§ 17-151. General authority.

(a)

Upon adoption of the final stormwater assessment resolution imposing stormwater improvement assessments or at any time thereafter, the board shall have the power and is hereby authorized to provide by ordinance or resolution, at one time or from time to time in series, for the issuance of obligations of the county to fund the project cost of a stormwater improvement and any amounts to be paid or accrued in connection with issuance of such obligations, including, but not limited to capitalized interest, transaction costs and reserve account deposits.

(b)

The principal of and interest on each series of obligations shall be payable from pledged revenue. At the option of the board, the county may agree, by ordinance or resolution, to budget and appropriate funds to make up any deficiency in the reserve account established for the obligations or in the payment of the obligations, from future stormwater improvement assessments. The board may also provide, by ordinance or resolution, for a pledge of or lien upon proceeds of such non-ad valorem revenue sources for the benefit of the holders of the obligations. Any such ordinance or resolution shall determine the nature and extent of any pledge of or lien upon proceeds of such non-ad valorem revenue sources.

(Ord. No. 02-13, § 5.01, 5-21-2002)