The proceeds of said tax and the funds of said district shall be deposited in the
name of the district in a bank authorized to receive deposits of county funds, which
bank shall be designated by a resolution of the board of commissioners. Such designation
of such bank and deposit of funds therein shall be by the exercise of due care and
diligence on the part of said commissioners for the safekeeping of said funds. No
funds of the district shall be paid out or disbursed save and except by check. The
board of commissioners, as mentioned above, shall have the power and authority to
borrow money for the purposes of the district not to exceed 50 percent of the total
assessment roll and to pledge for the payment thereof collections on said roll and
give tax anticipation notes, which shall be the sole security for such loan; and neither
the said district nor the commissioner nor any of them shall be personally or individually
liable as such for said loan or any part thereof, and in the event of such pledge,
it shall be the duty of the commissioners, upon completion of the assessment roll
so pledged, to apply the first proceeds thereof to the payment of said loan for which
such tax was pledged until full payment of said loan.
(Laws of Fla. ch. 80-584, § 9)
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