1(1) 2All general obligation bonds and revenue bonds sold by a unit of local government, as defined in s. 20218.369, 21shall be sold at public sale by competitive bids at such place or places as the governing body shall determine to receive proposals for the purchase of such bonds. Notice of such sale shall be published one or more times at least 10 days prior to the date of sale in one or more newspapers or financial journals published within or without the state and shall contain such terms as the governing body shall deem advisable and proper under the circumstances. However, if the governing body shall by resolution adopted at a public meeting determine that a negotiated sale of such bonds is in the best interest of the issuer, the governing body may negotiate for sale of such bonds.141(a) 142In the resolution authorizing the negotiated sale, the local governing body shall provide specific findings as to the reasons requiring the negotiated sale.
165(b) 166A resolution authorizing a negotiated bond sale may be the same resolution as that authorizing the issuance of such bonds.
186(2) 187Prior to the award of bonds, all proposals for the purchase of any bonds offered by a unit of local government as defined in s. 212218.369 213shall include a truth-in-bonding statement in substantially the following form:223The 224(insert unit of local government) 229is proposing to issue $ 234(insert principal) 236of debt or obligation for the purpose of 244(insert purpose) 246. This debt or obligation is expected to be repaid over a period of 260(insert term of issue) 264years. At a forecasted interest rate of 271(insert rate of interest) , 275total interest paid over the life of the debt or obligation will be $ 289(insert sum of interest payments) 294.
295(3) 296Truth-in-bonding statements shall also include language in substantially the following form:307The source of repayment or security for this proposal is the 318(insert the unit of local government) 324existing 325(insert fund) 327. Authorizing this debt or obligation will result in $ 337(insert the annual amount) 341of 342(insert unit of local government) 347(insert fund) 349moneys not being available to finance the other services of the 360(insert unit of local government) 365each year for 368(insert the length of the debt or obligation) 376.
377(4) 378All proposals for the purchase of any bonds offered by a unit of local government shall be opened in public. Such bonds when competitively bid shall be awarded by resolution to the lowest bid consistent with the notice of sale.
418(5) 419No bid conforming to the notice of sale may be rejected unless all bids are rejected. If all bids are rejected, such bonds may be sold thereafter at public sale by competitive bids or by negotiated sale pursuant to this section.
460(6) 461In the event the local governing body decides to negotiate for a sale of bonds, the managing underwriter, or financial consultant or adviser if applicable, shall provide to the unit of local government, prior to the award of bonds to the managing underwriter, a disclosure statement containing the following information:511(a) 512An itemized list setting forth the nature and estimated amounts of expenses to be incurred by the managing underwriter in connection with the issuance of such bonds. Notwithstanding the foregoing, any such list may include an item for miscellaneous expenses, provided it includes only minor items of expense which cannot be easily categorized elsewhere in the statement.
569(b) 570The names, addresses, and estimated amounts of compensation of any finders, as defined in s. 585218.386, 586connected with the issuance of the bonds. 593(c) 594The amount of underwriting spread expected to be realized.
603(d) 604Any management fee charged by the managing underwriter.
612(e) 613Any other fee, bonus, and other compensation estimated to be paid by the managing underwriter in connection with the bond issue to any person not regularly employed or retained by it.
644(f) 645The name and address of the managing underwriter or underwriters, if any, connected with the bond issue.
662(g) 663Any other disclosure which the local governing body may require.
673This subsection is not intended to restrict or prohibit the employment of professional services relating to local government bond issues.
693(7) 694The failure of a unit of local government to comply with one or more provisions of this section or s. 714218.38 715shall not affect the validity of the bond issue; however, upon such failure to comply, the unit of local government shall be subject to the sanctions provided in s. 744218.38(3)745. 746(8) 747The truth-in-bonding statements prepared pursuant to this section are for informational purposes only and shall not affect or control the actual terms and conditions of the debt or obligations.
