Florida Statute 163.385 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XI
COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS

Chapter 163
INTERGOVERNMENTAL PROGRAMS

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F.S. 163.385

163.385 Issuance of revenue bonds.—

(1)(a) When authorized or approved by resolution or ordinance of the governing body, a county, municipality, or community redevelopment agency has power in its corporate capacity, in its discretion, to issue redevelopment revenue bonds from time to time to finance the undertaking of any community redevelopment under this part, including, without limiting the generality thereof, the payment of principal and interest upon any advances for surveys and plans or preliminary loans, and has power to issue refunding bonds for the payment or retirement of bonds or other obligations previously issued. For any agency created before July 1, 2002, any redevelopment revenue bonds or other obligations issued to finance the undertaking of any community redevelopment under this part shall mature within 60 years after the end of the fiscal year in which the initial community redevelopment plan was approved or adopted. For any agency created on or after July 1, 2002, any redevelopment revenue bonds or other obligations issued to finance the undertaking of any community redevelopment under this part shall mature within 40 years after the end of the fiscal year in which the initial community redevelopment plan is approved or adopted. However, in no event shall any redevelopment revenue bonds or other obligations issued to finance the undertaking of any community redevelopment under this part mature later than the expiration of the plan in effect at the time such bonds or obligations were issued. The security for such bonds may be based upon the anticipated assessed valuation of the completed community redevelopment and such other revenues as are legally available. Any bond, note, or other form of indebtedness pledging increment revenues to the repayment thereof shall mature no later than the end of the 30th fiscal year after the fiscal year in which increment revenues are first deposited into the redevelopment trust fund or the fiscal year in which the plan is subsequently amended. However, for any agency created on or after July 1, 2002, any form of indebtedness pledging increment revenues to the repayment thereof shall mature by the 40th year after the fiscal year in which the initial community redevelopment plan is approved or adopted. However, any refunding bonds issued pursuant to this paragraph may not mature later than the final maturity date of any bonds or other obligations issued pursuant to this paragraph being paid or retired with the proceeds of such refunding bonds.

(b) In anticipation of the sale of revenue bonds pursuant to paragraph (a), the county, municipality, or community redevelopment agency may issue bond anticipation notes and may renew such notes from time to time, but the maximum maturity of any such note, including renewals thereof, may not exceed 5 years from the date of issue of the original note. Such notes shall be paid from any revenues of the county, municipality, or community redevelopment agency available therefor and not otherwise pledged or from the proceeds of sale of the revenue bonds in anticipation of which they were issued.

(2) Bonds issued under this section do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, and are not subject to the provisions of any other law or charter relating to the authorization, issuance, or sale of bonds. Bonds issued under the provisions of this part are declared to be issued for an essential public and governmental purpose and, together with interest thereon and income therefrom, are exempted from all taxes, except those taxes imposed by chapter 220 on interest, income, or profits on debt obligations owned by corporations.

(3) Bonds issued under this section shall be authorized by resolution or ordinance of the governing body; may be issued in one or more series; and shall bear such date or dates, be payable upon demand or mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form either with or without coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment at such place or places, be subject to such terms of redemption (with or without premium), be secured in such manner, and have such other characteristics as may be provided by such resolution or ordinance or by a trust indenture or mortgage issued pursuant thereto. Bonds issued under this section may be sold in such manner, either at public or private sale, and for such price as the governing body may determine will effectuate the purpose of this part.

(4) In case any of the public officials of the county, municipality, or community redevelopment agency whose signatures appear on any bonds or coupons issued under this part cease to be such officials before the delivery of such bonds, such signatures are, nevertheless, valid and sufficient for all purposes, the same as if such officials had remained in office until such delivery.

(5) In any suit, action, or proceeding involving the validity or enforceability of any bond issued under this part, or the security therefor, any such bond reciting in substance that it has been issued by the county, municipality, or community redevelopment agency in connection with community redevelopment, as herein defined, shall be conclusively deemed to have been issued for such purpose, and such project shall be conclusively deemed to have been planned, located, and carried out in accordance with the provisions of this part.

(6) Subsections (1), (4), and (5), as amended by s. 14, chapter 84-356, Laws of Florida, do not apply to any governing body of a county or municipality or to a community redevelopment agency if such governing body or agency has adopted an ordinance or resolution authorizing the issuance of any bonds, notes, or other forms of indebtedness to which is pledged increment revenues pursuant only to a community redevelopment plan as approved and adopted before chapter 84-356 became a law.

History.—s. 12, ch. 69-305; s. 12, ch. 73-302; s. 2, ch. 76-147; s. 10, ch. 77-391; s. 77, ch. 79-400; ss. 14, 22, ch. 84-356; s. 6, ch. 93-286; s. 9, ch. 94-236; s. 15, ch. 95-310; s. 7, ch. 2002-294.

