.

Cases Citing F.S. 159.35

Fla. Stat. § 159.35 (2026) Copy Cite Official Site Syfertize CourtListener Amendments
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·State v. Putnam Cty. Develop. Auth., 249 So. 2d 6 (Fla. 1971).

Cited 40 times | Published | Supreme Court of Florida | 2 ERC 1638

...s; fabricating plants; industrial distribution center; repair, overhaul, or service facility; test facility; and other facilities. The project in question here is clearly an improvement, an enlargement, an addition to, a service facility. Fla. Stat. § 159.35, F.S.A....
...re. The public would stand to lose no more in this foreclosure proceeding than it would in any other foreclosure proceeding which involved a local business or industry. We hold on this reasoning that the mortgaging provisions contained in Fla. Stat. § 159.35, F.S.A....
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Cited as authority(citing case) (2005)
phrase: "rule_authority"
Cited as authorityEDP (1998)
phrase: "rule_authority"
Cited as authorityE.D.P. (1998)
phrase: "rule_authority"
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This Florida statute resource is curated by the attorney maintaining this site, a Jacksonville, Florida personal injury and workers' compensation attorney (Florida Bar No. 39104). For legal consultation, call 904-383-7448.