§ 9.06. Bond financing.

The City of Lauderhill may issue general obligation bonds or notes not in conflict with the Constitution of the State of Florida or existing state statutes, after said issue has been approved by the voters of the City of Lauderhill through a referendum election. However, a referendum election is not needed and the city may proceed with a bond issue without voter approval in the following instances:

(a)

Where the commission has deemed it a public emergency to issue said bonds in that the health, welfare or public safety of the citizens of the City of Lauderhill is being protected.

(b)

Wherein the issue is a refunding issue that will refund outstanding bonds or notes at a lower net average interest cost rate.

(c)

Where the city is issuing tax anticipation or revenue notes for items of anticipated revenue scheduled in the current operating budget, but not yet received or collected by the city.

(d)

Wherein the city is issuing revenue bonds or notes for local improvements when collection of assessments for said local improvements to be made by the city is deemed sufficient to pay the principal and interest of said revenue bond issue.

(e)

When permitted by state law, voter approval shall not be required.

(Ord. No. 95-137, § 1, 7-24-95)