Fla. Stat. 132.40
Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds

(1)

Prior to the issuance of general obligation refunding bonds, the governing body of the unit shall adopt a resolution electing to call and redeem such portion of the general obligation bonds to be refunded as is to be called for payment prior to the date of their maturity in accordance with the refunding financial plan. The resolution adopted pursuant to this subsection shall authorize and direct the escrow agent, in the name of the unit, to cause notice of such call for redemption to be given as required by law and the terms of the bonds to be refunded.

(2)

Upon the issuance of the refunding bonds, the election to call and redeem all or a portion of the general obligation bonds to be refunded and the direction to the escrow agent to cause notice thereof to be given contained in the resolution adopted pursuant to subsection (1) shall become irrevocable, and the provisions of such resolution shall constitute a contract with the holders of general obligation bonds to be refunded and the general obligation refunding bonds.

Source: Section 132.40 — Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds, https://www.­flsenate.­gov/Laws/Statutes/2024/0132.­40 (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

§ 132.40. Notice to holders of general obligation bonds to be redeemed; covenant with holders of general obligation refunding bonds's source at flsenate​.gov