F.S. 163.385 on Google Scholar

F.S. 163.385 on Casetext

Amendments to 163.385

Arrestable Offenses / Crimes under Fla. Stat. 163.385

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 163.385.

Annotations, Discussions, Cases:

Cases Citing Statute 163.385

Total Results: 13

Ago

Court: Fla. Att'y Gen. | Date Filed: 2009-06-19T00:53:00-07:00

Snippet: Stat. 7 Section 163.370, Fla. Stat. 8 Section 163.385, Fla. Stat. 9 Section 163.400, Fla. Stat. 10 See

Bay County v. Town of Cedar Grove

Court: Fla. | Date Filed: 2008-09-18T00:53:00-07:00

Citation: 992 So. 2d 164

Snippet: or issues redevelopment revenue bonds under s. 163.385, the governing body must provide public notice

Strand v. Escambia County

Court: Fla. | Date Filed: 2008-09-18T00:00:00-07:00

Citation: 992 So. 2d 150

Snippet: which validated bonds issued pursuant to sections 163.385 and 163.387, Florida Statutes (1977), which authorized

Panama City Beach Community Redevelopment Agency v. State

Court: Fla. | Date Filed: 2002-10-17T00:53:00-07:00

Citation: 831 So. 2d 662

Snippet: areas. Germane to the instant case is section 163.385(1)(a), which states: When authorized or approved… community redevelopment under this part.... § 163.385(1)(a), Fla. Stat. (2001). "Community redevelopment

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Court: Fla. Att'y Gen. | Date Filed: 2002-09-03T00:53:00-07:00

Snippet: or issues redevelopment revenue bonds under s. 163.385, the governing body must provide public notice

Ago

Court: Fla. Att'y Gen. | Date Filed: 2002-07-29T00:53:00-07:00

Snippet: 163.362(10), Fla. Stat. 17 Section 163.385(3), Fla. Stat. 18 Section 163.385(2), Fla. Stat. 19 Id. And see,…such bonds." 20 Section 163.385(1)(a), Fla. Stat. 21 Section 163.385(1)(b), Fla. Stat. 22 And see…fiscal year in which they are approved. Section 163.385, Florida Statutes, gives local governmental entities…debt limitation or restriction[.]"19 Section 163.385, Florida Statutes, establishes a scheme for the…event refunding bonds are issued under section 163.385, Florida Statutes, they may not mature later than

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Court: Fla. Att'y Gen. | Date Filed: 2001-04-24T00:53:00-07:00

Snippet: Stat. 7 Section 163.370, Fla. Stat. 8 Section 163.385, Fla. Stat. 9 Section 163.400, Fla. Stat. 10 See

Ago

Court: Fla. Att'y Gen. | Date Filed: 1995-08-28T00:53:00-07:00

Snippet: the issuance of revenue bonds as set forth in s. 163.385. (4) The power to approve the acquisition, demolition

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Court: Fla. Att'y Gen. | Date Filed: 1986-05-08T00:53:00-07:00

Snippet: the issuance of revenue bonds as set forth in s. 163.385. (4) The power to approve the acquisition,

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Court: Fla. Att'y Gen. | Date Filed: 1985-12-02T23:53:00-08:00

Snippet: agency to finance community redevelopment (s. 163.385, F.S. [1984 Supp.]; and certain activities and

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Court: Fla. Att'y Gen. | Date Filed: 1982-02-03T23:53:00-08:00

Snippet: the issuance of revenue bonds as set forth in s. 163.385. (4) The power to approve the acquisition,…undertaking of a redevelopment project. Section 163.385(1), F.S. Finally, the governing body of the municipality…body' which satisfied the requirement of s 163.385(3), F.S. Id. at 884. A review of the pertinent

State v. Miami Beach Redevelopment Agency

Court: Fla. | Date Filed: 1980-12-10T23:53:00-08:00

Citation: 392 So. 2d 875

Snippet: persons to participate in redevelopment. Section 163.385 provides the authority for the issuance of bonds…profits on debt obligations owned by corporations. § 163.385(2). The act provides as the mechanism for the financing…approving the issuance of bonds by the agency. Section 163.385(3) provides that the "governing body"…issues by resolution. For purposes of the section 163.385(3) requirement of approval of bonds by the "…sufficient to satisfy the requirement of section 163.385(3). We agree with the agency and hold that the

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Court: Fla. Att'y Gen. | Date Filed: 1976-06-18T00:53:00-07:00

Snippet: of the act. See ss.163.370, 163.375, 163.380, 163.385, and 163.420. A thorough perusal of the act discloses