Florida Statutes 166.111 – Authority to borrow
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 166.111
- Contract: A legal written agreement that becomes binding when signed.
- governing body: means the council, commission, or other board or body in which the general legislative powers of the municipality shall be vested. See Florida Statutes 166.101
- project: means a governmental undertaking approved by the governing body and includes all property rights, easements, and franchises relating thereto and deemed necessary or convenient for the construction, acquisition or operation thereof, and embraces any capital expenditure which the governing body of the municipality shall deem to be made for a public purpose including the refunding of any bonded indebtedness which may be outstanding on any existing project which is to be improved by means of a new project. See Florida Statutes 166.101
The governing body of every municipality may borrow money, contract loans, and issue bonds as defined in s. 166.101 from time to time to finance the undertaking of any capital or other project for the purposes permitted by the State Constitution and may pledge the funds, credit, property, and taxing power of the municipality for the payment of such debts and bonds.