Florida Statute 180.08 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XII
MUNICIPALITIES

Chapter 180
MUNICIPAL PUBLIC WORKS

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180.08 Revenue certificates; terms; price and interest; three-fifths vote of governing body required.—

(1) Any municipality which acquires, constructs or extends any of the public utilities authorized by this chapter and desires to raise money for such purpose, may issue mortgage revenue certificates or debentures therefor without regard to the limitations of municipal indebtedness as prescribed by any statute now in effect or hereafter enacted; provided, however, that such mortgage revenue certificates or debentures shall not impose any tax liability upon any real or personal property in such municipality nor constitute a debt against the municipality issuing the same, but shall be a lien only against or upon the property and revenues of such utility, including a franchise setting forth the terms upon which, in the event of foreclosure, the purchaser may operate the same, which said franchise shall in no event extend for a period longer than 30 years from the date of the sale of such utility and franchise under foreclosure proceedings.

(2) Such mortgage revenue certificates or debentures shall be sold for at least 95 percent of par value and shall bear interest not to exceed 7.5 percent per annum.

(3) No mortgage revenue certificates or debentures shall be issued except upon a three-fifths affirmative vote of the city council, or other legislative body of the municipalities by whatever name known; such mortgage revenue certificates or debentures shall provide that out of the revenues and income derived and obtained from the operation of the utility so constructed, such portion thereof as may be deemed sufficient after all operating costs have been paid, shall be set aside annually in a sinking fund for the payment of interest on said certificates or debentures and the principal thereof at the maturity of the same.

History.—s. 5, ch. 17118, 1935; CGL 1936 Supp. 3100(10); s. 18, ch. 73-302.

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Amendments to 180.08

Annotations, Discussions, Cases:

Cases Citing Statute 180.08

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State v. City of Fort Myers, 24 So. 2d 50 (Fla. 1945).

Cited 12 times | Published | Supreme Court of Florida | 156 Fla. 681, 1945 Fla. LEXIS 964

...State of Florida appealed and now presents to us the dual question whether the consolidation is authorized and whether the city may issue certificates redeemable from the income of the joint operation. The question may be answered by turning to Chapter 180 Florida Statutes, 1941, F.S.A., where, in Section 180.08, there is given authority to municipalities to extend utilities and repay from income money borrowed for the purpose....

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O'Brien v. McMahon ex rel. Todd, 44 So. 3d 1273 (Fla. 1st DCA 2010).

Cited 2 times | Published | Florida 1st District Court of Appeal | 2010 Fla. App. LEXIS 15063, 2010 WL 3909644

...ciary some years before he died. We affirm. On May 4, 1990, Prudential Insurance Company (Prudential) issued the life insurance policy in question under which — as is customary, see 29 Bertram Harnett & Irving I. Lesnick, Appleman on Insurance § 180.08 (2d ed....

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State v. City of West Panama City Beach, 127 So. 2d 665 (Fla. 1961).

Published | Supreme Court of Florida | 1961 Fla. LEXIS 2351

...The prime contention to support reversal is that Chapter 180, Florida Statutes, F.S. A., a general act, authorizes the pledging of “the revenues of all or any part of” existing plants or new plants to secure the payment of money borrowed for construction. It is then contended that under Section 180.08, Florida Statutes, F. S.A., the municipality is precluded from imposing any tax liability upon real or *666 personal property in the municipality. Appellant asserts that the Section 180.08 further provides that the revenue certificates shall not constitute a debt against the city “but shall be a lien only against or upon the property and revenues of such utility * * For reversal the appellant relies upon Easterlin v. City of New Port Richey, Fla.1958, 105 So.2d 361 . Both the cigarette tax and the utilities services tax are excise taxes levied and collected pursuant to general law. They are not ad valorem taxes or property taxes within the contemplation of Section 180.08, Florida Statutes, F.S.A. City of Orlando v. National Gas and Appliance Co. Inc., Fla.1952, 57 So.2d 853 ; State v. City of Coral Gables, Fla.1954, 72 So.2d 48 . In grounding its position upon the provisions of Section 180.08, Florida Statutes, F.S.A., we think the appellant overlooks the provisions of Section 180.21, Florida Statutes, F.S.A., which reads'as follows: “The authority and powers granted by this chapter to municipalities shall be in addition...