THE STATE OF FLORIDA, APPELLANT,
v.
COUNTY OF BREVARD, FLORIDA, APPELLEE
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Florida appealed a decree validating general obligation and revenue bonds issued by Brevard County for four-laning State Road No. 5. The Florida Supreme Court affirmed the validation, finding the circumstances identical to a companion case (State v. County of Flagler) with even more favorable financial ratios supporting the bond issue's validity.
The court affirmed the decree validating Brevard County's bonds, finding that the statutory authority, financing method, and financial ratios supporting the bond issue were at least as sound as those approved in the companion Flagler County case, and in fact more favorable.
“This is an appeal from a decree validating General Obligation and Revenue Bonds of the County of Brevard proposed to be issued under the authority of Chapter 28926, Laws of Florida, Special Acts of 1953, for the purpose of four-laning State Road No. 5 (U. S. Highway'No. 1) under a lease-purchase agreement with the State Road Department.”
Establishes the scope and subject matter of the appeal—validation of county bonds for highway improvement financing.
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Join FLexlaw to unlock all legal intelligenceBrevard County proposed to issue General Obligation and Revenue Bonds under Chapter 28926 of the Special Acts of 1953 to finance four-laning of State …
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ROBERTS, Justice.
This is an appeal from a decree validating General Obligation and Revenue Bonds of the County of Brevard proposed to be issued under the authority of Chapter 28926, Laws of Florida, Special Acts of 1953, for the purpose of four-laning State Road No. 5 (U. S. Highway’No. 1) under a lease-purchase agreement with the State Road Department.
The circumstances with respect to the statutory authority, method of financing, and contingent obligation of the County’s taxing power, are identical to those with which we were concerned in State of Florida v. County of Flagler, Fla., 77 So. 2d 765, and the proposed bond issue has also been approved by the freeholders of the County. The facts of the instant case differ only as to the amounts of the proposed bond issue, the funds estimated to be available in the 80 percent surplus gas tax fund for the debt service requirements, and the assessed valuation of the taxable property in the County — the ratios of which are more favorable on the side of the validity of the bonds than in the Flagler County case.
Accordingly, the decree appealed from’is affirmed under the authority of State of Florida v. County of Flagler. MATHEWS, C. J., and TERRELL and SEBRING, JJ., concur.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
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State v. Cnty. OF ST. Johns, 77 So. 2d 767 (Fla. 1955)…ue validated in the proceedings in the court below is for the same purpose and is in most respects identical with those with which we were concerned in State of Florida v. County of Flagler, Fla., 77 So. 2d 765, and State v. County of Brevard, Fla., 77 So. 2d 767. As in the other two cases, the amount estimated to be available in the fund primarily obligated to pay the bonds, that is, the 80 per cent, surplus gas tax fund allocated to St. Johns County, appears ample to carry the debt service requirements, an…
Authorities Cited
- State v. Cnty. OF Flagler, 77 So. 2d 765 (Fla. 1955)