Fla. Stat. 132.15
Provision for conditional increase of rate of interest

If the refunding bonds bear a lower rate of interest than the bonds for which they are exchanged, either the resolution authorizing the bonds or the refunding bonds themselves may provide that the refunding bonds shall bear the lower rate of interest only so long as the unit shall not be in default of any agreement or obligations to the holders and that after any such default, or at the option of the holders after any such default, the refunding bonds shall bear the same rate of interest as the bonds for which they were exchanged. The unit may impose limitations on the right to exercise such option, and may provide that the option may only be exercised after a period of default, or by the holders of a certain amount or proportion of bonds, all as provided in the said resolution or in the refunding bonds, and if the right to the higher interest accrues may agree to substitute new bonds and coupons bearing such higher interest.

Source: Section 132.15 — Provision for conditional increase of rate of interest, https://www.­flsenate.­gov/Laws/Statutes/2024/0132.­15 (accessed Aug. 7, 2025).

132.01
How chapter may be cited 132.02
Taxing units may refund obligations 132.03
Interest 132.04
Redemption before maturity 132.05
Form 132.06
Separate series of bonds 132.07
Maturity date 132.08
Exchange of bonds 132.09
Sale of bonds 132.11
Amount of refunding bonds to be sold 132.12
Exchange without notice 132.13
Delivery of bonds sold 132.14
Exchange in lieu of sale 132.15
Provision for conditional increase of rate of interest 132.16
Sinking fund 132.17
Pledge of anticipated revenues 132.18
Pledge of fixed portion of revenues 132.19
Priority of payment of refunding bonds 132.20
Proportionate taxes for sinking fund 132.21
Pledge of special assessments 132.22
Levy of ad valorem tax for payment of bonds 132.23
Tax by municipalities 132.24
Elections, notice, etc 132.25
Creation and maintenance of sinking fund 132.26
Chapter supplemental and additional 132.27
Chapter complete within itself 132.28
Chapter applicable to school districts 132.29
Validation 132.30
Chapter applicable to all taxing districts 132.31
No other proceedings required 132.32
Replacement of bonds 132.33
Short title 132.34
Definitions 132.35
Authorization to issue general obligation refunding bonds 132.36
Refunding bond resolution 132.37
Levy of ad valorem tax for payment of general obligation refunding bonds 132.38
Sale of general obligation refunding bonds 132.39
Certification of debt service savings 132.40
Notice to holders of general obligation bonds to be redeemed 132.41
Duties and obligations of escrow agent 132.42
Investment of escrow funds 132.43
Pledge and use of proceeds of general obligation refunding bonds 132.44
Powers in addition to other powers granted 132.45
Recital in general obligation refunding bonds 132.46
Effect of invalidity or irregularity in prior proceedings 132.47
Sections

Current through Fall 2025

§ 132.15. Provision for conditional increase of rate of interest's source at flsenate​.gov